* * * * * * * * * T E R R I E 'S T A K E * * * * * * *<br>A weekly roundup of news & information from Terrie Lloyd.<br>(<a href="http://www.terrie.com">http://www.terrie.com</a>)<br><br>General Edition Sunday, February 27, 2011, Issue No. 603<br>
<br>+++ INDEX<br><br>- What's New -- Increasing external directors at public companies<br>- News -- Cheap web English lessons with Philippines<br>- Candidate Roundup/Vacancies<br>- Upcoming Events<br>- Corrections/Feedback<br>
- News Credits<br><br>SUBSCRIBE to, UNSUBSCRIBE from Terrie's Take at:<br><a href="http://mailman.japaninc.com/mailman/listinfo/terrie">http://mailman.japaninc.com/mailman/listinfo/terrie</a><br><br>BACK ISSUES<br><a href="http://www.japaninc.com/terries_take">http://www.japaninc.com/terries_take</a>, or,<br>
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<br>----------- PBXL is BUSINESS COMMUNICATIONS ------------<br><br><br>+++ WHAT'S NEW<br><br>In the Nikkei last week was a short round-table article <br>between newspaper reporters speculating if activist funds <br>were a thing of the past in Japan. We were surprised to see<br>
a comment in the article that Steel Partners, frequently in<br>the news over the last five years for its various jousts <br>with Sapporo Holdings (the beer company) and other firms, <br>is said to be looking to pull out of Japan. Apparently the <br>
company is down to just four people, less than half the <br>original crew when the fund was working hard to extract <br>more value out of its target shareholdings.<br><br>Activist funds come in all shapes and sizes but the basic <br>
idea is that instead of buying and holding shares, and <br>hoping that the target company management will do the right<br>thing and pay out good returns, the funds make sure that <br>their voice is heard and push the companies to look after <br>
the shareholders, or else... Generally that "or else" would<br>mean votes against the re-election of the board of <br>directors and the loading of nomination slates with new <br>directors who are more shareholder friendly. <br>
<br>It's hard to say if activist funds are a good thing or not.<br>From the point of view of free markets and the right for <br>shareholders to expect strong returns, they certainly do <br>bring benefits to fellow shareholders, such as retirees, <br>
who are hoping to make a living from returns on their <br>holdings. But at the same time, is it the fund or the <br>management who should have final say over just how much <br>cash is kept in the company war chest to see it over hard <br>
times or to be ready for an M&A fight at some point, versus<br>simply shelling it out to shareholders as dividends? <br><br>In a free western stock market one can easily say that <br>shareholders come first, but we think it's safe to say that<br>
in Japan pretty much every employer, employee, and <br>government official believes that the employees (and the <br>employee-directors) come first and that companies are <br>supposed to keep their staff economically safe and sound. <br>
This is a social compact that companies have made with <br>government and the public at large, and shareholders <br>are perceived as just coming along for the ride. If they<br>get a good pay-out, that is luck, not a right. <br>
<br>Socialism? Not really, it's just a different take on <br>capitalism and the feeling that shareholders do little for <br>their returns since most public companies are supposed to <br>be out past the point of high risk.<br>
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------------------------------------------------------------<br><br>[...Article continues]<br><br>The problem of course is that if there is no shareholder <br>activism, and the status quo is allowed to continue over <br>succeeding generations of directors in major companies, <br>
then the attitudes of those boards become entrenched and <br>inbred. Managers come to look at the public companies they <br>are entrusted to run as their own fiefdoms, to the <br>detriment of the true owners, the shareholders. <br>
<br>This results in massive retirement bonuses and other <br>benefits for employees, and parsimonious pay-outs to the <br>shareholders, to the point where one would wonder why <br>you'd even want to hold shares in such companies. It can <br>
