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.
On March 5th, the advisory panel for the corporate governance code finalized its proposal, which effectively is now the final version.
Fascinating report by Accenture on the challenges faced by, and methods needing improvement at, Japanese companies seeking to globalize. The report is based on a survey of 250 executives in Japan, and many others in Asia. It also compares the above topics to the same issues for non-Japanese companies in Asia.
Abstract: " Japanese enterprises have shown low profitability for quite some time now. This paper presents several hypotheses regarding the influence of Japan’s legal systems on this phenomenon. The laws discussed in this paper cover not only corporate law but also ‘enterprise law’ as a whole, including bankruptcy law, capital markets law and civil litigation law.
In 2013 I proposed to certain LDP dietmen that they create a corporate governance code in order to expand upon (many times over) the "comply-or-explain" principle that was about to be set forth in the new Company Law in a very limited context.