Japan Reconsiders Boardroom Rules

Japan Reconsiders Boardroom RulesMandatory appointments of outside directors on boards of large firms would be proposed by a Japanese government panel in the hope of averting the kind of accounting scandal that has engulfed Olympus Corp.

Tin the hope of averting the kind of accounting scandal that has engulfed Olympus Corp, experts said.

From in.finance.yahoo.com:

The British ex-CEO of Olympus, Michael Woodford, emerged from a meeting of directors on Friday convinced its board would eventually quit.

Major foreign shareholders have called for Woodford to be immediately reinstated, saying he can restore faith in the 92-year-old cameral and endoscope maker.

Olympus fired Woodford, a rare foreign CEO in Japan, alleging he had failed to adapt to Japanese culture and the company’s management style. Woodford says he was axed for questioning dubious merger and acquisition payments.

The ruling party would propose a revision to the law next year based on the draft to be submitted next month, the Asahi newspaper reported on Saturday without citing sources.

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