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”Insurance Is a Better Buffer Against Crises than Cross-shareholdings”

2016-08-08 posted by

According to this recently-published discussion paper by the Foreign Non-Life Insurance Association of Japan, risk management provides a better barrier against crises than maintaining cross-shareholdings with friendly firms. The paper puts corporate governance in the wider context of economic growth and security and highlights the fact that management of Japanese companies is often not organized so as to to use risk management solutions that can be provided by insurance. An example mentioned is that only  around 17% of the losses from the 2011 Eastern Japan earthquake were recoverable by insurance, as compared with 75% recovery in the case of the Christchurch, New Zealand earthquake the same year.

The paper proposes supporting stronger corporate governance, fostering a culture of risk management and leveraging best industry practices.

Read the discussion paper here.

Source: Foreign Non-Life Insurance Association of Japan Inc.

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”Will better corporate governance boost Japanese equity returns?”

2016-08-05 posted by

Despite the fact that many folks are still pessimistic as to whether corporate governance reforms will bring a surmountable positive change to the Japanese economy, there has been some notable changes as the writer of this article, Louise Dudley, Hermes Global Equities Portfolio Manager, below puts it. It will take time and patience but will be worth it in the end.

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Presentation at Melbourne Asia Law Centre: Financial Services Sector Reform in Japan

2016-08-01 posted by

Europacifica Consulting has been assigned a case study by APEC for its 2016 review of structural reform in the services sector, on the financial services sector in Japan.  The objective of the case studies was to elaborate lessons learned from both policy successes and disappointments during historical episodes of structural reform, and we have chosen to focus on late Koizumi-era […]

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Corporate Governance in Japan: Where Will It Go from Here? Where Should It?　(Part 1 of a Series)

2016-07-31 posted by

Japan has made significant steps forward in promulgating a stewardship code and a corporate governance code. Change and differentiation between companies (leaders vs. laggards) will accelerate from this point on; it is already accelerating. But how much impact will be made by the new “comply or explain”-based, potentially vastly-expanded disclosure regime, and menu of best practices that are being encouraged, will largely depend on how much investing institutions are willing to do the hard work of analyzing and comparing all this new information, assessing its true substance vs. the lack thereof, and proactively communicating with portfolio companies the kind of concrete practices and robust disclosure they would like to see next.

This Insight will be a series focusing on various issues that need to be understood and discussed deeply going forward, and will affect this process and the future evolution of governance in Japan.

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”Corporate Governance: The role of institutional investors will become crucial”

2016-07-28 posted by 1 Comment

In the article below, Mr. Mayajima Hideaki, a faculty fellow at the Research Institute of Economy, Trade and Industry ( REITI) reviews the characteristics of ownership structures in Japanese companies and examine what conditions are necessary to ensure the effective operation of the  corporate governance code that has been in place for a year now.

He explains how institutional investors will increasingly play a key role in dissolving cross-sharing arrangements and increasing shareholder influence.

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”A Look at the Recent State of Corporate Governance in Japan”

2016-07-23 posted by

Below is an interview on the recent state of Corporate governance in Japan that was held early this month. The interview is between Mr. Miyajima Hideaki (Faculty Fellow, RIETI / Waseda University),  interviewer and Mr. Colin Mayer (Said Business School, Oxford University), interviewee.

Mr. Mayer shares his opinions on the unique features of corporate governance in Japan, how to encourage companies to take risks, ownership structures, the role of outside directors, the comply and explain principle and the role of corporate governance in promoting strong economic performance.

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”Japanese Corporate Governance from the Perspective of Family Firms”

2016-07-19 posted by

BDTI is happy to share a Research Paper titled ”Japanese Corporate Governance from the Perspective of Family Firms” by Hokuto Dazai (Independent), Takuji Saito (Waseda University), Zenichi Shishido (Hitotsubashi University Graduate School of International Corporate Strategy; Independent) and Noriyuki Yanagawa (University of Tokyo – Faculty of Economics).

The research attempts to answer the questions: why have the performances of the Japanese Model of corporate governance (J-form firms) deteriorated since the Japanese economic bubble in the mid-1980s, and why have J-family firms generally outperformed non-family firms?  It goes on to analyze and compare J-form and J-family firms on general issues of corporate governance, including internal and external governance, internal promotion rules, long-run reward systems, and incentive mechanisms.

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