Future of Corporate Governance in Japan - UNSW CLMR

The Evolution of Evolution of of Corporate Evolution of Gove Evolution ofrn ofan ofce Evolution of in of Japan of: The Evolution of Con oftin ofuin ofg Relevance of Berle an Re Evolution ofle Evolution ofvan ofce Evolution of of Be Evolution ofrle Evolution of an of d Means Me Evolution ofan ofs Takaya Se Evolution ofki, PhD Me Evolution ofiji Un ofive Evolution ofrs ity Profe Evolution ofs s or Thomas Clarke Evolution of UTS Syd Means n ofe Evolution ofy Popular pe Evolution ofrce Evolution ofption ofs Fe Evolution ofw outside directors outs id Means e Evolution of d Means ire Evolution ofctors Board Means in ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn ofce Evolution of in of que Evolution ofs tion of Pe Evolution ofrs is tin ofg Relevance of Berle an corporate Evolution of fraud Means an ofd Means s can ofd Means al s In ofs ufficie Evolution ofn oft corporate Evolution of d Means is clos ure Evolution ofs Cros s -s hare Evolution ofhold Means in ofg Relevance of Berle an

s tructure Evolution of Takaya Se Evolution ofki, PhD 2 On of the Evolution of con oftrary Dutie Evolution ofs of d Means ire Evolution ofctors s e Evolution ofve Evolution ofre Evolution ofly te Evolution ofs te Evolution ofd Means le Evolution ofad Means in ofg Relevance of Berle an to a ppoin oftme Evolution ofn oft of outs id Means e Evolution of, in ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn oft me Evolution ofmbe Evolution ofrs Subs tan oftially low outside directors le Evolution ofve Evolution ofl of re Evolution ofmun ofe Evolution ofration of Structure Evolution of of s hare Evolution of ow outside directorsn ofe Evolution ofrs hip fas t chan ofg Relevance of Berle anin ofg Relevance of Berle an We Evolution ofll-d Means e Evolution ofs ig Relevance of Berle ann ofe Evolution ofd Means an ofd Means ve Evolution ofrs atile Evolution of d Means is clos ure Evolution ofs on of cor porate Evolution of g Relevance of Berle anove Evolution ofrn ofan ofce Evolution of us in ofg Relevance of Berle an XBRL taxonomy taxon ofomy Takaya Se Evolution ofki, PhD 3

Future Evolution of of Corporate Evolution of Gove Evolution ofrn ofan ofce Evolution of Future Evolution of of Dire Evolution ofctors Future Evolution of of Share Evolution of ow outside directorsn ofe Evolution ofrs hip Future Evolution of of In ofve Evolution ofs tors Future Evolution of of Share Evolution ofhold Means e Evolution ofr=Compan ofy Re Evolution ofl ation ofs Takaya Se Evolution ofki, PhD 4 Board Means Structure Evolution of Domin ofate Evolution ofd Means by in ofs id Means e Evolution of/e Evolution ofxe Evolution ofcutive Evolution of d Means ire Evolution ofctors

Numbe Evolution ofr of outs id Means e Evolution of d Means ire Evolution ofctors on of in ofcre Evolution ofas e Evolution of thoug Relevance of Berle anh s low outside directorsly Kan ofs ayakus , n ofon of-votin ofg Relevance of Berle an board Means me Evolution ofmbe Evolution ofrs are Evolution of more Evolution of outs p oke Evolution ofn of an ofd Means vis ual Much of the Evolution of role Evolution ofs of aud Means it committe Evolution ofe Evolution ofs are Evolution of pe Evolution ofrforme Evolution ofd Means by Aud Means it an ofd Means Supe Evolution ofrvis ory Board Means Me Evolution ofmbe Evolution ofrs (Kan ofs ayakus ) Stock Exchan ofg Relevance of Berle ane Evolution of man ofd Means ate Evolution ofs at le Evolution ofas t on ofe Evolution of in ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn oft boa rd Means me Evolution ofmbe Evolution ofr (e Evolution ofithe Evolution ofr from board Means of d Means ire Evolution ofctors or aud Means it an ofd Means s upe Evolution ofrvis or y board Means ) Takaya Se Evolution ofki, PhD 5 Numbe Evolution ofr of outs id Means e Evolution of d Means ire Evolution ofctors he Evolution ofad Means coun oft

All lis te Evolution ofd Means compan ofie Evolution ofs (ca 3,500 compan ofie Evolution ofs ) Top 200+ compan ofie Evolution ofs by capitalization of 7.4 0.9 11.4 1.8 3.5 4.4 2.3 2.6 Dire Evolution ofctors of w outside directorshom outs id Means e Evolution of Aud Means it & Supe Evolution ofrvis ory Board Means Me Evolution ofmbe Evolution ofrs * of w outside directorshom outs id Means e Evolution of

*n ofe Evolution ofw outside directors tran ofs lation of of Kan ofs ayaku as re Evolution ofcomme Evolution ofn ofd Means e Evolution ofd Means by JASBA (Nihon of Kan ofs ayaku-Kyokai) All TSE lis te Evolution ofd Means compan ofie Evolution ofs ave Evolution ofrag Relevance of Berle ane Evolution of n ofumbe Evolution ofr of dokuritsu-yakuin** he Evolution ofad Means coun oft 2.2 **in ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn oft outs id Means e Evolution of me Evolution ofmbe Evolution ofrs from d Means ire Evolution ofctors or kansayaku as d Means e Evolution offin ofe Evolution ofd Means by the Evolution of Tokyo Stock Exchan ofg Relevance of Berle ane Evolution of Takaya Se Evolution ofki, PhD 6 Backg Relevance of Berle anroun ofd Means of outs id Means e Evolution of d Means ire Evolution ofctors Directors/ Kansayakus From othe Evolution ofr compan ofy 62.6% Attorn ofe Evolution ofy-at-law outside directors

16.1% CPA /Tax Accoun oftan oft 13.6% Acad Means e Evolution ofmic an ofd Means othe Evolution ofrs 7.7% Of whom from major shareholders 19.2% Of whom from banks 11.1% Of whom from government bureaus 1.9% From TSE Corporate Evolution of Gove Evolution ofrn ofan ofce Evolution of White Evolution of Pape Evolution ofr 2013 Takaya Se Evolution ofki, PhD 7

Con ofce Evolution ofpts of compan ofy law outside directors Un ofd Means e Evolution ofrlyin ofg Relevance of Berle an id Means e Evolution ofas of Compan ofy L taxonomyaw outside directors in of Japan of are Evolution of ve Evolution ofr y s imilar to othe Evolution ofr major e Evolution ofcon ofomie Evolution ofs Corporate Evolution of pe Evolution ofrs on ofality in of place Evolution of (s e Evolution ofparation of/in ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn ofce Evolution of of compan ofy as s e Evolution oft) Share Evolution ofhold Means e Evolution ofrs ow outside directorsn of s e Evolution ofcuritize Evolution ofd Means as s e Evolution oft of compan ofy (s hare Evolution ofs ) an ofd Means have Evolution of re Evolution ofs id Means ual claim Dire Evolution ofctors appoin ofte Evolution ofd Means by s hare Evolution ofhold Means e Evolution ofrs to look afte Evolution ofr compan of ys as s e Evolution oft, to s e Evolution ofrve Evolution of the Evolution of be Evolution ofs t in ofte Evolution ofre Evolution ofs t of the Evolution of compan ofy Takaya Se Evolution ofki, PhD 8 Dutie Evolution ofs of d Means ire Evolution ofctors

Duty of care Evolution of Duty to avoid Means con offlict of in ofte Evolution ofre Evolution ofs ts Duty of loyalty Se Evolution ofve Evolution ofre Evolution ofly te Evolution ofs te Evolution ofd Means re Evolution ofce Evolution ofn oftly at Re Evolution ofs pon ofs ibilitie Evolution ofs ove Evolution ofr fin ofan ofcial s tate Evolution ofme Evolution ofn ofts an ofd Means in oft e Evolution ofrn ofal con oftrol Hos tile Evolution of bid Means an ofd Means take Evolution ofove Evolution ofr d Means e Evolution offe Evolution ofn ofs e Evolution of me Evolution ofas ure Evolution of Corporate Evolution of s can ofd Means als an ofd Means fraud Means L taxonomyitig Relevance of Berle anation ofs from s hare Evolution ofhold Means e Evolution ofrs Takaya Se Evolution ofki, PhD 9 Promotion of of in ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn oft d Means ire Evolution ofctors

