Over March 9-11, 2009, ACGA led its first delegation to Japan. Our presentation, "Corporate Governance in Japan: Issues for Long-Term Investors", was the basis for talks and presentations that we gave during the delegation. The issues and recommendations raised included:

1. Company Law

• Independent Directors
• Statutory Auditors
• Beneficial Owners
• Company with Committees System
• Preferential Rights for Long-term Shareholders

2. Capital Markets & Transparency

• Shareholder Meetings & Voting
• Disclosure of Investor Votes
• Third-Party Allotments ("Private Placements")
• Disclosure of Cross-Shareholdings
• Company- Investor Dialogue
• National Code of Best Practice