ACGA has invested considerable time and effort on Japan advocacy since the publication of our "White Paper on Corporate Governance in Japan" in May 2008. This document focussed on six key areas--shareholders as owners of listed companies; the efficient use of capital; independent supervision of management; the need for stronger pre-emption rights; removal of poison pill takeover defences; transparent shareholder meetings and voting--and made recommendations for reform to both regulators and companies. The White Paper was followed by a "Japan Statement" in 2009 that elaborated on the issues raised. Since then, many of our recommendations have become part of mainstream government policy.

Over the past decade, ACGA has also contributed numerous letters and submissions on corporate governance reform in Japan, both in response to regulatory consultations on company and securities law and through original research on issues of importance to our members (eg, capital raising). In June 2016, we were invited to speak on resolving investor conflicts of interest at a meeting of the "Follow-up Council" on the two new Codes (Corporate Governance and Stewardship). In May 2017, we submitted a letter to the FSA on its revised Stewardship Code.