A revolution in the making
At long last, Japanese firms seem to be coming under proper outside scrutiny
THE silence of large Japanese shareholders in Olympus in 2011-12 as the firm plunged into the country’s biggest accounting scandal in decades was one of the affair’s most worrying features. It was left to two foreign fund managers to make public demands for answers after Michael Woodford, the optical-equipment maker’s former president turned whistle-blower, sounded the alarm.
But turning a blind eye is about to get harder. Japanese asset managers will this year sign up to a new stewardship code introduced by the government of Shinzo Abe, the prime minister. Shareholders will be strongly encouraged to monitor firms closely, and speak up when needed.
This article appeared in the Business section of the print edition under the headline "A revolution in the making"
More from Business
Does Perplexity’s “answer engine” threaten Google?
Taking aim at one of the best business models of all times
How not to work on a plane
Hours without interruption and work to do. What could go wrong?
Why does BHP want Anglo American?
Its $39bn takeover offer is the latest in a string of mining mega-mergers