Jamie Allen represented ACGA at the BDTI seminar on 'Next-Stage Governance Policies for Japan, and What Companies Need to Do' on 29 January 2019.

Synopsis of the seminar
Following the release of CG Watch 2018, Jamie will explain why Japan's ranking fell from the third to the seventh position in the report. He will also talk about how Japan’s fall in ranking in the survey does not mean Japan is “going backwards” on corporate governance. On the contrary, the report recognizes the progress that’s being made in many areas. However, Jamie will clarify how Japan’s regulatory reform needs to focus more on “hard law” (e.g., takeover rules, third-party allotments, collective engagement rules) and not just principles-based “soft law” (CG Code, Stewardship Code). Jamie will carve out a roadmap for the future to bring about cultural or behavioural change on the part of companies, investors and other stakeholders, and will focus on timely issues as the protection of minority shareholders.

In the second phase of the seminar, a panel including Ms. Riwa Sakamoto, of METI’s Corporate System Division, Ms. Fumie Kikuchi, a research analyst of Usonian Investments, LLC, Mr. Ken Hokugo of Pension Fund Association and Nicholas Benes will discuss the issues raised by Mr. Allen and the ACGA, and the changes in government policies or investor expectations that Japanese companies should prepare themselves for.

For more information, please visit the BDTI website.