Japan Association of Corporate Directors

The purpose of this survey is to make fixed-point observations of both the efforts towards and processes related to the establishment of Corporate Governance systems at listed corporations in Japan, particularly from the viewpoint of independent directors, and to provide information to domestic and overseas investors, and to those involved in corporate management.

The survey analyses on five issues;

• Independent Directors
• Outside Directors
• Governance Of Corporations For Which Foreign Investors Hold A High Share Of Equity
• Governance Of Corporations With A Large Market Capitalization
• Member Corporations Of JACD

◆◇TOKYO　STOCK EXCHANGE
◇Enhancing the Corporate Governance of Listed Companies
http://www.tse.or.jp/english/rules/cg/

• NEW！TSE-Listed Companies White Paper on Corporate Governance 2011
• Principles of Corporate Governance for Listed Companies

Search for corporate governance information

◇Improvements to TSE Listing System
Listing System Improvement Action Plan 2009
http://www.tse.or.jp/english/rules/ls-improvements/b7gje600000044iq-att/progress.pdf

Survey on TSE's Listing Rules and Systems for Investors
http://www.tse.or.jp/english/rules/ls-improvements/opinions_summary.pdf
http://www.tse.or.jp/english/rules/ls-improvements/ma_investors.pdf
http://www.tse.or.jp/english/rules/ls-improvements/summary_investor.pdf

◆◇ASIAN　CORPORATE　GOVERNANCE　ASSOCIATION(ACGA)◆◇
2010/11/12　CG Watch 2010
http://www.acga-asia.org/public/files/CG_Watch_2010_Extract_Final.pdf

2010/09/28 ACGA Letter to MOJ in Japan
http://www.acga-asia.org/public/files/ACGA_Letter_to_MOJ_September28_2010_Final.pdf

2010/08/20　ACGA Report on Independent Directors in Asia, August 2010　
http://www.acga-asia.org/public/files/Rules_on_Number_of_Independent_Directors_in_Asia_ACGA_Aug_2010.pdf
2009/12/15　ACGA Statement on CG Reform in Japan, December 2009
http://www.acga-asia.org/public/files/ACGA_Japan_Statement_2009_Dec15_English.pdf

2008/05　White Paper on Corporate Governance in Japan
http://www.acga-asia.org/public/files/Japan%20WP_%20May2008.pdf

◆◇PENSION FUND ASSOCIATION◆◇
Corporate Governance and Shareholder Voting Rights
http://www.pfa.or.jp/english/english05/05_03.html

The aim of this survey is to make fixed-point observations of both the efforts towards and processes related to the establishment of Corporate Governance systems at listed corporations in Japan.

The survey analyses on five issues;

• Independent directors
• Outside directors
• Companies with committees
• Corporations in which foreign investors hold 30％ or more of equity member corporations of JACD

JACD announced an interim report entitled, "Who is the Directors' Boss? - Independent Directors Pursue Continuous Corporate Development and the Demands of Market Economy Rationale." The main discussion points are as follows.

• Independent directors play a vital role in monitoring and supervising directors
• Corporate cooperation is necessary for independent directors to fulfill their duties
• Independent director self-regulation as required by the Financial Instruments Exchange is effective in stimulating the Japanese stock market

JACD intends to further address issues of practical independent director implementation and will announce reports as necessary.

The Systemic Infrastructure and Transparency Committee offers these guidelines, dividing them into short-term and long-term goals.

The Committee hopes that many Japanese companies will adopt the short-term goals in these guidelines as early as possible, thus enabling the medium and long-term goals to stimulate frank discussions on this topic within society at large.