Press Conference by Shizuka Kamei, Minister for Financial Services

(Excerpt)

(Friday, February 26, 2010, from 8:50 a.m. to 9:08 a.m.)

Q.

In relation to the (proposed requirement for the) disclosure of executive remuneration, the president of the Tokyo Stock Exchange and the chairman of the Japanese Bankers Association have made somewhat negative comments (on the proposal). For your part, you said at your press conference the other day that (Japan's) executives should openly and proudly receive remunerations.

A.

I wonder why they do not like the proposal.

Q.

There are concerns related to the protection of personal information.

A.

Although you speak of the protection of personal information, listed companies have social responsibility, and they are social entities. For that matter, the salaries of civil servants and politicians are subject to disclosure. People who earn more than 100 million yen do not need to be ashamed if they think they deserve it. If they are not sure, they should remain humble. I do not know what people who make negative comments on the proposal are thinking, as I have not talked with them directly.

We are not thinking of going so far as to introduce a ceiling on executive remuneration as something that the United States has done.

Q.

The other day, Senior Vice Minister Otsuka met with Mr. Cutler of the USTR (assistant U.S. Trade Representative). Have you received a report on that meeting?

A.

I have heard about the outline of their talks. While he mostly repeated the arguments of the U.S. side, we intend to set forth a policy that will be appropriate in the eyes of people around the world as well as people across Japan. In this respect, he does not have to worry.

In any case, if the perception that Japan is closed is formed among foreign companies, the foundation of the Japanese economy itself would be shaken. Therefore, we must come up with a policy that can withstand the scrutiny of the world in various aspects.

(End)