The International Corporate Governance Network (ICGN) has welcomed the ongoing work on the Japanese Corporate Governance and Stewardship Codes. A panel of experts was established in September to encourage the adoption of the codes as well as further improving corporate governance of all listed companies in Japan.

Japan's Stewardship Code, was established and released in February 2014 while  Japan’s Corporate Governance Code, came into force in June 2015. the 'follow up' committee called for public comment  on issues to be discussed and reviewed in its meetings, as well on further improvement of corporate governance.

In its recent submission to the committee the ICGN  recommended a series of improvements for the code relating to:  the numbers of independent directors on boards; the need for  the further strengthening of the auditor function; shareholder voting and the translation of disclosure documents for non-resident investors.