The Board Director Training Institute of Japan

BDTI CEO, Proposer of  Japan's Governance Code, The Board Director Training Institute of Japan

Nicholas Benes

Mr. Benes is is the Representative Directors of The Board Director Training Institute of Japan. He received his B.A. in political science from Stanford University, and a JD-MBA degree from UCLA. He then worked at JP Morgan for 11 years and went on to lead a pathbreaking M&A advisory boutique in Japan, JTP Corporation.  He is an inactive member of the bar in California and New York. In the past, he served as a twice-elected Governor of the ACCJ, Chair of the ACCJ’s FDI Committee and FDI Task Force, and as a member of the Experts Committee of the Japan Investment Council, an advisory committee to the Japanese Cabinet on FDI policy. He has also served as an independent outside director at Alps Mapping, the listed company Cecile Ltd., Livedoor Holdings (post-scandal);  and Imagica Group (6879). He currently serves on the board of Advantest (8657)   In 2010, he was a member of the Financial Services Agency’s Corporate Governance Liaison Committee, which had been formed to provide private sector input to the Ministry of Justice and the Legal Affairs Advisory Council regarding amendment of Japan’s Company Law. In 2013, he proposed that the creation of a corporate governance code be included in the LDP’s growth strategy, to be implemented under the auspices of the FSA.  He then advised members of the diet and the FSA, with regard to the drafting process and the content of Japan’s first corporate governance code. He also later seeded a variety of other reforms, including inclusion of principles about diversity and corporate pension governance in the governance code.

BDTI CEO, Proposer of  Japan's Governance Code

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The Board Director Training Institute of Japan (BDTI), a non-profit Japanese “public interest” organization certified by the government, was established in 2009 by experts and opinion leaders active in academic and business circles. BDTI’s mission is to increase trust between corporations and the public, and facilitate the safe, sustainable and ethical development of the Japanese economy and Japanese companies, by improving corporate governance and accelerating the spread of effective management methods.  We believe that director training is the key to doing these things while also enhancing corporate value.

<p>True policy change takes a long time... particularly here in Japan.  But the flip side is that when reform finally does come to Japan, it may be implemented surprisingly quickly.  As this 17-year old article shows, many of the corporate governance reforms that Japan has put in place over the past five years were obvious for a long time, and were in fact proposed and discussed to some extent...but until a focus on fiscal pressures and national debt greater than 200% of GDP forced the government to focus on the need for productivity enhancement, not much happened until 2013-2014.  </p>

True policy change takes a long time... particularly here in Japan.  But the flip side is that when reform finally does come to Japan, it may be implemented surprisingly quickly.  As this 17-year old article shows, many of the corporate governance reforms that Japan has put in place over the past five years were obvious for a long time, and were in fact proposed and discussed to some extent...but until a focus on fiscal pressures and national debt greater than 200% of GDP forced the government to focus on the need for productivity enhancement, not much happened until 2013-2014.  

Ishares Currency Hedged Msci Japan ETF (HEWJ US)

”Japan’s Coming Shareholder Revolution” (Written in 2001 ! ) - Perspective from the Past

iShares MSCI Japan ETF

”Japan’s Coming Shareholder Revolution” (Written in 2001 ! ) - Perspective from the Past