Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Tuesday, March 31, 2023, 9:30 am to 9:50 am)

 

Q.

I would like to ask about the issue related to the request made by HONDA Masaru , former Administrative Vice-Minister of the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) and current Chairman of Tokyo Metro Co., Ltd., to listed company Airport Facilities Co., Ltd. (Airport Facilities) to promote its Executive Vice President, who is a former MLIT official, to President. The former Administrative Vice-Minister is reported to have said that the MLIT will provide every support to Airport Facilities and that he has received consent of Airport Facilities’ shareholders, including Japan Airlines Co., Ltd. and All Nippon Airways Co., Ltd. Specialists have pointed out that this may be an interference distorting the governance of a listed company. As Minister of State for Financial Services requiring listed companies to ensure corporate governance, please let us know your opinion on this issue.

A.

As Minister of State for Financial Services, I have the responsibility of overseeing corporate governance, but I feel this issue should be dealt with mainly within the MLIT.
I am aware that there are rules established on reemployment of persons who have served in government offices. I think it would be necessary to check against these rules to verify whether the former Administrative Vice-Minister’s conduct is acceptable or not.
Since I have no further details on the matter, this is all I can say.

Q.

With regard to the acquisition of Credit Suisse Group AG by UBS Group AG, I would like to ask whether the Financial Services Agency (FSA), as Japan’s relevant authority, has approved the acquisition or intends to approve the acquisition in the future and whether there are any problems, since Credit Suisse has operations also in Japan.

A.

Regarding Credit Suisse, the Swiss authorities are taking all measures to avoid any further spread of credit uncertainty, and I appreciate their taking quick and prompt measures.
In this regard, however, the Japanese authorities are not in a position to approve or disapprove the acquisition, which I think should be decided by the Swiss authorities.