Japan has made significant progress in advancing corporate governance and stewardship reform over the past decade, strengthening board independence, transparency, and shareholder engagement. This panel will reflect on the achievements to date and assess how these reforms have influenced market behaviour and investor confidence. It will also explore the government’s next phase of its governance reform agenda and what further policy or regulatory changes may be on the horizon. Finally, investors will share their perspectives on remaining priorities — from capital efficiency to cross-shareholdings and board accountability — to sustain Japan’s momentum towards higher governance standards.
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SessionWednesday 17th December
| 17:00 - 17:30 | Registration |
| 17:30 - 18:30 | Panel Discussion Speakers:
Moderator: Jen Sisson, CEO, ICGN |
| 18:30 - 20:00 | Networking Reception |






Aina Fukuda
Head of Investment Stewardship
L & G - Asset Management
Japan
Based in Japan, Aina Fukuda, Head of Investment Stewardship Japan, drives LGIM’s global investment stewardship strategy and activities within the market. Aina’s thematic focuses in engagements with companies, regulators, and policymakers (including Ministers of State and other members of the National Diet) encompass climate, people, and corporate governance. Prior to joining LGIM in 2019, she spent nine years at PwC Japan, where she played a key role in establishing the firm’s corporate sustainability advisory practice and gained firsthand experience with companies embedding sustainability into their core strategies. Earlier in her career, she held research roles in the financial and legal sectors.
Aina is a licensed Certified Public Accountant (CPA) in the United States.

Mari Murata
Director, Head of Stewardship
Government Pension Investment Fund (GPIF)
Japan
Mari Murata joined GPIF in October 2016 and has been leading its Stewardship activities at ESG & Stewardship Department which was newly established in April 2023.
Before joining GPIF, she worked for Sumitomo Trust & Banking Co., Ltd (currently SuMi TRUST, Sumitomo Mitsui Trust Bank, Limited). At SuMi TRUST, she was responsible for IR Consulting service to Japanese companies. Through the service facility, she was committed to bridge a gap between Japanese companies and non-Japanese institutional investors in the universe of Corporate Governance including proxy voting, Environmental and Social issues (ESG).
She is a member of PRI Japan Advisory Committee and Climate Action100+ Asia Advisory Group. She also contributed to PRI Asset Owner Technical Advisory Committee (until December 2022).
She holds B.A. in Commerce from Waseda University.

Jen Sisson
Chief Executive Officer
ICGN
United Kingdom
Jen is the CEO of the International Corporate Governance Network (ICGN).
Led by investors with AUM of over $US 100 trillion, ICGN aims to strengthen markets and create long term value through effective corporate governance policy and practice. Jen represents ICGN on the Japanese Financial Services Agency’s Council of Experts and on the IFIAR stakeholder working group and the PCAOB IAG.
Jen joined ICGN from Goldman Sachs Asset Management, where she was EMEA Head of Stewardship, driving engagement, proxy voting and industry collaboration efforts. In that role, Jen was a member of the Investment Association Company Reporting and Auditing Group and the International Sustainability Standards Board (ISSB) Investor Advisory Committee. In 2022 Jen was also a member of the US Council of Institutional Investors Corporate Governance Advisory Council.
Previously, Jen was Deputy Director of Stakeholder Engagement and Corporate Affairs at the UK Financial Reporting Council, responsible for coordinating outreach with the global investment community, listed company leadership teams and board members across all areas of the regulator’s scope. Jen led policy outreach on ESG, audit and reporting matters including the creation of the 2020 UK Stewardship Code and the 2018 UK Corporate Governance Code.
Jen started her career at PwC.
Jen holds a BA in Business, Accounting and Finance from the University of Newcastle and a Masters in Sustainability Leadership from the University of Cambridge.

Daisuke Tsuchiya
Partner, Sustainability Transformation Services
KPMG AZSA LLC
Japan
Daisuke started his career at a major commercial bank in 1999. He joined a leading IR and SR consulting firm in 2001 and he became a Board Member in 2013 as head of consulting division.
Since 2015, he has been engaged in advisory on areas related to CFO x ESG at KPMG. His expertise extends from capital efficiency, business portfolio management, balance sheet management and wider sustainability transformation matters such as climate change and business and human rights. He also engage in ESG due diligence and “ESG value up” for target companies of buyout funds.
He is co-author of “ROIC Management” (Nikkei BP, 2017, 2022). He is a member of KPMG Japan Sustainable Value Service Japan. He was a working group member of the Committee of Optimizing Capital Efficiency at Japan Association of Corporate Executives(2016~2017)
KPMGサステナブルバリューサービス・ジャパン/有限責任あずさ監査法人 サステナブルバリュー統轄事業部/サステナビリティトランスフォーメーション マネージング・ディレクター
1999年に大手都市銀行に入行。2001年に大手IR・SRコンサルティング会社入社。2013年に同社取締役IR・SRコンサルティング本部長に就任。時価総額大手の上場企業を主要なクライアントとし、IR、株主総会に関するコンサルティング並びに助言業務を手掛ける。2015年よりKPMG/あずさ監査法人にてCFO×ESG領域に関するアドバイザリーに従事。資本生産性指標(ROIC等)の活用や事業ポートフォリオ評価、最適資本構成方針立案、ESG戦略立案、ESG格付対応、サステナブルファイナンス、バイアウトファンド向けのESGバリューアップ、ESG DD等につきアドバイスを行う。KPMGサステナブルバリューサービス・ジャパン メンバー。公益社団法人 経済同友会 資本効率の最適化委員会ワーキンググループメンバー(2016年~2017年)
『ROIC経営実践編 事業ポートフォリオの組換えと企業価値向上』(共著、日経BP日本経済新聞出版、2022年)
『ROIC経営 稼ぐ力の創造と戦略的対話』(共著、日経BP日本経済新聞出版、2017年)
『プライベート・エクイティとESG』(日本バイアウト研究所(編)、寄稿、きんざい、2021年)
『実践 人権デュー・ディリジェンス 持続可能なビジネスに向けて』(監修、中央経済社、2023年)
『持続的成長のための「対話」枠組み変革―日本における企業情報開示と株主総会プロセス上の課題』(共著、商事法務、2017年)

Hideaki Tsukuda
CEO & Founder
Board Advisors Japan
Japan
Hideaki Tsukuda is CEO and a founder of Board Advisors Japan. He is a member of the Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code by Financial Services Agency and Japan Exchange Group, Inc. Prior to establishing Board Advisors Japan, Inc., Hideaki was COO of Japan Investment Corporation. Before that, he was a partner of Egon Zehnder, where he served as Japan Office Leader and a member of Global Executive Committee. Before joining the consulting firm, he started his career as a banker at Sanwa Bank (current Mitsubishi UFJ Bank).
20th Floor, Otemachi Financial City, South Tower
Tokyo, 100-8172 Japan