Nowadays we hear various arguments with regard to the poor capital efficiency and profitability of Japanese corporations as well as the sustainable growth of corporate value. In the past, too, the problem area in the Japanese corporate governance system had been pointed out by overseas institutional investors. Since last year, approaches are rapidly implemented for the reformation of corporate governance of Japanese companies, increasing corporate profitability, and facilitating sustainable growth of corporate value, such as Tokyo Stock Exchange’s introduction of the JPX Nikkei Index 400 that focuses on capital efficiency, establishment of the Japanese version of Stewardship code, proclamation of the revised company law, project (Ito Report) on the improvement of corporate profitability and competitiveness by the Ministry of Economy, Trade and Industry, and revision of the standard for exercising voting rights by ISS, and drafting of the corporate governance code, etc. Restructuring of management models that can respond to such needs is urgent issue for Japanese corporations.
　 Meanwhile, the international competition to dominate the market is becoming fierce more than ever, due to the rise of emerging economies, etc. In addition, many unstable factors are still standing in the way, such as the concern about economic slowdown in China and other Asian countries on which we have been relying, prolonged deflation in the Euro zone, and geopolitical risks in the Middle East and Ukraine, etc.
　 In order to implement growth strategies to survive through international completion and to strengthen risk management functions under such severe and uncertain business environments, business people who have sophisticated knowledge, skills, and sense of ethics in the management and finance fields and perform logical and prompt decision-making toward the creation of corporate value, i.e., CFOs (Chief Financial Officer) and divisions that support CFOs, must take the lead in management reform in response to the current environmental and structural changes.

　 While recognizing such circumstances, the Japan Association for Chief Financial Officers will strive to contribute to the development of Japanese corporations and Japan’s economy, by proactively facilitating exchanges with related overseas institutions and organizations, promoting a wide range of surveys and researches on the suitable nature of corporate management, and fostering business people with advanced knowledge, skills, and sense of ethics.
　 We would like to gain support for our initiatives and ask many more corporations and business people to join our association.