Kazutaka Kuroda (kazutaka[at]sustainabilefinancialmarkets.net)

Eri Yamaguchi (eyamaguchi[at]domini.com)


The Network seeks to focus research and debate on the underlying causes of financial market instability and on development of fundamental reforms. We strongly believe that to create long-term, sustainable value is a fundamental purpose of financial markets.

The Working Group’s objective is to advance investment practices that identify and value negative and positive externalities, and efficiently allocate capital to create sustainable financial markets in Japan.

To achieve this goal, we will:

  • develop policy proposals including responses to public comment requests from the Japanese government and other regulatory bodies/voluntary initiatives through:

- developing a clear understanding of obstacles/opportunities and write a brief discussion paper

- reviewing global statutory developments and best practice that have encouraged other regions’ practice including effective policies and industry initiatives, and identifying their potential applications in Japan

  • expand the network of financial sector professionals, academics and others with an active interest in long-term investing
  • seek to influence asset owners and asset managers in Japan through active engagement. This includes direct dialogues to promote the financial market reform such as long-term investing and corporate engagement

Recent News:

January 2015 Final response to Japan’s Corporate Governance Code

From Japan Working Group & specific supporting individuals of the Network for Sustainable Financial Markets – hearty thanks to Nicholas Benes, Julie Gorte and Simon Wong for spearheading this effort and to all of you who contributed your thoughts & considerations.

December 2014 Media partnership with the Responsible Investor

We are pleased to announce that the Working Group documents are available on the Responsible Investor Japan Channel (Japanese).

May 2014 Successful Engagement with Japan’s METI – Ito Review Acknowledged SFM’s Proposals in All of Its Recommended Directions

The Network for Sustainable Financial Markets is pleased to announce that SFM’s response was acknowledged by Japan’s Ministry of Economy, Trade and Industry (METI) and integrated into its overall recommended directions in the Ito Review of Competitiveness and Incentive for Sustainable Growth released at the end of last April. The over 100-page Review is the interim report on the call for evidence and information about improving relationships between companies and investors last October.

February 2014 Response to Japan’s Stewardship Code

With great thanks to Frank Jan de Graaf and Keith Johnson, please find within this link, the SFM comment letter on Japan’s Stewardship Code as signed by specific Participants.

December 2013 Response to Japan’s METI on the Favourable Relationship between Companies and Investors

With great thanks to Frank Jan de Graaf and Keith Johnson, please find within this link, the SFM comment letter to Japan’s METI on the Favourable Relationships between Companies and Investors as signed by specific Participants and others outside of the Network.