---

参考資料２●● o n�nl'.-e

日本法令外国語且

テ ー タベ ー スシステム
w1,•• ・ヽ••．．

日本法令の英訊をインタ ー ネットで無斜で闘覧できます！
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✓ 基本六法， 金融法， 知的財産法などの多くの重要法令の英訳を公開。
✓ 法律専門家とネイティブスピ ー カ ー による翻訳チェックを実施済。
ヅ�6"/)＼

海外の取引先に対して， 日本の法令を説明するときに利用させていただいておます。
海外で法律の研究をしているので， 役立っています。
せる職員が会社にいなl助かっています。

改ァクセスはこちら
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三I図竺竺

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March 2020 ReleaseOutline of Act Partially Amending the Companies Act
Judicial System Department of theMinistry of Justice

Process of Review
Article 25 of the Supplementary Provisions to Amendment of the Companies Act 2014 (Enforced May 2015)"The Government of Japan is to, when two years have passed after the enforcement of this Act, review systems of corporate governance taking into accountchanges which occur to the socioeconomic environment, including prevalence of the appointment of outside directors. The Government of Japan is to takenecessary measures including imposing the obligation to appoint an outside director, in cases where this is deemed necessary based on the findings of thereview".
February 2017 Minister of Justice consults with the Legislative Council

February – April 2018

April 2017 Legislative Division deliberations commence

January 16th 2019

Summary outline compiled

Public comment

February 2018 Interim draft policy compiled

February 14th 2019

Summary outline compiled and reported

Item 1: Review of Regulations of General Shareholder Meetings
Establishment of a System for Providing General Shareholder Meeting Materials in Electronic Format【Article 325-2~325-5】

Under current law, the consent of each individual shareholder is required in order to provide general shareholder
meeting materials in electronic format.
・Provide a new system whereby general shareholder meeting materials are uploaded onto a website, andshareholders are notified in writing of the website address, etc.
・Shareholders can request the delivery of materials in paper-based format if desired.

Browse content online

Shareholder

WebsiteContent, etc. of generalshareholder meeting materials(reference documents, business
reports, etc.)

StockCompany

Notice to conveneShareholder

Upload Information by 3weeks prior to the generalshareholder meeting

Send the notice to convene containing
the website address, etc. by 2 weeks
prior to the general shareholder meeting

Request for delivery of materials in paper-based format
Notice to convene and general shareholder meeting materials

Send notice to convene as well as apaper copy of materials by 2 weeks
prior to the general shareholder
meeting

Prepare measures against abuse of Shareholder’s Right to Propose

In recent years, some shareholders have abused their right to propose (for instance, one shareholder making alarge number of proposals). The court has recognized such cases as an abuse of rights.
・Limit the number of proposals for each shareholder up to 10. 【Article 305, paragraph 4, 5】

Item 2 : Review of Regulations on Directors, etc.
Review of Regulations on Director Remuneration

In many cases remuneration of directors is determined by the Board of Directors or representative directors.
Remuneration acts as an incentive for directors to conduct their duties appropriately, and its process needs to bemade transparent in order to achieve this.
・In companies where remuneration of each director is not established in general shareholder meetings, theboard of directors must establish and disclose its policy on this. 【Article 361, paragraph 7】
・When shares, etc. are provided as remuneration to directors, add the upper limit to the number of shares, etc.
as a matter to be resolved at general shareholder meetings. 【Article 361, paragraph 1】
・Contribution of money or other property is not required when shares are provided as remuneration todirectors. 【Article 202-2/Article 236, paragraph 3, 4/ Article 361, paragraph 1 / Article 409, paragraph 3】
・Enhance the disclosure of information through business reports.

Prepare regulations on company indemnification 【Article 430-2】

Although a conflict of interest exists when an action to enforce the liability of an officer, etc. is brought and astock company indemnifies cost or loss incurred by such officer, etc. (company indemnification), under current
law, there are no rules that specifically apply to such a situation.
・Establish new provisions concerning procedures for company indemnification and its scope.

