Japan Exchange Group Inc., which runs the Tokyo Stock Exchange, said it will push companies listed on the bourse to have two or more independent external directors appointed to their boards.
The drive reflects a corporate governance code put together by the stock exchange and the Financial Services Agency aimed at enhancing companies' value and competitiveness.
Under new rules, companies listed on the TSE's first or second sections that have not appointed at least two external directors will be required to explain why to investors.
At a regularly scheduled news conference Tuesday, Atsushi Saito, chief executive officer of Japan Exchange Group, said some overseas exchanges urge listed companies to have external directors comprise majorities on their boards.
The appointment of at least two external directors "may not be enough, but it will be a shift in corporate culture," Saito said.
Japan Exchange Group also announced plans to establish in April an infrastructure fund market aimed at funds that invest in renewable power generation facilities and other types of infrastructure.