{"id":5302,"date":"2025-07-04T15:11:21","date_gmt":"2025-07-04T06:11:21","guid":{"rendered":"https:\/\/bdti.or.jp\/in-this-era-of-esg-its-crucial-to-make-voting-decisions-on-each-agenda-item-transparent\/"},"modified":"2025-12-03T15:34:37","modified_gmt":"2025-12-03T06:34:37","slug":"in-this-era-of-esg-its-crucial-to-make-voting-decisions-on-each-agenda-item-transparent","status":"publish","type":"page","link":"https:\/\/bdti.or.jp\/en\/in-this-era-of-esg-its-crucial-to-make-voting-decisions-on-each-agenda-item-transparent\/","title":{"rendered":"In this era of ESG, it’s crucial to make voting decisions on each agenda item transparent."},"content":{"rendered":"\t\t
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In this era of ESG, it's crucial to make voting decisions on each agenda item transparent.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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April 10, 2022<\/p>

In 2010, at a study session of the Financial Services Agency, it was proposed that (1) those engaged in \u201cinvestment advisory services\u201d should be explicitly required to exercise the duty of care, and (2) institutional investors should publicly disclose their voting results for each resolution deliberated at shareholder meetings of investee companies.<\/p>

Although premature at the time, the concept of \u201cstewardship\u201d\u2014closely aligned with the duty of care\u2014later arrived in Japan and became the origin of the Corporate Governance Code.<\/p>

In 2014, as the Stewardship Code (SC) was being finalized, I sounded the alarm in a speech to the LDP’s Headquarters for Economic Revitalization: \u201cDue to the lack of disclosure rules facilitating comparisons of corporate governance practices, valuable systems like stewardship risk becoming ineffective and amounting to nothing more than pie in the sky.\u201d I advocated for the Corporate Governance Code (CGC). Following the logic outlined in a memo I submitted to lawmakers in 2013, the idea that the two codes function as \u201ctwo wheels of a cart\u201d was accepted at that time.<\/p>

Ultimately, both the SC and CGC were established. While the SC lacks legal enforceability, Guideline 5-3 states that \u201cas part of their accountability, institutional investors should disclose their voting results for each individual investee company and each proposal.\u201d Not all SC signatory asset managers disclose this information, but many major firms do.<\/p>

This was a major breakthrough, but \u201cthe devil is in the details.\u201d<\/p>

Since it’s a voluntary SC, some investors choose not to disclose their information. Even when disclosed, the data remains unstandardized and lacks a unified (machine-readable) format. While this data is highly valuable for asset owners, beneficiaries, corporations, and individuals, compiling and analyzing it requires manually collecting PDF files from each asset manager’s website and entering the vast amount of information into a database.<\/p>

The Financial Services Agency, as a leading entity within the SC, can play a crucial role here. By requesting SC signatories to submit this information in a standardized XBRL format and publishing it on platforms like EDINET, it can further contribute to ensuring both wheels of the vehicle turn.<\/p>

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Nicholas Benes<\/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":"

In this era of ESG, it’s crucial to make voting decisions on each agenda item transparent. April 10, 2022 In 2010, at a study session of the Financial Services Agency, it was proposed that (1) those engaged in \u201cinvestment advisory services\u201d should be explicitly required to exercise the duty of care, and (2) institutional investors […]<\/p>\n","protected":false},"author":7,"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-5302","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\/5302","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/comments?post=5302"}],"version-history":[{"count":0,"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/pages\/5302\/revisions"}],"wp:attachment":[{"href":"https:\/\/bdti.or.jp\/en\/wp-json\/wp\/v2\/media?parent=5302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}