Enhancing Corporate Governance

Tokyo Stock Exchange (TSE) formulated “Japan’s Corporate Governance Code” (the Code) and incorporated it as an Exhibit into its Securities Listing Regulations. The Code has the same content as “Japan’s Corporate Governance Code [Final Proposal]” finalized on March 5, 2015 by “The Council of Experts Concerning the Corporate Governance Code” (Chairman: Kazuhito Ikeo, Professor of Economics and Finance, Keio University).
The Code and the associated rules entered into force on June 1, 2015.

Japan's Corporate Governance Code icon-pdf

For the outline of the revisions of the Securities Listing Regulations, please refer to the following link.

Development of Listing Rules for the Implementation of the Corporate Governance Code (Public Comments)

How Listed Companies Have Addressed Japan’s Corporate Governance Code

TSE has published “Listed Companies’ Reaction to Japan’s Corporate Governance Code”, based on corporate governance reports of listed companies.

How Listed Companies Have Addressed Japan’s Corporate Governance Code (Status as of July 2016) icon-pdf
How Listed Companies Have Addressed Japan’s Corporate Governance Code (Status as of December 2015) icon-pdf

The Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code

The Japan Revitalization Strategy as revised in 2015 (Cabinet Decision, June 30, 2015) states that "we need to work actively to prevail and to promote the adoption of Japan's Stewardship Code, established and released in February 2014 ("JSC"), and Japan's Corporate Governance Code, which entered into force in June 2015 ("JCGC"), as ‘the two wheels of a cart' such that the sustainable growth of companies will be promoted by both sides of investors and companies.

Further improvements of corporate governance, e.g., making governance function not only formally, but also effectively, continue to be a major agenda, and we need to link such efforts to the establishment of a virtuous economic cycle.

In this respect, for the purpose of following up with the prevalence and adoption of JSC and JCGC as well as further improving corporate governance of all listed companies, TSE and the Financial Services Agency (FSA) have jointly established the "Council of Experts Concerning the Follow-up of Japan's Stewardship Code and Japan's Corporate Governance Code".

Establishment of "Council of Experts Concerning the Follow-up of Japan's Stewardship Code and Japan's Corporate Governance Code" icon-pdf
List of members of the Council icon-pdf

Statements


Corporate Boards Seeking Sustainable Corporate Growth and Increased Corporate Value over the Mid - to Long - Term (FSA Website)icon-block
Responses to the Corporate Governance Code and Next Steps of the “Council of Experts Concerning the Follow-Up of Japan’s Stewardship Code and Japan’s Corporate Governance Code” (FSA Website)icon-block

Past councils

Date Materials and Minutes
The Tenth Council on November 8, 2016  
The Ninth Council on September 23, 2016  
The Eighth Council on June 1, 2016 Materials (FSA Website)icon-block
The Seventh Council on April 26, 2016 Materials (FSA Website)icon-block
The Sixth Council on February 18, 2016 Materials (FSA Website)icon-block
Minutes (FSA Website)
The Fifth Council on January 20, 2016 Materials (FSA Website)icon-block
Minutes (FSA Website)
The Fourth Council on December 22, 2015 Materials (FSA Website)icon-block
Minutes (FSA Website)
The Third Council on November 24, 2015 Materials (FSA Website)icon-block
Minutes (FSA Website)
The Second Council on October 20, 2015 Materials (FSA Website)icon-block
Minutes (FSA Website)
The First Council on September 24, 2015 Materials (FSA Website)icon-block
Minutes (FSA Website)

The Council of Experts Concerning the Corporate Governance Code

TSE and the Financial Services Agency (FSA) have jointly established the Council of Experts Concerning the Corporate Governance Code ("Council") with an aim of obtaining recommendations while referring to the knowledge of experts within private sector. After the discussions by the council members and a call for public comments on the draft, the Council finalized the proposal for “Japanese Corporate Governance Code” on March 5, 2015.

Japan’s Corporate Governance Code [Final Proposal]
- Seeking Sustainable Corporate Growth and Increased Corporate Value over the Mid- to Long-Term - [Mar. 5, 2015]
icon-pdf
The Council of Experts Concerning the Corporate Governance Code icon-pdf
List of members of the Council of Experts Concerning the Corporate Governance Code icon-pdf

Past councils

Date Materials and Minutes
The Ninth Council on March 5, 2015 Materials (FSA Website)icon-block
Minutes (FSA Website)
The Eighth Council on December 12, 2014 Materials and Opinions(FSA Website)icon-block
Minutes (FSA Website)
The Seventh Council on November 25, 2014 Materials and Opinions(FSA Website)icon-block
Minutes (FSA Website)
The Sixth Council on November 12, 2014 Materials and Opinions(FSA Website)icon-block
Minutes (FSA Website)
The Fifth Council on October 31, 2014 Materials and Opinions (FSA Website)icon-block
Minutes (FSA Website)
The Fourth Council on October 20, 2014 Materials and Opinion (FSA Website)icon-block
Minutes (FSA Website)
The Third Council on September 30, 2014 Materials and Opinion (FSA Website)icon-block
Minutes (FSA Website)
The Second Council on September 4, 2014 Materials (FSA Website)icon-block
Minutes (FSA Website)
The First Council on August 7, 2014 Materials (FSA Website)icon-block
Minutes (FSA Website)
The Council of Experts Concerning the Corporate Governance Code (FSA Website)icon-block