Japan's giant public pension accepts govt's shareholder code

TOKYO Fri May 30, 2014 3:21am EDT

TOKYO May 30 (Reuters) - Japan's Government Pension Investment Fund (GPIF) said on Friday it would accept the government's guideline aimed at boosting transparency and corporate governance for institutional investors.

The guideline, dubbed 'Japanese Stewardship Code', calls on investors to disclose how they vote at shareholders meetings and to engage more actively with companies to help raise medium- to long-term investment returns.

GPIF, which is a long-term investor in domestic equities, said in a statement that it would accept the code as doing so would enhance returns for beneficiaries in the longer term.

GPIF's move had been expected after an advisory panel appointed by Prime Minister Shinzo Abe's administration in November recommended the public fund to adopt the code. (Reporting by Chikafumi Hodo; Editing by Chang-Ran Kim)

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