JAPAN/BOSTON BUSINESS FORUM PRESENTS
New Insights on Governance and value creation in japan
Ryohei Yanagi, Ph.D.
CFO, Eisai Co., Ltd. and Visiting Professor, Waseda University
Followed by a panel discussion with Dr. Yanagi on equity and value creation, Also featuring:
Breckinridge Capital Advisors
Light Lunch and Business Insight followed by Panel Discussion
Thursday, November 15, 2018
12:00 PM - 2:00 PM
Japan Society of Boston
Cambridge Innovation Center, 20th Floor
50 Milk Street, Boston, MA 02109
*Please check-in with photo id at the reception desk
12:00pm Lunch and networking
12:25pm Presentation / Moderated Discussion
1:15 Panel Discussion
2:00pm END (mingling afterward)
A perennial question for any of us actively thinking about the Japanese market is: when will there be a catalyst to unlock value - and what investor pressure will it take to bring that about?
On November 15th, the Japan Society of Boston will tackle this issue directly with one of the foremost thinkers and practitioners in the space: Dr. Ryohei Yanagi. Japan Analytics' Toby Rodes will engage with Yanagi and the audience as discussant. Following the keynote, an expert panel and the audience will have time to question and discuss Dr. Yanagi’s insights with him.
The opening chapter of Yanagi's recently published book: Corporate Governance and Value Creation in Japan, is a shot over the bow of Japan, Inc. The chapter title: "Dawn of Corporate Governance: Japan Must Change," is a rare declaration in Japan, especially coming from an insider like Yanagi. His message, however, is unambiguous and consistent: Japanese management teams should do more with the resources entrusted them by creditors, shareholders and stakeholders. Dr. Yanagi’s research-based presentation will focus on the cost of equity as a governance problem, including:
The root causes of low valuation of Japanese listed companies.
- The rationale behind the "Ito Review" and subsequent call for improving the return on equity above (ROE) 8%.
- Evaluate why cash held by Japanese management teams suffers a roughly 50% discount from investors.
Following the keynote, Yanagi will put on his hat as an active CFO. He will join a panel of investors to discuss how his prescription for the "G" of ESG fits into increased environmental and social scrutiny in the capital allocation framework.
Join us to hear and discuss Dr. Yanagi’s thesis on why Japan must and will change. The Japan Society of Boston, as the hub of Japanese cultural and business exchange in Boston for more than a hundred years, is dedicated to fostering friendships and business relationships. We create ample time for networking before and after each of our events.
Ryohei Yanagi is Chief Financial Officer of Eisai Co., Ltd., one of the largest pharmaceutical companies in Japan. He has built a credible reputation over the past two decades when it comes to corporate governance. In this time he has worn many hats in the governance debate in Japan, both as a leading finance academic as well as CFO of Eisai Corp, one of Japan's leading pharmaceutical companies. His unique perspective allows theory to meet practice. He is also Visiting Professor at Toyo University and Visiting Lecturer at Waseda University Graduate School of Accountancy, where he teaches corporate governance, corporate finance and investor relations. He earned his Ph.D. from Kyoto University. During the last 15 years, Dr. Yanagi has conducted approximately 3,000 meetings in aggregate with global investors (about 200 meetings per annum) throughout his career with UBS as Executive Director and at Eisai as CFO. He was selected as the Best CFO in Japan’s healthcare sector in 2016 and 2017 by the Institutional Investor magazine.
David Baeckelandt is a Senior Director in Global Business Development based in Cambridge Associates’ Boston office. In this role he is responsible for proactive marketing and sales efforts to pensions, non‐profits, and family offices globally.
Nicholas Elfner, senior vice president and co-head of research at Breckinridge Capital Advisors. In his role, Nick heads Breckinridge’s corporate credit research efforts and performs corporate credit analysis. He also authors a quarterly corporate bond market review and outlook and regularly contributes to the Breckinridge blog.
Eileen Dibb is a portfolio manager at Fidelity Institutional Asset Management. In this role, Ms. Dibb manages the FIAM Asian Growth strategies, including FIAM Japan Growth and FIAM Pacific ex-Japan Growth. Prior to assuming her current position in 2008, Ms. Dibb was responsible for researching and analyzing Asian stocks for a global equity portfolio.
Dr. Ryohei Yanagi will join the panel to extend his perspective as CFO of Eisai.
The Japan/Boston Business Forum is designed and supported by the Corporate Friendship Committee of the Japan Society of Boston
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