Japan: TSX to develop new corporate governance code

The Japanese Government has formally announced plans to introduce a new corporate governance code, as part of a Japan Revitalisation Strategy: see here (pdf). The Code will be developed by the Tokyo Stock Exchange and will operate on the basis of comply or explain (the Exchange already has its own governance principles for listed companies: see here). It is expected to take effect next year. New disclosure obligations will also be introduced for listed companies, from March 2015, in respect of the number of women occupying executive positions.