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The Asian Corporate Governance Association and CLSA have released their well-known review of corporate governance in Asia,CG Watch 2014. This year the reportupgraded Japan to 3rd place in Asia (from a tie for 4th). Hong Kong edged out Singapore for the top ranking. The chapter on Japan can be downloaded here:
(UK FRC –> ) The Financial Reporting Council (FRC) has issued today an updated version of the UK Corporate Governance Code (the Code). This significantly enhances the quality of information investors receive about the long-term health and strategy of listed companies, and raises the bar for risk management.
Japan’s tarnished image for corporate governance is undergoing a polish. From its declaration as a key “third arrow” reform for Abenomics, new company law reforms, the launch of a stewardship code for investors, and promised corporate governance code in 2015, the nation’s businesses have been put on notice to improve performance or face the consequences.
Article – Investors come first in the new corporate governance code, byStephen Haddrill,chief executive of the Financial Reporting Council.
How would you respond to this question?
Bruce Aronson at Hitotsubashi-wrote apaper (see below) in 2011which providedsome of the answers to this question, including the fact that bank loan interest ratesare very cheap in Japan.
There has been a lot of talk about stewardship in Japan over the past year. And there have been fine statements and announcements made about stewardship commitments by many institutions. This is all good, even if it is not clear how all this will play out.
But actions speak much louderthan words, – so we at BDTI think it fittingto point out that the following institutions have supported The Board Director Training Institute of Japan (BDTI) by making significant donations, in many cases more than once:
Nikkei Newspaper, “Economics Classroom” Column (8/8/2014)
( The Corporate Governance Reform Debate – Key Themes )
Independent Directors Should Make Up at Least One-Third of the Board –Promulgate a “Code”that Meets Global Standards
(Bruce Aronson isProfessor of Law at theGraduate School of International Corporate Strategy, Hitotsubashi University, and serves as anAdvisor at
Nagashima Ohno & Tsunematsu. This article was previously published in JASBA's magazine,Gekkan Kansayaku. )
Abstract – ”Japan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform.
Japan has appointed a high-quality panel to advise on the core principles of its corporate governance code. The panel include an experienced foreign board member, Scott Callon, and severalcorporate governance advocates. As well, Mats Isakkson from the OECD will serve as an advisor.
http://www.fsa.go.jp/en/refer/councils/corporategovernance/01.pdf