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Changing Corporate Governance in Japan

Panel Discussion


Masaaki Tanaka
Kazuhiko Toyama

Date and Time

June 4, 2015 12:00 PM - 1:30 PM



RSVP required by 5PM June 03.


Bechtel Conference Rm
Encina Hall 
616 Serra St.
Stanford, CA 94305-6055


Enhancing corporate governance has been an emphasis in Abenomics economic reform.  The Stewardship Code established in 2014 has defined principles that institutional investors should follow to enhance the long-term investment return for their beneficiaries.  The institutional investors are now expected to engage "constructively" with the investee companies to increase the corporate value, including discussion on corporate governance changes.  Another related development in 2014 was the introduction of JPX Nikkei Index 400, which is a new stock price index calculated from the stock prices of 400 companies with "high appeal to investors."  Following this, many Japanese companies started to improve their corporate governance and accounting practices to increase their chances to be among the 400 companies.  Now Corporate Governance Code, which defines principles for effective corporate governance, is being developed, adding another impetus for Japanese companies to change.  We invite two business leaders in Japan who have been leading the change.  Kazuhiko Toyama was a member of the committee that drafted the Corporate Governance Code.  Masaaki Tanaka has been pushing the corporate governance reform at Mitsubishi UFJ Financial Group (MUFG), the largest financial institution in Japan.


Speaker Bios:

Takeo Hoshi is Henri and Tomoye Takahashi Senior Fellow at the Freeman Spogli Institute for International Studies (FSI), Professor of Finance (by courtesy) at the Graduate School of Business, and Director of the Japan Program at the Walter H. Shorenstein Asia-Pacific Research Center (S-APARC), all at Stanford University. Hoshi is also Visiting Scholar at Federal Reserve Bank of San Francisco, Research Associate at the National Bureau of Economic Research (NBER) and at the Tokyo Center for Economic Research (TCER), and Senior Fellow at the Asian Bureau of Finance and Economic Research (ABFER). His main research interest includes corporate finance, banking, monetary policy and the Japanese economy. He received 2006 Enjoji Jiro Memorial Prize of Nihon Keizai Shimbun-sha, and 2005 Japan Economic Association Nakahara Prize. His book Corporate Financing and Governance in Japan: The Road to the Future co-authored with Anil Kashyap received the Nikkei Award for the Best Economics Books in 2002. B.A., University of Tokyo (1983). Ph.D. (Economics), Massachusetts Institute of Technology (1988).


Masaaki (Masa) Tanaka is Representative Director and Deputy President of Mitsubishi UFJ Financial Group, Inc. (MUFG), the largest financial group in Japan.  He assumed this position in 2012 after serving as CEO for the Americas for the Bank of Tokyo-Mitsubishi UFJ, (BTMU), one of the wholly owned subsidiaries and the principal revenue-generating entity of MUFG from 2010 to 2012, and President and CEO of Union Bank, BTMU’s West Coast subsidiary, from 2007 to 2010.  Mr. Tanaka also serves on the Board of Morgan Stanley since 2011, and currently serves as Vice Chairman of the Board of Councilors of the U.S. Japan Council. In Mr. Tanaka’s current assignment, he directly reports to CEO with general responsibility to oversee all business groups of MUFG, including overseas business.  His responsibility also includes oversight over corporate functions, including corporate governance, strategic and financial planning, and enterprise risk management.  He oversees highly complex business operation with global reach and is responsible for ensuring compliance with all regulatory requirements.  Mr. Tanaka holds a law degree from the University of Tokyo and a Master of Laws Degree from the University of Michigan Law School.


Kazuhiko Toyama is CEO of Industrial Growth Platform, Inc.  He has started his career with BCG and later became one of the founding members of Corporate Directions, Inc. (CDI), a Tokyo-based independent management consulting firm, eventually becoming its CEO. In 2003, he was appointed to lead Industrial Revitalization Corporation of Japan (IRCJ), a government-backed restructuring fund, as COO. In 2007, when IRCJ was dissolved, he founded Industrial Growth Platform, Inc. (IGPI), which he currently runs as its CEO. He graduated from Faculty of Law of the University of Tokyo and holds an MBA from Stanford University. He has passed the Japanese National Bar Examination.
Vice Chairperson of KEIZAI DOYUKAI (Japan Association of Corporate Executives), Expert member of Council on Economic Fiscal Policy (MOF), Member of The Tax Commission (CAO), Member of Committee for National University Corporation Evaluation, Department of Innovation Program (MEXT), Member of the Council of Experts Concerning the Corporate Governance Code (FSA), Outside director of OMRON Corporation and Pia Corporation.


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Masaaki Tanaka
Kazuhiko Toyama