A position on a board of directors generally has been the ultimate goal of the "salaryman," but that is changing. Recent times have been a period of hardship for boards of Japanese corporations. A revision of Japan's Commercial Code in 1993 made it easier for stockholders' representatives to file lawsuits. Directors now are being held accountable for scandals involving their companies. The management reforms being implemented by many companies have resulted in a widespread decrease in the number of directors. Salarymen no longer aspire to the position of director as they once did; the chances of becoming a director are decreasing as well.
JAPAN, MEXICO TO STRENGTHEN INVESTMENT
--a by Christopher B. Johnstone
Japan and Mexico agreed July 16 to hold preparatory talks this fall to discuss the creation of a bilateral investment protection treaty. High-level officials from the two countries met in Tokyo for two days in an effort to enhance cooperation in trade, investment and other areas. It was the first round of a regular dialogue created by Prime Minister Keizo Obuchi and Mexican President Ernesto Zedillo at their November 1998 summit.