Update on Corporate Governance in Japan

Bruce Aronson presented his in-depth investment thesis on Corporate Governance in Japan at Asian Investing Summit 2016.

Update on Corporate Governance in Japan: Over the last few years Japan’s growth strategy under Abenomics has emphasized corporate governance reform as a key element of the “third arrow” of structural reform that will lead to sustained economic growth. The means to achieve this goal has substantially shifted over the past year or two to a soft law approach that utilizes a comply or explain mechanism to voluntarily spread best practices. How have Japanese companies responded to the new Stewardship Code (February 2014) and, especially, to the new Corporate Governance Code (effective June 1, 2015)? Initial results are now in, and the overall rate of compliance seems high. But to what extent is compliance merely “checking the box” and to what extent does there appear to be substantive change? Bruce discusses the significance and likely impact of these recent developments on corporate governance practices and potentially, on firm performance.

About the instructor:

Professor Aronson is a professor of law at Hitotsubashi University’s Graduate School of International Corporate Strategy. His main area of research is comparative corporate governance with a focus on Japan. He also acts as an advisor to the law firm of Nagashima Ohno & Tsunematsu. Professor Aronson received his undergraduate degree from Boston University and his J.D. from Harvard Law School in 1977. Professor Aronson was a corporate partner at the law firm of Hughes Hubbard & Reed LLP in New York (1989-2000) and a professor of law at Creighton University (2004-2013). His experience in Japan includes research at the University of Tokyo (2000-2002, 2004), the Bank of Japan (2010), and Waseda University (2011-2013).

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