Finalization of the Guidelines for Investor and Company Engagement

The Council of Experts Concerning the Follow-up of Japan's Stewardship Code and Japan's Corporate Governance Code (hereafter, the “Council”) (Chairman: Kazuhito Ikeo, Professor, Faculty of Economics, Rissho University) published the proposal “Revision of the Corporate Governance Code and Establishment of Guidelines for Investor and Company Engagement” this March. The Council proposed to revise the Corporate Governance Code and to establish the Guidelines for Investor and Company Engagement (hereafter, the “Engagement Guidelines”) that provide agenda items for engagement.
 
In accordance with the proposal stating that the Tokyo Stock Exchange (TSE) would promptly revise the Corporate Governance Code and the Financial Services Agency (FSA) would promptly issue the Engagement Guidelines, the FSA called for public comments on the Engagement Guidelines from March 26 through April 29.
 
As a result, the FSA received comments from 41 individuals/organizations (9 of them are from abroad). We express our gratitude to those who submitted comments.
 
Based on the received comments, the FSA finalized the Engagement Guidelines as Appendix 1.

In addition, the summary of comments received and the FSA’s view on them is on Appendix 2.

The revised version of the Corporate Governance Code, and the summary of comments and the TSE’s view on them are here. (TSE website)