February 17, 2015

ALONG THE ANGLOSPHERE:

Japan: Shareholder returns set to hit record levels this fiscal (M Rochan, February 17, 2015, IB Times)

In a note published over the weekend, Goldman Sachs wrote: "Faced with growing pressure to improve capital efficiency, Japanese companies have become increasingly conscious of corporate governance and the need to deliver higher returns to shareholders as their earnings have recovered."

Goldman said: "One of the most overlooked areas of PM [Shinzo] Abe's reform agenda remains corporate governance.

"... the corporate governance code announcement fuels interest in returns to shareholders as a component of governance."


In December 2014, Abe's government put out a draft of the planned 'corporate governance code', which seeks to increase the number of outside directors and promote greater concern for shareholders.

Last February, Tokyo introduced the Japanese Stewardship Code, which calls on shareholders to divulge how they vote at annual general meetings, engage more actively with company management and quiz firms on issues such as low dividend payouts. [...]

The Japanese Stewardship Code was inspired by the UK Stewardship Code, which was formulated post the global financial crisis of 2008.

Posted by at February 17, 2015 4:07 PM
  

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