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Mar 6, 2024 · Listed Companies (Code of Corporate Governance) Regulations, 2019 – Amended up to July 7, 2023: Download: 17/10/2019: Amendments to the Credit Rating Companies Regulation, 2016: Download: 17/10/2019: Clean Copy of Credit Rating Companies Regulations, 2016: Download: 23/10/2019: Amendments to the Futures Brokers (Licensing and Operations Corporate sustainability entails integrating environmental and social considerations into a company's business strategy and operations. , Corporate Governance Code: 1. 1 The issuance of the Code stemmed from the suspension of the National Code of Corporate Governance 2016 (the "2016 Code") by the Federal Government of Nigeria. 9. The FRC's review of the UK Corporate Governance Code was launched in April 2012. Memorandum Circulars. Jun 11, 2021 · Japan’s Corporate Governance Code In this Corporate Governance Code, “corporate governance” means a structure for transparent, fair, timely and decisive decision-making by companies, with due attention to the needs and perspectives of shareholders and also customers, employees and local communities. Market Intermediary Rules As well as our Code, we produce a range of publications to guide how companies operate. The Code of Corporate Governance applies to all listed companies in Singapore on a “comply or explain” basis. In this regard the SEC has approved Corporate Governance Rules and requirements for listed entities and market intermediaries. Code of Corporate Governance for the Telecommunication Industry Jan 22, 2024 · The UK Corporate Governance Code has been updated by the Financial Reporting Council (FRC) following consultation. The Code does this by defining best practices of corporate governance and specific steps that organisations can take to improve corporate governance. The first Code; Code of Best Practice on Matters Related to Financial Aspects of Corporate Governance, was issued in December 1997, and was subsequently updated in 2003, 2008 and 2013. • Undergraduates, i. Corporate Governance is a dynamic force that keeps evolving. SEC Issuances Menu. 1 Egyptian Corporate Governance Code The Egyptian Corporate Governance Code is considered a comprehensive and general framework of governance and its relevant issues. Governance Standards for Microfinance NGOs 4 November 2018. ” Datuk Syed Zaid Albar Executive Chairman, Securities Commission Malaysia Since the last revision in 2017, the Malaysian Code on Corporate Governance has been recently updated on 28 April 2021 (“MCCG 2021“). The new Code will apply to financial years beginning on or after 1 January 2025, apart from Provision 29, which will come in on 1 January 2026. 2 The MCCG reflects global principles and internationally recognised practices Jan 22, 2024 · These changes demonstrate the growing focus placed on risk management and internal controls as key pillars to good corporate governance, together with the important role boards are expected to play in monitoring and maintaining an appropriate internal controls framework within their organisations. G. Read to find out the key changes. The code comprises a set of principles and guidance aimed at improving and guiding the governance practices of organisations within Mauritius. It reconnects people and processes with purpose. Sep 20, 2017 · Good corporate governance (CG) is primarily the responsibility of every company, and both hard law and soft law should provide comprehensive corporate governance framework, thereby encouraging the introduction of high governance standards and best practices in the companies’ corporate governance system. Oct 31, 2023 · Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. Board of Directors. PART ONE: APPLICATION 1. [new] Nov 30, 2023 · The lack of a corporate governance code in Zimbabwe was one factor that contributed to the decline in governance standards that occurred in the country over the course of the past few years of The National Committee on Corporate Governance (NCCG) is pleased to present the Corporate Governance Scorecard for Mauritius (2021) (the ‘Scorecard’) and its User Guide to Corporate Mauritius. While corporate governance practices in the United Kingdom and the United States are similar in many respects, where there are differences, Canadian practice usually falls somewhere in between. The Charity Council developed the Code of Governance in 2007, to set out principles and best practices in key areas of governance and management that charities are encouraged to adopt. The Stewardship Code was revised in 2017 and the Corporate Governance Code was revised in 2018. In August 2018, the Monetary Authority of Singapore (MAS) issued the revised Code of Corporate Governance (2018 Code) and the Singapore Exchange (SGX) made consequent changes to the SGX Listing Rules. Issuers Aug 6, 2018 · The Code of Corporate Governance (the “Code”), which is applicable to listed companies in Singapore on a comply-or-explain basis, first came into effect on 1 January 2003. ” May 23, 2023 · In our latest podcast, our Director of Stake Holder Engagement and Corporate Affairs, Kate