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Opinion

Japan's stewardship framework for investors needs urgent reform

Current rules hinder mainstream institutions from acting as better stewards

| Japan
Japan's Financial Services Agency chopped off with one hand many of the "engagement" benefits that its stewardship policy hand had just promised.   © Reuters

Nicholas Benes is chief executive of the Board Director Training Institute of Japan.

When Japan was drafting its first stewardship code for investors in 2013, I proposed that it also set forth a corporate governance code, which was then drafted the following year.

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