Discussion Forum

New UK Corporate Governance Code Issued

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(UK FRC --> )  "The Financial Reporting Council (FRC) has issued today an updated version of the UK Corporate Governance Code (the Code). This significantly enhances the quality of information investors receive about the long-term health and strategy of listed companies, and raises the bar for risk management.
 

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Interview: Japan’s Corporate Governance ‘Tipping Point’ (Interview of Nicholas Benes, in The Diplomat)

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Japan’s tarnished image for corporate governance is undergoing a polish. From its declaration as a key “third arrow” reform for Abenomics, new company law reforms, the launch of a stewardship code for investors, and promised corporate governance code in 2015, the nation’s businesses have been put on notice to improve performance or face the consequences.

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New UK Corporate Governance Code Coming

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Article - "Investors come first in the new corporate governance code", by Stephen Haddrill,chief executive of the Financial Reporting Council.

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Question of the Day: Why Does Japan Only Have a Teency-Weency Corporate Bond Market?

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How would you respond to this question?

Bruce Aronson at Hitotsubashi-wrote a paper (see below) in 2011 which provided some of the answers to this question, including the fact that bank loan interest rates are very cheap in Japan.  

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True "Stewardship" in Japan - Actions That Speak Louder than Words!

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There has been a lot of talk about "stewardship" in Japan over the past year. And there have been fine statements and announcements made about stewardship commitments by many institutions. This is all good, even if it is not clear how all this will play out. 

But actions speak much louder than words,  - so we at BDTI think it fitting to point out that the following institutions have supported The Board Director Training Institute of Japan (BDTI) by making significant donations, in many cases more than once: 

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Translation of Nicholas Benes' Article on Japan's New Governance Code, in Nikkei Newspaper's Economics Classroom Column

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Nikkei Newspaper, “Economics Classroom” Column  (8/8/2014)       

( The Corporate Governance Reform Debate – Key Themes )

Independent Directors Should Make Up at Least One-Third of the Board -- Promulgate a “Code” that Meets Global Standards

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Bruce Aronson, Article: "The Important Role of JASBA in Japan’s Corporate Governance"

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(Bruce Aronson is Professor of Law at the Graduate School of International Corporate Strategy, Hitotsubashi University, and serves as an Advisor at
Nagashima Ohno & Tsunematsu. This article was previously published in JASBA's magazine, Gekkan Kansayaku. )

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IMF: To "Unstash The Cash" in Japan, Corporate Governance Reform Needed

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Abstract:  Japan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japan’s weak corporate governance—as measured by available indexes—might be contributing to high cash holdings. Our empirical analysis on a panel of Japanese firms 

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Japan Appoints a High-Quality Panel to Advise on its New Corporate Governance Code

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Japan has appointed a high-quality panel to advise on the core principles of its corporate governance code.  The panel include an experienced foreign board member, Scott Callon, and several corporate governance advocates. As well, Mats Isakkson from the OECD will serve as an advisor.  

http://www.fsa.go.jp/en/refer/councils/corporategovernance/01.pdf

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"Does Board Independence Improve Firm Performance? Outcome of a Quasi-Natural Experiment"

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Abstract: "Since 2003 the Australian Securities Exchange Corporate Governance Council (ASX) has required that all listed firms either adopt a majority of “independent” board members without links either to management or to substantial shareholders (i.e., 5% or greater shareholding) or “if not, why not”.

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