Japan Inc. cannot stop at just giving seats to outside directors

Nobuko Kobayashi co-leads the Japan consumer practice of global strategy consulting group EY-Parthenon.

Roland "Tiny" Rowland, the late British business tycoon famous for his failed attempt to take over Harrods department store in London in the 1980s, once compared independent board directors to "baubles on a Christmas tree" -- pretty to look at but useless.