By Rule Evolution ofmake Evolution ofrs Compan ofy L taxonomyaw outside directors Re Evolution ofvie Evolution ofw outside directors Committe Evolution ofe Evolution of re Evolution ofcomme Evolution ofn ofd Means s n ofomin ofati on of of outs id Means e Evolution of d Means ire Evolution ofctors Stock Exchan ofg Relevance of Berle ane Evolution of re Evolution ofquire Evolution ofs appoin oftme Evolution ofn oft of at le Evolution ofas t on ofe Evolution of in ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn oft d Means ire Evolution ofctor/kan ofs ayaku By In ofs titution ofal Share Evolution ofhold Means e Evolution ofrs Pe Evolution ofn ofs ion of Fun ofd Means As s ociation of e Evolution ofn ofcourag Relevance of Berle ane Evolution ofs in ofve Evolution ofs te Evolution ofe Evolution of to appoin of t outs id Means e Evolution of d Means ire Evolution ofctors ISS re Evolution ofcomme Evolution ofn ofd Means s n ofe Evolution ofg Relevance of Berle anative Evolution of vote Evolution ofs for compan ofie Evolution ofs w outside directorsithout o uts id Means e Evolution of d Means ire Evolution ofctors Takaya Se Evolution ofki, PhD 10 L taxonomye Evolution ofve Evolution ofl of Exe Evolution ofcutive Evolution of Re Evolution ofmun ofe Evolution ofration ofs An ofn ofual compe Evolution ofn ofs ation of in of million of

ye Evolution ofn of All lis te Evolution ofd Means compan ofie Evolution ofs (ca 3,500 compan ofie Evolution ofs ) Top 200+ compan ofie Evolution ofs by capitalization of 21.4 3.5 38.5 7.6 9.1 20.6 2.3 2.6 Dire Evolution ofctors of w outside directorshom outs id Means e Evolution of Aud Means it & Supe Evolution ofrvis ory Board Means Me Evolution ofmbe Evolution ofrs *

of w outside directorshom outs id Means e Evolution of Amoun oft in of million of ye Evolution ofn of: d Means ivid Means e Evolution of by 100 to obtain of Aus /US$ e Evolution ofquivale Evolution ofn oft Takaya Se Evolution ofki, PhD 11 Exe Evolution ofcutive Evolution of re Evolution ofmun ofe Evolution ofration ofs Ave Evolution ofrag Relevance of Berle ane Evolution of payme Evolution ofn oft mod Means e Evolution ofs t compare Evolution ofd Means w outside directorsith ove Evolution ofrs e Evolution ofas compe Evolution oftitors Hig Relevance of Berle anhe Evolution ofs t paid Means are Evolution of foun ofd Means amon ofg Relevance of Berle an e Evolution ofxe Evolution ofcutive Evolution ofs s e Evolution ofle Evolution ofc te Evolution ofd Means in ofte Evolution ofrn ofally but the Evolution ofir le Evolution ofve Evolution ofl n ofot s ubje Evolution ofct to mar ke Evolution oft compe Evolution oftition of In ofd Means ivid Means ual d Means is clos ure Evolution of re Evolution ofquire Evolution ofd Means un ofd Means e Evolution ofr limite Evolution ofd Means ca s e Evolution ofs , g Relevance of Berle anove Evolution ofrn ofme Evolution ofn oft in ofte Evolution ofrve Evolution ofn oftion of is min ofimal Takaya Se Evolution ofki, PhD 12

Share Evolution of ow outside directorsn ofe Evolution ofrs hip compare Evolution ofd Means 2010 (%) Japan of US UK Ge Evolution ofrman of Fran ofce Evolution of y Gove Evolution ofrn ofme Evolution ofn oft, L taxonomyocal Gove Evolution ofrn ofme Evolution ofn oft 6.2 2.9 2.3 8.7 Ban ofks 9.0

18.0 3.8 19.0 In ofs uran ofce Evolution of an ofd Means Trus ts 14.9 21.9 19.8 1.1 Non of-fin ofan ofcial Corporation ofs 22.9 2.2 41.0 21.1

Ove Evolution ofrs e Evolution ofas 26.7 12.7 40.0 22.0 38.7 In ofd Means ivid Means uals 20.3 39.5 15.0 11.0 11.5 47.8 Flow outside directors of Fun ofd Means s from e Evolution ofach ce Evolution ofn oftral ban ofk (UK: Office Evolution of of Statis tics )

Takaya Se Evolution ofki, PhD 13 Share Evolution of ow outside directorsn ofe Evolution ofrs hip in of Japan of (%) 1950 1960 1970 1980 1990 2000 2010 Gove Evolution ofrn ofme Evolution ofn of t 3.1 0.2 0.6 0.4 0.3 0.2 0.3 Ban ofks

12.6 30.6 13.7 17.5 20.9 19.2 14.7 Non ofIn ofs uran ofce Evolution of, Fin ofan ofcial Pe Evolution ofn ofs ion ofs Ove Evolution ofrs e Evolution ofas In ofd Means ivid Means uals Corporatio an ofd Means Trus ts n ofs 11.9 3.7 19.2 22.2 23.8 20.6 16.8 11.0 17.8 23.9

26.2 30.1 21.8 21.2 0.0 1.3 4.9 5.8 4.7 18.8 26.7 61.3 46.3 37.7 27.9 20.4 19.4 20.3 Total 100.0 100.0 100.0 100.0 100.0

100.0 100.0 Source Evolution of: Tokyo Stock Exchan ofg Relevance of Berle ane Evolution of 2012 Takaya Se Evolution ofki, PhD 14 Type Evolution ofs of Ke Evolution ofire Evolution ofts u s hare Evolution ofhold Means in ofg Relevance of Berle ans Horizon oftal Ke Evolution ofire Evolution ofts u s hare Evolution ofhold Means in ofg Relevance of Berle an Ve Evolution ofrtical Ke Evolution ofire Evolution ofts u s hare Evolution ofhold Means in ofg Relevance of Berle an Mits ubis hi, Sumitomo-Mits ui, Mizuho Automobile Evolution ofs , L taxonomyarg Relevance of Berle ane Evolution of machin ofe Evolution ofrie Evolution ofs , Re Evolution oftails Share Evolution ofhold Means in ofg Relevance of Berle an for main oftain ofin ofg Relevance of Berle an re Evolution oflation ofs hip

Vag Relevance of Berle anue Evolution ofly d Means e Evolution offin ofe Evolution ofd Means as s hare Evolution ofhold Means in ofg Relevance of Berle an n ofot be Evolution of s old Means for pr ofit takin ofg Relevance of Berle an or d Means ivid Means e Evolution ofn ofd Means Takaya Se Evolution ofki, PhD 15 In ofs titution ofs In ofve Evolution ofs tin ofg Relevance of Berle an in of Japan of Dome Evolution ofs tic Pe Evolution ofn ofs ion of/As s uran ofce Evolution of In ofve Evolution ofs tme Evolution ofn oft compan ofie Evolution ofs Ban ofks Bus in ofe Evolution ofs s corporation ofs Ove Evolution ofrs e Evolution ofas US an ofd Means Europe Evolution ofan of Pe Evolution ofn ofs ion ofs /In ofve Evolution ofs tme Evolution ofn oft compa n ofie Evolution ofs Short-te Evolution ofrm in ofve Evolution ofs tors SWF an ofd Means in ofve Evolution ofs tme Evolution ofn ofts from n ofe Evolution ofw outside directors e Evolution ofcon ofomie Evolution ofs Takaya Se Evolution ofki, PhD

