A New Concept of the Corporation: Part 3


A Webinar Series on:

A New Concept of the Corporation

Part 3 | Ownership of the New Corporation: The Role of Activist Funds

Part 3 of this series was held on:

Thursday, 20 May 2021

16:00 – 17:30 JST | 09:00 – 10:30 CEST | 08:00  – 09:30 BST



Hideaki Miyajima (Waseda University and RIETI)

About the event

Over the last few years, and particularly since the onset of COVID-19, the purpose of the corporation has been the subject of active debate. In place of shareholder value maximization, new definitions of corporate purpose have been proposed, and their implications for law, regulation, ownership, governance, measurement and performance of business have been much discussed.

On the occasion of the publication of the Japanese translation of Colin Mayer’s book “Prosperity: Better Business Makes the Greater Good” in March 2021, RIETI, ECGI and WBF have come together to organise a short webinar series on the new concept of the corporation, the EU/UK experience and its lessons for Japanese corporate governance reforms.


  • Parallel ownership of long-term shareholders and portfolio investors.
  • Different forms of ownership around the world
  • Who are the candidates for long-term owners in Japan?
  • EU (EY) report on short-termism
  • Experience of UK and EU of activism
  • Possible role of activist funds in Japan


Future episodes in this series will cover the following themes:

Part 4: Ownership of the New Corporation:  The Role of Institutional Investors  

  • The parallel ownership of long-term shareholders and portfolio investors.
  • The EU/UK experience of institutional investors, the role of activist funds
  • Regulation of ownership /collective actions
  • Implications for Japan:
    • Who are the candidates for long-term ownership in Japan?
    • Regulation of collective actions.

Part 5: The Purpose of the Corporation and How to Realize its Purpose

  • The concept of purpose
  • How to realize the purpose of firms
  • EU/UK experience on the new purpose of corporations
  • The Future of the Corporation project of the British Academy
  • Implication of EU/UK experience for Japan
  • Current status of Japanese corporations


Supported by

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