The Japaneese government haa not translated major portions of its Revised Growth Strategy intoEnglish yet, so The Board Director Training Institute of Japan (BDTI) recently translated the parts that relate to reform of corporate governance. As you will note, among other things Japan has committed to produce:
(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.
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.
(The original famous paper, byy Sanjai Bhagat and Bernard Black*)
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.
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.
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. "
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:
It can also be downloaded here: http://bdti.mastertree.jp/f/5lehza2y
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:
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.