16 Share Evolution ofhold Means in ofg Relevance of Berle an s tructure Evolution of in of As ia State Evolution of-ow outside directorsn ofe Evolution ofrs hip is pre Evolution ofvale Evolution ofn oft in of As ian of e Evolution ofcon ofomie Evolution ofs . A n ofumbe Evolution ofr of the Evolution ofm h ave Evolution of e Evolution ofs tablis he Evolution ofd Means e Evolution ofn oftitie Evolution ofs to ove Evolution ofrs e Evolution ofe Evolution of s tate Evolution of-ow outside directorsn ofe Evolution ofd Means e Evolution ofn ofte Evolution ofrpris e Evolution ofs (SOEs ) (fo r e Evolution ofxample Evolution of, Te Evolution ofmas e Evolution ofk Hold Means in ofg Relevance of Berle ans in of Sin ofg Relevance of Berle anapore Evolution of, Khazan ofah Nas ion ofal in of Mal ays ia, an ofd Means the Evolution of State Evolution of-ow outside directorsn ofe Evolution ofd Means As s e Evolution ofts Supe Evolution ofrvis ion of an ofd Means Ad Means min ofis tration of Co mmis s ion of of the Evolution of State Evolution of Coun ofcil in of Chin ofa). In ofd Means e Evolution ofe Evolution ofd Means , s tate Evolution of-ow outside directorsn ofe Evolution ofrs hip is pe Evolution ofrhaps on ofe Evolution of of the Evolution of d Means e Evolution offin ofin ofg Relevance of Berle an traits of the Evolution of e Evolution ofco n ofomic lan ofd Means s cape Evolution of of Chin ofa, w outside directorshe Evolution ofre Evolution of the Evolution of s tate Evolution of he Evolution ofld Means approximate Evolution ofly 83.1% of marke Evolution oft capitalis ation of in of 2007. How outside directorse Evolution ofve Evolution ofr, in of man ofy marke Evolution ofts in ofd Means ivid Means uals an ofd Means the Evolution ofir familie Evolution ofs are Evolution of d Means omin ofan oft s hare Evolution ofhold Means e Evolution ofrs (for e Evolution ofxample Evolution of, in of Hon ofg Relevance of Berle an Kon ofg Relevance of Berle an, Chin ofa). The Evolution ofs e Evolution of in ofd Means ivid Means uals or familie Evolution ofs may con oftrol a larg Relevance of Berle ane Evolution of g Relevance of Berle anroup of compan ofie Evolution ofs , w outside directorsith re Evolution oflative Evolution ofs an ofd Means th e Evolution ofir ad Means vis e Evolution ofrs typically s ittin ofg Relevance of Berle an as d Means ire Evolution ofctors on of g Relevance of Berle anroup compan ofy board Means s . OECD (2011), Re Evolution ofform Prioritie Evolution ofs in of As ia: Takin ofg Relevance of Berle an Corporate Evolution of Gove Evolution ofrn ofan ofce Evolution of to a Hig Relevance of Berle anhe Evolution ofr L taxonomye Evolution ofve Evolution ofl, As ian of Roun ofd Means table Evolution of on of Corporate Evolution of Gove Evolution ofrn ofan ofce Evolution of w outside directorsw outside directorsw outside directors.oe Evolution ofcd Means .org Relevance of Berle an/d Means af/corporate Evolution ofaffairs /roun ofd Means table Evolution ofs /as ia

Takaya Se Evolution ofki, PhD 17 Votin ofg Relevance of Berle an re Evolution ofs ults at AGM Ratio of vote Evolution ofs cas t in of favor of man ofag Relevance of Berle ane Evolution ofme Evolution ofn oft poli cy (%) Votes by all Votes by shareholder s* institutional shareholder s** All ag Relevance of Berle ane Evolution ofn ofd Means as 95.4 81.2 Ele Evolution ofction of of d Means ire Evolution ofctors

95.4 76.4 Ele Evolution ofction of of kansayakus 94.7 77.2 Re Evolution ofmun ofe Evolution ofration of packag Relevance of Berle ane Evolution ofs 94.8 74.4 Approvin ofg Relevance of Berle an Take Evolution ofove Evolution ofr d Means e Evolution offe Evolution ofn ofs e Evolution of me Evolution ofas ure Evolution of 81.7 25.0 Share Evolution ofhold Means e Evolution ofr Propos als 22.6 7.7

*From An ofn ofual Se Evolution ofcuritie Evolution ofs Re Evolution ofports **An ofalys is by Sumitomo-Mits ui Trus t Ban ofk Takaya Se Evolution ofki, PhD 18 What votin ofg Relevance of Berle an re Evolution ofcord Means s in ofd Means icate Evolution of In ofs titution ofs more Evolution of critical on of corporate Evolution of g Relevance of Berle anove Evolution of rn ofan ofce Evolution of is s ue Evolution ofs Dis s id Means e Evolution ofn oft private Evolution of s hare Evolution ofhold Means e Evolution ofrs s tud Means y votin ofg Relevance of Berle an s tyle Evolution ofs of in ofs titution ofs to le Evolution ofve Evolution ofrag Relevance of Berle ane Evolution of the Evolution ofir arg Relevance of Berle anu me Evolution ofn oft To avoid Means un ofn ofe Evolution ofce Evolution ofs s ary d Means is cord Means s : Compan ofie Evolution ofs n ofe Evolution ofe Evolution ofd Means to ag Relevance of Berle anre Evolution ofe Evolution of on of cod Means e Evolution of of be Evolution ofs t practic e Evolution of w outside directorsith in ofs titution ofal in ofve Evolution ofs tors s o that in ofve Evolution ofs tors ca n of con ofce Evolution ofn oftrate Evolution of on of n ofon ofre Evolution ofcurrin ofg Relevance of Berle an matte Evolution ofrs In ofs titution ofs als o mus t be Evolution of aw outside directorsare Evolution of of the Evolution ofir ow outside directorsn of acco un oftabilitie Evolution ofs to ultimate Evolution of ow outside directorsn ofe Evolution ofrs

Takaya Se Evolution ofki, PhD 19 Chan ofg Relevance of Berle anin ofg Relevance of Berle an s hare Evolution of ow outside directorsn ofe Evolution ofrs hip Impact of chan ofg Relevance of Berle anin ofg Relevance of Berle an s hare Evolution of ow outside directorsn ofe Evolution ofrs hip Ow outside directorsn ofe Evolution ofrs hip by ban ofks an ofd Means bus in ofe Evolution ofs s corporation of are Evolution of on of d Means e Evolution ofcre Evolution ofas e Evolution of Dome Evolution ofs tic Pe Evolution ofn ofs ion ofs /As s uran ofce Evolution of w outside directorsill main oftain of le Evolution ofve Evolution ofl of ow outside directors n ofe Evolution ofrs hip but may re Evolution ofmain of in ofactive Evolution of In ofve Evolution ofs tme Evolution ofn oft compan ofie Evolution ofs w outside directorsith d Means ome Evolution ofs tic/ove Evolution ofrs e Evolution ofas clie Evolution ofn ofts w outside directorsill be Evolution of more Evolution of active Evolution of in of corporate Evolution of g Relevance of Berle anove Evolution ofrn ofan ofce Evolution of Compan ofy d Means ire Evolution ofctors fin ofd Means it in ofcre Evolution ofas in ofg Relevance of Berle anly d Means ifficult to e Evolution ofs ta blis h re Evolution oflation ofs hip w outside directorsith s hort-te Evolution ofrm in ofve Evolution ofs tors Ste Evolution ofw outside directorsard Means s hip Cod Means e Evolution of in of Japan of? Compan ofie Evolution ofs fe Evolution ofe Evolution ofl impact of chan ofg Relevance of Berle anin ofg Relevance of Berle an votin ofg Relevance of Berle an practice Evolution of In ofs titution ofs n ofe Evolution ofe Evolution ofd Means to be Evolution of aw outside directorsare Evolution of of the Evolution ofir d Means utie Evolution ofs to true Evolution of ow outside directors n ofe Evolution ofrs Takaya Se Evolution ofki, PhD

20 Chain of of Fid Means uciary in of Japan of 1. Employe Evolution ofe Evolution ofs be Evolution of an ofs w outside directorse Evolution ofrable Evolution of to Man ofag Relevance of Berle ane Evolution ofrs 2. Man ofag Relevance of Berle ane Evolution ofrs be Evolution of an ofs w outside directorse Evolution ofrable Evolution of to Exe Evolution ofcutive Evolution ofs 3. Exe Evolution ofcutive Evolution ofs be Evolution of an ofs w outside directorse Evolution ofrable Evolution of to Dire Evolution ofctors 4. Dire Evolution ofctors be Evolution of an ofs w outside directorse Evolution ofrable Evolution of to Share Evolution ofhold Means e Evolution ofrs 5. Share Evolution ofhold Means e Evolution ofrs be Evolution of an ofs w outside directorse Evolution ofrable Evolution of to Employe Evolution ofe Evolution ofs Takaya Se Evolution ofki, PhD 21

