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| Next Director Boot Camp is January 31st! |
BDTI and METRICAL are continuing to collaborate on finding “linkages between CG practice and value creation.” METRICAL has recently updated the results of our analysis at the end of October 2019 for about 1,800 listed companies representing a market capitalization of more than 10 billion yen. In this update, we see that the number of […]
“Now, the moment which Japanese stock aficionados have long dreamed has arrived. Pressure on CEOs to champion shareholder value and raise returns on equity are paying off with a bull market in dividends. Even better, it may be just beginning. Those are the signals emanating from Nomura, one of Japan Inc’s most fabled investment houses. Its analyst reckons that dividends doled out by blue-chip companies grouped in Tokyo Stock Exchange’s first section hit the US$133 billion mark in August. That’s more than twice what companies were shelling out in 2012. And this windfall is coming even as the global trade war crimps growth and economists warn of a rocky 2020. This raises two pivotal questions. First, can the dividend surge continue? Second, what’s the catch?”
Full article :”Japan Inc’s dividends go on a bull run – at last”
“Japan’s corporate governance reforms are “here to stay” and will likely be good for investors, according to the manager of the AVI Japan Opportunity trust.
Speaking to FTAdviser, Joe Bauernfreund said he thought the reforms brought forward by Prime Minister Shinzo Abe were more than a political move and would result in higher returns for investors….”
“Despite Japan’s aging population and mounting public debt, the country offers a host of investment opportunities, according to Katie Koch, co-head of Goldman Sachs Asset Management’s (GSAM) Fundamental Equity business. Koch recently returned from GSAM’s annual Investor Tour, held this year in Tokyo and Kyoto, where the team hosted 20 CEOs, CIOs and heads of equity from large global institutions along with Japanese policy makers, government officials and C-suite executives….”
“Waseda Institute for Advanced Study (WIAS) will conduct a 3-day international seminar with Said Business School, University of Oxford, Ecole des hautes etudes en sciences sociales (EHESS) and University of British Columbia (UBC) by Core-to-Core Program of JSPS. A 3-session symposium for invitees will be held on the first day, while the second and third day will be roundtable discussion on the evolving diversity of corporate governance in Europe and emerging countries in Asia. The purposes of this seminar are to wrap up the past research activities and to explore new issues to be challenged….”
ACGA submitted a letter to the Ministry of Finance (MOF) in Japan to express their deep concerns about the direction and substance of recently proposed amendments to the Foreign Exchange and Foreign Trade Act (FEFTA). They said “If passed, this would cut the threshold for mandatory pre-reporting of foreign investments in restricted sectors from 10% […]
Stock prices closed higher amid low trading volume. TOPIX and JPX400 market indices rose 0.26% and 0.27% respectively from the end of the previous month. CG Top 20 stocks slightly underperformed against the both indices, closed up by 0.16% in September.
We have been observing that life cycles of the companies are shortening every 5 years. The visionary companies are time tested and standing tall and withstanding the headwinds and adversaries in the journey of the Company Life Cycle of even 100 years! Who are such visionary companies? What they do and How they do? What is that core substance which get them glued from “Top to Bottom” with the same mission? How a company can be distinguished as a “VISIONARY COMPANY” from other peer following company?
On September 13th, BDTI held its English Director Boot Camp , attended by a number of highly experienced participants. Participants from various companies heard lectures about corporate governance by Nicholas Benes and Andrew Silberman of AMT, and exchanged experiences and opinions at a spacious, comfortable room kindly donated for our use by Cosmo Public Relations, a leading communications and PR firm in Tokyo.
While overseas investors’ ownership decreased a year ago, activist investors are now likely to focus on Japanese companies. Corporate governance in Japan has improved since the Corporate Governance Code was introduced in June of 2015, but progress is much slower than foreign investors hoped. At this time, we analyze the relationship between % ownership held by overseas investors and key governance criteria. The following table shows the result of our regression analysis of the 13 governance factors that METRICAL uses as criteria and two performance measures, ROE and ROA. Of the 15 factors, 14 factors are significantly correlated with level of ownership by overseas investors.