O'Neill, sits down with Executive Director of Regulatory Standards, Mark Babington, and our Head of Corporate Governance Maureen Beresford to discuss the recently launched consultation on revisions to the UK Corporate Governance Code. nccg. CG CODE 2018. Since then, the Corporate Governance Code has been revised in 2008, 2010, 2015 and 2019. , Bachelor’s Degree, or PhD in Corporate Governance • Advocates of Corporate Governance • Those interested in corporate governance OUTLINE • Introduction - definition of corporate governance (‘CG’) • The CG journey in Malaysia thus far • Key features of the MCCG (the “C. of sustainable enterprise. More > II. 8. Mugabe, President of the Republic of What do the Corporate Governance Rules require? The Corporate Governance Rules set out the minimum corporate governance standards required of a PJSC. 2014 – RE : Amendment to the revised Code of Corporate We would like to show you a description here but the site won’t allow us. The current Corporate Governance Code entered into force on 1 January 2020. 7kh /lvwhg &rpsdqlhv &rgh ri &rusrudwh *ryhuqdqfh 5hjxodwlrqv ,qwurgxfwlrq ,vvxdqfh ri wkh &rgh xqghu vhfwlrq ri wkh &rpsdqlhv The Code operates on a ‘Comply or Explain’ basis. Jan 2, 2020 · THE SECURITIES and Exchange Commission (SEC) has issued a new code of corporate governance for public companies and registered issuers, in line with its plan of adopting principles observed by the Organization for Economic Co-operation and Development (OECD). ” approach) Corporate Governance (hereinafter referred to as “NCCG 2018”) as the single Corporate Governance Code for the country. stock exchange. The Code aims to promote high levels of corporate governance in Singapore by putting forth Principles of good corporate governance and Provisions with which companies are Apr 1, 2023 · Under Rule 3. In the wake of financial crises that came to a head in 2008-09, the FRC decided to bring forward the review and the Code was renamed the UK Corporate Governance Code. 24 s. NCCG 2018 replaced all sectoral codes in Nigeria including the extant Code of Corporate Governance for Banks and Discount Houses in Nigeria issued by the Central Bank of Nigeria (CBN) in May 2014. Initially focused on corporate governance, IFC expanded its offering to ESG codes and scorecards to respond to the growing interest and demand related to Jul 15, 2024 · 1. The full text of the consultation paper, revisions to the UK Corporate Governance Code and Guidance on Audit Committees and the draft revised UK Corporate Governance Code are available to download from the FRC website. (1) Governance is set of regulations that direct and organise the work of the corporate in that: a- It describes and allocates rights and obligations of different parties on the level of the corporate such as the board of directors, executive management, employees, shareholders, stakeholders and others as applicable. The code was informed by the need to respond to the changing business environment coupled with the desire to align Kenyan local standards to global best practice to promote institutional strengthening for listed companies. We have analysed the requirements of the new Guidelines and identified key changes (not exhaustive). The Code aims to [1] establish standards of good governance for businesses, [2] join other countries that have adopted similar codes, and [3] complement existing corporate governance legislation. Objective of this Code This Code aims to provide a binding and optimum framework for corporate governance in public stock companies vis-à-vis their direction, organization and supervision, through a series of specific and defined policies, processes and procedures. Nigeria recently released the Nigerian Code of Corporate Governance (‘the Code”) on January 15, 2019. mu. A survey in 2014 identified that all respondents from public interest entities had used the Code in their accounting and auditing activities, and four out of every five Aug 10, 2018 · The stakes in the practice of corporate governance in Cameroon: the case ETIP (work company industrial and port) The importance of enterprise failures observed in Cameroon these recent years UK plc has been preparing for the new corporate governance code since it was published by the Financial Reporting Council in July 2018, following extensive consultation. The 2021 update focused on, among others, board policies and practices on the selection and nomination processes/criteria for directors, and Dec 10, 2021 · The Exchange also publishes a new set of guidance (Corporate Governance Guide for Boards and Directors) to assist issuers’ compliance with the new requirements. 