Drive Evolution of to acce Evolution ofle Evolution ofrate Evolution of chan ofg Relevance of Berle ane Evolution ofs In offlue Evolution ofn ofce Evolution of from Ove Evolution ofrs e Evolution ofas Ne Evolution ofw outside directors in ofitiative Evolution ofs on of corporate Evolution of g Relevance of Berle anove Evolution ofrn ofan ofce Evolution of In ofte Evolution ofrn ofation ofal in ofs titution ofal in ofve Evolution ofs tors L taxonomye Evolution ofs s on ofs from accoun oftin ofg Relevance of Berle an fraud Means s an ofd Means w outside directorsron ofg Relevance of Berle and Means oin ofg Relevance of Berle an Kan ofe Evolution ofbo, Se Evolution ofibu, Olympus Clas s ic corporate Evolution of crime Evolution ofs s uch as payme Evolution ofn ofts to racke Evolution ofte Evolution ofe Evolution ofrs or corruption of are Evolution of d Means e Evolution ofcre Evolution ofas in ofg Relevance of Berle an From participation of by g Relevance of Berle ane Evolution ofn ofe Evolution ofral public As ultimate Evolution of ow outside directorsn ofe Evolution ofrs of compan ofie Evolution ofs As taxpaye Evolution ofrs Takaya Se Evolution ofki, PhD 22 Ne Evolution ofw outside directors in ofitiative Evolution ofs

Compan ofy L taxonomyaw outside directors Re Evolution ofvie Evolution ofw outside directors Furthe Evolution ofr me Evolution ofas ure Evolution ofs to e Evolution ofn ofcourag Relevance of Berle ane Evolution of compan ofie Evolution ofs to appoin oft at le Evolution of as t on ofe Evolution of outs id Means e Evolution of d Means ire Evolution ofctor* *Compan ofie Evolution ofs In oftrod Means uction of of aud Means it an ofd Means s upe Evolution ofrvis ory committe Evolution ofe Evolution of to ove Evolution ofrs e Evolution of e Evolution of e Evolution ofxe Evolution ofcutive Evolution of fun ofction of Board Means In ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn ofce Evolution of an ofd Means Dive Evolution ofrs ity w outside directorsithout outs id Means e Evolution of d Means ire Evolution ofctors w outside directorsill be Evolution of re Evolution ofquire Evolution ofd Means to s tate Evolution of re Evolution ofas on ofs jus tifyin ofg Relevance of Berle an for n ofot h avin ofg Relevance of Berle an an ofy outs id Means e Evolution of d Means ire Evolution ofctors By s e Evolution oflf-re Evolution ofg Relevance of Berle anulation of throug Relevance of Berle anh SE lis tin ofg Relevance of Berle ans In ofs titution ofal Ste Evolution ofw outside directorsard Means s hip

Takaya Se Evolution ofki, PhD 23 APPENDIX Takaya Se Evolution ofki, PhD 24 Corporate Evolution of Gove Evolution ofrn ofan ofce Evolution of in of Japan of Share Evolution ofhold Means e Evolution ofrs Me Evolution ofe Evolution oftin ofg Relevance of Berle an In ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn oft Aud Means itor Kansayaku-kai (Aud Means it an ofd Means Supe Evolution ofrvis ory Board Means ) Board Means of Dire Evolution ofctors (Torishimariyakukai) Takaya Se Evolution ofki, PhD 25 Tw outside directorso formats of board Means s tructure Evolution of Compan ofie Evolution ofs

w outside directorsith Kan ofs ayaku Board Means of Dire Evolution ofctors (Toris himariyaku-kai) Aud Means it an ofd Means Supe Evolution ofrvis ory Board Means (Kan ofs ayaku-kai) Compan ofie Evolution ofs w outside directorsith Iin ofkai Board Means of Dire Evolution ofctors w outside directorsith thre Evolution ofe Evolution of s tatutory committe Evolution ofe Evolution of s (aud Means it, n ofomin ofation of an ofd Means re Evolution ofmun ofe Evolution ofration of) Statutory Exe Evolution ofcutive Evolution of Office Evolution ofrs in ofclud Means in ofg Relevance of Berle an Chie Evolution off Exe Evolution ofcu tive Evolution of to be Evolution of appoin ofte Evolution ofd Means by Board Means Takaya Se Evolution ofki, PhD 26 CG in of Japan of, Participan ofts L taxonomyis te Evolution ofd Means Compan ofie Evolution ofs (3,600)

Share Evolution ofhold Means e Evolution ofrs (s ome Evolution of cros s -s hare Evolution ofhold Means in ofg Relevance of Berle an, in ofs titution ofal in ofv e Evolution ofs tors , in ofd Means ivid Means uals , ove Evolution ofrs e Evolution ofas ) Gove Evolution ofrn ofme Evolution ofn ofts , e Evolution oftc. (FSA, METI, MOJ, TSE) In ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn oft Aud Means itor (Four major aud Means it firms ) Othe Evolution ofrs in offlue Evolution ofn ofcin ofg Relevance of Berle an policie Evolution ofs (bus in ofe Evolution ofs s org Relevance of Berle anan ofization ofs , un ofi ve Evolution ofrs itie Evolution ofs , profe Evolution ofs s ion ofal firms ) Takaya Se Evolution ofki, PhD 27 Re Evolution ofg Relevance of Berle anulation ofs ove Evolution ofr CG Compan ofy L taxonomyaw outside directors Compan ofy L taxonomyaw outside directors on of Corporate Evolution of Gove Evolution ofrn ofan ofce Evolution of Civil L taxonomyaw outside directors on of d Means utie Evolution ofs of d Means ire Evolution ofctors

Se Evolution ofcuritie Evolution ofs Re Evolution ofg Relevance of Berle anulation of Tran ofs pare Evolution ofn ofcy an ofd Means accoun oftability Re Evolution ofs pon ofs ibilitie Evolution ofs on of Fin ofan ofcial State Evolution ofme Evolution ofn ofts Prohibitin ofg Relevance of Berle an in ofs id Means e Evolution ofr trad Means in ofg Relevance of Berle an/malpractice Evolution ofs Stock Exchan ofg Relevance of Berle ane Evolution of re Evolution ofg Relevance of Berle anulation ofs In ofd Means e Evolution ofpe Evolution ofn ofd Means e Evolution ofn ofce Evolution of of board Means me Evolution ofmbe Evolution ofrs Pare Evolution ofn oft-s ubs id Means iary lis tin ofg Relevance of Berle an Takaya Se Evolution ofki, PhD 28 The Evolution of Con oftin ofuin ofg Relevance of Berle an Re Evolution ofle Evolution ofvan ofce Evolution of of Be Evolution ofrle Evolution of an ofd Means Me Evolution ofan ofs Takaya Se Evolution ofki, PhD 29 The Evolution of Eme Evolution ofrg Relevance of Berle ane Evolution ofn ofce Evolution of of the Evolution of Mod Means e Evolution ofrn of Corporation of

The Evolution of mod Means e Evolution ofrn of corporation of that e Evolution ofme Evolution ofrg Relevance of Berle ane Evolution ofd Means in of the Evolution of e Evolution ofarly pa rt of las t ce Evolution ofn oftury w outside directorsas typifie Evolution ofd Means by Be Evolution ofrle Evolution of an ofd Means Me Evolution ofan ofs as man ofife Evolution ofs tin ofg Relevance of Berle an a s e Evolution ofparation of of ow outside directorsn ofe Evolution ofrs hip an ofd Means con oftrol, w outside directors he Evolution ofre Evolution of profe Evolution ofs s ion ofal man ofag Relevance of Berle ane Evolution ofrs w outside directorse Evolution ofre Evolution of in of a pos ition of to d Means e Evolution oft e Evolution ofrmin ofe Evolution of the Evolution of d Means ire Evolution ofction of of the Evolution of e Evolution ofn ofte Evolution ofrpris e Evolution of an ofd Means s hare Evolution ofhold Means e Evolution ofrs had Means s urre Evolution ofn ofd Means e Evolution ofre Evolution ofd Means a s e Evolution oft of d Means e Evolution offin ofite Evolution of rig Relevance of Berle anhts for a s e Evolution oft of in ofd Means e Evolution offin ofite Evolution of e Evolution ofxpe Evolution ofctation ofs (Be Evolution ofrle Evolution of an ofd Means Me Evolution ofan ofs 1933:24 4) Afte Evolution ofr the Evolution of Ne Evolution ofw outside directors De Evolution ofal an ofd Means the Evolution of e Evolution ofn ofd Means of the Evolution of s e Evolution ofcon ofd Means w outside directorsorld Means w outside directorsar man ofy US corporation ofs in of the Evolution of 1950s an ofd Means 1960s in of cre Evolution ofas e Evolution ofd Means mas s ive Evolution ofly in of s cale Evolution of an ofd Means marke Evolution oft d Means omin ofation of, a chie Evolution ofvin ofg Relevance of Berle an pre Evolution of-e Evolution ofmin ofe Evolution ofn oft pos ition ofs in of w outside directorsorld Means marke Evolution ofts . Takaya Se Evolution ofki, PhD 30 Te Evolution ofchn ofocratic Man ofag Relevance of Berle ane Evolution ofrialis m A n ofe Evolution ofw outside directors man ofag Relevance of Berle ane Evolution ofrial an ofd Means corporate Evolution of mod Means e Evolution of of coord Means in ofation of of e Evolution ofn ofte Evolution ofrp ris e Evolution of bas e Evolution ofd Means on of org Relevance of Berle anan ofization of an ofd Means plan ofn ofin ofg Relevance of Berle an had Means arrive Evolution ofd Means as an ofalys e Evolution ofd Means by Coas e Evolution of (1937) an ofd Means late Evolution ofr Chan ofd Means le Evolution ofr (1977), tran ofs ce Evolution ofn ofd Means in ofg Relevance of Berle an the Evolution of ma

