Initiatives for Corporate Governance Reform

This page provides information on initiatives for corporate governance reform.

The Financial Services Agency (FSA) has promoted corporate governance reform, including the formulation and revision of the Stewardship Code and the Corporate Governance Code, as well as the formulation of the Action Program for Accelerating Corporate Governance Reform: From Form to Substance, to achieve sustainable corporate growth and increased corporate value over the medium to long term. The FSA will continue the initiatives for accelerating corporate governance reform.

Japan’s Stewardship Code and Japan’s Corporate Governance Code

• Japan’s Stewardship Code (Third revision) (June 26, 2025)

  (Reference)

  List of institutional investors signing up to “Principles for Responsible Institutional Investors” ≪Japan’s Stewardship Code≫ -To promote sustainable growth of companies through investment and dialogue-

• Japan's Corporate Governance Code (Tokyo Stock Exchange) (revised on July 21, 2026)

  (Reference)

  Appendix "The Preamble of the “Japan’s Corporate Governance Code [Final Proposal]”(Tokyo Stock Exchange)

• Guidelines for investor and Company Engagement (revised on June 11, 2021)

Action Program

• Action Programme for Corporate Governance Reform 2025 (published on June 30, 2025)

  (Reference: Past Action Programs)

  • Action Program for Corporate Governance Reform 2024: Principles into Practice (published on June 7, 2024)
  • Action Program for Accelerating Corporate Governance Reform: From Form to Substance (published on April 26, 2023)

The Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code

• The Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code

The Expert Panel on the Stewardship Code

• The Expert Panel on the Stewardship Code

The Expert Panel on the Revision of the Corporate Governance Code

• The Expert Panel on the Revision of the Corporate Governance Code

Related Measures

• Stewardship Practices in Japan (published on June 2, 2025)
• Case Studies on Board Effectiveness in Japan (published on June 2, 2025)
• Publication of the Status of JPX Prime 150 Index Components in Light of Action Program (Tokyo Stock Exchange)
• TSE to Publish a List of Companies That Have Disclosed Information Regarding “Action to Implement Management That Is Conscious of Cost of Capital and Stock Price” (Tokyo Stock Exchange)
• Report by the Working Group on Tender Offer Rule and Large Shareholding Reporting Rule of the Financial System Council (published on December 25, 2023)
• Enhancement of Information Disclosure on Protection of Minority Shareholders and Group Management (Tokyo Stock Exchange)

Japan Corporate Governance Forum

• Japan Corporate Governance Forum

Contact

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

Tel +81-(0)3-3506-6000 (ext. 3659, 3849)