Japan’sCorporate Governance Code(updated in 2021) requiresat least two independent non-executive directorson corporate boards. This reflects efforts to enhanceboard independence and investor protection, especially in companies withhistorically high insider control.
By contrast,UK and South Africangovernance codesrecommendboard independence but do not mandate a specific number.
[References:, Japan Corporate Governance Code (Financial Services Agency, 2021), UK Corporate Governance Code (FRC), King IV Report on Corporate Governance (South Africa), , , , ]
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