Prepare regulations on Directors and Officers liability insurance contracts 【Article 430-3】

Although a conflict of interests may exist when a stock company enters into a contract of Directors and Officers
Liability Insurance (D&O Insurance) which insures directors or officers of the company, under current law, there
are no rules that specifically apply to such a situation.
・Establish new provisions concerning procedures for entering into a contract of Directors and Officers Liability
Insurance (D&O Insurance).

Company Indemnification

Directors and Officers liability insurance

Claim for damages

Claim for damages

Director, Officer
Indemnity agreement

Director, Officer
Stock company

Indemnify cost or loss incurred
by officer, etc.

Insurance
premium
Compensate for cost orloss incurred by officer,etc.

Insurance company

Stock company

Insurance policy

Delegation of execution of operation to outside directors【Article 348-2】
Under current law, it is provided for that an outside director may execute
operation of a stock company. However, it is necessary to ensure that outside
directors are not hindered from performing actions that are consideredappropriate to be delegated to them.

・Clarify that, in cases where there is a conflict of interest
between stock companies and directors, the board of directors
may delegate the execution of certain operations of stockcompanies to their outside directors, and they will not lose theirstatus as outside directors by executing delegated operations.

Conduct operations
delegated by theboard of directors.

Negotiations, etc.

Supervisionfrom anobjective
standpoint

Mandatory appointment of an outside director 【Article 327-2】

Under current law, in cases where a Listed Company, Etc. doesn't have any outside
director, a reason for that is to be given at a general shareholders meeting. 98.4%
of companies listed in the Tokyo Stock Exchange (99.9% of those listed in the firstsection) have outside director(s).

・Make it mandatory for a Listed company, Etc. to have at least
one outside director.

Parent Company

Outside Director<Stock Company>

ExecutiveDirectors,etc.

Item 3: Review of rules on the administration of corporate bonds
Review of rules on the administration of corporate
bonds 【Article 714-2~4 / Article 737 paragraph 1】

Although there is a system for bond administrators in theadministration of corporate bonds under current law, due
to the wide range of authority and depth of responsibility,
it is hard to find those who can appropriately perform as abond administrator, and costs are high.
・Establish a new system for cases when a bondholder
can administer corporate bonds themselves (e.g. when
the amount of each bond is 100 million yen or more),
whereby administration can be entrusted to assistantbond administrators.

(Banks, Trust banks, Attorneys, Legal Professional Corporations, etc.)

Assistant bond administrators

BondIssuing
company

Assist administrating corporate bonds
by filing claims involving corporate
bonds in insolvency proceedings,distributing information given by bondissuing company to bondholders, etc.

Bondholder administrates corporate bonds.

Bondholder

Share Delivery (Kabushiki Kofu) 【Article 2 / Article 774-2~11 / Article 816-2~10】

Under current law, Share Exchange (Kabushiki Kokan) is available for a stock company as a measure to make another company its subsidiary
by using the stock company’s own shares as consideration, but by conducting Share Exchange, a stock company will acquire all the issued
shares of the other company (the other company becomes a wholly-owned subsidiary). A stock company may also acquire another company
by issuing its new shares in exchange for shares of the other company as contribution, but procedures for this are considered to becomplicated and costly.

・Introduce a new measure (Share Delivery) whereby a stock company can make another stock company its
subsidiary by delivering shares, even when it is not planning to make the other company a wholly-owned subsidiary.
Transferor of shares of the subsidiary

SharesShares

Deliver parent company shares*

SharesParent company
SharesAcquire subsidiary shares***Money, etc. can bedelivered in addition toshares.
**Share options, etc.
may be acquired alongwith shares.

Subsidiary
Acquisition
Shareholders of subsidiaryvoluntarily choose whether they
become transferors or not.

Subsidiary

Like in cases of Share Exchange, etc., parent
companies are to conduct procedures suchas general shareholder meeting resolutions,creditor objection proceedings.

