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This guide aims to assist board members of publicly held banks, BHCs, and other financial services companies — and of nonfinancial publicly held corporations — in designing, developing, and operating a board-level risk committee. Dodd-Frank1 and the NPR will soon require such committees for certain BHCs.
Regulators in the United States are writing rules to implement the Dodd-Frank legislation, including rules that will determine how broadly the law will apply to activity outside the United States. Japanese and other foreign financial institutions should take advantage of this opportunity to influence the regulations, because the consequences will be very important to them, and change will be much easier to accomplish now than it will be in the future.
On December 7, 2011, Nicholas Benes (Representative Director of BDTI) gave a lecture at the Temple University Japan Campus on the above topic. The speech can be viewed at this link:
http://www.youtube.com/watch?v=8pT_FdMN7Wo
The presentation materials may be downloaded by registered users of BDTI's Discussion Forum,in the data library at:
Skadden's very useful compendium of insights and developments in 2011-2012, many of whichboards would be wise to bebe aware of.
http://bdti.mastertree.jp/f/2pvl4xt1
Their own introduction:
The TSE has kindly prepared a translation of the interim proposal by the MOJ with respect to amendment of the Company Law of Japan, which is now up for public comment until the end of January.As readers probably know, the incumbentDPJ party initially started this third amendment process in 10 years with the goal of improviing corporate governance.
Translation: http://bit.ly/xbXMkh
Instructions for Public Comment: http://bit.ly/yFGtih
ABSTRACT: Over the past ten years there has been much discussion about whether corporate governance in Japan has improved and, if so, whether this has translated into improved corporate performance.
We investigate whether observed changes in Japanese firms’ cash holdings and payout policy are consistent with improved governance practices.
To do this, we benchmark Japanese firms against U.S. firms. We find mixed evidence on whether Japanese governance has improved
ＡＢＳＴＲＡＣＴ： This paper explores corporate politics, governance and value in the S&P 500 before and afterCitizens United.
The public comment period for the mid-term report proposing amendment of the Company Law has officially started, and will end on 1/31.
Here is the link, including the FULL mid-term report:
http://search.e-gov.go.jp/servlet/Public?CLASSNAME=PCMMSTDETAIL&id=300080089
Mr. Koji Miyata, a retired director of Olympus, has set up a web site to collect the names of those employees, ex-employees, and shareholders of Olympus who support the return of Michael Woodford as CEO and President of Olympus.
Here is the English version of the web site, with a separate page with a message to employees from Mr. Woodford, who is still a member of the board of Olympus:
Web site:
http://www.olympusgrassroots.com/en/letter.html
Letter from Mr. Woodford:
We are pleased to present Inside the Courts (Volume 3, Issue 4), Skadden's securities litigation newsletter. This issue includes summaries and copies of selected noteworthy cases — principally decided from July to September 2011 — addressing the timely topics of, among others, directors and directors’ duties, foreign corporations, insider trading, M&A deal-driven litigation, and Securities […]