Japan: Olympus - Investigation report published

A copy, in English, of the report prepared for Olympus by the Committee formed to investigate the hiding of investment losses has been published: see here (pdf). The report contains various recommendations, including changes to the board and the appointment of truly independent directors. More generally, the long-term challenge will be in addressing what the report describes as "corporate culture and mind": ensuring that board members are prepared to challenge and bring independence of mind to proceedings. These are not new concerns, as the white paper published in 2008 by the Asian Corporate Governance Association made clear (see here, pdf). Meanwhile, it has been reported that proposed changes to company law in Japan are likely to be published shortly: see here.