also result in defacto takeovers of the company without <br>any pay-out whatsoever coming back to the shareholders -- <br>witness the Tokyo Style Vs. M&A Consulting Inc.court<br>case back in 2004 in which Tokyo Style's CEO admitted<br>
making major investments of company money without <br>consulting the board. Dealing with self-serving directors is <br>no doubt a point that Steel Partners wanted to make in <br>its fight with Sapporo Holdings, too.<br><br>
So is the short renaissance in shareholder activism in <br>Japan dead? In the form of Steel Holdings style funds, <br>quite possibly. However, as others are proving to their <br>success, there is another way: the more involved and <br>
patient manning of public boards of directors with external<br>directors who are experts in various fields and whose <br>unquestioned expertise means that they bring more daily <br>value to board meetings than without them, and thus cause <br>
those companies to want to work with their outside stake <br>holders. <br><br>These are typically known as engagement-focused funds, and <br>the Nikkei names some foreign investors using this more <br>collaborative style. They include Ichigo, Asuka Asset <br>
Management Ltd., Taiyo Pacific Partners, and now a new joint<br>fund put together by Tokio Marine and UK-based Governance <br>for Owners LLP.<br><br>The key to collaborative participation on public company <br>boards is of course the quality and number of external <br>
directors serving on those boards. Currently, most Japanese<br>firms either avoid bringing in external directors, or try <br>to bring in those who are "safe" and unlikely to rock the <br>boat. As a result, in 2007 public firms had an average of <br>
just 1.5 external directors for every 10 internal <br>directors. This is significantly less than the more than <br>50% of external directors for companies in the USA, for <br>example.<br><br>Now, in all fairness, it could be said that the availability<br>
of skilled locally available external directors is limited. <br>However, being a director can be fraught with legal risk <br>and given that the boards one would be joining might <br>not necessarily operate professionally themselves, this<br>
is an easy explanation of the lack of demand on both <br>sides. We got a taste of the issue of risk as a director <br>when sitting as adviser to LiveDoor's board in 2008 after<br>Horie-mon got arrested for allegedly window dressing <br>
the firm's accounts.<br><br>But it could be that help is on the way. In November 2009, <br>Nick Benes a well-known M&A and corporate governance <br>consultant and Takaaki Wakasugi, Emeritus Professor at <br>Tokyo University and currently Professor of Economics at <br>
Tokyo Keizai University, got together with three others to <br>form the Board Director Training Institute of Japan (BDTI).<br>The organization is a non-profit foundation dedicated to <br>the improvement of corporate governance in Japan and offers<br>
training on corporate governance, effective board <br>practices, corporate and securities law, and related <br>topics. Probably not a moment too soon, given the widening <br>gap between Japan and the rest of the first world in terms <br>
of best practice in corporate governance.<br><br>In fact, a recent survey by BDTI found the following <br>points:<br><br>1. Just 50% of directors and executive officers at listed <br>companies are willing to claim that they know much about <br>
corporate governance and the Company Law.<br><br>2. Only about 30-40% of listed companies offer any sort of <br>training at all on these subjects - and most training <br>programs are quite inadequate (e.g., a few lectures by a <br>
lawyer).<br><br>3. Most sitting directors and Executive Officers admit they <br>need to learn more: 69% of them think that directors should <br>receive training and over 90% of directors and EOs at all <br>companies think that their subordinate managers (General <br>
Managers and Section Chiefs) should receive such training.<br><br>Benes' LinkedIn resume shows that as of last year he also <br>has been sitting on the "Liason Committee on Corporate <br>Governance" for the Financial Services Agency (FSA), from <br>
