Uploaded April 2026 | Updated September 2026, 2 weeks ago
About this UCL Centre for Ethics & Law webinar
Japan’s capital market has undergone dramatic structural changes in recent years. Institutional investors, particularly foreign ones, have been at the centre of these changes. In response to these changes, a series of ‘soft law market rules’ have been introduced since the 2014 Stewardship Code, significantly transforming the corporate governance of Japanese companies. For example, shareholder activism has surged, and since around 2020, Japan has ranked second in the world after the United States in terms of the number of activist interventions.
Against this backdrop, this paper examines the ‘substance’ of the ‘transformation of corporate governance’ in Japan, based on various data, and considers the role played by soft law market rules, particularly the Stewardship Code.
Japan’s Stewardship Code was revised again in June 2025. This paper outlines the key points of this revision, taking into account previous changes, and discusses the future outlook. It also compares the Japanese Stewardship Code with the UK Stewardship Code, clarifying the unique features of the Japanese code.
Furthermore, using the example of a Japanese company, this paper examines the circumstances in which it is possible to achieve both ‘social activities of companies’ and ‘enhancement of corporate value’ through engagement between investors and companies.
About the panel
The speaker: Hiroyuki Watanabe, Affiliate Academic at University College London (UCL) and a Professor of Law in Japan.
The discussants:
- Claire Altman, Director of Origination, Standard Life
- Professor Paul Davies, Emeritus Fellow, Jesus College, University of Oxford
- Professor Irene-marie Esser, University of Glasgow
- Dr Dionysia Katelouzou, Associate Professor (Reader in Corporate Law and Corporate Governance), King’s College London
Chair: Prof Iris H-Y Chiu, Professor of Corporate Law and Financial Regulation, UCL and Member of the Advisory Panel, Centre for Ethics and Law, UCL.
About this UCL Centre for Ethics & Law webinar
Japan’s capital market has undergone dramatic structural changes in recent years. Institutional investors, particularly foreign ones, have been at the centre of these changes. In response to these changes, a series of ‘soft law market rules’ have been introduced since the 2014 Stewardship Code, significantly transforming the corporate governance of Japanese companies. For example, shareholder activism has surged, and since around 2020, Japan has ranked second in the world after the United States in terms of the number of activist interventions.
Against this backdrop, this paper examines the ‘substance’ of the ‘transformation of corporate governance’ in Japan, based on various data, and considers the role played by soft law market rules, particularly the Stewardship Code.
Japan’s Stewardship Code was revised again in June 2025. This paper outlines the key points of this revision, taking into account previous changes, and discusses the future outlook. It also compares the Japanese Stewardship Code with the UK Stewardship Code, clarifying the unique features of the Japanese code.
Furthermore, using the example of a Japanese company, this paper examines the circumstances in which it is possible to achieve both ‘social activities of companies’ and ‘enhancement of corporate value’ through engagement between investors and companies.
About the panel
The speaker: Hiroyuki Watanabe, Affiliate Academic at University College London (UCL) and a Professor of Law in Japan.
The discussants:
- Claire Altman, Director of Origination, Standard Life
- Professor Paul Davies, Emeritus Fellow, Jesus College, University of Oxford
- Professor Irene-marie Esser, University of Glasgow
- Dr Dionysia Katelouzou, Associate Professor (Reader in Corporate Law and Corporate Governance), King’s College London
Chair: Prof Iris H-Y Chiu, Professor of Corporate Law and Financial Regulation, UCL and Member of the Advisory Panel, Centre for Ethics and Law, UCL.
