How IR is growing in Japan
下記は原文です。
Anew corporate governance code
came into effect in Japan in June
2015. while most small- to mid-cap
companies have no real idea how to
implement the new code, some of the
larger companies have already set out
global standard governance policies.
with any new rules issued in a country,
there can be confusion and this appears
to be the case in Japan.
Japanese authorities have studied uK
and us policies and have chosen to
adopt the uK corporate governance code
adding their own local Japan elements.
Prior to the introduction of the corporate
governance code, Japan had already
adopted its own stewardship code in
2014, which eased regulation on the
government’s pension funds, and allowed
fund managers to take more active
ownership
Interestingly, Japan has a good
reputation for business sustainability. As a
country we have more than 20,000
corporates with more than 100 years of
history to date while Germany has 1,500
companies. furthermore, there are 3,000
companies who have survived for more
than 200 years in Japan in spite of two
world wars.
historically speaking, Japanese
corporate owners have put more weight
on the long-term sustainability of the
business rather than on the financial
returns, when considering their many
stakeholders including employees, clients
and vendors. Traditionally, Japanese
companies have sought to employ
workers for their entire working lives and
thus they have given a high priority to
stability of employment.
however, there has been a game
change over the past two decades. many
corporates could not have survived
without business restructuring because of
drastic fundamental changes in the
economy and the markets.
financial returns have become a much
stronger priority, so the importance of IR
is growing more than ever here.
managements are also seeking feedback
on their corporate governance initiatives.
so I am very excited that, from my
perspective, we will be seeing imminent
and big changes in Japanese corporate
practice, which will help the growth of
IR.
A personal mission
I currently work within an investment
bank as an IR adviser and coordinator
and have many discussions with
corporate management about their IR
practices and governance policies. IR
practices in the uK are very similar to
Japan, so studying for the cIR was very
helpful in understanding the development
of IR and regulation and how best
practice has developed.
Also, I am delighted to learn that I am
one of the first Japanese students to
obtain the uK IR society’s certificate in
Investor Relations (cIR). my decision to
take the cIR was so that I could correctly
advise my clients on their own
governance policies as well as on best
practice IR.
I am very honoured and feel that it is
my mission to share best practice
thinking and corporate governance ideas
between the uK and Japan. n
Hitoshi Sugibuchi is head of the IR
solution team at Mizuho Securities.