Shareholding characteristics and imperfect coverage of the Stewardship Code in Japan

Abstract

While the degree of cross shareholding among corporations, or between banks and companies (referred to as ‘insiders’ in this article) has been declining since the 1990s, the percentage of shareholding by institutional investors (‘outsiders’), or financial intermediaries, has been increasing in Japan. Studies show that both companies and investors are becoming more short-term oriented and are showing herd behaviour. With such a collective mentality, company–investor relations in Japan have experienced a vicious cycle and have thus lowered the market's rate of return. Meanwhile, conventional ‘insiders’ tend to hold shares in the longer-term, but lack engagement in investee companies’ corporate governance. Japan's Stewardship Code requests fund managers ‘engage’ more than ever in the governance of investees so that investor-company relations become longer-term and the risk of investors’ ‘exit’ decreases. However, the Code only covers the behaviours of ‘outsiders’ but not those of ‘insiders’, who still play certain roles among all shareholders. Due to its imperfect coverage, the expected effect of Japan's Stewardship Code in achieving stronger ‘engagement’ by investors should be limited. To cope with this issue, this article outlines a suggestion that a comprehensive rule covering all types of shareholders should be implemented in Japan.     

Deep history and international security: social conditions and competition,militancy and violence in West Africa

Concern about terrorism in, and from, West Africa has prompted both military responses and criticisms of these. Criticism has focused on ‘hegemonic’ international attention to the region, the inappropriateness of a military and a misplaced focus on religion, and specifically Islam, where a range of ethnic, social, economic and historical problems are said to have been the real factors incubating radicalisation and violence—although empirical evidence to support this assertion was absent. We argue that a more nuanced and variegated approach is needed. On one side, contrary to the critics, we show: why international attention is warranted and inevitable, with a specific link to international terrorism (as well as local contexts) since 2001, and why a militarised approach is also relevant; why Islam and a religious focus cannot be completely ignored in assessing militancy and violence in West Africa. On the other, we use original qualitative empirical research to explore beliefs, values and attitudes in the region, which reveals that, across the region, a variety of social issues and perceptions of history are regarded as being salient factors in radicalisation—whether or not that radicalisation leads to violence. Notable among these are a ‘youth bulge’ and youth disaffection and perceptions (no matter their empirical accuracy) concerning the ‘deep history’ of colonialism in the region.     

The In-securitisation of Youth in the South and East Mediterranean

The securitisation of youth as a social category has been well-documented. For the South and East Mediterranean (SEM) countries, moral panics over demographic youth bulges, Islamist radicalisation and protracted conflicts have placed youth centre-stage as a threat to the security of states and societies. Rejecting such assertions as themselves being what Foucault might have termed ‘technologies of power’ in a neoliberal order, and instead taking a critical approach to security, the spotlight is turned towards youth themselves as the referent object of study. This reveals the multidimensional hyper-precarity and insecuritisation of young peoples’ lives which derive from that same neoliberal economic order and the political structures that sustain it in the SEM countries. The finding resonates with other studies of new, insecure, formats for adulthood in Africa and suggests that we should look at the insecurity of young people today to understand global neoliberal futures in countries beyond the post-industrial ‘core’.     

Moral panics and anti‐cult terrorism in Western Europe

Religious minorities in Western Europe today are often perceived as threatening. After Solar Temple suicides and homicides, parliamentary and other official commissions investigated the dangers of ‘cults’ or ‘sects’. The article reviews reports published between 1996–1999 and argues that they may be classified into two categories. ‘Type I’ reports (more prevalent throughout French‐speaking Europe) rely on anti‐cult models and stereotypes, and may perpetuate moral panics by seeing all unfamiliar religious minorities as uniformly dangerous. ‘Type II’ reports, while still maintaining elements of the anti‐cult models, appear to be more balanced and concentrate more attention on academic findings. ‘Type I’ reports, and anti‐cult models in general, generated ‘anti‐cult terrorism’ (an expression first used in one of the Swiss ‘Type II’ reports) in the form of both verbal and actual violence, with extremist groups acting as self‐appointed anti‐cult vigilantes. While there are actually and potentially dangerous religious minorities, anti‐cult rhetoric in official documents may incite and provoke violence both against the assaulted movements and by the movements threatened. Law enforcement, the article concludes, should focus on the minority of violent religious and millenialist movements and the small extreme anti‐cult fringes.     

