ICGN PRESS RELEASE

Embargoed until: 27 January 2014

Corporate Engages with Global Investors

on an unprecedented scale at ICGN gathering

Chairmen and executive directors from some of Japan’s largest companies will meet with global investors at the ICGN Tokyo conference in March. Over a dozen companies are represented with chairmen and executives from , Mitsubishi, , HOYA, ,

OMRON, Olympus, , Takeda Pharmaceutical and Nippon Sheet .

They are joined by global investors including: Aberdeen AM, Amundi, APG AM, BlackRock,

CalPERS, Governance for Owners, Hermes, Legal & General, Railpen, TIAA-CREF. Major local Japanese investors will also join including AM and Sumitomo

Trust.

Michelle Edkins, ICGN Chairman and Managing Director, Global Head of Corporate

Governance and Responsible Investment, BlackRock said: “We are delighted to return to

Tokyo at this time of impressive corporate governance reform. The strong local support and representation from the Japanese corporate community provides a rare opportunity for meaningful dialogue on corporate governance with the global investment community. We should use this occasion to continue to strengthen relationships between companies and investors in our mutual interests to achieve enhanced and sustained economic performance.”

In an effort to demonstrate real progress in Japanese corporate governance practice, the meeting is supported by the highest authorities including the Japan Exchange Group and as hosts and endorsement from the Financial Services Authority. Mr

Akira Kiyota, President & CEO of the Tokyo Stock Exchange, will present a keynote address together with the Chairman of the Keizai Doyukai, Mr Yasuchika Hasegawa who is also

President & CEO of the Takeda Pharmaceutical Company.

Atsushi Saito, Director & Representative Executive Officer, Group CEO, Japan Exchange

Group, Inc., hosts of the high-level meeting, commented: “It is a great honor to host this conference in Tokyo. Corporate governance is essential to creation of corporate value. We would like to take this important opportunity to share the achievements in this area and to discuss how we can further improve corporate governance. We believe that the conference will contribute to confidence of both investors and companies by providing a venue for constructive dialogue.”

It has been over a decade since the last ICGN meeting in Tokyo and the theme for the 2014 meeting is ‘Building a common language: a new era for company and shareholder dialogue’.

It follows a number of significant governance reform initiatives taking place in Japan including Tokyo Stock Exchange’s effort to promote independent board members and the development of “Principles for Responsible Institutional Investors” led by the FSA.

The meeting concludes with a joint ICGN-RI session focused on the long term sustainability of capital markets. The UK’s John Kay joins his Japanese counterparts in a showcase closing session which will focus on the METI initiative into sustainable growth and company and investor dialogue.

The meeting will draw over 200 of the world’s most influential investors to Japan, including

ICGN members representing assets under management in excess of US $18 trillion. It will take place on 3 March at the Royal Park Hotel, followed by a series of company and investor meetings on 4 March at the Tokyo Stock Exchange. To find out more visit www.icgn.org

ENDS

EDITORS’ NOTES

Contacts

Yoshiko Takayama, Managing Director, J-Eurus IR & ICGN Board Member E: [email protected] T: +81368608373

Kerrie Waring, Managing Director, ICGN: E: [email protected] T: +442076127079 M: +447815150525

About ICGN

An investor-led organisation of governance professionals, ICGN's mission is to inspire and promote effective standards of corporate governance to advance efficient markets and economies world-wide. We do this through three core activities:

 Influencing policy by providing a reliable source of practical knowledge and experiences on corporate governance issues, thereby contributing to a sound regulatory framework and a mutual understanding of interests between market participants;

 Connecting peers and facilitating cross-border communication among a broad constituency of market participants at international conferences and events, virtual networking and through other media; and

 Informing dialogue amongst corporate governance professionals through the publication of policies and principles, exchange of knowledge and advancement of education world-wide

For more information on ICGN activities, please visit www.icgn.org

Tokyo conference agenda

Monday 3 March – Conference – Royal Park Hotel

07:30 – 08:45 CAQ-ICGN Breakfast

09:00 – 09:10 Conference Welcome Michelle Edkins, Managing Director, Blackrock & Chairman of ICGN Yoshiko Takayama, Managing Director, J-Eurus IR & ICGN Board Member, Japan

