Finalization of the Corporate Governance Code (2026 Revision)

The Financial Services Agency of Japan and the Tokyo Stock Exchange have finalized the 2026 revision of the Corporate Governance Code.

Please also refer to the Tokyo Stock Exchange website here.

Finalization of the 2026 Revision and Overview of the Public Consultation

The Expert Panel on the Revision of the Corporate Governance Code (Chair: Yuri Okina, Senior Fellow, The Japan Research Institute, Limited), began discussions to review the Corporate Governance Code in October 2025.

The draft revisions to the Code were published for public consultation between 10 April, 2026 and 15 May, 2026.

As a result, comments were received from 147 individuals and entities. We express our sincere gratitude to all those who submitted their comments.

Based on the comments received, the Corporate Governance Code (2026 Revision) has been finalized. The final version of the revised Code (English translation) is provided in Material 1. The revised Code with track changes from the previous version (English translation) is provided in Material 2.

Please refer to Material 3 for the background and key revisions, and Material 4 for an overview of the 2026 revision.

A summary of the comments received and our responses are provided in Materials 5 and 6. Some comments that are not directly related to this revision will be used as a reference for future policymaking.

Case studies on initiatives to enhance board effectiveness are also published as Appendix 2. Please refer to this as well.

Material 1

Japan’s Corporate Governance Code (2026 Revision)

Material 2

Japan’s Corporate Governance Code (2026 Revision) (with track changes)

Material 3

The Revised Corporate Governance Code to Promote Growth Investments

Material 4

Overview of the 2026 revisions of the Corporate Governance Code

Material 5

Overview of the Results of Public Consultation on Draft Revisions to the Corporate Governance Code

Material 6

Summary of Comments Received During the Public Consultation Process and Responses

Appendix 1-1

Message to Management of Listed Companies

Appendix 1-2

Message to the Person in Charge at Listed Companies

Appendix 1-3

Message to Institutional Investors Who Have Accepted the Stewardship Code Regarding the Revised Corporate Governance Code

Appendix 2

Case Studies on Board Effectiveness in Japan 2026

Contact

Corporate Accounting and Disclosure Division, Policy and Markets Bureau, Financial Services Agency

Tel +81-(0)3-3506-6000 (Ex. 3659, 3624）