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Audience Questions & Answers (at the ICGN Conference in Tokyo in March, 2014)
Q. People have often talked about a code of corporate governance for Japan, and I understand that the LDP has set up a committee to look into developing a single national code for Japan, which we fully support. What is your view on that development?
ICGN Conference, Tokyo, March 2014; Hosted by Tokyo Stock Exchange & Japan Exchange Group;Endorsed by Financial Services Agency, Ministry of Justice & Ministry of Economic Trade and Industry
‘Building a common language: a new era for company and shareholder dialogue’ (Download full Summary:http://bdti.mastertree.jp/f/1ywnb57c )
This document is a proposal and set of investor recommendations on a stock exchange listingstandard focused on corporate sustainability disclosure. The aim of the proposal is toestablish key elements of a minimum global standard for corporate sustainability reporting
that would provide investors with:
Client Alert by Davis Polk, containing many lessons to be learned regarding FCPA compliance and enforcemnt.(By Paul T. Friedman, Stacey M. Sprenkel and Tiffany A. Rowe)
Soon Japan will have its first stewardship code. You can download a translation of the exposure draft of the stewardship code here:
http://bdti.mastertree.jp/f/yj8ez02t
At the same time, Matthew Orsagh of the CFA Institute has written this useful summary of recent development related to stewardship and engagement around the world:
http://blogs.cfainstitute.org/marketintegrity/2014/03/26/shareholder-engagement-bridging-the-divide-between-boards-and-investors/
Abstract: We analyze an extensive proprietary database of corporate social responsibility engagements with US public companies over 1999–2009. Engagements address environmental, social, and governance concerns. They are followed by a one-year abnormal return that averages +1.8%, comprising +4.4% for successful and zero for unsuccessful engagements. We document outperformance following environmental/social, as well as governance, engagements.
On March 20, Marubeni agreed to pay an $88 million fine and plead guilty to foreign bribery charges handed down by the DOJ, markingMarubeni’s second payout in three years. Marubeni stood accused of bribing high-ranking officials in Indonesia in order to secure a $118 million contract for an energy project as part of a consortium. Once again, digital discovery of email traffic made it easy for the DOJ to pursue Marubeni:
A new study sponsored by Nasa's Goddard Space Flight Center has highlighted the prospect that global industrial civilisation could collapse in coming decades due to unsustainable resource exploitation and increasingly unequal wealth distribution.
The Editor of the Metropolitan Corporate Counselinterviews Steven R. Walker, General Counsel, Secretary, and Director of Board Advisory Services at the National Association of Corporate Directors (NACD).
WASHINGTON (Reuters) – The Securities and Exchange Commission will soon review recommendations for possible regulatory action targeting proxy advisory firms, SEC Chair Mary Jo White said on Wednesday.
White did not offer any details on what kinds of new rules or changes could be in store for proxy advisory firms like Glass Lewis and Institutional Shareholder Services, which help large institutional investors weigh how to vote on critical company issues such as board elections and compensation.