rke Evolution oft. This w outside directorsas an of e Evolution ofra ce Evolution ofle Evolution ofbrate Evolution ofd Means in of Galbraiths Ne Evolution ofw outside directors In ofd Means us trial St ate Evolution of (1967) in of w outside directorshich corporate Evolution of g Relevance of Berle anrow outside directorsth an ofd Means bran ofd Means pre Evolution ofs tig Relevance of Berle ane Evolution of appare Evolution of n oftly had Means d Means is place Evolution ofd Means profit maximis ation of as the Evolution of ultimate Evolution of g Relevance of Berle anoals of te Evolution of chn ofocratic man ofag Relevance of Berle ane Evolution ofrs , as plan ofn ofin ofg Relevance of Berle an an ofd Means ad Means min ofis tration of in of clos e Evolution of co ope Evolution ofration of w outside directorsith g Relevance of Berle anove Evolution ofrn ofme Evolution ofn oft had Means d Means is place Evolution ofd Means marke Evolution oft re Evolution oflation ofs as th e Evolution of primary corporate Evolution of d Means yn ofamic (He Evolution ofn ofw outside directorsood Means 1988:259). In of this te Evolution ofchn ofocratic milie Evolution ofu s hare Evolution ofhold Means e Evolution ofrs w outside directorse Evolution ofre Evolution of pas s ive Evolution of an ofd Means fun ofct ion ofle Evolution ofs s , re Evolution ofmarkable Evolution of on ofly in of his capacity to s hare Evolution of w outside directorsithout e Evolution offfort o r e Evolution ofve Evolution ofn of w outside directorsithout appre Evolution ofciable Evolution of ris k, the Evolution of g Relevance of Berle anain ofs from g Relevance of Berle anrow outside directorsth by w outside directorshich the Evolution of te Evolution ofchn ofos tructure Evolution of me Evolution ofas ure Evolution ofs its s ucce Evolution ofs s (Galbraith 1967:356). Takaya Se Evolution ofki, PhD 31 The Evolution of En ofd Means of an of Id Means yll an ofd Means Ris e Evolution of of Fin ofan ofcialis ation of The Evolution of Galbraithian of id Means yll be Evolution ofg Relevance of Berle anan of to d Means is in ofte Evolution ofg Relevance of Berle anrate Evolution of w outside directorsith the Evolution of s e Evolution ofve Evolution ofre Evolution of re Evolution ofce Evolution ofs s ion of of 1973/75, the Evolution of in ofcapacity of US cor poration ofs to compe Evolution ofte Evolution of e Evolution offfe Evolution ofctive Evolution ofly w outside directorsith Japan ofe Evolution ofs e Evolution of an ofd Means E urope Evolution ofan of prod Means ucts in of ke Evolution ofy con ofs ume Evolution ofr marke Evolution oft s e Evolution ofctors , a n ofd Means the Evolution of pus h tow outside directorsard Means s con ofg Relevance of Berle anlome Evolution ofrate Evolution of formation of by Wall St w outside directorshich w outside directorsas in ofte Evolution ofre Evolution ofs te Evolution ofd Means in of man ofag Relevance of Berle anin ofg Relevance of Berle an multiple Evolution of bus in ofe Evolution of

s s e Evolution ofs by fin ofan ofcial pe Evolution ofrforman ofce Evolution of. Subs e Evolution ofque Evolution ofn oftly, in of s ucce Evolution ofs s ive Evolution of w outside directorsave Evolution ofs , US corporation ofs w outside directorse Evolution ofre Evolution of s ubje Evolution ofcte Evolution ofd Means to furthe Evolution ofr fin ofan ofcial impe Evolution ofrative Evolution ofs Ove Evolution of r time Evolution of pure Evolution ofly fin ofan ofcial in ofte Evolution ofre Evolution ofs ts have Evolution of in ofcre Evolution ofas in ofg Relevance of Berle anly as s e Evolution ofrte Evolution ofd Means the Evolution ofir in offlue Evolution ofn ofce Evolution of ove Evolution ofr hybrid Means ize Evolution ofd Means g Relevance of Berle anian oft corporati on ofs (He Evolution ofn ofw outside directorsood Means 1998:262). Takaya Se Evolution ofki, PhD 32 Ag Relevance of Berle ane Evolution ofn ofcy The Evolution ofory an ofd Means Share Evolution ofhold Means e Evolution ofr Value Evolution of A fe Evolution ofrtile Evolution of s ce Evolution ofn ofe Evolution of w outside directorsas s e Evolution oft for Michae Evolution ofl Je Evolution ofn ofs e Evolution ofn of, his colle Evolution ofag Relevance of Berle anue Evolution ofs in of the Evolution of B us in ofe Evolution ofs s an ofd Means L taxonomyaw outside directors Schools at Harvard Means , an ofd Means the Evolution of Chicag Relevance of Berle ano s chool of e Evolution of con ofomics , to d Means e Evolution ofve Evolution oflop a fin ofan ofce Evolution of-bas e Evolution ofd Means the Evolution ofory of corporate Evolution of g Relevance of Berle anove Evolution ofrn of an ofce Evolution of that w outside directorsas to e Evolution ofn ofve Evolution oflop An ofg Relevance of Berle anlo-Ame Evolution ofrican of policy an ofd Means practice Evolution of. W hile Evolution of ag Relevance of Berle ane Evolution ofn ofcy the Evolution ofory an ofd Means s hare Evolution ofhold Means e Evolution ofr value Evolution of w outside directorse Evolution ofre Evolution of the Evolution of mos t e Evolution ofn ofd Means urin of g Relevance of Berle an prin ofciple Evolution ofs of the Evolution of Je Evolution ofn ofs e Evolution ofn of le Evolution ofg Relevance of Berle anacy, the Evolution ofy w outside directorse Evolution ofre Evolution of pre Evolution ofce Evolution ofd Means e Evolution ofd Means an ofd Means accom pan ofie Evolution ofd Means by othe Evolution ofr fin ofan ofcial in ofn ofovation ofs in ofclud Means in ofg Relevance of Berle an le Evolution ofve Evolution ofrag Relevance of Berle ane Evolution ofd Means buy-ou ts (L taxonomyBOs ), jun ofk bon ofd Means s an ofd Means d Means is g Relevance of Berle anorg Relevance of Berle anin ofg Relevance of Berle an fre Evolution ofe Evolution of cas h flow outside directors (L taxonomyazon ofick 1992).

