2026 Corporate Governance Code Revision Finalized
Overview
The Financial Services Agency and the Tokyo Stock Exchange finalized and published the 2026 revised Corporate Governance Code. Discussions on the revision began in October 2025 at an expert panel, and 147 individuals and organizations submitted comments on the draft. The published materials include the revised code, changes from the previous version, an explanation of the revision's purpose and outline, and the results of the public comment process with responses to the comments. They also include materials for executives and staff at listed companies and signatories to the Stewardship Code, as well as a collection of examples of initiatives to strengthen board effectiveness.
Key points
- The Financial Services Agency and the Tokyo Stock Exchange finalized and published the 2026 revised Corporate Governance Code.
- The title of Appendix 3 is "Revision of the Corporate Governance Code to Promote Growth Investment."
- References 1-1, 1-2, and 1-3 are titled "To Executives of Listed Companies," "To Staff of Listed Companies," and "To Signatories to the Stewardship Code," respectively.
- Reference 2, "2026 Casebook of Initiatives to Strengthen Board Effectiveness," was published.
Overview
The Financial Services Agency and the Tokyo Stock Exchange compiled and published the 2026 revised Corporate Governance Code. The revised code is presented in Appendix 1, and changes from the previous version are shown in Appendix 2, "Corporate Governance Code (2026 Revision) (Changes from the Previous Version)."
Discussions on the revision took place from October 2025 at the Expert Panel on the Revision of the Corporate Governance Code (Fiscal Year 2025).
Impact
Comments not directly related to the revision will be used as a reference in future policy planning.
Details
Comments on the draft revision were solicited from April 10 through May 15, 2026, and 147 individuals and organizations submitted comments. The revised version was finalized in light of the comments received.
The purpose of the revision is described in Appendix 3, "Revision of the Corporate Governance Code to Promote Growth Investment," and its outline is presented in Appendix 4, "Overview of the 2026 Revision of the Corporate Governance Code." The summary of public comment results is provided in Appendix 5, while Appendix 6 presents a summary of comments on the draft revision and the responses to them.
Reference 1-1 contains materials for executives of listed companies, Reference 1-2 for staff, and Reference 1-3 for signatories to the Stewardship Code. Reference 2, "2026 Casebook of Initiatives to Strengthen Board Effectiveness," which compiles examples of initiatives to strengthen board effectiveness, was also published.