09:10 – 09:30 Opening Keynote Address Yasuchika Hasegawa, Chairman, Keizai Doyukai, President & CEO, Takeda Pharmaceutical Company, Japan

09:30 – 10:30 Plenary 1: Corporate governance reform and revitalisation in Japan The Abe administration is prioritising corporate governance reform as one of the key measures in Japan’s Revitalization Strategy. What are the major initiatives driving this forward? How will this affect corporate sustainability and future economic growth? What are the likely challenges to achieving success and priorities for practical action?

Opening remarks: Masaki Shizuka, Managing Director, Tokyo Stock Exchange, Japan

Jamie Allen, Founding Secretary General, Asian Corporate Governance Association, Hong Kong Scott Callon, CEO & Partner, Ichigo Asset Management, Ltd., Japan Moriyuki Iwanaga, Senior Executive Officer & CFO, Japan Exchange Group, Japan Moderator: Masaki Shizuka, Managing Director, Tokyo Stock Exchange, Japan

10:30 – 11:00 Refreshments

11:00 – 12:00 Plenary 2: Investor stewardship codes: from aspiration to adoption Designed to enhance the quality of engagement between investors and companies, stewardship codes aim to protect long term corporate sustainability. What are the challenges to developing an effective code for practical adaption? Do code signatories really put into practice what they preach? Which of the principles are most difficult to apply in practice and how can this be overcome?

Opening remarks: Motoyuki Yufu, Director, Corporate Accounting and Disclosure Division Planning and Coordination Bureau Financial Service Agency Japanese Government, Japan Frank Curtiss, Head of Corporate Governance, Railpen, UK Claudia Kruse, Managing Director Sustainability & Governance, APG, The Netherlands Akiyoshi Oba, President & CEO, Tokio Marine Asset Management, Japan Moderator: Peter Montagnon, Associate Director, Institute of Business Ethics, UK

12:00 – 13:00 Plenary 3: Corporate reporting: confusion or consensus There is a global trend towards better disclosure from companies around environmental (E) and social (S)factors driven by Europe and other market-led initiatives. This is coupled with integrated reporting efforts to demonstrate value creation through a broad spectrum of factors to ensure sustainable business practice over the long term. How are investors building a corresponding capacity to value ESG information provided by companies? What are the practical challenges and opportunities that this presents?

Satoshi Ando, Executive Officer, Investor Relations Headquarters, OMRON Corporation, Japan Takayuki Sumita, Director-General, Natural Resources & Fuel Dept., Agency for Natural Resources & Energy, Ministry for Energy Trade & Industry, Japan Seiji Kawazoe, Associate General Manager, Fiduciary Business Planning Department, Sumitomo Mitsui Trust Bank, Limited, Japan William McGrew, Portfolio Manager, CalPERS, USA Moderator: Yoshiko Shibasaka, Associate Partner, KPMG, Japan

13:00 – 14:00 Lunch Teruo Asada, Chairman, Marubeni, Japan

14:00 – 15:00 Plenary 4: Independent directors in Asia: challenges and priorities Asia is richly diverse in companies with family, state, conglomerate-linked and widely- dispersed ownership structures. How does this impact on the values of independent directors and their individual effectiveness in sharing their expertise? And how do they perceive their accountability to minority investors in the presence of majority control?

Adrian Chan, Vice Chairman, Institute of Directors, Singapore David Fu, Company Secretary, Swire, Hong Kong Sumitaka Fujita, Chairman, Japan Association for CFO’s, Independent Outside Director of , Co., Ltd. and Furukawa Electric Co. Ltd., Japan Meryam Omi, Environmental, Social and Governance Manager, Legal and General, UK Moderator: David Smith, Head of Corporate Governance, Aberdeen Asset Management Asia Ltd., Singapore

15:00 – 15:40 Breakout 1: Corporate governance risk in China - Michael Cheng, Research Director, China and Hong Kong, Asian Corporate Governance Association, Hong Kong

Basic rules on disclosure, more investor protection and tougher regulatory enforcement—China has enacted numerous reforms over the past decade to establish systems of governance for listed companies. Yet, despite the ongoing efforts to create a modern capital market, the country carries some of the highest CG-related risks for investors in Asia. What are the key problems that foreign portfolio investors should be aware of when investing in mainland state and private firms? What will be the ramifications of the new Xi Jinping leadership for capital market development in China?