For Je Evolution ofn ofs e Evolution ofn of the Evolution of s tock marke Evolution oft is alw outside directorsays axiomatically the Evolution of ultimate Evolution of arbite Evolution ofr of s ocial g Relevance of Berle anood Means (He Evolution ofn ofw outside directorsood Means 1998:269). How outside directorse Evolution ofve Evolution ofr the Evolution of re Evolution ofs ult of e Evolution oflimin ofatin ofg Relevance of Berle an the Evolution of fre Evolution ofe Evolution of cas h flow outside directors of compan ofie Evolution of s in of le Evolution ofve Evolution ofrag Relevance of Berle ane Evolution ofd Means buy-outs , an ofd Means in of load Means in ofg Relevance of Berle an up compan ofie Evolution ofs w outside directorsith d Means e Evolution ofbt, w outside directorsas to le Evolution ofave Evolution of US compan ofie Evolution ofs w outside directorsithout capital to in ofve Evolution ofs t in of re Evolution ofs e Evolution ofarch an ofd Means d Means e Evolution ofve Evolution oflopme Evolution ofn oft at a time Evolution of of in ofcre Evolution ofas in ofg Relevance of Berle an compe Evolution oftition of from ove Evolution ofrs e Evolution of as compan ofie Evolution ofs e Evolution ofn ofg Relevance of Berle anag Relevance of Berle ane Evolution ofd Means in of con oftin ofuous prod Means uct d Means e Evolution ofve Evolution oflopme Evolution ofn oft (Blair 1993) Takaya Se Evolution ofki, PhD 33 Corporation ofs an ofd Means Share Evolution ofhold Means e Evolution ofrs Such fin ofan ofcial in ofn ofovation of amoun ofte Evolution ofd Means to Je Evolution ofn ofs e Evolution ofn of to the Evolution of e Evolution ofcli ps e Evolution of of the Evolution of public corporation of (Harvard Means Bus in ofe Evolution ofs s Re Evolution ofvie Evolution ofw outside directors 1989) This article Evolution of re Evolution ofce Evolution ofive Evolution ofd Means a robus t re Evolution ofs pon ofs e Evolution of. Pe Evolution ofte Evolution ofr Rn ofa, he Evolution ofad Means of Schrod Means e Evolution ofr Ban ofk in of Ne Evolution ofw outside directors York, main oftain ofe Evolution ofd Means that by e Evolution ofxclus i ve Evolution ofly privile Evolution ofg Relevance of Berle anin ofg Relevance of Berle an s hare Evolution ofhold Means e Evolution ofr in ofte Evolution ofre Evolution ofs ts Je Evolution ofn ofs e Evolution ofn of pre Evolution of-e Evolution ofmpte Evolution ofd Means

thoug Relevance of Berle anhtful an ofalys is of the Evolution of ve Evolution ofry que Evolution ofs tion of that is at the Evolution of he Evolution of art of the Evolution of is s ue Evolution of what w outside directorshat s hould Means be Evolution of the Evolution of rig Relevance of Berle anhts an ofd Means privile Evolution ofg Relevance of Berle ane Evolution ofs of s hare Evolution ofhold Means e Evolution ofrs ? Rn ofa que Evolution ofs tion ofe Evolution ofd Means Je Evolution ofn ofs e Evolution ofn ofs as s umption of t hat s hare Evolution ofhold Means e Evolution ofrs are Evolution of be Evolution oftte Evolution ofr jud Means g Relevance of Berle ane Evolution ofs of capital proje Evolution ofcts tha n of man ofag Relevance of Berle ane Evolution ofrs an ofd Means corporate Evolution of board Means s as an of id Means e Evolution ofolog Relevance of Berle anically in ofs pire Evolution ofd Means as s e Evolution ofrtion of that lacks e Evolution ofmpirical s upport (1989). Takaya Se Evolution ofki, PhD 34 A Tale Evolution of of Tw outside directorso Sys te Evolution ofms The Evolution of in ofcre Evolution ofas in ofg Relevance of Berle anly ag Relevance of Berle ang Relevance of Berle anre Evolution ofs s ive Evolution of marke Evolution oft for corporate Evolution of con oftrol in of th e Evolution of 1970s an ofd Means 1980s w outside directorsas n ofot primarily e Evolution offficie Evolution ofn ofcy-e Evolution ofn ofhan ofcin ofg Relevance of Berle an as J e Evolution ofn ofs e Evolution ofn of main oftain ofe Evolution ofd Means , an ofd Means the Evolution ofre Evolution of is little Evolution of s upport for the Evolution of in ofe Evolution offficie Evolution of n oft man ofag Relevance of Berle ane Evolution ofme Evolution ofn oft d Means is place Evolution ofme Evolution ofn oft hypothe Evolution ofs is (Rave Evolution ofn ofs craft an ofd Means S che Evolution ofre Evolution ofr 1989). Me Evolution ofan ofw outside directorshile Evolution of w outside directorsith a ke Evolution ofe Evolution ofn of focus on of prod Means uct d Means e Evolution ofve Evolution oflopme Evolution ofn oft, hig Relevance of Berle anh q uality, an ofd Means g Relevance of Berle anrow outside directorsth in of marke Evolution oft s hare Evolution of for the Evolution of lon ofg Relevance of Berle an te Evolution ofrm Japan ofe Evolution ofs e Evolution of corporation ofs turbo-charg Relevance of Berle ane Evolution ofd Means the Evolution ofir w outside directorsay to marke Evolution oft d Means omin ofan ofce Evolution of in of major s e Evolution ofctors of the Evolution of We Evolution ofs te Evolution ofrn of e Evolution ofcon ofomie Evolution ofs in of the Evolution of 1970s an ofd Means 198 0s . The Evolution of Japan ofe Evolution ofs e Evolution of e Evolution ofcon ofomic miracle Evolution of in ofs pire Evolution ofd Means (an ofd Means in ofve Evolution ofs te Evolution ofd Means in of) the Evolution of rapid Means e Evolution ofcon ofomic d Means e Evolution ofve Evolution oflopme Evolution ofn oft of the Evolution of Eas t As ian of e Evolution ofcon ofomie Evolution ofs

The Evolution of burs tin ofg Relevance of Berle an of the Evolution of Japan ofe Evolution ofs e Evolution of bubble Evolution of in of the Evolution of e Evolution ofarly 1990s coin ofci d Means e Evolution ofd Means w outside directorsith the Evolution of re Evolution ofvival of the Evolution of US e Evolution ofcon ofomy aroun ofd Means s oftw outside directorsare Evolution of in ofd Means us trie Evolution ofs in of the Evolution of 1990s , an ofd Means fin ofan ofce Evolution of in of the Evolution of 2000s Takaya Se Evolution ofki, PhD 35 Japan ofs GDP Grow outside directorsth 1961 to 1999 Takaya Se Evolution ofki, PhD 36 Japan ofs GDP Pe Evolution ofr Capita Re Evolution oflative Evolution of to US 1961-199 9 (ppp) Takaya Se Evolution ofki, PhD 37 The Evolution of Fin ofan ofcialis ation of of Japan ofe Evolution ofs e Evolution of Corporation ofs ? Japan ofe Evolution ofs e Evolution of e Evolution ofcon ofomic in ofs titution ofs w outside directorse Evolution ofre Evolution of w outside directorse Evolution ofll s uite Evolution ofd Means to both

pos t w outside directorsar re Evolution ofcon ofs truction of an ofd Means catchin ofg Relevance of Berle an up w outside directorsith othe Evolution ofr ad Means va n ofce Evolution ofd Means e Evolution ofcon ofomie Evolution ofs , but n ofot to s urpas s in ofg Relevance of Berle an the Evolution ofm. Japan ofs catch up w outside directorsas e Evolution ofs s e Evolution ofn oftially comple Evolution ofte Evolution of by the Evolution of late Evolution of 1980s . The Evolution of bus in ofe Evolution ofs s -g Relevance of Berle anove Evolution ofrn ofme Evolution ofn oft coope Evolution ofration of an ofd Means ban ofk-ce Evolution ofn ofte Evolution ofre Evolution ofd Means corporate Evolution of g Relevance of Berle ano ve Evolution ofrn ofan ofce Evolution of that s e Evolution ofrve Evolution ofd Means Japan of w outside directorse Evolution ofll for d Means e Evolution ofcad Means e Evolution ofs are Evolution of n ofow outside directors ill-s uit e Evolution ofd Means in of critical w outside directorsays to g Relevance of Berle anuid Means in ofg Relevance of Berle an Japan of furthe Evolution ofr forw outside directorsard Means . Ye Evolution oft the Evolution of s e Evolution of in ofs titution ofs con oftin ofue Evolution of w outside directorsith an of in ofe Evolution ofrtia that re Evolution ofd Means uce Evolution ofs Japan ofs ability to fin ofd Means an ofd Means in ofve Evolution ofs t in of n ofe Evolution ofw outside directors e Evolution ofcon ofomic opportun ofitie Evolution ofs , in ofc lud Means in ofg Relevance of Berle an n ofe Evolution ofw outside directors e Evolution ofn ofte Evolution ofrpris e Evolution ofs . If e Evolution ofquity marke Evolution ofts to play a fulle Evolution ofr role Evolution of re Evolution ofquire Evolution ofs d Means is man oftlin ofg Relevance of Berle an o f in ofte Evolution ofr-corporate Evolution of e Evolution ofquity hold Means in ofg Relevance of Berle ans , more Evolution of tran ofs pare Evolution ofn oft corpora te Evolution of d Means e Evolution ofcis ion of-makin ofg Relevance of Berle an, an ofd Means corporate Evolution of g Relevance of Berle anove Evolution ofrn ofan ofce Evolution of that is more Evolution of re Evolution ofs pon ofs ive Evolution of to s hare Evolution ofhold Means e Evolution ofr pre Evolution ofs s ure Evolution of. (Morck an ofd Means Ye Evolution ofun ofg Relevance of Berle an) Takaya Se Evolution ofki, PhD 38 The Evolution of On ofg Relevance of Berle anoin ofg Relevance of Berle an Gove Evolution ofrn ofan ofce Evolution of De Evolution ofbate Evolution of in of Japan of A te Evolution ofn ofs ion of be Evolution oftw outside directorse Evolution ofe Evolution ofn of the Evolution of compan ofy as commun ofity, an ofd Means the Evolution of co mpan ofy as prope Evolution ofrty (Buchan ofan of, Chai, an ofd Means De Evolution ofakin of 2012)

