“ I. Purpose The Corporate Governance Code (“Code”) has been drafted and is scheduled to be implemented in June 2015 in line with the government's growth strategy, "Japan Revitalization Strategy (Revised 2014)" formulated in June 2014. The growth strategy also calls for TSE’s listing rules to require listed companies to explain the reason for non-compliance with the Code. TSE will make the necessary revisions to its rules and regulations to achieve this comply-or-explain regime.
In view of its historical importance and expected impact as the primary policy in the "Third Arrow" of Japan's growth strategy, I have put together a Powerpoint summary about the draft corporate governance code and its implications against the backdrop of Japan's growth strategy.
The summary covers:
This article is highly original and of great importance to the debate about private enforcement of corporate and securities laws in that it is the first to 1)articulate the doctrinal prerequisites for effective ex post judicial policing of fiduciaries in control transactions and 2) theoretically unify two seemingly distinct approaches to police control transactions‐‐the ex post judicial policing in the United States and the ex ante policing by the Takeover Panel in the United Kingdom. Shareholder collective action and asymmetric informatio
So far we have collected the following public comments that have been submitted to the FSA with regard to the exposure draft of Japan's new corporate governance code:
American Chamber of Commmerce in Japan
Asian Corporate Governance Association
In December, BDTI's Nicholas Benes spoke about the theme of "what is a corporation? - and what is corporate governance?" to a group of students enrolled at Tachibana High School's Commerce Department.
It seems to have been an eye-opening experience for some students. We received much feedback. Here are some examples of comments written by students:
The Center on Japanese Economy and Business, Columbia Business School will hold a seminar event: Japan’s Changing Corporate Governance (co-sponsored by Development Bank of Japan Inc.), on Thursday May 21st, in Tokyo. BDTI's Representative Director, Nicholas Benes, will serve as a panelist.
”The Sony cyber attack should teach companies an entirely different lesson. Target, Sony and myriad other attacks over the last two years highlight that every company is vulnerable to cyber attacks, regardless of their size, industry or the information they hold.
Happy New Year, from all of us at BDTI!