Japan’s first corporate-governance code come into effect Monday, less than a year after it was first proposed as part of the Abe administration’s 2014 growth strategy. Most of the first “comply or explain” statements will be filed by December.
Category: Governance
Professor Hamao: “U.S.-Style Investor Activism in Japan: The First Ten Years” & a Case Study
Read the full paper:
http://bdti.mastertree.jp/f/4go1pweh
Read the Case Study on Soft Activist:
http://bit.ly/1AIBY1Q
WEF et al: “Clean Business Is Good Business: The Business Case Against Corruption”
“Corruption, the abuse of entrusted power for private gain, is the single greatest obstacle to economic and social development around the world. It distorts markets, stifles economic growth, debases democracy and undermines the rule of law.
BDTI’s Sample “Corporate Governance Guidelines”: An Example for How to Comply-or-Explain Fully
Thanks to the leadership in the LDP, we wereso successful in suggesting a large number of new practices to the FSA that were in fact included in the Japan's Corporate Governance Code, that I got worried that more explanation is needed.
FRC Report : Developments In Corporate Governance And Stewardship 2014
The UK Financial Reporting Council’s report on Developments in Corporate Governance and Stewardship contains many insights useful to Japan as it implements its new Corporate Governance Code and the Stewardship Code. In particular, pages 17-22 on stewardship and engagement, and the quality of stewardship statements, provide food for thought in the sense that progress for the Stewardship Code seems spotty and slow.
The Diplomat: “Reform Boost For Tokyo Stocks” (w/quote from BDTI’s Representative Director)
Excerpt: … Meno’s comments echo those of Nicholas Benes, head of the Tokyo-based Board Director Training Institute of Japan (BDTI), who has called for increased director training in corporate governance to ensure a “virtuous cycle” that accelerates reform.
Speech by BDTI’s Nicholas Benes at Columbia Business School Conference: “Japanese Corporate Governance at the Tipping Point”
(Note: The numbers below correspondto page numbers in the Powerpoint presentation, which can be downloadedbelow.)
George Olcott: “Creating Engageable Boards”….And A Comment On The Number Of Foreigners On Japanese Boards
George Olcott, a guest professor at the Faculty of Commerce at Keio University and an outside directorat Hitachi Chemical and Denso Corporation, gave a speech on this topic at the recent Columbia Business School CJEB conference on corporate governance in Japan.
DIJ Working Paper: “Research on the Corporate Governance of Listed Stock Companies in Japan”
By Franz Waldenberger. Excerpt:
5.2 Governance reform as growth strategy
The high number of Japanese companies listed on domestic stock exchanges, the high degree of ownership dispersion and the moderate pay levels of top executives suggest Japan’s system of corporate governance to function well.
“Initiatives For Strengthening Corporate Governance Of The Sumitomo Mitsui Trust Group”
Sumitomo Mitsui Trust Group has published its “Initiatives for Strengthening Corporate Governance of the Sumitomo Mitsui Trust Group” , which is more advanced than other banking groups in various respects. It includes a requirement of one-third independent external directors, a monitoring role for those directors and a description of the board’s role, and provisions about director qualifications,, director training, and the formation of committees for nomination and compensation and also audit functions.