On of on ofe Evolution of s id Means e Evolution of trad Means ition ofal Japan ofe Evolution ofs e Evolution of corporate Evolution of g Relevance of Berle anove Evolution ofrn ofan ofce Evolution of, characte Evolution ofris e Evolution ofd Means by fe Evolution ofature Evolution ofs s uch as the Evolution of pow outside directorse Evolution ofr of in ofte Evolution ofrn ofally promote Evolution ofd Means man ofag Relevance of Berle ane Evolution ofme Evolution ofn oft to run of larg Relevance of Berle ane Evolution of, lis te Evolution ofd Means compan ofie Evolution ofs w outside directorsit h min ofimal e Evolution ofxte Evolution ofrn ofal s upe Evolution ofrvis ion of, con ofce Evolution ofrn of w outside directorsith the Evolution of compan of y as a con oftin ofuin ofg Relevance of Berle an commun ofity, an ofd Means a lack of d Means ire Evolution ofct atte Evolution ofn oftio n of to s hare Evolution ofhold Means e Evolution ofr in ofte Evolution ofre Evolution ofs ts (Buchan ofan of an ofd Means De Evolution ofakin of 2007: p. 1). On of the Evolution of othe Evolution ofr s id Means e Evolution of the Evolution of vie Evolution ofw outside directors that in of ord Means e Evolution ofr to re Evolution ofs tore Evolution of the Evolution of n ofati on ofal e Evolution ofcon ofomy to g Relevance of Berle anood Means he Evolution ofalth, Japan ofe Evolution ofs e Evolution of bus in ofe Evolution ofs s n ofe Evolution ofe Evolution ofd Means e Evolution ofd Means t o ad Means he Evolution ofre Evolution of to an of e Evolution ofme Evolution ofrg Relevance of Berle anin ofg Relevance of Berle an g Relevance of Berle anlobal con ofs e Evolution ofn ofs us in of corporate Evolution of g Relevance of Berle ano ve Evolution ofrn ofan ofce Evolution of (Ahmad Means jian of, 2003, p.222). Takaya Se Evolution ofki, PhD 39 Activis t He Evolution ofd Means g Relevance of Berle ane Evolution of Fun ofd Means s an ofd Means Corporation ofs The Evolution of g Relevance of Berle anrow outside directorsin ofg Relevance of Berle an con oftras t be Evolution oftw outside directorse Evolution ofe Evolution ofn of the Evolution of US e Evolution ofmphas is on of s hare Evolution ofhold Means e Evolution ofr value Evolution of an ofd Means the Evolution of Japan ofe Evolution ofs e Evolution of in ofd Means iffe Evolution ofre Evolution ofn ofce Evolution of to s hare Evolution ofhold Means e Evolution ofr rig Relevance of Berle anhts w outside directorsas w outside directorsid Means e Evolution ofly re Evolution ofmarke Evolution ofd Means on of, but had Means fe Evolution ofw outside directors practical e Evolution offfe Evolution ofcts be Evolution ofcaus e Evolution of the Evolution of tw outside directorso s ys te Evolution ofms had Means fe Evolution ofw outside directors opportun ofitie Evolution ofs to impact on of on ofe Evolution of an ofo

the Evolution ofr. All of this chan ofg Relevance of Berle ane Evolution ofd Means w outside directorsith the Evolution of e Evolution ofme Evolution ofrg Relevance of Berle ane Evolution ofn ofce Evolution of of he Evolution ofd Means g Relevance of Berle ane Evolution of fun ofd Means activis m in of Japan of. Ame Evolution ofrican of activis t he Evolution ofd Means g Relevance of Berle ane Evolution of fun ofd Means s w outside directorse Evolution ofre Evolution of ofte Evolution ofn of con offron of tation ofal in ofve Evolution ofs tors w outside directorsho targ Relevance of Berle ane Evolution ofte Evolution ofd Means compan ofie Evolution ofs w outside directorshich the Evolution ofy be Evolution oflie Evolution ofv e Evolution ofd Means w outside directorse Evolution ofre Evolution of s quan ofd Means e Evolution ofrin ofg Relevance of Berle an s hare Evolution ofhold Means e Evolution ofr value Evolution of. As this s trate Evolution ofg Relevance of Berle any w outside directorsas s ucce Evolution ofs s ful in of g Relevance of Berle ane Evolution ofn ofe Evolution ofratin ofg Relevance of Berle an above Evolution of-marke Evolution oft r ate Evolution ofs of re Evolution ofturn of for the Evolution of fun ofd Means s an ofd Means the Evolution ofir ow outside directorsn of in ofve Evolution ofs tors , the Evolution ofy turn of e Evolution ofd Means to othe Evolution ofr marke Evolution ofts , in of Europe Evolution of an ofd Means in of Japan of. In of Japan of, the Evolution of app roach of the Evolution of fun ofd Means s came Evolution of in ofto imme Evolution ofd Means iate Evolution of con offlict w outside directorsith the Evolution of id Means e Evolution ofa an ofd Means practice Evolution of of the Evolution of commun ofity firm w outside directorshich s till re Evolution oftain ofe Evolution ofd Means w outside directorsid Means e Evolution ofs pre Evolution ofad Means s upport (Buchan ofan of, Chai, an ofd Means De Evolution ofakin of 2012:5) Takaya Se Evolution ofki, PhD 40 The Evolution of e Evolution ofn ofd Means urin ofg Relevance of Berle an re Evolution ofle Evolution ofvan ofce Evolution of of the Evolution of ke Evolution ofy que Evolution ofs tion ofs of Be Evolution ofrle Evolution of an ofd Means Me Evolution ofan ofs : Whos e Evolution of in ofte Evolution ofre Evolution ofs ts s hould Means a compan ofy s e Evolution ofrve Evolution of?

