CLSA and the Asian Corporate Governance Association have published their 2010 version of CG Watch Asia. Japan's score moved up a to 57%, a level that however is still 23 percentage points below what ACGA considers to be the global best-practice score of 80%.The Japan section of the report is available on BDTI' data library. The full report can be purchased from ACGA.
Author: Admin
Joint Audit Committee-Style Company – Proposal by METI
What is the general reaction to METI's proposal to amend the Company Law toenable formation ofa thirdtypeof company, a joint audit committee-style company? It isdescribedon pages 36-38 of this document: http://bdti.mastertree.jp/f/os68ejbz
NOTE: the summary translation file that was attached to the comment that was subsequently submitted in response (below) is available at: http://bdti.mastertree.jp/f/p5k7vzjg
Towards a Full Reform of Japan’s Governance Framework
(Reply to comment made yesterday.) Your idea* is a good one, but I believe that a much bolder reform of the corporategovernance framework is needed for Japan's markets.
The harsh reality is thatthe quality of corporate governance in Japan has lost much credibility and itslaws and rulesnow lag most other countries in Asia.
In response to the question on stare decisis
Unlike US courts, Japanese courts almost never cite, describe, distinguish, etc. other cases.
Call for Comments for Submission to Legal System Advisory Council
As noted in a separate entry below, the Legal System Advisory Council will soon discuss (if not largely decide) some ofthe most important issues affecting corporate governance in Japan. BDTIencourages parties with opinions on these topics to submit them to BDTIas soon as possible. –>
Legal System Advisory Council: Schedule for Company Law Deliberations
The Company Law Committee of the MOJ's Legal System Advisory Council has announced its schedule and agenda for meetings over the next few months. (http://bdti.mastertree.jp/f/ubqlzgph) Read more–>
Question About Good Board Practices for Japanese Companies
I have a question for anyone experienced who has ever sat on a Japanese board. What specific practices, which are not included in those required by law, have you found to be most helpful in dealing with difficult situations or making sure that key issues, risks or possible problems were not missed?
The U.S. Starts to Catch Up with Japan on “Proxy Access”
News Item: Shareholder-friendlyJapan does not need to adoptproxy access. Why not? Because it already haspermitted it, much more liberally than the U.S., for decades. One wonders whether all the doomsayersnow predicting chaos in the U.S. are aware of this fact.
TSE Seminar to “Clarify” Role of Independent Directors
The Nikkei reported that the TSE will soon invite independent directors to a seminar. …TSE is taking this unusual step because it believes that some firms still lack a full understanding of how independent directors and auditors should exercisse their oversight of management on shareholders' behalf.
The seminar will be open to about 1,500 people, and will feature speeches by officials who were involved in the introduction of the TSE requirement.
Stare Decisis in Japan ??
Ihave a question I wonder if someone could answer. It seems to me that if Japan is to develop a predictible base of law to govern the ticklish issues that arise on boards in cases such as TOBs and MBOs,that basewill have toevolve via case law.