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Alicia Ogawa: Inbred management structures are hurting corporate Japan

Outgoing CEOs never truly retire, they just hinder the next generation from leading

Skeptics of Japan's corporate governance reform can point to the recent spate of malfeasance at big-name companies.   © Reuters

Japan's corporate governance and stewardship codes, introduced less than four years ago, represented nothing less than a call to redesign Japanese capitalism.

On the surface, the resulting pace of transformation has been lightning fast. The regulators and the Japan Exchange Group, which operates the country's stock markets, have demanded that corporate legal structures and boards be thoroughly reorganized. New duties and disclosure requirements have been set for fund managers, and to a large extent, they are being obeyed.

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