{"id":1607,"date":"2025-04-01T14:52:58","date_gmt":"2025-04-01T05:52:58","guid":{"rendered":"https:\/\/bdtinew.wpenginepowered.com\/an-interview-with-bdtis-leaders\/"},"modified":"2025-07-25T14:48:51","modified_gmt":"2025-07-25T05:48:51","slug":"an-interview-with-bdtis-leaders","status":"publish","type":"page","link":"https:\/\/bdti.or.jp\/en\/an-interview-with-bdtis-leaders\/","title":{"rendered":"An Interview with BDTI\u2019s Leaders"},"content":{"rendered":"\t\t
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An Interview with BDTI\u2019s Leaders<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\uff11\uff0e To begin with, please introduce yourselves.<\/strong><\/p>\n

Benes \u2013<\/strong>\u201cI am an Executive Director of BDTI. After receiving a JD-MBA degree and becoming a lawyer in the U.S., I joined JP Morgan and worked in a number of investment banker roles over the course of 11 years. After that, I started a firm specializing in providing M&A advisory services in the Japanese market, and have now lived in Japan for a total of 37 years. Including the post-scandal board of Livedoor, I have served on a boards in Japan for more than 15 years, including both listed and unlisted companies.\u201d<\/p>


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Osugi <\/strong>-\u201cAfter serving as a director, I became a Representative Director of BDTI in 2013. I succeeded after Professor Takaaki Wakasugi in this position. I teach commercial law and corporate law at Chuo Law school, to students who aspire to become lawyers. I also conduct research focusing on corporate law, corporate governance, and securities law.\u201d<\/p>


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\uff12\uff0e Why did you establish BDTI, a \u201cpublic interest\u201d organization?<\/strong><\/p>\n

Benes <\/strong>\u2013\u201cEver since the bursting of the bubble, Japanese economic growth has been sluggish. Moreover, on top of a decline in the population and hollowing out caused by the off-shoring of manufacturing production, Japan\u2019s public debt has bloated. It will not be easy to revive the economy under these conditions.<\/p>\n

But Japan still has much advanced, superior technology, and excellent human resources. I wanted to make my own contribution so that the country could take better advantage of these aspects, and offer exciting jobs to youth, lower their future tax burdens, and revitalize its economy. To do this, based on my own experience sitting on boards in Japan, I knew that it would be essential to use training to improve corporate governance. People have to internalize more effective practices, and they can only do that based on knowledge and understanding.<\/p>\n

I reached out to other experts and practitioners who had similar concerns, and created an organization to do what my own experience on boards told me was .\u201d<\/p>


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Osugi <\/strong>\u2013\u201cJapanese companies have achieved spectacular results in the area of manufacturing by working together so as to make many incremental improvements. On the other hand, one cannot say that the economic metabolism of this economy is active enough, when one looks at the low rates of return compared to other countries, and the low rate of firm entry and exit.\u201d<\/p>\n

BDTI brings together members who are concerned about the current state of Japanese companies and the Japanese economy, and we are launching various projects based on the idea that there is something we can do now. For example, we are developing e-learning materials that enable people to study corporate law and other topics interactively in their spare time at home.<\/p>


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\uff13\uff0e The importance of corporate governance is often noted, but how does it relate to economic development?<\/strong><\/p>\n

Benes <\/strong>\u2013\u201cNo matter how you look at it, \u2018trust\u2019 is the most important ingredient in our modern economy. Whether you are buying a product or a bank is lending money to you, or whatever, \u2018trust\u2019 forms the basis for every single type of transaction. In the same way, when an investor puts his money down to invest in a company, he takes it on faith \u2013 on trust \u2013 that the company will put that money to its best use so to return his money or pay dividends, and not damage society. That trust is the premise of the whole investment process. To improve corporate governance is to increase the level of this trust. If we cannot continuously improve management and corporate governance, this will lead to distrust of the Japanese economic system, and both domestic and international investors alike will cease to invest in Japanese companies. If that were to happen, economic activity would decline.<\/p>\n

On the other hand, if improvements in corporate governance and improve efficiency can be achieved, this will bring about new investment and employment in domestic Japan, and part of the huge mass of assets that are now tied up in savings accounts will be shifted to the stock market.\u201d<\/p>


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Osugi <\/strong>-\u201cMyself, I am not sure there is always a direct connection between economic development and the improvement of corporate governance. But it does seem that many Japanese companies are failing to achieve an overall \u201coptimality\u201d, and this is related to the fact that are operated sort of as federations of departments comprising employee groups, resulting in a complex interconnecting web of different self-interests. Since corporate governance is a method for achieving \u2013 or striving for- an optimality for the whole company by means of clarifying responsibility and accountability, over the long term improving it should contribute to the vitality of Japanese companies and the Japanese economy.\u201d<\/p>


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\uff14\uff0e In order to improve both corporate governance and management at the same time, what approach is needed here in Japan?<\/strong><\/p>\n

