Corporate governance in Japan: Recent reform and the story so far

This article aims to explain the basic rules and recent amendments relating to corporate governance in the case of large companies. In Japan, companies are "large" under the Code of it has either 1. issued share capital of JPY500 million or more, and/or 2. liabilites of JPY20 billion of mo...

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Bibliographic Details
Published in:International Financial Law Review 2002-01, p.45
Main Authors: Fuchibe, Yoshihiko, Yazawa, Yutaka, Komyo, Hiroyuki
Format: Magazinearticle
Language:English
Subjects:
Auditors
Boards of directors
Capital stock
Corporate governance
Incorporation
Internal controls
Legislation
Liability
Meetings
Political appointments
Reforms
Resignations
Stockholders
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Summary:This article aims to explain the basic rules and recent amendments relating to corporate governance in the case of large companies. In Japan, companies are "large" under the Code of it has either 1. issued share capital of JPY500 million or more, and/or 2. liabilites of JPY20 billion of more. The recent changes to the law relating to corporate governance give the companies the choice as to which structure to employ. It remains to be seen how many companies will adopt the new committee system, which model performs better in terms of internal control as well as productivity, and how the market reacts to corporate governance issues in the future.
ISSN:0262-6969