Study Group to review Minority Shareholder Protection and other Framework of Quasi-Controlled Listed Companies

Study Group to review Minority Shareholder Protection and other Framework of Quasi-Controlled Listed Companies

The Tokyo Stock Exchange ("TSE") established a study group with the participation of academic experts, listed companies and investors to discuss issues suggested by recent cases involving listed companies*1 with shareholders with substantial control*2, how to coordinate interests between controlling shareholders and minority shareholders of dependent listed companies, and the framework for protecting minority shareholders.

  • referred to as "dependent listed companies"
  • referred to as "controlling shareholders"

Outline of Study Group to review Minority Shareholder Protection and other Framework of Quasi-Controlled Listed Companies

Outline of Study Group to review Minority Shareholder Protection and other Framework of Quasi-Controlled Listed Companies (including Members) (as of January 6th, 2023) icon-pdf

Interim Report

On September 1st, 2020, the "Study Group to review Minority Shareholder Protection and other Framework of Quasi-Controlled Listed Companies" and TSE published the Interim Report (Japanese). Here attached is the English referential translation published on October 20th, 2020.

Interim Report icon-pdf
Interim Report (Summary) icon-pdf

Minutes and Materials (2nd Phase)

The First Council on January 6, 2023

Document 1 Agenda icon-pdf
Document 2 List of members icon-pdf
Document 3 TSE Explanatory Material icon-pdf
Minutes icon-pdf

The Second Council on March 22, 2023

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material icon-pdf
Document 3 TSE Reference Material icon-pdf
Minutes icon-pdf

The Third Council on May 19, 2023

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material icon-pdf
Minutes icon-pdf

The Fourth Council on August 21, 2023

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material icon-pdf

The Fifth Council on November 20, 2023