Breakout 2: Financial reporting and auditing in India – Shri Sundaresan, Corporate Finance Department, Securities & Exchange Board of India Although India has decided not to fully adopt IFRS, the country’s regulators continue to work at strengthening financial reporting and auditing. These include recent proposals to significantly change how listed companies would report their financial results, with more mandatory disclosure items. How much real financial transparency will such measures promote? What else must regulators and listed Indian companies do to boost investor confidence? 15:40 – 16:10 Refreshments

16:10 – 17:30 Plenary 5: Improving co-operation between local and global investors Cross-border collaboration between investors can help strengthen shareholder influence on critical governance concerns in investee companies. Do investors have the appetite or resources to commit to collective engagement? To what extent does regulation help or hinder the process? What are the obstacles to cross-border collaborative engagement and how can this be overcome?

Jon Feigelson, SMD, General Counsel and Head of Corporate Governance, TIAA- CREF, USA Gordon Hagart, CEO, Australian Council of Superannuation Investors, Australia Hiromitsu Kamata, Lead Fund Manager of Japanese Equity Japan Target Fund, Amundi Japan Karin Ri, Associate Director, Asia and Emerging Markets, Hermes, UK Moderator: Toshiaki Oguchi, Representative Director, Governance for Owners, Japan

17:30 – 17:45 Closing Keynote Address Akira Kiyota, President & CEO, Tokyo Stock Exchange, Japan

17.45 18.00 Conference Summary Michelle Edkins, Managing Director, Blackrock & Chairman of ICGN

19:00 – 21:00 Conference Dinner Takashi Kawamura, Chairman of the Board, Hitachi, Ltd., Japan

Tuesday 4 March – Connection Day – Tokyo Stock Exchange – Buses depart Royal Park Hotel at 9am

09:30– 09:40 Connection Day Welcome - Kerrie Waring, Managing Director, ICGN

09:40 – 10:20 Yorihiko Kojima, Chairman of the Board, , Japan Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC’s current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 Offices & Subsidiaries in approximately 90 countries worldwide and a network of over 600 group companies, MC employs a multinational workforce of over 65,000 people.

10:30 – 11:10 Masaru Kato, Director, Representative Corporate Executive Officer, EVP & CFO, Sony Corporation Japan Sony Corporation is a leading manufacturer of audio, video, game, communications, key device and information technology products for the consumer and professional markets. With its music, pictures, computer entertainment and online businesses, as well as its financial businesses, Sony is uniquely positioned as one of the leading electronics and entertainment companies in the world. Sony recorded consolidated annual sales of approximately $72 billion for the fiscal year ended March 31, 2013.

11:10 – 11:30 Refreshments

11:30 – 12:10 Hiroshi , President and CEO, HOYA, Japan Since its establishment in 1941 as a specialty manufacturer of optical glass, HOYA has diversified its business portfolio from electronics to health care and medical based on its advanced optics technologies. With 35,000 employees in more than 100 subsidiaries worldwide, HOYA provides indispensable products to improve people´s everyday life including eyeglasses, medical endoscopes, intraocular lenses as well as key components for the semiconductor devices, LCD panels, HDDs and imaging products.

12:10 – 12:20 Connection Day Summary - Yoshiko Takayama, Managing Director, J-Eurus IR and ICGN Board Member, Japan

12:20 – 13.00 Lunch

13.00 – 14.30 Joint ICGN-RI Panel Competitiveness and Incentives for Sustainable Growth: Building Favourable Relationships between Companies and Investors

Introduction: Takuya Fukumoto, Director, Corporate Accounting, Disclosure, & CSR Policy Office, METI, Japan

John Kay, Chairman, The Kay Review, UK Moderator: Peter Montagnon, Associate Director, Institute of Business Ethics, UK