Press Conference by Taro Aso, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services

(Excerpt)

(Friday, August 7, 2015, 8:36 am to 8:46 am)

[Opening remarks]

Regarding the establishment of a new council by the Financial Services Agency (FSA), the FSA and the Tokyo Stock Exchange have decided to establish, as a joint secretariat, a follow-up council for the stewardship code and corporate governance code. The Japan Revitalization Strategy as revised in 2015 states that we need to work actively to prevail and to promote the adoption of both codes. Further improvements of corporate governance, e.g., making governance function not only formally, but also effectively, continue to be a major agenda, and we need to link such efforts to the establishment of a virtuous economic cycle. The council is being established to conduct follow-up monitoring of the prevalence and adoption of both codes, as well as further improving corporate governance of all listed companies, to provide a forum in which corporate managers, local and foreign investors, academics, and experts can debate issues and make recommendations. Information such as the names of the members will be announced separately at a later date.