‘Blocked’ Youth: The Politics of Migration from South and East Mediterranean Countries Before and After the Arab Uprisings

Migration from South and East Mediterranean (SEM) countries has been considered a growing security threat in the EU and Gulf states following the 9/11 attacks and the Arab uprisings. Since 2011, the economic slowdown, regime changes and socio-political instability have spurred growing migration pressure from SEM countries. However, the securitisation of migration of young citizens from these countries in the EU and the Gulf states is manifested in the drastic limitation of migrants’ inflows, and in the selection of prospective migrants on demographic, socio-economic and political grounds. Today’s ‘governmentality’ of youth migration from SEM countries poses ethical and development-related issues.     

Radical right parties in Europe and anti‐foreign violence: A comparative essay

This is a comparative survey of contemporary patterns of anti‐foreign violence in Europe and some historical antecedents, such as pogroms and individual and small group attacks on visible foreigners. It considers the perpetrators and the long list of different categories of victims, many of them not foreigners at all. Against the background of general youth violence in schools and neighborhoods and waves of asylum‐seekers, the motives of anti‐foreign violence are examined and attributed to the under‐educated, ‘no‐future’ youth or underclass ‘losers’ of the ‘communications revolution’ of the 1980s. The skinhead and soccer hooligan anti‐foreign violence is, on the whole, not remotely as political as the fascist blackshirts and Nazi stormtroopers of the inter‐war period were. A look at the evidence from different European countries reveals on the one hand recruitment attempts by extreme right‐wing organizations among the skinhead and hooligan groups ‐ but rather limited success. On the other hand, most of the violent actions appear to be uncoordinated and responsive to community panic and media hype regarding the ‘floods’ of asylum‐seekers and illegal immigrants in the offing. By making themselves the executors of the community panic, the otherwise despised skinheads are grasping at personal acceptance and legitimacy.     

Counter-terrorism and alien justice: the case of security certificates in Canada

This article examines the security certificate process that has been in effect in Canada since 1978 and the 2008 amendment (Bill C-3) of the Immigration and Refugees Protection Act. It highlights how democratic means can be used to subvert meaningful policy changes, and underscores the antinomy inherent in a nation-state's zeal to protect its citizens and appeals by a group of Arab Muslim men held under security certificates for suspected terrorist activities for their human rights to be recognised and respected by a state in which they are non-citizens. The problematic immanent in nation-states serving as guarantors of human rights and its concomitant misconstruing of human rights for citizenship rights are used to demonstrate that an ‘internal Other’ has been created in Canada. The security certificate, it is argued, in stipulating that detainees may request to be deported to countries where they regularly reside or hold nationality, makes them akin to Hannah Arendt's notion of the ‘rightless’ – people who have not only lost their home (i.e., polity) or ‘distinct place in the world’, but also their legal status. Consequently, even in an advanced democracy with grandiose claims to, and assurances of, individual liberty and fundamental freedoms, ‘rightless’ people face a great danger by the fact of being nothing beyond ‘human’.     

The Area of Freedom,Security and Justice: The Construction of a ‘European Public Order’

Abstract

Despite the significant growth the Area of Freedom, Justice and Security (AFSJ) has seen recently, it is still comparatively under-researched. The main argument of the article is that norms have been constructed over recent years in such a way that the AFSJ has set a project in motion which aims to create a veritable ‘European Public Order’. This change has not come overnight though, and it has been normatively constructed over the past decade. In agreement with Christiansen, it is argued that a constructivist institutionalist approach may be best suited to analyse these developments, representing one of the new ‘high points’ of European construction. Four different stages of development are examined, i.e. the pre- and post-Maastricht, the Amsterdam and Tampere, and the Constitutional Treaty phases. These developments have now significantly altered the norm of national sovereignty in EU internal security. As a consequence of this, some of the most spectacular changes in the EU can be expected in this area in the future with the new five-year ASFJ programme agreed in The Hague.     

Youth as Actors of Change? The Cases of Morocco and Tunisia

In the last decades, ‘youth’ has increasingly become a fashionable category in academic and development literature and a key development (or security) priority. However, beyond its biological attributes, youth is a socially constructed category and also one that tends to be featured in times of drastic social change. As the history of the category shows in both Morocco and Tunisia, youth can represent the wished-for model of future citizenry and a symbol of renovation, or its ‘not-yet-adult’ status which still requires guidance and protection can be used as a justification for increased social control and repression of broader social mobilisation. Furthermore, when used as a homogeneous and undifferentiated category, the reference to youth can divert attention away from other social divides such as class in highly unequal societies.     

