…BUT THIS VOTING SEASON has turned into a big disappointment. Despite ISS’ shareholder-rights campaign, the presidents of Japan’s top 200 companies received median voting support of 96.6%—a 0.5 percentage point rise from 2014. Even the president of Toshiba (6502.Japan), which lost a third of its market value from an accounting scandal and write-downs, got a 94% approval rating. Some 76% and 91% of investors voted against dividend hikes and share buybacks, respectively.
● 会 場：ホテル・ニューオータニ（東京・四ツ谷）
スピーカー： 斉藤 惇 KKR Japan Limited 会長
スピーカー： Jamie Allen アジアコーポレート・ガバナンス協会 事務局長
From the just-issued Viewpoint: The American Chamber of Commerce in Japan (ACCJ) applauds the Government of Japan (GOJ) for the implementation of the Stewardship Code for institutional investors and the Corporate Governance Code (the “Governance Code”) during the past year.
Nicholas Benes is Representative Director of The Board Director Training Institute of Japan, which trains directors as a government-certified “public interest” nonprofit. Since 2010, he has chaired the Growth Strategy Task Force of the American Chamber of Commerce in Japan.
The Japanese government and the Tokyo Stock Exchange have taken a number of steps aimed at improving corporate governance on the assumption that this will not only improve returns for shareholders, but also improve corporate efficiency and growth prospects.
Only 15 companies have submitted English language Corporate Governance Reports to the TSE in the past 12 months…even though the CG Code asks companies with many foreign investors to consider that. We need significantly more than 15. Boys be [more] ambitious! But recently I was able to convince the TSE to at least make a list of the companies that DO have English reports, so that we can single them out for praise. You can find the list on a downloadable Excel file on this page.
– Thirty executives named in accounting scandal won't be fired
– Ousted board members stay on the payroll as advisers
“The rule at GE is one strike and you’re out,” said Nicholas Benes, representative director of the Board Director Training Institute of Japan. “What I’m seeing is something closer to 100 percent tolerance at Toshiba.”