Press Release

報道資料

For Immediate Release

ACCJ Releases Viewpoint: “Calling upon the LDP to Follow
Through on its Campaign Promise to Reform Corporate
Governance at Public Companies in Japan”
May 8, 2013 – The American Chamber of Commerce in Japan (ACCJ) today
issued a Viewpoint which calls on the Liberal Democratic Party (LDP) and theGovernment of Japan led by Prime Minister Shinzo Abe to act swiftly toensure that the proposed amendments to the Company Law to be submitted
to the Diet include the measures described in the LDP’s own campaign
platform to accelerate corporate governance reform, including mandatory
requirements for multiple independent directors.

Among other recommendations, the ACCJ urges that Japanese law andregulations be amended to (1) require that at least one-third of a listedcompany’s board of directors be independent outside directors, (2) adopt
measures to ensure that corporate decisions where the risks of conflicts ofinterest are inherently high are decided by legally authorized committees ofindependent outside directors; and (3) require listed companies to disclose
their policies regarding director training.
The Chairman of the ACCJ’s Foreign Direct Investment Committee Kenneth
Lebrun said “Prime Minister Abe’s policies for monetary and fiscal stimulus
have provided a short-term boost to the Japanese economy, but long-term
growth can only come from structural reform.
Improving corporate
governance at Japanese listed companies is a critical ingredient for unlocking
Japan’s economic potential because it contributes to corporate performance,encourages increased productivity by facilitating M&A, and increases
confidence of both domestic and foreign investors in the Japanese capitalmarkets.”
Mr. Lebrun also noted, “The United States Government has also identified
strengthening the role of truly independent directors at Japanese companies
in order to facilitate meaningful opportunities for mergers and acquisitions
into Japan as a topic for bilateral trade negotiations in parallel with Japan’s
negotiations to join the Trans-Pacific Partnership. We are hopeful that
implementation of these corporate governance reforms will both spur
The American Chamber of Commerce in Japan
Masonic 39 MT Bldg. 10F, 2-4-5 Azabudai, Minato-ku, Tokyo 106-0041
在日米国商工会議所 〒106-0041東京都港区麻布台2-4-5 メソニック39MTビル10階
Tel: 03-3433-5381 Fax: 03-3433-8454 Web: www.accj.or.jp

economic growth and create opportunities for foreign companies investing
into Japan.”
The full Viewpoint is available on the ACCJ website at:<http://www.accj.or.jp/images/130508_Calling_Upon_FDI.pdf>###1307 E
About ACCJThe American Chamber of Commerce in Japan (ACCJ) was established in 1948 byrepresentatives of 40 American companies and has grown into one of the most influential
business organizations in Japan. Consisting mainly of executives from American companies,
the ACCJ has members representing over 1,000 companies with offices in Tokyo, Nagoya,and Osaka. Working closely with the governments of the United States and Japan and otherbusiness organizations, the ACCJ promotes trade and investment flows between the UnitedStates and Japan, promoting the interests of U.S. companies and members, and improving
the environment for international business in Japan. Over 60 committees representing
various industries play a central role in making ACCJ policy recommendations by issuing
Viewpoints, Public Comments and White Papers and holding over 500 events and seminars
annually on public policy and economic trends. The ACCJ also undertakes charitable efforts
and supports its members' CSR activities.
PRESS CONTACT: ACCJ External Affairs (phone: 03 3433 7358; fax: 03 3433 8454; email:external@accj.or.jp).

The American Chamber of Commerce in Japan
Masonic 39 MT Bldg. 10F, 2-4-5 Azabudai, Minato-ku, Tokyo 106-0041
在日米国商工会議所 〒106-0041東京都港区麻布台2-4-5 メソニック39MTビル10階
Tel: 03-3433-5381 Fax: 03-3433-8454 Web: www.accj.or.jp