1, NZX has a set of principles and recommendations, the NZX Corporate Governance Code (the NZX Code), that all Main Board listed companies must report against. It fosters sound governance and decision-making and helps investors better understand a company's long-term risks and opportunities. New ‘look and feel’ to the King IV Report™ and King IV Code™. S. e. Companies do not have to comply with the Code but they \൭ust state in their annual corporate governance reports whether they comply with the Code provisions, identify any area of non-c對ompliance, and explain the reasons for non-compliance. Bangladesh Code of Corporate Governance (2004) explains this well: ‘The obvious function of a Code of Corporate Governance… is to improve the general quality of corporate governance practices. Key findings and recommendations from the Review include: Corporate culture – All Sample Issuers reported compliance with the new code provision (CP) on corporate culture. 6 days ago · Corporate governance is the system by which companies are directed and controlled. In the first article, we recap the key changes introduced and highlight the application dates of the 2018 Code and the amended SGX Listing Rules. Jan 15, 2019 · Corporate Governance is a key driver of corporate accountability and business prosperity. ZIMBABWE NATIONAL CODE OF CORPORATE GOVERNANCE EXECUTIVE SUMMARY 1. Members of the CG Council — 1. companies) with securities listed on a U. The OECD aims to promote regulatory frameworks and company practices that foster corporate sustainability. 9 s. Jun 11, 2021 · Jointly operated by the Financial Services Agency and TSE, the Council made proposals to revise the Code in order to advance governance reform. Further CA Sri Lanka has issued revised Code of Best Practice on Corporate Governance 2023. King IV is intended to apply to any organisation that has a governing body, extending its potential scope further than the boards of incorporated companies to include, for instance, trustees Of particular import in this regard is the recently published Nigeria Code of Corporate Governance 2018 (NCCG Code). Philosophical underpinnings in King III retained but refined in King IV™. 2019 – Code of Corporate Governance for Public Companies and Registered Issuers 19 December 2019. Post Views: 31,450. Foreword 2. O 1013(I)/2022 – Amendments to the Code of Corporate The Board of SEC therefore believes that this new code of corporate governance will ensure the highest standards of transparency, accountability and good corporate governance, without unduly inhibiting enterprise and innovation. ” (UK Combined Code 2010) “Corporate governance is about promoting corporate fairness, transparency and Accountability. First published in October 2003, the Code of Corporate Governance for Mauritius (the Code) is held in high regard by both the national and the international business community. This 2021 […] We would like to show you a description here but the site won’t allow us. In a significant move towards enhancing the efficiency and transparency of the insurance sector, nine leading insurance companies have signed a Memorandum of Understanding (MoU) with the Central Depository Company (CDC) under the regulatory guidance of the Securities and Exchange Commission of Pakistan Apr 28, 2021 · The Securities Commission Malaysia (SC) today issued an update of the Malaysian Code on Corporate Governance (MCCG), which sees the introduction of new best practices and further guidance to strengthen the corporate governance culture of listed companies. Good governance is increasingly an important criterion for the public and charity stakeholders to decide whether to donate or volunteer their services to a charity. The Code highlights key principles that seeks to institutionalise corporate governance best practices in Nigerian companies. The German Corporate Governance Code (the “Code”) contains principles, recommendations and suggestions for the Management Board and the Supervisory Board that are intended to ensure that the company is managed in its best interests. M. A shorter timeframe signifies the board’s commitment to adopt good corporate governance practices and duration of 3 years or less are considered as a reasonable period. Code of Corporate Governance for the Telecommunication Industry The MCCG reflects globally accepted principles practices of corporate governance which are above and beyond the minimum required by statute, regulations or those prescribed by Bursa Malaysia. CODE ON CORPORATE GOVERNANCE 2 2. Jul 24, 2013 · Insurance Companies, CDC ink MoU to establish Pakistan’s first Auto Insurance Repository. The circular letter focuses on the eight codes of corporate governance principles and … FSC Circular Letter- National Feb 6, 2019 · The Nigerian Code of Corporate Governance (the "Code") was issued in 2018 by the Financial Reporting Council of Nigeria (the "FRCN") pursuant to Sections 11(c) and 41(c) of the Financial Reporting Council of Nigeria Act, 2011. KPMG recognises that good corporate governance is a key driver in the establishment . It codified the principles and best practices of good governance and described optimal corporate governance structures and internal processes. Corporate Governance Listing Rules. The new and enhanced best practices introduced, amongst other things, greater alignment of corporate governance with today’s realities. Companies which report against the UK Corporate Governance Code or the Association of Investment Companies Code of Corporate Governance are deemed to meet this Code. B. Dec 19, 2019 · MC No. [new] Additionally, members