Benes\u2013<\/strong> \u201cNothing is more important than to strengthen the board of directors and its functions, because it plays such a central role in corporate governance. When we speak of a \u201cstrategic board\u201d, we do no merely mean a group that mechanically approves proposals that are on the agenda because that is required by the Company Law. We are talking about a board that debates all issues sufficiently, is able to make strategic decisions on a dynamic basis, and actively participates in \u2013 often, leads \u2013 the formation of corporate policy on a transparent basis.<\/p>\n

Moreover, a \u201cstrategic board\u201d has a framework for conducting evaluations of itself, perhaps including using the services of outside consultants, in order to see if it is fulfilling its duties as effectively as possible. The board can only fulfill all of its fiduciary duties to shareholders if it is objectively analyzing its own processes and taking steps to improve them. It is this sort of accountability that increases the trust and confidence of shareholders and improves the share price, thereby making capital-raising easier and less costly. Such a board is a priceless asset to the company and shareholders alike. In order to create such a board, it goes without saying that the contribution of independent outside directors and statutory auditors is important. But it is equally essential that \u201cinside\u201d directors, statutory auditors and executives understand the role and purpose of having a united \u201cstrategic board\u201d. In order to work together as a team, all participants in the governance process need to share a common understanding of the nature of effective management and monitoring that is expected by shareholders. They also need a common \u201ctoolkit\u201d of the knowledge and skills. For this to happen in reality, we believe that it is also very important that employees acquire such knowledge and skills at an early stage \u2013 in other words, before they become board members.\u201d<\/p>


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Osugi \u2013<\/strong>\u201cMost of all, I think we need to spread a \u201ccommon language\u201d. Within companies, things do not go well when each of the respective teams for sales, products development, and manufacturing do not speak in the same \u201clanguage\u201d. In the same way, at the level of the board, inside directors, outside directors, and statutory auditors need to share common values and a similar mindset. To make this a reality, more than just \u201con-the-job\u201d (OJT) employee training is needed. Companies need to consciously and deliberately use \u201coff-the-job\u201d training in order to develop managerial talent in these respects.\u201d<\/p>


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\uff15\uff0e Looking forward, what will be BDTI\u2019s principal activities?<\/strong><\/p>\n

Benes\u2013<\/strong> \u201cWe hope to train and develop the leaders of Japan\u2019s future economy, the people who will grow it in the years to come. To do this, such persons need to become familiar with the topics corporate governance, corporate ethics, compliance, and global business practices at an early stage in their careers. It is too late to acquire this knowledge after one has become a member of the board. Moreover, if training takes place at an earlier stage, young managers will able to fully support their seniors and help the board of directors function as robustly as it should. They will be an asset to their company, contributing to its development.<\/p>\n

We would like to put an emphasis on general education of the public and information sharing, in addition to training. Corporate governance is not something which \u2018only board members and the legal department need to know about.\u2019 Understanding this concept is essential for the Japanese economy to recover and transition. Therefore, we would like to provide a forum for the active exchange of opinions, constructive debate, and the dissemination of information \u2013 not just to directors, but to the general public as well. If through activities such as this we can increase awareness of corporate governance throughout Japan, we believe that awareness will benefit the Japanese economy.\u201d<\/p>


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Osugi <\/strong>\u2013 \u201cIn addition to our regular training programs, we would like to offer more \u201cdrill-down\u201d seminars on specific emerging topics. Corporate governance is not just something that just is the concern of the people in charge of preparing materials for board meetings; all sorts of other persons need to expand their understanding of it. There is a big gap between governance concepts, knowledge and practices in the West and practices in Japan. so determining exactly how to preserve the good aspects of Japan while improving things at the same time is not an easy task. For that reason especially, we ourselves would like to create a variety of opportunities to study and borrow from the knowledge of outside lecturers in order to gain insights as to how each company improve its governance.\u201d<\/p>


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Benes and Osugi <\/strong>\u2013 \u201cWe hope you will support our activities and look forward to meeting you!\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

An Interview with BDTI\u2019s Leaders \uff11\uff0e To begin with, please introduce yourselves. Benes \u2013\u201cI am an Executive Director of BDTI. After receiving a JD-MBA degree and becoming a lawyer in the U.S., I joined JP Morgan and worked in a number of investment banker roles over the course of 11 years. After that, I started […]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"opb_popup_content":"Popup Content","ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","osp_disable_panel":"default","osh_disable_topbar_sticky":"default","osh_disable_header_sticky":"default","osh_sticky_header_style":"default","osh_sticky_header_effect":"","osh_custom_sticky_logo":0,"osh_custom_retina_sticky_logo":0,"osh_custom_sticky_logo_height":0,"osh_background_color":"","osh_links_color":"","osh_links_hover_color":"","osh_links_active_color":"","osh_links_bg_color":"","osh_links_hover_bg_color":"","osh_links_active_bg_color":"","osh_menu_social_links_color":"","osh_menu_social_hover_links_color":"","footnotes":""},"class_list":["post-1607","page","type-page","status-publish","hentry","entry","owp-thumbs-layout-horizontal","owp-btn-normal","owp-tabs-layout-horizontal","has-no-thumbnails","has-product-nav"],"_links":{"self":[{"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/pages\/1607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/comments?post=1607"}],"version-history":[{"count":0,"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/pages\/1607\/revisions"}],"wp:attachment":[{"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/media?parent=1607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}