The Council of Experts Concerning the Japanese Version of the Stewardship Code published the Principles for Institutional Investors (Japan’s Stewardship Code, hereinafter referred to as "the Code") on February 26, 2014.
The Code was revised on May 29, 2017(Finalization of the Japan’s Stewardship Code (Revised version)(May 29, 2017)).
Also, the Code was revised on March 24, 2020(Finalization of the Japan’s Stewardship Code (Second revised version)(March 24, 2020)) and on June 26, 2025(Finalisation of Japan’s Stewardship Code (Third revision)(June 26, 2025)).
The FSA publishes the list of institutional investors who have notified the FSA of their intention to accept the Code.
Please note that the list includes institutional investors who have accepted the Code prior to the third revision published on June 26, 2025. The list of institutional investors who announced their acceptance of the revised Code is scheduled to be published after January 2026.
The revised Code describes in its preamble the recommended process of the publication of the list of institutional investors who have accepted the code as follows:
11. To make institutional investors' acceptance of the Code transparent, the Financial Services Agency expects institutional investors who accept the Code to:
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・publicly disclose on their website:
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- their intention to accept the Code; and
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- disclosure items based on the principles, including guidance, of the Code, as below
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(i) specific information that is required to be disclosed by the principles, including guidance, of the Code, such as the policy on how they fulfill the stewardship responsibilities, and
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(ii) if they do not comply with some of the principles, including guidance, an explanation of the reason;
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・annually review and update the disclosed information and publicly disclose such update if it takes place; and
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・notify the Financial Services Agency of the address of their website (the URL) used to disclose the information above.
The Financial Services Agency will publish the information about the institutional investors who have made the disclosure in a tabular form.
As of June 30, 2025, there are 344 institutional investors in the list, classified as follows;
- Trust banks (Shintaku Ginko) : 6
- Investment managers (Toshishintaku/Toshikomon Gaisha) : 214
- Insurance companies : 25
- Pension funds : 87
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* This includes Corporation Pension Funds that has accepted the Japan’s Stewardship Code on March 28, 2025, covering 190 pension funds as of June 30, 2025.
- Others (Service Providers for Institutional Investors, etc.) : 12
(Total) : 344
- (Appendix)
The list of institutional investors who have accepted to the “Principles for Responsible Institutional Investors” ≪Japan’s Stewardship Code≫ - To promote sustainable growth of companies through investment and dialogue -
(The second sheet is the list highlighted the institutional investors who newly announced their acceptance of the Code and other updates.)* Please note that the list includes institutional investors who have accepted the Code prior to the third revision published on June 26, 2025.
To institutional investors/institutions who intend to newly sign up with the revised Code
- To institutional investors/institutions who have signed up with the previous version of the Code
Please notify the FSA (jstewardship[at sign]fsa.go.jp*) if there are any changes to the information included in the list.
* Please change [at sign] to @. - To institutional investors/institutions who intend to newly sign up with the revised Code published in June 2025.
Please refer to this page.
