Good Governance Builds Good Companies.

I have been investing in Japanese companies for over 30 years. Along the way, I've encountered many remarkable companies.

Companies with world-class technology. Companies that build great products — important products that power the global economy, that make people's lives better, more productive, healthier, easier, and more fun. Companies that genuinely care about their customers. Companies that have quietly built value over decades.

Japan has truly great companies. I've seen them. And yet, I also wonder: Is their full potential being realized?

There are lots of ways I think companies are not realizing their full potential. Some are strategic. Are they reaching their customers globally? Are they using AI to power their businesses? Do they have the right skill sets in management and on the board to think through these questions?

But that's only half the picture. Are different perspectives being heard? Are opinions that are hard to hear actually reaching the table? Is the status quo being questioned? A company that answers these questions — not just the strategic ones, but the behavioral ones too — will ultimately be stronger than one that avoids them. Because that's how governance comes to life.

Listening, exchanging views, staying in dialogue to make things better. And when it's missing, everyone pays the price — shareholders, employees, customers, partners alike.

This year, timed to the AGM season, we have highlighted the message "Good Governance Builds Good Companies." for everyone to see.

Not to criticize anyone.

Japanese companies still have so much potential. In many cases, much more than is reflected by their current performance.

That's why I wanted to talk about governance with more people.

Good governance builds good companies. And good companies build a better society.

That's what I believe. And that's why I keep asking.