Opinion Concerning the Mandatory Appointment of Outside Directors
August 24, 2017
Japan Federation of Bar Associations
The Japan Federation of Bar Associations (JFBA) prepared its “Opinion Concerning the Mandatory Appointment of Outside Directors” (the “Opinion”) on August 24, 2017, and submitted it to the Minister of Justice on August 25, 2017.
Related opinion by the JFBA:
Summary of the Opinion
It is the JFBA’s opinion that a Company with Board of Company Auditors (limited to a Public Company and a Large Company) and which is required to submit a securities report to the Prime Minister with respect to shares that the Company issues pursuant to the provision of Article 24(1) of the Financial Instruments and Exchange Act, should be obliged to appoint at least one outside director.