Other・Clarify that principal and interest of corporate bonds can be reduced or released by resolution of bondholders
meetings 【Article 706, paragraph 1】
・Stipulate reasons for which a request for inspection or copying voting forms can be refused 【Article 311, paragraph 4,5】・Discontinue the system of registration at the location of company branch offices 【Article 930~932】
・Delete clauses disqualifying adult wards, etc. as directors 【Article 331, paragraph 1 / Article 331-2】

Date of Enforcement 【Supplementary provisions, Article 1】
・Enforced from the date specified by Cabinet Order within 1 year and 6 months from the day of promulgation
・Establishment of a system for providing general shareholder meeting materials in electronic format under Item 1and discontinuation of registration at the location of company branch offices under Item 3 are supposed to be
enforced from the date specified by Cabinet Order within 3 years and 6 months from the date of promulgation会社法の一部を改正する法律の概要

法務省民事局

検討の経過
平成２６年改正会社法附則第２５条（平成２７年５月施行）「政府は，この法律の施行後二年を経過した場合において，社外取締役の選任状況その他の社会経済情勢の変化等を勘案し，企業統治に係る制度の在り方について検討を加え，必要があると認めるときは，その結果に基づいて，社外取締役を置くことの義務付け等所要の措置を講ずるものとする。」
Ｈ２９．２
Ｈ２９．４～
Ｈ３０．２

法務大臣から法制審議会へ諮問
法制審部会での調査審議開始
中間試案の取りまとめ

Ｈ３０．２～４
Ｈ３１．１．１６
Ｈ３１．２．１４

パブリックコメント
要綱案の取りまとめ要綱の取りまとめ・答申

第１ 株主総会に関する規律の見直し
株主総会資料の電子提供制度の創設【第３２５条の２～第３２５条の５（新旧Ｐ１７～２２）】
現行法上は，インターネット等を用いて株主総会資料を株主に提供するためには，株主の個別の承諾が必要。

• 株主総会資料をウェブサイトに掲載し，株主に対してそのアドレス等を書面で通知する方法により，株主総会資料を株主に提供することができる制度を新たに設ける。
• 書面での資料提供を希望する株主は，書面の交付を請求することができる。

ウェブサイトにアクセスして内容を閲覧

株主

ウェブサイト
株主総会資料（株主総会参考書類，事業報告等）の内容等

株主総会の日の３週間前までに情報を掲載（電子提供措置）

株式会社

招集の通知
株主総会の日の２週間前までに，上記ウェブサイトのアドレス等を記載した招集の通知を発出

株主
書面交付請求招集の通知及び株主総会資料
株主総会の日の２週間前までに，株主総会の招集通知とともに，株主総会資料を書面で提供

株主提案権の濫用的な行使を制限するための措置の整備
近年，一人の株主が膨大な数の議案を提案するなど，株主提案権の濫用的な行使事例が発生し，権利の濫用と認められた裁判例もある。

• 株主が提案することができる議案の数を１０までとする上限を新たに設ける。【第３０５条第４項，第５項（新旧Ｐ１０，１１）】

1/3

第２ 取締役等に関する規律の見直し
取締役の報酬に関する規律の見直し
取締役の個人別の報酬の内容は，取締役会又は代表取締役が決定していることが多い。報酬は，取締役に適切な職務執行のインセンティブを付与する手段となり得るものであり，これを適切に機能させ，その手続を透明化する必要がある。

• 上場会社等において，取締役の個人別の報酬の内容が株主総会で決定されない場合には，取締役会は，その決定方針を定め，その概要等を開示しなければならないものとする。【第３６１条第７項（新旧Ｐ２８，２９） 】• 取締役の報酬として株式等を付与する場合の株主総会の決議事項に，株式等の数の上限等を加える。【第３６１条第１項（新旧Ｐ２７，２８） 】• 上場会社が取締役の報酬として株式を発行する場合には，出資の履行を要しないものとする。
【第２０２条の２，第２３６条第３項，第４項，第３６１条第１項，第４０９条第３項（新旧Ｐ４，５，７～９，２７，２８，３１）】• 事業報告による情報開示を充実させる。

