Jefferies

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Japan Equity Strategy – Board Structure Reform: Progress Stalling

— Zuhair Khan, Equity Research Analyst, Japan Strategy

Two years after Japan's Corporate Governance Code was enacted, Jefferies finds that progress is stalling. However, changes over the past two years show that the majority of companies are open to reform. Further progress requires tightening the Corporate Governance Code and revamping the JPX400. Version 3.0 of Jefferies’ Board Structure Reform report rates and ranks the boards of all TOPIX500 index companies. After a detailed review, Jefferies has bad news and good news: The bad news is that progress is stalling. The good news is that only 20-30% of companies are opposed to reform. FULL REPORT