10% of listed companies have no “Independent Officers”

In Japan, “Outside director” doesn not mean true outsiders.

According to company act in Japan, “outside director” includes the officer from the parent company.

Many practitioners have criticized the lack of independent of outside directors.

So, TSE desided to require that the listed companies have “independent” officers.

“Indepandent officer” is expected to be appointed ture independent outside directors and true outside auditors.

But the end of this March, 243 of TSE’s listed companies(10% of all listed companies) did not report their independent officers to TSE.