BDTI hasreceived a new comment on METI'sproposed Joint Audit Committee Company. Please see below. (Admin.)
Category: Law
Joint Audit Committee-Style Company – Proposal by METI
What is the general reaction to METI's proposal to amend the Company Law toenable formation ofa thirdtypeof company, a joint audit committee-style company? It isdescribedon pages 36-38 of this document: http://bdti.mastertree.jp/f/os68ejbz
NOTE: the summary translation file that was attached to the comment that was subsequently submitted in response (below) is available at: http://bdti.mastertree.jp/f/p5k7vzjg
Towards a Full Reform of Japan’s Governance Framework
(Reply to comment made yesterday.) Your idea* is a good one, but I believe that a much bolder reform of the corporategovernance framework is needed for Japan's markets.
The harsh reality is thatthe quality of corporate governance in Japan has lost much credibility and itslaws and rulesnow lag most other countries in Asia.
In response to the question on stare decisis
Unlike US courts, Japanese courts almost never cite, describe, distinguish, etc. other cases.
Call for Comments for Submission to Legal System Advisory Council
As noted in a separate entry below, the Legal System Advisory Council will soon discuss (if not largely decide) some ofthe most important issues affecting corporate governance in Japan. BDTIencourages parties with opinions on these topics to submit them to BDTIas soon as possible. –>
Legal System Advisory Council: Schedule for Company Law Deliberations
The Company Law Committee of the MOJ's Legal System Advisory Council has announced its schedule and agenda for meetings over the next few months. (http://bdti.mastertree.jp/f/ubqlzgph) Read more–>
The U.S. Starts to Catch Up with Japan on “Proxy Access”
News Item: Shareholder-friendlyJapan does not need to adoptproxy access. Why not? Because it already haspermitted it, much more liberally than the U.S., for decades. One wonders whether all the doomsayersnow predicting chaos in the U.S. are aware of this fact.
Stare Decisis in Japan ??
Ihave a question I wonder if someone could answer. It seems to me that if Japan is to develop a predictible base of law to govern the ticklish issues that arise on boards in cases such as TOBs and MBOs,that basewill have toevolve via case law.
AGCA Compiles Summary of Rules Regarding Independent Directors in Asia
The Asian Corporate Governance Association has published a summary of the laws and rules in Asian countries regarding requirements for independent directors and their role.This highly useful summary isavailable for registered BDTI users to see and download in the Data Libraryat:
METI Proposes Relaxing Definition of “Independent Outside Director”
According to a Nikkei Newspaper report as of June 24, 2010, METI has issued a number of proposals to the Legal Affairs Advisory Council, which reports to the Minister of Justice, with regard to amendment of the Company Law. According to the Nikkei, these proposals include: