Corporate governance has been considered by professional investors as an important dimension to evaluate the sustainability of the business when they make investments. Then, what is corporate governance? It's not easy to provide a clear and universal definition of corporate governance due to different conceptualizations of corporate governance across disciplines and the diversity of corporate governance around the world. So the existing definition of corporate governance is linked to different views of the firm. If you take an agency perspective and see a company, a firm, as the nexus of contracts between owners, the principal and managers, the agents, then we can define corporate governance as a set of mechanisms that are used to protect shareholder interests. You may ask, why do we need corporate governance mechanisms? So, imagine if you start a business with your own money, your own savings, you are the owner and you are the manager, then we don't need to consider about, maybe, governance issues. But when the business is growing larger and larger, more investors will put their money in this business. Then the shareholders, the owner, are separated from the managers, and the managers may not always have the best interests of the shareholders. Then we need some mechanisms to make sure that the shareholders can get a return of their investment. So among the different kinds of governance mechanisms, an important governance mechanism is the board of directors, who are expected to represent shareholders’ interests and monitor the managers. Given the narrow definition of corporate governance, do you think the board of directors and other governance mechanisms should be accountable to shareholders only? Actually, researchers in corporate governance often compare between shareholder oriented governance in Anglo-American countries and stakeholder oriented governance, typified by Germany and Japan. So, different from their counterparts in U.K. and U.S., the large corporations in Japan and Germany rely more on equity financing. So they face inactive markets of corporate control and more rigid labor markets. So the corporation’s objectives is not to simply maximize shareholder value, but they care more about the needs of multiple stakeholders. For example, in Japan you can find lifelong employment practice, and in Germany you can find employees’ interests are represented in a supervisory board. So, with these examples we know that probably the narrow definition of corporate governance based on agency theory is not enough for us to understand the diversity of corporate governance. I would like to share with you a broad definition of corporate governance based on social political perspective. So, corporate governance can be broadly defined as the rise and responsibilities of stakeholders toward the firm. Different stakeholders of the firm may not share the same objectives and interests. That's why we need governance mechanisms to align the interests of different stakeholders. So in this case the board of directors is not just a monitoring agent on behalf of shareholders. They are mediators among different kinds of stakeholders. So nowadays corporate social responsibility has received increasing attention and discussions. If you take a stakeholder view of the firm and want to achieve corporate sustainability, probably we need governance mechanisms that are designed to take care of multiple stakeholders’ interests. However, we don't know much about sustainable corporate governance model yet. From my point of view, it is not just about taking care of multiple stakeholders’ interests, but we need a set of governance mechanisms that can facilitate directors and managers to make innovative, to think innovatively, and make solutions, decisions that can create value for multiple stakeholders. In addition, I don't think by establishing a new structure or new practices, the problem, the governance problems can be immediately solved. It's more like a development process and during this process we do require ongoing effort to identify which group of stakeholders’ interests are not well taken care of yet in the existing corporate governance system.