Japan’s Financial Services Agency has announced draft regulations aimed at improving corporate governance disclosures. With effect from March 31st 2010, companies will be required to disclose a detailed breakdown of individual pay for each executive earning more than ¥100 million ($1.1 million). Japanese companies currently voluntarily disclose the total amount of executive compensation in their […]
Read MoreA recent article from The Economist has highlighted another real-world connection between firm performance and governance structures. Commenting on the massive accelerator safety recall and how the Toyota management has handled itself, the Economist points out that the problems it faces: “highlight broader failings in Japanese corporate governance that make large companies particularly vulnerable to mishandling a crisis […]
Read MoreNozoe Kuniaki, ousted CEO of Tokyo Stock Exchange’s 40th largest company, Fujitsu, this week issued a Court petition in an attempt to clear his name following unfounded accusations of links to organised crime. At a news conference this week, Nozoe threatened to sue two Fujitsu executives over his departure, which he claims was linked to his attempts […]
Read MoreWelcome news this week about Japanese corporate governance developments from Washington-DC based Council of Institutional Investors. Jonathan Urick, CII’s international governance policy co-ordiantor met with Makoto Seta and Toshiya Otsu of the Japanese Financial Services Agency (FSA) to discuss their agency’s ongoing efforts to improve corporate governance. Makoto and Toshiya have embarked on an ambitious global roadshow to meet with various foreign […]
Read MoreSome 18 Japanese companies are known to have disclosed the results of their 2009 AGMs on their corporate websites, in what is an improvement from two companies on 2008 according to Sumitomo Trust. Japanese regulators are expected to introduce a rule on disclosure of proxy voting results ahead of Japan’s 2010 AGM season. The data […]
Read MoreJapan is famed in the West for many stereotype images, cherry blossom, salary men, overcrowded commuter trains and for those of us in the world of governance, a chaotic proxy season. But back to the commuter crush. Many Japanese women choose to commute in female-only carriages during rush hour to avoid being groped by men. Following a surge of arrests (2,000 […]
Read MoreAs investors brace themselves for a slew of Japanese AGM meetings (the overwhelming majority of AGMs seem set to be held between 23 and 26 June), a compromise has emerged between the Keidanren (Japan’s business lobby) and the Japanese Ministry of Economy, Trade and Industry over proposals to improve corporate governance. The Ministry is due […]
Read More