Around 10% of some 2,500 major listed domestic companies
have fully complied with Japan’s first corporate
governance code, introduced last June, according to counsel in
The Financial Services Agency had required all
mainboard-listed companies, which are subject to the code, to
submit governance reports by the end of last
But corporate lawyers argue that the response varies widely
among corporates, with large-caps generally more willing to
comply than their smaller sized counterparts.
"Small and medium-cap companies, on the other hand, have
traditionally not been subject to the oversight of foreign
investors, making them a difficult bunch for the authorities to
challenge," said Shinji Nakamura,...