TOKYO -- The chairman of Japan's biggest business lobby said Monday that he was not aware of any rush by Japanese companies to adopt U.S.-style governance structures.
"There aren't many firms that have adopted executive-officer structures. I don't think we will see any flurry of companies adopting the new method," Hiroshi Okuda, chairman of the Japan Business Federation, said in a news conference.
Big-name companies such as Sony Corp., Toshiba Corp. and Hitachi Ltd. have said that they planned to abolish their Japanese auditing systems and set up a U.S.-style corporate governance model with an in-house committee structure using independent directors.
Japanese companies will be allowed to make the switch under a revision to Japan's Commercial Code due to take effect in April.
"It's up to each company to make a decision," said Okuda, who also is chairman of Toyota Motor Corp., Japan's biggest car maker. He said that Toyota was not planning such a change.