Message from the Representative
Dr. Tetsuo Kitagawa
Emeritus Professor, Aoyama Gakuin University
Professor, Tokyo Metropolitan University
The level of dialogue with investee companies by institutional investors has been improving year by year. This can be clearly seen by observing the changes in the stewardship reports issued by each company on a regular basis and in their proxy voting policy. It is clear that they are approaching dialogue after careful and deep analysis of companies they are investing in.
Additionally, the quality of information disclosure by companies has also improved remarkably. The recent revision of the Japanese version of the Stewardship Code (March 2020) has reaffirmed the importance of co-creative relationships between companies and institutional investors in order to improve long-term corporate value creation.
The advancement of such relationships in the investment chain must be effectively communicated to asset owners, and this is a key objective of the establishment of JSI. We are confident that the knowledge of how institutional investors are thinking and interacting with their portfolio companies will greatly stimulate the entire investment chain.
Background and Purpose of Establishment
In the past few years companies across the entire investment chain, including asset owners, asset managers and investee companies, have been called upon to enhance and deepen their stewardship activities. This has been encouraged by recommendations from the Japan Stewardship Code, introduced in 2014, the Corporate Governance Code, introduced in 2015, and later on The Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code and the Council of Experts on the Stewardship Code.
In this context, the Japan Stewardship Initiative (JSI) held its first full meeting on November 26, 2019, and officially announced its launch. The aim of JSI is to encourage free and wide-ranging discussions between asset owners, asset managers and other related parties on practical issues to do with stewardship activities, and through jointly considering the right way to address these issues and sharing best practices, create a place where the outcomes of those discussions can be beneficial to everyone in the industry.
Key Facts
Name:
Japan Stewardship Initiative (JSI)
Establishment:
November 26, 2019
Representative:
Dr. Tetsuo Kitagawa, Emeritus Professor, Aoyama Gakuin University/Professor, Tokyo Metropolitan University
Steering Committee:
Steering Committee Chair
Mr. Toru Terasawa, Executive ESG Advisor, Responsible Investment Group, Investment Division, Asset Management One Co., Ltd.
Steering Committee Member Firms and Experts
Asset Management One Co., Ltd.
BlackRock Japan Co., Ltd.
Goldman Sachs Asset Management Co., Ltd.
Mitsubishi UFJ Trust and Banking Corporation
Nomura Asset Management Co., Ltd.
Sumitomo Mitsui DS Asset Management Company, Limited
Dr. Tetsuo Kitagawa, Emeritus Professor, Aoyama Gakuin University/Professor, Tokyo Metropolitan University
Mr. Yuki Kimura, Representative Director, Japan Stewardship Forum
Mr. Shin Yabe, Researcher, Research Institute for Policies on Pension & Aging
Ms. Emi Onozuka, Representative Director, President and CEO, eminent group ltd.
Working Group
Smart Format Working Group
Asset Owner Working Group
Multi-Stakeholder Working Group
Members
60 Organizations, 4 Experts and Several Supporting Members
As of Oct 1, 2023
Observers
Financial Services Agency
Ministry of Health, Labour and Welfare
Japan Business Association (Keidanren)
International Corporate Governance Network
Secretariat
Japan Exchange Group, Inc.
ICJ, Inc.
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