190121, Saint Petersburg,
Soyuza Pechatnikov str., 16
The Institute of Asian and African Studies was established in 2022 at HSE University-St Petersburg based on the Department of Asian and African Studies, the undergraduate and graduate programmes in the related field, as well as the Centre for Asian and African Studies. The Institute focuses on the development of professional education along with Asian and African studies as a field of scientific knowledge, aiming to preserve and enhance the achievements of the St Petersburg school of Oriental Studies.
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During the lecture, Dr. Adachi discussed the key characteristics of Japan’s corporate governance system and the structural challenges it has faced over recent decades. Particular attention was given to such features of the Japanese corporate model as lifetime employment, seniority-based wages, and cross-shareholding practices, which for many years limited shareholder influence and made it difficult to appoint independent outside directors.
Dr. Adachi also spoke in detail about the reforms launched in the mid-2010s. Students learned about the introduction of the Stewardship Code and the Corporate Governance Code, both aimed at increasing transparency, strengthening the role of independent directors, and promoting dialogue between companies and investors. The speaker further explained why return on equity (ROE) became one of the key indicators of reform effectiveness and how Japanese companies have gradually changed their approaches to capital allocation and shareholder relations.
Another important topic of discussion was the rise of shareholder activism, the gradual decline of cross-shareholding practices, and the promotion of gender diversity on corporate boards in Japan. Dr. Adachi noted that recent reforms increasingly focus not only on formal compliance, but also on improving the actual quality and effectiveness of corporate governance.
The lecture gave students a deeper understanding of the Japanese economic model, corporate governance mechanisms, and current trends in Japanese business development. The meeting concluded with a productive discussion, during which students had the opportunity to ask questions and exchange views on the future of corporate governance reforms in Japan.