On December 15, 2009, ACGA released its new "ACGA Statement on Corporate Governance Reform in Japan" in both Japanese and English. The statement is a follow-up to the 2008 ACGA "Japan White Paper" and a response to the various corporate governance policy papers produced this year by leading business and government agencies in Japan - namely, the Nippon Keidanren, the Ministry of Economy, Trade and Industry (METI), the Financial Services Agency (FSA), and the Tokyo Stock Exchange (TSE).

• The Statement analyses and offers reform recommendations on five main issues:
• The role of independent directors vis-à-vis "statutory auditors" (Kansayaku);
• Shareholder meetings and proxy voting;
• Private placements and other capital-raising issues;
• Cross-shareholdings and other equity investments;
• Company-investor dialogue.