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TSE-Listed Companies White Paper on Corporate Governance 2009 Tokyo Stock Exchange, Inc. 2009 January 2009 Tokyo Stock Exchange, Inc. TSE-Listed Companies White Paper on Corporate Governance Since active discussion on corporate governance started in Japan, the government has created certain legal arrangements, including but not limited to, strengthening statutory auditor's (Kansa-yaku) functions and introduction of a corporate governance system named "Company with Committees." Tokyo Stock Exchange (the "Exchange" or "TSE") has also taken various measures including formulation of Principles of Corporate Governance for Listed Companies and development of the system for filing Report on Corporate Governance (the "Report"). Each of the listed companies has been steadily making efforts to improve and enhance its corporate governance, for example, by establishing management monitoring mechanism by external parties, in order to avoid corporate scandals or to increase efficiency of management and enhance corporate values. On the other hand, while ...

TSE-Listed Companies White Paper on Corporate Governance 2013 TSE-Listed Companies White Paper on Corporate Governance 2013 Tokyo Stock Exchange, Inc. TSE-Listed Companies White Paper on Corporate Governance 2013 i TSE-Listed Companies White Paper on Corporate Governance 2013 February 2013 Tokyo Stock Exchange, Inc. DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. This translation is subject to change without notice. TSE-Listed Companies White Paper on Corporate Governance 2013 ii Introduction Since discussions regarding corporate governance began in Japan, along with revisions to systems or frameworks such as strengthening the function of statutory auditors and adopting the companies with committees system, Tokyo Stock Exchange (hereinafter "TSE") has demonstrated initiatives such as formulation ...

TSE-Listed Companies White Paper on Corporate Governance 2011 White Paper on Corporate Governance Tokyo Stock Exchange, Inc. Tokyo Stock Exchange, Inc. Listing Department 2-1 Nihombashi-Kabuto-cho Chuo-Ku, Tokyo 103-8220, Japan URL:http://www.tse.or.jp/ 2011 March 2011 Tokyo Stock Exchange, Inc. TSE-Listed Companies White Paper on Corporate Governance Since discussions regarding corporate governance began in Japan, along with revisions to systems or frameworks such as strengthening the function of statutory auditors and adopting the companies with committees system, Tokyo Stock Exchange (hereinafter "TSE") has demonstrated initiatives such as formulation of The Principles of Corporate Governance for Listed Companies and institutionalization of the Corporate Governance Report (hereinafter "Report"). Individual listed companies have also taken action aimed at preventing corporate misconduct or enhancing corporate value by raising management efficiency such as adopting a framework of management monitoring by an external party. Due to these...

TSE-Listed Companies White Paper on Corporate Governance White Paper on Corporate Governance 2023 Tokyo Stock Exchange, Inc. March 2023 Tokyo Stock Exchange, Inc. TSE-Listed Companies White Paper on Corporate Governance 2023 DISCLAIMER: This provisional translation may be used for reference purposes only. This English version is not an official translation of the original Japanese version. Certain parts of the translation may have been edited to accommodate differences in writing style and expression between English and Japanese. In cases where any differences including, but not limited to, those differences above occur between the English version and the original Japanese version, the Japanese version shall prevail. This translation is subject to change without notice. Tokyo Stock Exchange, Inc. shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or changes with regard to this translation. Introduction Introduction Tokyo Stock Exchange (hereinafter, “TSE”) conducts a ...

TSE-Listed Companies White Paper of Corporate Governance 2007 TSE-Listed Companies Tokyo Stock Exchange,Inc. Tokyo Stock Exchang ,Inc. TSE-Listed Companies White Paper of� Corporate Governance March,2007 Tokyo Stock Exchange,Inc. More than ever before, society demands that listed companies behave in a socially responsible manner with respect for the rights of shareholders and investors. They have been compelled to do so by recent company law reforms giving flexibility in corporate conducts, a climate of active M&A activity, and loss of confidence in disclosure in the wake of ongoing corporate scandals. Investors and other market partic- ipants increasingly expect listed companies to fulfill their disclosure obligations and to manage with high levels of integrity and efficiency. The primary responsibility of stock exchanges is to ensure that all listed companies comply with the minimum qualification for the maintenance of their listings. Stock exchanges also bear a ...