can hold the board accountable and seek explanation if the above are not met. The 2003 update to the Combined Code to include the recommendations of the Higgs Report and the Smith Report was followed by the 2010 review. Comprehensive disclosure should 1 A summary of the UK Government’s August 2017 proposals to reform corporate governance can be found in The long and winding road to corporate governance reform. The constitutional documents of the relevant PJSC may impose higher standards. Canada's system of corporate governance is derived from the British common law model and strongly influenced by developments in the United States. ‘Corporate governance’, for purposes of King IV™, has now been defined. The terms of the recently updated Corporate Governance Code3 are dealt with elsewhere in this publication,4 and it is not proposed that those terms be restated here. 2. And this, four years after the launch of the National Code of Corporate Governance for Mauritius (2016) (the ‘Code’). Following the Feb 28, 2018 · In order to improve corporate governance, the Securities and Exchange Commission ("SEC"), in September 2008, inaugurated a National Committee chaired by Mr. The Code has since been reviewed three times, leading to the current version King IV Report on Corporate Governance for South Africa 2016 (‘King IV’). RE. This approach combines voluntary compliance with mandatory disclosure. The sectoral codes are: 1. Jan 29, 2024 · 2It is for individual boards to decide on the governance arrangements most appropriate to their company’s circumstances, applying the Principles of The UK Corporate Governance Code (the Code) and complying, or when appropriate, explaining against the Provisions. These documents come from various sources: some have originated from other publicly accessible websites; others have been submitted by their issuing Oct 14, 2019 · The Code replaced the Guidelines on Corporate Governance Practices by Public Listed Companies in Kenya, 2002. It covers topics like the roles and responsibilities of boards, shareholders, and Provided, however, that these conditions or Code are imposed on ‘comply’ basis; the companies listed with any stock exchange in Bangladesh shall comply with these conditions or Code in accordance with the condition No. Dec 13, 2021 · The updated CG Guide is aimed at ensuring that our PLCs have comprehensive and practical guidance in terms of adhering to the various recommended Practices under the Malaysian Code on Corporate Governance (“MCCG”) issued by the Securities Commission Malaysia on 28 April 2021 and enhanced CG disclosure requirements in the Listing Requirements. Since 2005, IFC has worked with regulators, stock exchanges, and other stakeholders to develop, implement and assess ESG codes and scorecards. recognising that one approach does not necessarily suit all companies. CORPORATE GOVERNANCE CODE INTRODUCTION This Corporate Governance Code sets out: (a) the mandatory requirements for disclosure in an issuer’s Corporate Governance Report; and (b) the principles of good corporate governance, the code provisions on a “comply or explain” basis and certain recommended best practices. Oct 4, 2023 · The UK Corporate Governance Code. 19 s. The aim of this contribution is to broaden understanding on the role of codes of good (OECD Principles of Corporate Governance, 2nd Edition, 2004) “The purpose of corporate governance is to facilitate effective, entrepreneurial and prudent management that can deliver the long-term success of the company. 2018 UK Corporate Governance Code and new legislation Latest governance developments impacting UK premium listed companies July 2018 Through this website, ECGI makes available the full texts of corporate governance codes, principles of corporate governance and corporate governance reforms both in Europe and elsewhere. INTRODUCTION. Corporate Governance Requirements. Jul 15, 2024 · The report on corporate governance in a company’s annual report must include, inter alia: a brief statement of the company’s code of governance; the Board, including details of Board committees like the audit committee and nomination and remuneration committee; the remuneration of directors; general shareholder information; and means of This document provides an executive summary and overview of Zimbabwe's proposed National Code of Corporate Governance. Whilst the Code is limited to public companies, the Commission would like to encourage other All other companies will apply the new QCA Code (2023) as follows: A 31 March 2024 financial year end will apply the new QCA Code (2023) for their new financial year from 1 April 2024 to 31 March 2025, with their updated governance disclosures in their annual report being published within 6 months of 31 March 2025. A cogent explanation can improve transparency of governance arrangements and Nov 17, 2023 · It focuses, in particular, on compliance with the new requirements introduced to the Corporate Governance Code in 2022 (2022 Update). The MCCG was reviewed in 2007, 2012, 2017 and 2021 to ensure that it remains relevant and supports the inculcation of good corporate governance culture The Malaysian Code on Corporate Governance (Code), first issued in March 2000, marked a significant milestone in corporate governance reform in Malaysia. Governance is about manage- ment and control, about responsibility and in uence, and about supervision and accountability. The Code does not cover entities licensed under the above Laws which are Guernsey branches of foreign domiciled companies or which are partnerships. 