which advice flows to government for an upcoming revision <br>of the Company Law of Japan. It's great to see this <br>approach being taken on improving how Japanese boards are <br>managed. Instead of confronting them and forcing change as <br>
some funds have been wont to do, the BDTI is taking the <br>much more pragmatic approach of co-opting participation <br>by holding up a quality standard for directors that will no<br>doubt become a certification. And Japanese firms LOVE<br>
certifications.<br><br>Right now the idea of trained and certified directors has <br>little recognition in Japanese corporations, however like <br>all needed standards, as more and more companies sign on <br>and agree to submit their directors for training then at <br>
some point a tipping point will be reached. Think of how <br>well ISO standards have permeated Japanese businesses and <br>that they are now a "compulsory" mark of process quality. In <br>the USA, a similar organization called the National Association <br>
of Corporate Directors (NACD), counts about 25% of all <br>Fortune 500 companies as members and has been highly <br>influential in setting best practice baselines.<br><br>If the BDTI program catches on in Japan, and we expect <br>
that it will, it will also open up an interesting new <br>category of employment: that of professional external <br>directors. So common overseas, we may start to see suitably <br>qualified individuals serving on multiple boards as <br>
external experts who can help those boards raise their <br>standards and their overall responsiveness to shareholder's<br>and the markets in general. Yes, it will take a while, but <br>once the largest firms embrace the idea, the smaller ones <br>
will have little reason not to follow.<br><br>You can find out more about BDTI at <br><a href="http://bdti.or.jp/english/">http://bdti.or.jp/english/</a>.<br><br>...The information janitors/<br><br>***------------------------****-------------------------***<br>
<br>+++ SHORT TAKES<br><br>=> 1. Hotel stay for two at Royal Park Shiodome Tower Hotel<br><br>This week's MMC prize is not one to be sneezed at (even <br>though it is hay fever season...), Metropolis is offering<br>
a free night's stay for two at the ritzy Royal Park <br>Shiodome Hotel in Shimbashi/Shiodome. Includes breakfast.<br><br>And our congratulations to Nikola Nikolovski for winning<br>the romantic dinner for two at the wonderful <br>
Asian-Australian Fusion restaurant 148 Hiroo, courtesy of <br>148 Hiroo. <br><br>Becoming a Metropolis Member is as simple as going to the <br>website and signing up for the weekly newsletter. No other <br>obligations. <br>
<a href="http://blogs.metropolis.co.jp/club/">http://blogs.metropolis.co.jp/club/</a><br><br>* Many more prizes scheduled in coming weeks. <br>* No charge to enter.<br>* Simply receive the MMC newsletter to stay in the draw.<br>
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look at Microsoft's new Business Productivity Online <br>Standard Suite. Terrie mentions Exchange Online in TT602, <br>and we can do the implementations for you.<br><br>For more information on this and other SI and IT services,<br>
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<br>+++ NEWS<br><br>- Online music sales in trouble?<br>- Cheap web English lessons catch on<br>- China investments in Japanese companies surges<br>- Japanese companies sitting on lots of cash<br>- Survey: Japanese kids highly pessimistic<br>
<br><br><br>-> Online music sales in trouble?<br><br>Uh, oh, maybe the shrinkage in the CD youth market for <br>music is more than just a move to online sales. Seems like <br>the market for online music is also shrinking. The RIAJ <br>
published figures showing that online music sales via cell <br>phones fell 6% in 2010, to JPY74.74bn, and sales for all <br>online music fell 5% to JPY85.99bn. ***Ed: Is this a <br>demographic trend, or simply a reflection of the fact that <br>
kids are short of cash, just as their parents are? Our <br>guess is that latter -- kids can't live without music, and <br>iTunes ensures that there is no shortage of supply.** <br>(Source: TT commentary from <a href="http://nikkei.com">nikkei.com</a>, Feb 26, 2011)<br>