January 2016 Tokyo Stock Exchange, Inc. How Listed Companies Have Addressed Japan’s Corporate Governance Code (Status as of the end of December 2015) Provisional translation How Listed Companies Have Addressed the CG Code Japan’s CG Code came into effect on June 1, 2015 –Listed companies that hold their AGMs in June must submit“Corporate Governance Reports”including non-compliance explanations in a timely manner. (The deadline is set to December of the first year of implementation.) As of the end of December 2015, 2,485 companies submitted CG reports with a statement of“Comply or Explain”as per the Code. We analyzed 1,858 companies in the 1st and 2nd Sections. 2 Market Division No. of companies Scope of“Comply or Explain” TSE 1st Section 1,476 All 73 Principles TSE 2nd Section 382 Mothers 105 Only 5 General Principles JASDAQ 522 TOTAL 2,485...

January 16, 2017 Tokyo Stock Exchange, Inc. How Listed Companies Have Addressed Japan’s Corporate Governance Code (Status as of December 2016) Provisional translation How Listed Companies Have Addressed the CG Code Japan’s CG Code came into effect on June 1, 2015. As of December 31, 2016, 3,512 companies have submitted CG reports with a statement of“Comply or Explain”as per the Code (*). We analyzed 2,530 companies listed on the TSE 1st & 2nd Sections as follows. Market Division No. of companies Change from July 2016 Scope of“Comply or Explain” TSE 1st Section 2,002 +205 All 73 Principles TSE 2nd Section 528 +63 Mothers 227 +30 Only 5 General Principles JASDAQ 755 +50 TOTAL 3,512 +348 2 5 General Principles (“GP”) 30 Principles (“P”) 38 Supplementary Principles (“SP”) * Within all the TSE listed companies as of Dec. 31, 2016, 2 companies ...

Japan’s Corporate Governance Code Seeking Sustainable Corporate Growth and Increased Corporate Value over the Mid- to Long-Term June 11, 2021 Tokyo Stock Exchange, Inc. Provisional translation - 1 - Japan’s Corporate Governance Code In this Corporate Governance Code,“corporate governance”means a structure for transparent, fair, timely and decisive decision-making by companies, with due attention to the needs and perspectives of shareholders and also customers, employees and local communities. This Corporate Governance Code establishes fundamental principles for effective corporate governance at listed companies in Japan. It is expected that the Code’s appropriate implementation will contribute to the development and success of companies, investors and the Japanese economy as a whole through individual companies’self-motivated actions so as to achieve sustainable growth and increase corporate value over the mid- to long-term. - 2 - General Principles Securing the Rights and Equal Treatment of Shareholders 1. Companies should take ...

September 13, 2016 Tokyo Stock Exchange, Inc. How Listed Companies Have Addressed Japan’s Corporate Governance Code (Status as of July 2016) Provisional translation How Listed Companies Have Addressed the CG Code Japan’s CG Code came into effect on June 1, 2015. As of July 14, 2016, 3,164 companies submitted CG reports with a statement of“Comply or Explain”as per the Code. We analyzed 2,262 companies listed on the TSE 1st & 2nd Sections as follows. Market Division No. of companies Change from Dec 2015 Scope of“Comply or Explain” TSE 1st Section 1,797 +321 All 73 Principles TSE 2nd Section 465 +83 Mothers 197 +92 Only 5 General Principles JASDAQ 705 +183 TOTAL 3,164 +679 2 5 General Principles (“GP”) 30 Principles (“P”) 38 Supplementary Principles (“SP”) Compliance by Market Division Compliance with the Code 3 21.0% 11.6% 63....

September 5, 2017 Tokyo Stock Exchange, Inc. How Listed Companies Have Addressed Japan’s Corporate Governance Code (Status as of July 14, 2017) Provisional translation Compliance by Market Division Compliance with the Code 2 25.9% 19.9% 63.0% 64.8% 11.1% 15.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jul. 2017 Dec. 2016 Full Compliance≧90% Compliance＜90% Compliance Total TSE 1st Section TSE 2nd Section 31.6% 24.2% 61.4% 65.0% 7.0% 10.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jul. 2017 Dec. 2016 4.0% 3.6% 69.0% 63.8% 27.0% 32.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jul. 2017 Dec. 2016 (659 Companies) (1,599 Companies) (282 Companies) (638 Companies) (1,241 Companies) (142 Companies) (21 Companies) (358 Companies) (140 Companies) N = 2,...