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(See at the bottom: However, the most important thing is that the companies and people concerned should recognize their own governance, responsibilities, their own positions and their own jobs. I would like to stress that I am concerned that there are serious problems in that respect.)
The following entry appeared as part of GovernanceMetrics International’s GMI Blog. GMI is the leading independent provider of global corporate governance and ESG ratings and research. Corporate stakeholders – including leading investors, insurers, auditors, regulators and others – use GovernanceMetrics services to identify and monitor risks related to non-financial measures covering key environmental, social, governance and accounting risk factors.
About the Enforcement Data
The Stanford Graduate School of Business has published an intriguing paper entitlted Ten Myths of Say on Pay –>
Fromthe report STAY CURRENT, published by Paul Hastings.
SEC Finalizes Rule for Compensation Committee Listing Standards and Compensation Consultant Conflicts
BY MARK POERIO & ELIZABETH A. RAZZANO
Theinsightful and articulateeconomist Richard Katz was in town last week, and gave presentations to a number of groups, including the American and French Chambers of Commerce in Japan. The theme of his presentation and views was particularly timely, as it focused on a cogent explanation of why Japan is Not the Next Greece.
The results of voting on the 10 shareholder proposals submitted to Mizuho Financial Group's AGM have been been disclosed. In asignificant turn of events, no less than seven of the 10 proposals submitted by shareholders were supported by at least 23% of shareholders. Within that group, the highest support ratio (28%) was for the proposal that would have required Mizuho FG to disclose its policy with respect to director training, and actions taken to execute that policy each year.
Say on Pay Myths
(From Bainbridge.com) I just read a very important paper, challenging the mythology that has grown up around say on pay.Larcker, David F., McCall, Allan L., Ormazabal, Gaizka and Tayan, Brian, Ten Myths of 'Say on Pay' (June 28, 2012). Available at SSRN: http://ssrn.com/abstract=2094704
The NY Times published a nice little contrarian piece discussing the perceived negative effects of putting shareholders first. http://dealbook.nytimes.com/2012/06/27/challenging-the-long-held-belief-in-shareholder-value/
In a new book, Columbia Professor Bruce Kogut discusses how network science reveals the small worlds and clubs behind the exercise of corporate governance. The research does not seem to cover Japan, but seems very pertinent for considering the evolution of governance here.
(Interview with Professor Rogut, taken from http://www4.gsb.columbia.edu/ideasatwork/feature/7228753 )