<br><a href="http://e.nikkei.com/e/fr/tnks/Nni20110225D25JFA09.htm">http://e.nikkei.com/e/fr/tnks/Nni20110225D25JFA09.htm</a><br><br>-> Cheap web English lessons catch on<br><br>A company called RareJob Inc. has a hit on its hands, with<br>
JPY100 for 25 minutes of English conversation for company <br>workers and children with teachers down in the Philippines.<br>This is an amazingly low price and we have heard that the <br>company has as many as 50,000 people signed up for the <br>
service. The lessons are conducted over Skype and sell in <br>packages of JPY5,000/month. ***Ed: While this seems like an<br>idea whose time has come, we also heard that some of the <br>excitement over the service lies in the fact that some of <br>
the conversations are rather more adult oriented than they <br>are focused on English. Nonetheless, this kind of service <br>should see rapid expansion to other English speaking <br>countries of the world, with marketplaces setting the <br>
actual fee rates to be charged. Our guess is that retirees <br>in the USA and elsewhere will wind up being the most <br>popular online English teaching providers.** (Source: TT <br>commentary from <a href="http://nikkei.com">nikkei.com</a>, Feb 24, 2011)<br>
<br><a href="http://e.nikkei.com/e/fr/tnks/Nni20110225D25HH747.htm">http://e.nikkei.com/e/fr/tnks/Nni20110225D25HH747.htm</a><br><br>-> China investments in Japanese companies surges<br><br>While it may not be very popular locally, Chinese <br>
investment in Japanese listed companies seems destined to <br>continue growing substantially. The Wall Street Journal has<br>said in an article that Chinese government investors have <br>more than doubled their holdings of Japanese listed firms <br>
in the last year, to JPY1.6trn (US$19.4bn) -- still modest,<br>when you think about it. ***Ed: This news is of course <br>stressing Japanese commentators, who worry that at worst <br>the Chinese could threaten to dump Japanese stocks en <br>
masse as foreign policy leverage, and at best, some <br>Japanese firms could fall under the influence of <br>Chinese investors. Our feeling is that strategically <br>sensitive firms may in fact wind up being subject to <br>
legislation that will prevent a build up of foreign <br>holdings, much the same as holdings in TV companies is <br>limited to 20% today.** (Source: TT commentary from <br><a href="http://reuters.com">reuters.com</a>, Feb 25, 2011)<br>
<br><a href="http://reut.rs/he0SaC">http://reut.rs/he0SaC</a><br><br>-> Japanese companies sitting on lots of cash<br><br>A very good commentary from Tokyo-based Darrel Whitten for <br>SeekingAlpha.com, gives an overview of what Japanese <br>
companies should and probably will do with their <br>ever-growing pile of cash. Apparently as of September 2010,<br>publicly listed companies were able to build up a cash <br>mountain worth around JPY64trn (US$780bn). Taking into <br>
account all the major unlisted companies covered in the <br>Tankan business survey, then Japanese firms had more than <br>JPY202trn (US$2.4trn) of cash on hand. Since this was <br>created by slashing payrolls and capital spending, <br>
investors wonder if M&A or share buybacks are most likely <br>to happen over the next 12 months. (Source: TT commentary <br>from <a href="http://seekingalpha.com">seekingalpha.com</a>, Feb 27, 2011)<br><br><a href="http://bit.ly/g1J2C6">http://bit.ly/g1J2C6</a><br>
<br>-> Survey: Japanese kids highly pessimistic<br><br>A survey by Tokyo-based Japan Youth Research Institute has <br>found that Japanese high-school kids are highly pessimistic<br>about themselves. In a poll of 7,000 kids in Japan, the <br>
USA, China, and South Korea, the Institute found that just <br>7.5% of local kids felt they were "a valuable person". In <br>contrast, 57% of those in the USA, 42% in China, and 20% in<br>South Korea felt they were valuable. In much the same vein,<br>
71% of Japanese girls thought they are overweight, despite <br>the fact that they had an average BMI of 10% less than <br>other countries. For South Korean girls, the number was <br>57%, followed by 39% in China and 29% in the USA. (Source: <br>
TT commentary from <a href="http://reuters.com">reuters.com</a>, Feb 25, 2011)<br><br><a href="http://reut.rs/e9Blua">http://reut.rs/e9Blua</a><br><br><br>NOTE: Broken links<br>Many online news sources remove their articles after just a<br>
