Japanese

September 24, 2015
Financial Services Agency
Tokyo Stock Exchange, Inc.

Invitation for Public Comments regarding “Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code”

The Japan Revitalization Strategy as revised in 2015 (Cabinet Decision, June 30, 2015) states that “we need to work actively to prevail and to promote the adoption of Japan’s Stewardship Code, established and released in February 2014 (“JSC”), and Japan’s Corporate Governance Code, which entered into force in June 2015 (“JCGC”), as ‘the two wheels of a cart’ such that the sustainable growth of companies will be promoted by both sides of investors and companies.

Further improvements of corporate governance, e.g., making governance function not only formally, but also effectively, continue to be a major agenda, and we need to link such efforts to the establishment of a virtuous economic cycle.

In this respect, for the purpose of following up with the prevalence and adoption of JSC and JCGC as well as further improving corporate governance of all listed companies, we have established the “Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code” (the “Follow-up Council”).

The Follow-up Council hereby invite for public comments widely on issues to be discussed and reviewed in its meetings, as well on further improvement of corporate governance. Please send your comments (i)sccgfollowup1@fsa.go.jp, or (ii) if by mail or by fax, to the destination described below. Please note that we do not accept comments by telephone. Please be sure to include your name (or your entity name), your occupation (or your entity’s business type), and your contact information (address, phone number and/or E-mail address

Since this public comments procedure is conducted in order to utilize the received comments for discussions in the meeting of the Follow-up Council, the secretariat of the Follow-up Council will decide how the council should respond to the respective comment or opinion. It should be noted, however, that we will not respond to the respective comment individually to the submitters.