The full version of my article in "Ethiical Boardroom" - a magazine that I find to be quite impressive.
BDTI's Representative Director Nicholas Benes has written an article in "Ethical Boardroom", explaining how Japan got to the point of creating a corporate governance code when the topic was not even discussed 18 months ago. The article is on page 50. (Use the page selection bar at the bottom. )
Download the article:
The organization and work of boards has been a central focus of debate regarding corporate governance practices and reform initiatives in both Germany and Japan. A common underlying concern has been how to ensure that both directors and management fully understand their respective roles, and have the skills and mind-set needed to perform those roles so as to enhance effective strategic decision-making.
ISS has prepared this memo to explain how its policie will change (or not) as a result of the adoption by Japan of its new corporate governance code:
Sir Stephen Gomersall, Hitachi Chief Executive for Europe and subsequently Hitachi Board Director (2004-2014) --- > Princess Chichibu Memorial Lecture to the Japan British Society at Ueno Gakuen, Tokyo, 5 March 2015
As perpective regarding, postponement (abandonment?) of GPIF governance reform, we recall that this January Delloitte wrote in its memo "The GPIF and its Reform":
“ The Japanese FSA will soon publish a code for a higher level of corporate governance for Japanese companies. These two codes (CG + stewardship) are seen as essential for achieving sustainable growth of the Japanese equity markets. The GPIF must, in this context, have better governance. “
WSJ: "Japan Puts Off Overhaul of $1.1 Trillion Public Pension Fund - Move Signals Prime Minister in No Hurry to Change Governance at GPIF"
BDTI's Representative Director Nicholas Benes was quoted in the article as follows:
With apologies for the delay in posting this! - here it is:
Blackrock new proxy voting guidelines for US securities add considerable detail. With the promulgation of the new corporate governance code, it will be interesting to see if the firm comes up with guidelines for Japan that have a similar level of concreteness.