Economic nationalism is one of the few things that can unite Democrats and Republicans these days. Politicians in both parties have spoken out against Nippon Steel’s planned purchase of former giant U.S. Steel. But does the transaction truly pose a threat to US interests? Is steel still a strategic industry or does it merely evoke nostalgia for an industrial past? What national security or economic interest is at stake? After all, Japan is our most important ally in the Asia-Pacific region. And what kind of reviews must be passed for the deal to go through? Bruce Aronson assesses the proposed transaction.
Is Japan (Finally) Back?
The Japanese stock market enjoyed an impressive rally this year, with the Nikkei 225 Index gaining well over 20% and achieving its highest level in three decades. Is Japan (finally) back? Bruce Aronson writes that a lasting recovery will depend upon how deeply corporate governance reforms have taken root and what policies have been adopted to counter the drag of an aging society.
Lessons from Toshiba: Corporate Governance in the Era of Activist Shareholders
The most significant, long-running corporate governance scandal in the history of Japan may finally be coming to a head. Following a series of misdeeds and clashes with activist investors over the past seven years, Toshiba Corporation, an icon of the Japanese business establishment, is in negotiations to sell itself to a Japanese private equity fund.
Exploring the Social Role of Corporations in Asia-Pacific
The genesis of this symposium was a straightforward question from a colleague at the U.S.-Asia Law Institute: What is the hottest topic today in corporate governance throughout Asia? To find out, I queried a group of colleagues from six Asia-Pacific countries who previously collaborated with me on a book on corporate governance in the region. The essentially unanimous answer was the social role of corporations, as exemplified by ESG—the environmental, social and governance factors related to a company’s business activities.