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Japan proposes new governance disclosures

Japan’s Financial Services Agency has announced draft regulations aimed at improving corporate governance disclosures.

With effect from March 31st 2010, companies will be required to disclose a detailed breakdown of individual pay for each executive earning more than ¥100 million ($1.1 million). Japanese companies currently voluntarily disclose the total amount of executive compensation in their financial statements but the JFSA proposals would require details of bonuses, stock options and other forms of compensation including pension payouts.

According to the proposed revisions of the Cabinet Office ordinance, companies will also be asked to disclose whether members of the audit committee can be classified as “financial experts” and the extent to which the independent directors have co-ordinated with the internal controls department and external auditors.

Consultation on the new proposals is open until March 15 2010, although at the time of writing the proposals and web feedback form are only available in Japanese.


JFSA Proposals >>

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