Mr. Kengo Nishiyama, analyst of Nomura Equity Research, has submitted the report below. Summary:
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Mr. Kengo Nishiyama, analyst of Nomura Equity Research, has submitted the report below. Summary:
Tokyo Stock Exchange, Inc. and Tokyo Stock Exchange Regulation hereby released the Request in reaction to recent issues pertaining to listed companies.
Request in relation to recent issues pertaining to listed companies (Reference Translation) –
http://www.tse.or.jp/english/news/09/b7gje6000000r78v-att/request_20111026.pdf
In this keynote address delivered to participants at the 2011 Ascendant Compliance Conference, CFA Institute Board of Governors Vice-Chair Alan Meder considers the value of integrity to the capital markets, while developing a powerful rationale for instilling a culture of integrity at asset management firms.
Everyone has probably seen the letter sent by Mr. Woodford to Chairman Kikukawa on October 11, soon before the former was summarily fired as Representative Director (but of course, he is still a director at present). But for those who have not read it, here it is:
To say the obvious: Japanese companies need truly independent oversight, – by actual board members who can vote, and fit a legal definition of independence. Here, the words actual, vote, and legal definition need to be stressed, because presently in Japan:
Unfortunately, Olympus is just the latest in a long stream of incidents that show that it is high time Japan made major changes to its corporate governance regime.
What will cause ISS to recommend withhold or against the election of compensation committee members as a result of poor say-on-pay votes in 2012? A hint lies in the just-released ISS draft voting policies for 2012. ISS is looking for input from the corporate governance community until October 31st.
Actually it was my own grand-uncle, Norbert Wiener, who is the MIT professor Dr. Turnbull refers to in his paper (in the previous post)as the father of cybernetics, the core concepts upon which automated device and computers are based. Wiener thought cybernetics could also be applied in other areas, such as society in general. A key aspect of cybernetics was the stablizing or destablizing effect of feedback loops.
(Excerpt) LAWS OF NATURE
Over billions of years nature has evolved sustainable systems of governance based on survival of the fittest. Living creatures cannot sustain their existence without self-regulation and self-governance. This was achieved before the existence of humans, their governments, laws, regulations, regulators, codes, auditors, independent directors, rating agencies, law courts and manifold layers of experts, advisors and even meetings like we are having today!
Abstract and Main Conclusion: This paper investigates whether market players appreciate socially responsible firms better than conventional ones with the view on corporate social responsibility factors.