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)

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
Interim Report (Summary)

Minutes and Materials (2nd Phase)

The First Council on January 6, 2023

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

The Second Council on March 22, 2023

Document 1 Agenda
Document 2 TSE Explanatory Material
Document 3 TSE Reference Material
Minutes

The Third Council on May 19, 2023

Document 1 Agenda
Document 2 TSE Explanatory Material
Minutes

The Fourth Council on August 21, 2023

Document 1 Agenda
Document 2 TSE Explanatory Material

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