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  • 執筆者の写真Admin

代表杉渕、IR Societyに寄稿

How IR is growing in Japan


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


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


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.



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