Discussion Forum

NY Times: "Investors to Directors: 'Can We Talk?7"

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 (From the article)  "What if lawmakers never spoke to their constituents?

Oddly enough, that’s exactly how corporate America operates. Shareholders vote for directors, but the directors rarely, if ever, communicate with them.

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"Japan Discloses New Efforts to Combat Foreign Bribery, as OECD Steps Up Pressure on Japan to Increase Enforcement"

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by Charles Duross, James Hough -- from JD Supra business Advisor  http://bit.ly/1oBhYSu

" While many people don’t know it, a bribery scandal in Japan in 1976 was part of the motivation for the Foreign Corrupt Practices Act (FCPA), which was signed into law on December 19, 1977.

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" The Uncertain Relationship Between Board Composition and Firm Performance"

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(The original famous paper, byy Sanjai Bhagat and Bernard Black*)

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METI's "Guidelines on Outside Directors and Kansayaku"

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Japan’s Ministry of Economy, Trade and Industry (METI) has produced these English translations of documents they created to accelerate thinking in Japan about how to integrate and better utilize outside directors and kansayaku on boards. Overall, they reflect the shift towards a realization that more uniform and higher-level“best practices” are needed, in line with national policy to formulate a corporate governance code.

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ACCJ Viewpoint: " Further Implement Corporate Governance Reform in Japan to Spur Investment and Growth"

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The ACCJ just released a detailed Viewpoint, urging the Government of Japan to do what it promised to do when it was elected, and more. The summary is below, and the report can be downloaded at the link below.

http://bdti.mastertree.jp/f/84nd0u6e

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Risk Governance in Banking: Reforms Tend to Occur Most Where they are Least Needed

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Paper: "Reform Where it is Least Needed: Diffusion of Post Crisis Risk Governance Regulation"   -  by Shane Magee, Elizabeth Sheedy, and Sue Wright --- "Those countries where shareholder and manager power is strongest (Japan, Switzerland, UK, US,) are least able to implement fundamental reforms. "

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Full English Translation of the LDP's Historic "Japan Revival Vision"

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The “Japan Revival Vision” written by the LDP’s “Japan Economic Revival Headquarters” has been translated in full.  It has been released by Dietman Shiozaki, and can be downloaded at this link:

https://www.y-shiozaki.or.jp/pdf/upload/20140620104142_aUVp.pdf 

It can also be downloaded here:  http://bdti.mastertree.jp/f/5lehza2y  

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127 Institutions Sign Up to Japan’s Stewardship Code, Including Three of BDTI's "Special Sponsors"

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123 institutional investors, fund managers, and insurance companies, and four service providers have signed up to comply with Japan's Stewardship Code in what will probably turn out to just the first round of "compliance" statements. Of these, (only) three institutions are "special sponsor" (significant donors) to BDTI.  The list of signatories, and the code itself, can be downloaded at this link:

http://www.fsa.go.jp/en/news/2014/20140610-1/01.pdf   

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IMF Likes the Corporate Governance Reforms it Sees in Japan's New Growth Strategy

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Japan—2014 Article IV Consultation Concluding Statement of the IMF Mission
Tokyo, May 30, 2014  (see below) -  "Abenomics has been successful in planting the seeds for a more dynamic Japan.The near-term outlook remains favorable and the economy is expected to weather well the consumption tax increase.

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Abenomics' “Third Arrow”: at the Tipping Point

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Don’t miss the forest for the trees. Historically, May 23rd, 2014 will probably be seen to be the date when the ruling party of Japan, the LDP, “changed its spots”, mutating from the Old LDP to the New LDP.  

It was on that day the LDP’s key growth strategy committee agreed upon its new “Japan Revival Vision”, a detailed 74-page document which definitively separated the LDP from many of the vested interests and obsolete structures that have dominated its past, by setting forth policies for: 

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