2016 – Code of Corporate Governance for Publicly-Listed Companies 1 December 2016. Implementation Schedule (CG Code 2012) Download: 01/07/2014: Code of Corporate Governance 2012 Amended July 2014: Download: 06/12/2017: FAQs for CCG Regulations 2017: Download: 06/12/2017: Listed Companies (Code of Corporate Governance) Regulations, 2017: Download: 19/01/2018: List of approved Director Training Programs: Download: 02/02/2018 management and supervision of an enterprise. This Corporate Governance Code Code of Corporate Governance for Insurers, 2016 (updated as of April 1, 2020) Download: 05/08/2022: S. Mahmoud for the Review of the 2003 Code of Corporate Governance for Public Companies in Nigeria to address its weaknesses and to improve the mechanism for its enforceability. Please note the change in the title of the Code Publications from the "Corporate Governance Code" to the "Corporate Governance Requirements" does not affect the substance or legal basis of the underlying document. Oct 23, 2021 · In April 2021, the Securities Commission Malaysia (SC) issued the fifth iteration of the Malaysian Code on Corporate Governance (MCCG). The Conditions, i. 9 The Egyptian Corporate Governance Code Third Release Chapter One General Framework of Corporate Governance 1. To provide practical insight for companies and their advisers, we run a series of workshops that explore different elements of corporate governance, as well as publishing news and insights in this area. With the effective date looming – accounting periods beginning on or after 1 January 2019 – now is a good time to look at what the changes will mean. It takes into account that an alternative to complying with a Provision may be beneficial or necessary for the company in particular circumstances based on a range of factors, including the size, complexity, geography, and ownership structure of a company. The overarching purpose of the NZX Code is to promote good corporate governance, recognising that boards are in place to protect the interests of shareholders and to The Roles of Independent Directors in Promoting Best Corporate Governance Practices Crisis Management (II): The Role of the Management The Society for Corporate Governance Nigeria (SCGN) is a registered not-for-profit organization committed to the development of corporate governance and best practices in Nigeria. 1 What are the main corporate entities to be discussed? This discussion focuses on publicly traded corporations incorporated under the laws of a state within the United States of America (for example, Delaware, the most common state of incorporation for U. CORPORATE GOVERNANCE CODE FOR LISTED COMPANIES 2020 PREAMBLE In the exercise of the powers conferred by Section 209 of the Securities Industry Act 2016 (Act 929), this Code is issued by the Securities and Exchange Commission on this 8th day of October 2020. The consultation period closed on 13 July 2012. This is the (OECD Principles of Corporate Governance, 2nd Edition, 2004) “The purpose of corporate governance is to facilitate effective, entrepreneurial and prudent management that can deliver the long-term success of the company. An important basis or feature of the Corporate Governance Code is the comply or explain approach to compliance. Sadly, whatever governance relief that the emergence of the NCCG brought was short-lived, as it was Feb 9, 2024 · IN NOVEMBER 2023, then-Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon announced that MAS will be assessing the merit of introducing a new provision in Singapore’s Code of Corporate Governance (Code) to promote good corporate culture. be the pioneer in introducing Corporate Governance to Sri Lanka. Nov 5, 2021 · The Financial Services Commission (“FSC”) has issued a circular letter on the 28 October 2021 to inform licensees of their obligations with respect to the second edition of the National Code of Corporate Governance issued by the National Committee on Corporate Governance. The new guide is intended to stimulate the board’s thinking on how they can carry out their role most effectively, and should be read alongside with the amended CG Code. The Code highlights the obligation of Management Boards and Feb 9, 2017 · <p>Focusing on the governance of listed companies, the Dutch Corporate Governance Code (referred to below as the Code) provides guidance for e ective cooperation and management. R. The last revision of these Rules and requirements were made in 2023. The shareholders and the general assembly; The New Rules provide certain protections and rules relating to a PJSC’s Japan’s Corporate Governance Code [Final Proposal] In this Corporate Governance Code, “corporate governance” means a structure for