会社補償に関する規律の整備【第４３０条の２（新旧Ｐ３３～３５） 】
役員等の責任を追及する訴えが提起された場合等に，株式会社が費用や賠償金を補償すること（会社補償）については，利益相反性があるが，現行法上は，会社補償について直接に定めた規律はない。

• 株式会社が会社補償をするために必要な手続規定や会社補償をすることができる費用等の範囲に関する規定を新たに設ける。

役員等賠償責任保険契約に関する規律の整備【第４３０条の３（新旧Ｐ３５，３６）】
株式会社が役員等を被保険者とする会社役員賠償責任保険（Ｄ＆Ｏ保険）に加入することについては，利益相反性があり得るが，現行法上は，Ｄ＆Ｏ保険への加入について直接に定めた規律はない。

• 株式会社が役員等を被保険者とする会社役員賠償責任保険（Ｄ＆Ｏ保険）に加入するために必要な手続規定等を新たに設ける。

役員等賠償責任保険

会社補償
役員損害賠償請求

損害賠償請求役員補償契約株式会社
費用・賠償金等を補償

保険料費用・賠償金等を塡補

保険会社

株式会社
保険契約

業務執行の社外取締役への委託【第３４８条の２（新旧Ｐ２６，２７）】

現行法上，業務を執行した場合には社外性を失うとされていることにより，社外取締役が期待されている行為をすることが妨げられることがないようにする必要性が指摘されている。

４，２５）】

現行法上，上場会社等が社外取締役を置かない場合は，株主総会で理由を説明しなければならない。東証上場会社の９８．４％（市場第一部においては９９．９％）は社外取締役を置いている。

• 上場会社等は，社外取締役を置かなければならないものとする。

交渉等
客観的な立場から監＜株式会社＞ 督

業務執行取締役等

社外取締役を置くことの義務付け【第３２７条の２（新旧Ｐ２

親会社

社外取締役

• 株式会社と取締役との利益相反状況がある場合等において取締役会が社外取締役に委託した業務については，社外取締役がこれを執行したとしても，社外性を失わないものとする。

取締役会が委託した業務を行う。

2/3

第３ 社債の管理等に関する規律の見直し（銀行，信託会社，弁護士，弁護士法人等）

４条の２～第７１４条の４，第７３７条第１項（新旧Ｐ３９～４１，４６）】

社債管理補助者• 社債権者において自ら社債を管理することができる場合（注）を対象として，社債管理補助者に社債の管理の補助を委託することができる制度を新たに設ける。

倒産手続における債権届出，情報伝達など，社債の管理の補助を行う。

社債権者

社債の管理については，現行法上，社債管理者の制度があるが，権限が広く，責任が重いことを原因として，なり手の確保が難しく，利用コストも高くなると指摘されている。

社債発行会社

社債の管理に関する規律の見直し【第７１社債の管理は社債権者が行う。

（注）各社債の金額が１億円以上である場合等

株式交付制度の創設【第２条，第７７４条の２～第７７４条の１１，第８１６条の２～第８１６条の１０（新旧Ｐ３，４，４９～７２）】

現行法上，自社の株式を対価として他の会社を子会社とする手段として株式交換の制度があるが，完全子会社とする場合でなければ利用することができない。他方，自社の新株発行等と他の会社の株式の現物出資という構成をとる場合には，手続が複雑でコストが掛かるという指摘がされている。

• 完全子会社とすることを予定していない場合であっても，株式会社が他の株式会社を子会社とするため，自社の株式を他の株式会社の株主に交付することができる制度を新たに設ける。
株式交付子会社株式の譲渡人

株式
株式

株式交付親会社の株式を交付（注１）

株式交付親会社
株式

株式
株式交付子会社の株式を譲受け（注２）（注１）株式に加えて，株式以外の金銭等を交付することもできる。
（注２）株式と併せて新株予約権等を譲り受けることもできる。

