Japan Society of Boston
Cambridge Innovation Center, 20th Floor 
50 Milk Street, Boston, MA 02109 
*Please check-in with photo id at the reception desk 

Event Agenda 

12:00pm Lunch and networking 

12:25pm Presentation / Moderated Discussion 

1:30pm END (mingling afterward) 

Event Summary 
Ken Hokugo has a rare view of Japanese management practice and a cogent message for asset managers and those who monitor the details of Japan's economic vitality. Hokugo summarizes his message as follows: 

Japan's abysmal Return on Equity (ROE) was an important piece of evidence that Japanese management teams were working for customers, employees and suppliers but not shareholders.  By 2012, it was understood this underperformance was a governance problem. With the advent of "Abenomics," the Stewardship Code, JPX 400, the media has attempted to show change in Japanese governance in a positive light.  With the Nikkei on post Bubble record highs, expectations for change are growing, but structural problems remain in the areas of "Allegiant Shareholders" or Keiretsu cross holdings that shield management teams from shareholder oversight.  The role of the AGM and independent directors still have no teeth to protect shareholders.  For all the claims of change, is Japan Inc. still relevant? 

To engage our audience in this timely conversation with Ken Hokugo, Toby Rodes (Japan Analytics) will act as moderator. 

More about Ken Hokugo
Ken Hokugo is Director, Head of Corporate Governance at Pension Fund Association of Japan.  Prior to joining PFA, he worked at the Sumitomo Mitsui Banking Corporation’s (“SMBC” or “Sumitomo”) Tokyo Head Office, responsible for designing and implementing the strategy for its global asset management business.  From 2005 to 2010, he worked at Sumitomo’s New York Office, where he was assigned to lead and execute special projects by the management team in Tokyo, and various portfolio management initiatives being mindful of shareholders’ value as the CFO of Sumitomo’s Americas Division.  Mr. Hokugo received his Bachelor’s Degree in Economics from Keio University and MBA from Columbia Business School. He also is Director, Hedge Fund Investments at PFA, responsible for USD5bn Hedge Fund Portfolio. (Bio and image from the International Corporate Governance Network)

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