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<br><a href="http://www.cch-japan.jp">www.cch-japan.jp</a><br>-----------------------------------------------------------<br><br>+++ CANDIDATE ROUND UP/VACANCIES<br><br>=> BiOS, a Division of the LINC Media group, is actively <br>
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<br>-----------------------------------------------------------<br><br>***------------------------****-------------------------***<br><br>+++ UPCOMING EVENTS/ANNOUNCEMENTS<br><br>------------- Entrepreneur Seminar in Osaka ---------------<br>
<br>Terrie Lloyd has spent 27 years learning how to compete <br>with Japan's major companies. Using foreign technology and <br>foreign employees, he has created more than 15 companies, <br>6 of which were successful enough to be sold at good <br>
returns to the investors.<br><br>Mr. Lloyd will share the entrepreneurial process, and how <br>foreign connections and ideas can make it possible for <br>small companies to become successful in Japan. He speaks <br>at a very practical level about the good and the bad in<br>
building and running a company.<br><br>Date: Thursday, March 10<br>Venue: Ritz Carlton Osaka, Terrace room 4F<br>Access Map: <a href="http://bit.ly/dKd73I">http://bit.ly/dKd73I</a><br>Time: 12:00PM ~ 14:00PM (reception opens at 11:30AM)<br>
Format: Buffet Luncheon Presentation<br>Organized and Sponsored: Kansai Canada Business Association<br>Co-sponsored: Osaka Chamber of Commerce and Industry<br><br>KCBA/OCCI Member Price: 4,500yen<br>Non-Member Price: 5,500yen<br>
*The price includes lunch. Please pay at the reception of <br>this event.<br><br>Closing date for attendee registration: March 7<br>* Cancellation after Closing Date is subject to 100% <br>cancellation fee.<br><br>For more info, contact Yamada at 06-6537-1792 by fax.<br>
-----------------------------------------------------------<br><br>***------------------------****-------------------------***<br><br>+++ CORRECTIONS/FEEDBACK<br><br>In this section we run comments and corrections submitted<br>
by readers. We encourage you to spot our mistakes and<br>amplify our points, by email, to <a href="mailto:editors@terrie.com">editors@terrie.com</a>.<br><br>*** No corrections/comments this week<br><br>***********************************************************<br>
END<br><br>SUBSCRIBERS: 8,753 members as of February 27, 2010<br>(We purge our list regularly.)<br><br>+++ ABOUT US<br><br>STAFF<br>Written by: Terrie Lloyd (<a href="mailto:terrie.lloyd@japaninc.com">terrie.lloyd@japaninc.com</a>)<br>
<br>HELP: E-mail <a href="mailto:Terrie-request@mailman.japaninc.com">Terrie-request@mailman.japaninc.com</a><br>with the word 'help' in the subject or body (don't include<br>the quotes), and you will get back a message with<br>
instructions.<br><br>FEEDBACK<br>Send letters (Feedback, Inquiries & Information) to the<br>editor to <a href="mailto:terrie.lloyd@japaninc.com">terrie.lloyd@japaninc.com</a>.<br><br>ADVERTISING INFORMATION<br>For more information on advertising in this newsletter,<br>
Contact <a href="mailto:ads@japaninc.com">ads@japaninc.com</a>.<br><br>SUBSCRIBE<br>Get Terrie's Take by giving your name and email address at<br><a href="http://www.japaninc.com/newsletters/free_sign_up">http://www.japaninc.com/newsletters/free_sign_up</a>, or go<br>
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or, <a href="http://mailman.japaninc.com/pipermail/terrie/">http://mailman.japaninc.com/pipermail/terrie/</a><br><br>Copyright 2011 Japan Inc. Communications Inc.<br><br>----------------- Japan Inc opens up Japan ----------------<br>
<br>J@pan Inc is Japan's only independently published English-<br>language business website. Authoritatively chronicling <br>online the business trends in Japan, each posting brings <br>you in-depth analysis of business, people and technology in<br>
the world's second largest economy. <br><br>Visit <a href="http://www.japaninc.com">www.japaninc.com</a> for the best business insight on<br>Japan available.<br>-----------------------------------------------------------<br>
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