子会社化

株式交付子会社の株
主は，任意の判断で譲渡人となる。

株式交付子会社

株式交付親会社においては，株式交換等と同様に，株主総会の決議，債権者異議手続等をとる。

その他••••社債権者集会の決議による元利金の減免に関する規定の明確化【第７０６条第１項（新旧Ｐ３８，３９）】
議決権行使書面の閲覧謄写請求の拒絶事由の明文化【第３１１条第４項，第５項（新旧Ｐ１３，１４）】
会社の支店の所在地における登記の廃止【第９３０条～第９３２条（新旧Ｐ８０～８２）】
成年被後見人等についての取締役の欠格条項の削除及びこれに伴う規律の整備【第３３１条第１項，第３３１条の２（新旧Ｐ２５，２６）】施行日• 公布の日から１年６月を超えない範囲内において政令で定める日から施行【附則第１条本文】• ただし，第１のうち株主総会資料の電子提供制度の創設及び第３のうち会社の支店の所在地における登記の廃止については，公布の日から３年６月を超えない範囲内において政令で定める日から施行【附則第１条ただし書】
3/3

The Objective of the Amendment to the Foreign Exchange and Foreign Trade Act•System•
before theamendment

The basic principle: free investment
Certain types of foreign direct investment (FDI) require postinvestment reporting. FDI to the designated business sectors
is subject to prior-notification for screening.

The need to further promote FDI conducive to sound economic growth
Global trend to strengthen measures for FDI screening
from the national security viewpoint•

Adoption of FIRRMA in the United States（Aug. 2018）•Adoption of the new EU regulation（Mar. 2019）

The amendment aims to:⁃ Further promote foreign direct investment conducive to sound economicgrowth; and⁃ Ensure minimal review of FDI that could pose risks to national security.

1Highlights of the Amendment
Further promote FDI conducive to sound economic growth
１．Introduction of exemption scheme for Prior-notification for Stock Purchases (PN-SP) Investors who comply with certain conditions are exempted from PN-SP requirement.
 Investor’s compliance with the conditions for exemption is secured through post-investment reports
and, if necessary, government actions to issue recommendations/orders for compliance.

Ensure minimal review of FDI that could pose risks to national security
２．Reviewing the scope of prior-notification
 Threshold for PN-SP with regard to the acquisition of listed company’s stocks is lowered from 10% to1%（Under the Japanese Company Act, shareholders who own 1% or more of voting rights are entitledto propose an agenda to general shareholders’ meetings.）
 Prior-notification is required for the following shareholders’ actions: Becoming board members of the investee company
 Proposing transfer or disposition of investee company’s business activities in the designatedbusiness sectors
３．Enhancing information exchange among relevant domestic authorities and with foreigncounterparties2

外為法改正の狙い現行制度• 投資自由の大原則の下、一定の対内直接投資につき事後報告• 指定業種につき事前届出

健全な投資の一層の促進
安全保障等の観点からの対応強化の流れ• 2018年8月米国で新法成立• 2019年3月欧州でEU新規則成立

経済の健全な発展につながる対内直接投資を一層促進するとともに、国の安全等を損なうおそれがある投資に適切に対応。

⇒メリハリのある対内直接投資制度を目指す。

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外為法改正のポイント
問題のない投資の一層の促進
１．取得時事前届出免除制度の導入
 一定の基準の遵守を前提に株式取得時の事前届出を免除。
 事後報告、勧告・命令により、免除基準の遵守を担保。

国の安全等を損なうおそれのある投資への適切な対応
２．事前届出の対象の見直し
 上場会社の取得時事前届出の閾値引下げ（現行10％→1％：会社法上の株主総会における議題提案権の基準）

 役員への就任及び指定業種に属する事業の譲渡・廃止について、行為時事前届出を導入
３．国内外の行政機関との情報連携の強化

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