transparent, fair, timely and decisive decision-making by companies, with due attention to the needs and perspectives of shareholders and also customers, employees and local communities. This Code introduces 12 new Practices (including one step-up), 8 updated Practices, and 8 updated Guidance and seeks to raise the bar on corporate governance amongst listed corporations. set out best practice in corporate governance for entities falling within the MFSA’s regulatory remit; enhance governance structures, improve relations, and strengthen trust with stakeholders; 1 The Financial Aspects of Corporate Governance (The Cadbury Report), December 1992, available online at: Apr 14, 2016 · The National Committee for Corporate Governance (NCCG), which was established in September 2001 has been mandated to promote principles of good corporate governance (accountability, transparency, responsibility, fair treatment, meritocracy, management disciplines, and fight against corruption) amongst public and private sector organisations. Japan's Corporate Governance Code (the "Code") was compiled in 2015 and revised in 2018, and the Guidelines for Investor and Company Engagement (the "Guidelines") were compiled in 2018. 1 The Malaysian Code on Corporate Governance (MCCG) introduced in 2000 has been a significant tool for corporate governance reform, and has influenced corporate governance practices of companies positively. . ” Responsibility for maintaining the Corporate Governance Code was transferred to the Securities Market Association when the association was founded in 2006. 2019 – Code of Corporate Governance for Public Companies and Registered Issuers. A. corporate governance regime applicable across board, the Financial Reporting Council of Nigeria (“FRCN”) released the National Code of Corporate Governance 2016 (the “NCCG”). Zimbabwe will, for the first time, have a National Code of Corporate Governance if this draft code is adopted and will join 150 other countries which have similar national codes. The NCCG Code was published by the FRCN on 15 January 2019, and seeks to promote public awareness of essential corporate values and ethical practices by recommending practices and principles that affected companies are to adhere to. The Foreword to the Code is by His Excellency, R. The second roundtable was held on March 29, 2012, in New York City. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the company, such as, the board of directors, management, shareholders and other stakeholders and spells out the rules and procedures for making decisions in corporate affairs. Apr 15, 2016 · The new Code of Corporate Governance for Mauritius has been published on the National Corporate Governance Committee website at www. How does the Code work? corporate governance codes on company performance; inves - tor attitudes toward codes of corporate governance; and the role of codes of corporate governance in markets. Mar 1, 2024 · “There is a strong need for good corporate governance and board leadership, especially as companies navigate the prolonged post-pandemic recovery period. Corporate governance essentially involves balancing the interests of a company's See other conduct of business rules, including Consumer Protection Codes. Malaysian Code on Corporate Governance Best practices of corporate governance on board leadership & effectiveness, effective audit and risk management and relationship with stakeholders The SC works closely with the Corporate Governance Council to promote good corporate governance practices in the capital market. Aug 1, 2023 · On 13 July 2023, the Central Bank of Nigeria (CBN) issued the Corporate Governance Guidelines, this document seeks to enhance the previously issued Codes and Guidelines such as 2014 CBN Code of Corporate Governance for Banks and Discount Houses. By Year; Jan 22, 2024 · Commenting on the new Code, the FRC’s CEO Richard Moriarty said: “A global reputation for high standards of corporate governance is a competitive advantage for UK plc and our revised Code helps this by enhancing transparency on internal controls, but in a way that is proportionate and minimises reporting burdens on businesses. Topics for discussion at the second roundtable in-cluded lessons learned from Europe; corporate board and in- issued Codes and Guidelines such as 2014 CBN Code of Corporate Governance for Banks and Discount Houses as well as harmonise specific requirements in the Nigerian Code of Corporate Governance with practices unique to the banking industry. Application Nov 24, 2021 · [new] Adopt the departed practices within reasonable period. IFC has long recognized the importance of codes and scorecards for private sector development. In response to challenges in their respective sectors, a number of industry regulators developed corporate governance codes for companies operating in their sectors. 1. The Corporate Governance Code was established in 2015 by the Tokyo Stock Exchange based on discussions by a council of experts, for which the Financial Services Agency and the Tokyo Stock Exchange serve as the joint secretariat. MC No. ii zj tk ja te sj ty oi mq hg