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| Message from the New Representative Director |
David F. Larcker and Brian Tayan have written an excellent article on the extreme importance of quality of governance processesand contextual aspects that affect them. Here's the introduction; you can download the entire article at the link below.
New Japan Paper on Kansayaku Boards and Audit Committees -ACGA recently completed a paper titled, “The Roles and Functions of Kansayaku Boards Compared to Audit Committees”. The paper compares the Kansayaku (statutory auditor) Board in Japan with the Audit Committee in other developed markets.
From Skadden's recent Client Alert – see link below – On October 22, the National Institute of Standards and Technology (NIST) issued its PreliminaryCybersecurity Framework (the Preliminary Framework).1 The Preliminary Framework representsthe first full draft of the Cybersecurity Framework (the Framework) that President Obama orderedNIST to develop in his February 12, 2013, executive order addressing the regulation of criticalinfrastructure network security.2
Saturday, October 26, 2013 TOKYO (Nikkei)– Mizuho Bank plans to reprimand 54 current and former senior executives for failing to take responsibility for loans to borrowers associated with organized crime, The Nikkei learned Friday.
Nomura Securities published a report on the Japanese In-Out M&A trend, forcasting increase of it beyond industy and corporate size as one of core growth strategies. PMI (Post Merger Integration) becomes more and more important.
See below forMETI's call for evidence and information – With the secretariat operated by the Ministry of Economy, Trade and Industry (METI), the “Competitiveness and Incentives for Sustainable Growth: Building Favorable Relationships between Companies and Investors” project (chaired by Dr.
METI has got several councils or study groups working on themes related to corporate governance, acounting, disclosure, shareholder engagement,and CSR Policy. Most of them are summarized (with materials) here:
http://www.meti.go.jp/english/policy/economy/corporate_accounting/
andhere:
http://www.meti.go.jp/english/policy/economy/corporate_accounting/corporate_governance_02.html
http://www.meti.go.jp/english/policy/economy/corporate_accounting/pdf/121211_03.pdf
Mizuho Bank has admitted that at least four of its executives, including two former deputy presidents, knew that it was lending money to underworld and other “antisocial” groups and that it neither stopped nor sought to hold management responsible.
Among the four, an unnamed former deputy president was aware of the illicit practice as far back as December 2010….
http://www.japantimes.co.jp/news/2013/10/05/business/mob-linked-loans-dating-to-2010-only-learned-of-recently-at-top-mizuho-exec/#.UmUUPiuCi71
Marubeni and other Japanese companies are included in lists like this of the largest settlements, or the largest investigations underway:
https://twitter.com/tom_mcleod/status/387348013544251392/photo/1