Glass Lewis has issued is policy guidelines for 2016 for the Japanese market, in both English and Japanese. It is a statement of the times that Glass Lewis made a Japanese translation this year, as they have not done that in previous years. Against the backdrop of recent reform, the policy guidelines may be seen as a bit meek for case of kansayaku-style companies, although some of the provisions clearly reflect the fact that a Corporate Governance Code is now in effect.
Japan’s Antimonopoly Act (the AMA) was recently amended so as to adopt a wider and deeper scope for the surcharge system, a leniency program, and the authority to investigate criminal cases as measures to strengthen enforcement.
Proposals for Raising Productivity
This is an English translation of a presentation in Japanese that I have given recently to several influential members of the government.
The opinions are my own.
Excerpt: "As of the last full year end for the 3,678 companies in the PacificData database, there were 4,267 Independent Directors or 10.6% of the total number of Directors. The total number of female Directors was just 966 or 2.4% of the total – well below even the 9.5% ratio of female members of Japan’s House of Representatives.
Below, one can download in Japanese Deloitte's summary of compliance with the Japan's Corporate Governance Code ("CG Code") as of the end of December, 2015, which for most companies was the deadline to submit their "Corporate Governance Reports" ("CG Reports") to the TSE.
BDTI's December 8th English "Director Boot Camp" was a great success, with
active participation by a diverse group of European, American、and Asian persons! Everyone in the room benefited from the perspectives and experience of this fine group.
We are planning to hold the next course on Febuary 18th. Sign up early!
At the very outset of its governance code, Germany established a "Commission of the Corporate Governance Code", which is required by law to evaluate the Code on an annual basis and proposed any changes or amendments that are needed. On average, the Commission has amended the Code almost once a year since it was first put in place. Out of its 14 diverse members, 3 are women.
" In order to provide an overview for busy in-house counseland compliance professionals, we summarize below some of the most important international anti-corruption developments in the past month with links to primary resources. October saw another SEC-only corporate FCPA settlement, an explanation from DOJ as to why theapparent decrease in volume of FCPA criminal actions does not mean anti-corruption is no longer an enforcement priority, an important ruling in an FCPA whistleblower case, and a variety of other anti -corruption developments in the U.S. and abroad.
Status of Compliance with Japan`s Corporate Governance Code:
The Board Director Training Institute of Japan (BDTI)
December 01, 2015
On the link below, you can download S&P's report comparing "global financial literacy" in various countries. (See definition below.) S&P asked four simple questions about things like "how interest works" and ranked countries based on the percent of correct responses. At 41%, Japan has a relatively low score among developed nations, which ranks it just above Italy in most respects.