TOKYO -- A sense of elation has been spreading recently among experts who have tried to push corporate governance reforms in Japan, according to a lawyer familiar with the issue. This is because, the lawyer said, key members of Keidanren -- the country's most influential business lobby -- have finally relinquished their opposition to the governance reform drive and have come to embrace independent directors.
Currently, Japanese firms are not required to appoint external directors. But major businesses including Nippon Steel & Sumitomo Metal, Canon and Toray Industries are set to select independent board members at their shareholders' meetings this year. They are indeed following in the footstep of Toyota Motor, which adopted the system last year.
