The 3rd Sustainability Leadership Roundtable for Non-Executive Directors

The 3rd roundtable of the captioned event was held on Monday, February 16, 2026, hosted by the Kamakura Sustainability Research Institute with the participation of many non-executive directors.

This time, which is the final roundtable of the series, we received a presentation titled “Sustainability x Corporate Governance Code ~ Looking Ahead to the Third Revision of the CG Code” by Mr. Yuzo Fujishima (President & CEO of the company) of the Listed company board member’s governance forum Inc. The Japanese Corporate Governance Code has been a guidance for the improvement of governance of Japanese companies, since its introduction in 2015 and through its revision twice.

On the other hand, the current situation is that corporates are busy with administrative measures as a minimum level to be complied with, and he emphasized the importance of connecting corporate governance “as growth-oriented measures” to improve corporate value, in his presentation. Furthermore, regarding the third revision currently being discussed by the Expert Council, he analyzed the underlying issues and the course of the discussions, and explained the forecast of the revision from his unique perspective.

In the second half, the participants discussed how they can contribute to improving corporate value as a non-executive director based on their actual experiences and consciousness of the problem. In addition, about sustainability, opinions were actively exchanged such as the importance of recognizing materiality in line with the business model of each company and the role of non-executive directors under Japan’s governance system. Corporate Action Japan also introduced overseas initiatives regarding climate governance.

We believe that the participating non-executive directors gained significant insights from this session, not only regarding the response to the upcoming Corporate Governance Code revision but also on the effective operation of the Board of Directors and the importance of substantive contributions by non-executive directors.