METI abandoned obligating outside directors

  May 26, Ministry of Economy, Trade and Industry abandoned obligating the outside director's installation to the listed company.

In Japan,according to Companies Act, Company with Committees, which means american governnance model company, is obliged to have outside directors.

But majority of Japanese companies are not Company with Committees. For them, it is optional to have outside directors.

METI considered to obligating  all listed companies to have outside directors  for years. But Japan Business Federation is opposed. They say the effects of introduction is unknown.So, METI abandoned finally.