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Japan’s return on equity (ROE) revolution is now underway and is evolving into a revolution in corporate productivity and return on investment underpinned by Japan’s Corporate Governance Code, which established fundamental principles for governance at listed companies in Japan, and Japan’s Stewardship Code, which established principles for institutional investors.
Author: Admin
Reuters: “Panel forces indictment of former Tepco execs over Fukushima-Kyodo”
A Japanese citizens' panel ruled on Friday that three former Tokyo Electric Power executives should be indicted over their handling of the 2011 Fukushima nuclear disaster, Kyodo news agency said.
Results of First Round of Submissions of “Corporate Governance Reports” to the TSE
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In a filing with the Tokyo Stock Exchange, MUFG said it tested 3.8 trillion yen ($30.6 billion) worth of shares, about 70 percent of its cross-shareholdings, against the new criteria. About 20 percent of the shareholdings tested do not meet the criteria and the bank will consider selling them unless their returns improve, it said.
The bank did not disclose the specifics of the criteria, but said both direct and indirect returns of the holdings are taken into consideration in determining whether they are met or not. MUFG did not specify by when the returns need to improve before it takes a decision to sell the shares.
Japan Today:”Toshiba scandal exposes Japan Inc’s governance flaws”
Excerpt: “The vast firm, which had sales of 600 billion yen last fiscal year, hired outside directors and adopted a 16-member board a decade ago, among other changes, to “enhance management efficiency and improve transparency”.
Japan Today: “After Toshiba scandal, foreign investors want tougher governance in Japan”
Excerpt: “The Toshiba scandal further underlines the need for board training as well as a robust whistleblower protection system,” said Seth Fischer, chief investment officer at Hong Kong-based hedge fund Oasis Management and a corporate governance activist who successfully pushed for reforms at Nintendo Co Ltd.
Japan Today:”Toshiba scandal exposes Japan Inc’s governance flaws”
Excerpt: “The vast firm, which had sales of 600 billion yen last fiscal year, hired outside directors and adopted a 16-member board a decade ago, among other changes, to “enhance management efficiency and improve transparency”.But the scathing report—commissioned by the company after financial regulators questioned Toshiba’s books earli
Cary Krosinsky: “Sustainability is ESGFQ – How to Measure Your Investments on Sustainability”
Q – Quality of management is something that can be achieved only by direct interaction and investor judgment. Hence, sustainability inevitably needs human interaction, face-to-face dialogue and understanding that management is committed to full integration of sustainability — walking the walk, not just talking the good talk.
The Wall Street Journal:”Japanese Companies Are Haunted by’Ghosts In The Boardroom”
(Excerpts ) — “Toshiba isn’t unusual in keeping “ghosts in the boardroom,” as Nicholas Benes, head of the Board Director Training Institute of Japan, describes former executives who stay on the payroll in an advisory role. He estimates that 80% or more of large Japanese companies have such posts. Many top executives in Japan, where CEO pay is lower than in the U.S., consider them an entitlement, to supplement their pensions.
Seminar Report:”Changing Corporate Governance in Japan”
Theseminar Changing Corporate Governance in Japan, which took place in Stanford, CA on June 4, 2015.
Abstract
Deloitte:”Women In The Boardroom”
Statistics defined (p.3)
Total companies analyzed: The company sample size for each country profile.
Percentage of board seats held by women: Calculated by dividing the number of board seats held by women by the total number of board seats in a given sample. The same logic applies for the percentage of board chairs that are women and for the statistics provided for committees.