• expand2017
  • expand2016
  • expand2015
  • expand2014
  • expand2013
  • expand2012
  • expand2011
  • expand2010
  • expand2009
  • expand2008
  • expand2007
  • expand2006
  • expand2005

牛島信弁護士が執筆した日本のコーポレートガバナンスに関する論文が、「The Japanese Lawyers」に掲載されました。

2015.9.20 | 著作・論文・記事等

牛島信弁護士の「New Trends in Japanese Corporate Governance from the Viewpoint of Foreign Investors」と題する論文が、「The Japanese Lawyers」(ILS出版)に掲載されました。

 
1. Introduction
2. Recent Corporate Governance Reforms in Japan
 (1) Proposals of the Abe administration
 (2) Japan’s Stewardship Code (established and published in February 2014)
 (3) Amendment of Companies Act (passed by the Diet in June 2014 and effective from May 1, 2015)
3. Japan’s Corporate Governance Code
 (1) Background of establishment
 (2) Key points
  a. Outline
  b. General Principle 1, “Securing the Rights and Equal Treatment of Shareholders”
   (a) Outline
   (b) Creation of infrastructure for shareholders meetings
   (c) Cross-Shareholdings
   (d) Anti-Takeover Measures
  c. General Principle 2, “Appropriate Cooperation with Stakeholders Other Than Shareholders”
  d. General Principle 3, “Ensuring Appropriate Information Disclosure and Transparency
  e. General Principle 4, “Responsibilities of the Board”
   (a) Outline
   (b) Appointment of multiple independent directors, etc.
   (c) Use of Optional Approach
  f. General Principle 5, “Dialogue with Shareholders”
4. Material effect of Japan’s Corporate Governance Code for shareholders
 (1) Increase of outside directors and next issues
 (2) Accelerating tendency to attach importance to ROE
 (3) Movements surrounding unraveling of cross-shareholdings
  a. Trend of unraveling of cross-shareholdings
  b. Possibility of hostile takeovers
  c. Introduction of alternative measures to cross-shareholdings
5. Proposal of new Growth Strategy
6. Closing Remarks

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