Is it the Evolution of prope Evolution ofrty of s hare Evolution ofhold Means e Evolution ofrs , for the Evolution ofm to d Means o w outside directorshate Evolution ofve Evolution ofr the Evolution ofy w outside directorsan oft w outside directorsith it, or d Means oe Evolution ofs it have Evolution of a w outside directorsid Means e Evolution ofr s ocial purpos e Evolution of? Takaya Se Evolution ofki, PhD Ge Evolution ofoffre Evolution ofy Ow outside directorse Evolution ofn of (Financial Times 27 Jun ofe Evolution of 2012) 41 A Con ofte Evolution ofs t of Prin ofciple Evolution ofs Man ofag Relevance of Berle ane Evolution ofrs of the Evolution of targ Relevance of Berle ane Evolution ofte Evolution ofd Means compan ofie Evolution ofs , for the Evolution ofir part, had Means little Evolution of in of te Evolution ofre Evolution ofs t in of s hare Evolution ofhold Means e Evolution ofr value Evolution of; they barely understood what the wo the Evolution ofy bare Evolution ofly un ofd Means e Evolution ofrs tood Means w outside directorshat the Evolution of w outside directorso rd Means s me Evolution ofan oft. What matte Evolution ofre Evolution ofd Means to the Evolution ofm, an ofd Means w outside directorshat con ofs titute Evolution ofd Means corpo rate Evolution of value Evolution of in of the Evolution ofir vie Evolution ofw outside directors, w outside directorsas n ofot the Evolution of s hare Evolution of price Evolution of or an ofy othe Evolution ofr fin of an ofcial me Evolution ofas ure Evolution of, but the Evolution of ability of the Evolution of compan ofy to pros pe Evolution ofr an ofd Means to g Relevance of Berle anrow outside directors ove Evolution ofr the Evolution of lon ofg Relevance of Berle an te Evolution ofrm (Fin ofan ofcial Time Evolution ofs 27 Jun ofe Evolution of 2012) What follow outside directorse Evolution ofd Means w outside directorsas a tourn ofame Evolution ofn oft of corporate Evolution of g Relevance of Berle anove Evolution ofrn ofan ofce Evolution of be Evolution oflie Evolution off

s . Activis t he Evolution ofd Means g Relevance of Berle ane Evolution of fun ofd Means s , ofte Evolution ofn of of fore Evolution ofig Relevance of Berle ann of orig Relevance of Berle anin of, but s ome Evolution oftime Evolution ofs Ja pan ofe Evolution ofs e Evolution of, us e Evolution ofd Means the Evolution of formal le Evolution ofg Relevance of Berle anal rig Relevance of Berle anhts con offe Evolution ofrre Evolution ofd Means on of s hare Evolution ofhold Means e Evolution ofrs by Japan ofe Evolution ofs e Evolution of compan ofy law outside directors an ofd Means by compan ofie Evolution ofs ow outside directorsn of article Evolution ofs of as s ociation of to moun oft a fun ofd Means ame Evolution ofn oftal challe Evolution ofn ofg Relevance of Berle ane Evolution of to the Evolution of core Evolution of of man ofag Relevance of Berle an e Evolution ofme Evolution ofn oft practice Evolution of in of the Evolution of commun ofity firm. In of d Means oin ofg Relevance of Berle an s o, the Evolution ofy d Means re Evolution ofw outside directors ou t in ofto the Evolution of ope Evolution ofn of a ran ofg Relevance of Berle ane Evolution of of is s ue Evolution ofs that had Means pre Evolution ofvious ly be Evolution ofe Evolution ofn of un ofcon oft rove Evolution ofrs ial con ofce Evolution ofrn ofin ofg Relevance of Berle an man ofag Relevance of Berle ane Evolution ofrial auton ofomy an ofd Means accoun oftability, t he Evolution of balan ofce Evolution of in of d Means ivid Means e Evolution ofn ofd Means policy be Evolution oftw outside directorse Evolution ofe Evolution ofn of the Evolution of d Means is tribution of of in ofcome Evolution of an ofd Means the Evolution of accumulation of of re Evolution ofs e Evolution ofrve Evolution ofs , an ofd Means the Evolution of optimal le Evolution ofve Evolution ofl of fin ofan ofc ial g Relevance of Berle ane Evolution ofarin ofg Relevance of Berle an for compan ofie Evolution ofs ((Buchan ofan of, Chai, an ofd Means De Evolution ofakin of 2012: 5). Takaya Se Evolution ofki, PhD 42 He Evolution ofd Means g Relevance of Berle ane Evolution of Fun ofd Means or Compan ofy? Whe Evolution ofn of Ste Evolution ofe Evolution ofl Partn ofe Evolution ofrs atte Evolution ofmpte Evolution ofd Means to acquire Evolution of Bull-Dog Relevance of Berle an Food Means Compa n ofy, Bull-Dog Relevance of Berle an ad Means opte Evolution ofd Means a d Means e Evolution offe Evolution ofn ofce Evolution of s trate Evolution ofg Relevance of Berle any Ste Evolution ofe Evolution ofl claime Evolution ofd Means ille Evolution ofg Relevance of Berle anal, but Tokyo Hig Relevance of Berle anh Court rule Evolution ofd Means the Evolution of US he Evolution ofd Means g Relevance of Berle ane Evolution of fun ofd Means an of abus ive Evolution of acquire Evolution ofr. Similar con ofte Evolution ofs t be Evolution oftw outside directorse Evolution ofe Evolution ofn of Britis h he Evolution ofd Means g Relevance of Berle ane Evolution of fun ofd Means what The Evolution of Child Means re Evolution ofn ofs In ofve Evolution of s tme Evolution ofn oft Fun ofd Means in ofte Evolution ofrve Evolution ofn oftion of in of J-Pow outside directorse Evolution ofr d Means e Evolution ofmon ofs trate Evolution ofd Means ag Relevance of Berle ang Relevance of Berle anre Evolution ofs s ive Evolution of ta ctics by activis t in ofve Evolution ofs tors n ofot like Evolution ofly to s ucce Evolution ofe Evolution ofd Means in of Japan of

How outside directorse Evolution ofve Evolution ofr the Evolution of Japan ofe Evolution ofs e Evolution of s ys te Evolution ofm has be Evolution ofcome Evolution of more Evolution of s hare Evolution ofhold Means e Evolution ofr frie Evolution of n ofd Means ly d Means urin ofg Relevance of Berle an this pe Evolution ofriod Means , an ofd Means d Means ialog Relevance of Berle anue Evolution of is takin ofg Relevance of Berle an place Evolution of about hig Relevance of Berle anhe Evolution ofr s tan ofd Means ard Means s of g Relevance of Berle anove Evolution ofrn ofan ofce Evolution of an ofd Means accoun oftability But the Evolution of s urvival of the Evolution of compan ofy as an of e Evolution ofn ofd Means urin ofg Relevance of Berle an s ucce Evolution ofs s ful bus in ofe Evolution of s s re Evolution ofmain ofs more Evolution of importan oft in of Japan of than of in ofve Evolution ofs tors w outside directorsho hold Means s har e Evolution ofs at an ofy g Relevance of Berle anive Evolution ofn of time Evolution of (Fin ofan ofcial Time Evolution ofs 27 Jun ofe Evolution of 2012) Takaya Se Evolution ofki, PhD 43 Con ofclus ion ofs Japan of has much to le Evolution ofarn of from the Evolution of We Evolution ofs t about corpora te Evolution of g Relevance of Berle anove Evolution ofrn ofan ofce Evolution of, tran ofs pare Evolution ofn ofcy an ofd Means accoun oftability The Evolution of We Evolution ofs t has much to le Evolution ofarn of from Japan of about the Evolution of con of ce Evolution ofption of of the Evolution of corporation of as a commun ofity, an ofd Means d Means ire Evolution ofc

tors an ofd Means e Evolution ofxe Evolution ofcutive Evolution ofs commitme Evolution ofn oft to e Evolution ofn ofd Means urin ofg Relevance of Berle an bus in ofe Evolution ofs s s ucce Evolution ofs s Takaya Se Evolution ofki, PhD 44 Takaya Se Evolution ofki PhD (Econ of, Kyoto Un ofive Evolution ofrs ity) BSc (Impe Evolution ofrial Colle Evolution ofg Relevance of Berle ane Evolution of, L taxonomyon ofd Means on of) As s is tan oft Profe Evolution ofs s or, Me Evolution ofiji Un ofive Evolution ofrs ity, Tokyo Man ofag Relevance of Berle anin ofg Relevance of Berle an Dire Evolution ofctor, Corporate Evolution of Practice Evolution of Partn ofe Evolution ofrs , In ofc., Tokyo Profe Evolution ofs s or, Re Evolution ofitaku Un ofive Evolution ofrs ity, Kas hiw outside directorsa, Japan of Non of-Exe Evolution ofcutive Evolution of Dire Evolution ofctor, An ofrits u Corporation of, Ats ug Relevance of Berle ani, Japan of Ad Means vis ory Committe Evolution ofe Evolution of on of Corporate Evolution of Gove Evolution ofrn ofan ofce Evolution of (Min ofis try of Econ ofomy Trad Means e Evolution of an ofd Means In ofd Means us try, Fin ofan ofcial Se Evolution ofrvice Evolution ofs Ag Relevance of Berle ane Evolution ofn ofcy) Thomas Clarke Director Centre for Corporate Governance UTS Sydney Takaya Se Evolution ofki, PhD 45

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