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 (revised on March 24, 2020)

• Japan's Corporate Governance Code (Tokyo Stock Exchange) (revised on June 11, 2021)

(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 Program for Corporate Governance Reform 2024: Principles into Practice (published on June 7, 2024)

(Reference: Past Action Program)

• Action Program for Accelerating Corporate Governance Reform: From Form to Substance (published on April 26, 2023)

Related Measures

• 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)

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

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