Most of Mr Abe's clients have announced restructuring plans this year. Their companies' share prices have risen sharply, and so has the value of the directors' options. Boards are getting smaller as well as richer. The pioneer is Sony, which cut its board from 38 to 10 in 1997. Since Sony's announcement, about 200 listed companies have shrunk their boards, although not all for the same reasons.
Some companies see board reform mainly as an opportunity to cut costs.
More than one way Other companies have kept their boards big, but shifted the management decisions elsewhere. Matsushita is, in effect, run by the firm's group management committee, which meets once a week. Its four permanent members are drawn from the board. Depending on the agenda, other managers are brought in to deal with specific items. It all took time.