Corporate Governance Reform (3) -Private Placement-

Private placement under review to protect shareholders from dilution

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2009年03月11日

サマリー

◆Japan’s Ministry of Economy, Trade and Industry (METI), Financial Services Agency (FSA), and the Tokyo Stock Exchange (TSE) have set up investigative committees to examine the corporate governance of listed companies.

◆Decisions regarding private placement of new shares and stock warrants generally fall under the sole authority of boards of directors. However, some observers have pointed out a need for greater regulation, given that private placement can dilute the ownership of existing shareholders.

◆This report outlines private placement under existing legislation and discussions regarding its problems by the investigative committees.

このコンテンツの著作権は、株式会社大和総研に帰属します。著作権法上、転載、翻案、翻訳、要約等は、大和総研の許諾が必要です。大和総研の許諾がない転載、翻案、翻訳、要約、および法令に従わない引用等は、違法行為です。著作権侵害等の行為には、法的手続きを行うこともあります。また、掲載されている執筆者の所属・肩書きは現時点のものとなります。