Excerpts from research study ‘weapons of mass destruction and terrorism: Proliferation by non‐state actors’

In the wake of the Cold War, a new world disorder seems to be emerging wherein the legitimacy of many states is being challenged from within by increasing non‐state calls for self‐determination from the likes of religious cults, hate groups, isolationist movements, ethnic groups and revivalist movements. These movements often prey on the insecurities of the population, offering to fill psychological, sociological, political or religious security needs of those who would join them. Religious oriented groups appear to share a common ideological thread that rejects existing social, economic and political structure demanding a structural revision of the world, a world where they become the authoritarian, dominant influence. Emanating from these movements will be the ‘Post Modern Terrorists’ who possess a ‘ripeness’ to threaten use of weapons of mass destruction.

This article concerns asymmetric warfare: terrorism, specifically Weapons of Mass Destruction (WMD) terrorism. It argues that the terrorist WMD threat will emanate from non‐state groups operating under a veneer of religion and ethnic‐racist hate. These groups, plus the occasional cult, are the most likely candidates to threaten use of weapons of mass destruction in a mass casualty causing ‘super‐terrorist act’.     

Disarming Somalia: lessons in stabilisation from a collapsed state

International efforts to resolve the Somali crisis have foundered on one central paradox: the restoration of state institutions is both an apparent solution to the conflict and its most important underlying cause. Somalis tend to approach disarmament and demobilisation—two central pillars of the ‘state-building’ process—with the fundamental question: who is disarming whom? If the answer threatens to entrench unbalanced and unstable power relations, then it may also exacerbate and prolong the conflict. In this paper, the authors examine disarmament and demobilisation initiatives from southern Somalia, Puntland and Somaliland. In southern Somalia, externally-driven disarmament and demobilisation initiatives in support of successive interim ‘governments’ have been widely viewed with suspicion and alarm. In Somaliland and Puntland, Somali-led, locally owned efforts have achieved a degree of success that can be instructive elsewhere. The authors conclude that conventional international approaches to ‘state-building’ in Somalia must be reassessed—notably that security sector issues must be treated not as a purely ‘technical’ issue, but as an integral part of the political process.     

Voting void? Young South Africans,elections and the media

In May 2014, many of South Africa’s young citizens had the opportunity to vote in national elections for the first time. Youths who were born post-1994 (often referred to as the ‘Born Frees’) are the first generation of South Africans who live in a democratic country and hold no individual memory of life under apartheid. These young South Africans were born during a period of democracy, a time of transition and of great hope for the future. As a result of having been born outside the confines of apartheid racial segregation, they are expected to be racially integrated with their peers. The expectation which comes with the freedoms fought for by previous generations is that the youth will take up formal democratic practices, such as voting and engaging with parliament. However, during the recent national elections, the youth turnout revealed surprising differences amongst the 18–29-year age group. Young people aged 18–19 opted not to take up the right to vote – in fact, only 31 per cent of them had registered. This article interrogates the attitudes and actions of young South Africans within the political sphere, specifically by examining a group of young South Africans who are eligible to vote, as well as the role of the media in aiding or deterring voting engagement and perceptions. The central argument is that the local media fail to engage young people with content which advances their political identities. Despite high levels of media consumption, youths are engaging with formal politics as a result of pressure from family or due to socio-economic limitations, rather than a desire to add value to their citizenship.     

Is the internet an instrument of global democratization?

This article explores the hypothesis that people in less democratic nations will use the Internet newsgroups devoted to those countries as a relatively ‘safe’ form of political discussion and even protest. Also, it is expected that nationals of those countries living overseas will use these newsgroups to more openly discuss politics in those nations than they could otherwise do so. Before turning to a content analysis of the messages posted in non‐United States Usenet groups, the number of these groups and the levels of political discussion in them are quantified. The article quantifies the international usage of the Usenet as a first attempt to find some patterns in this usage that may be politically motivated. After all, many pundits imagine that the Internet will become the vaunted ‘global village’ and source of ‘grass‐roots democracy’, and not merely in the United States. An examination of the content of about 2500 messages in 41 Usenet groups then follows, with a view to establishing the following: how many messages are explicitly political; how many are in opposition to the current government; how many are pro‐government; whether they primarily serve as alternative sources of news; whether they are attempts to recruit people in the subject country and around the world into some sort of political action; and whether richer nations are more likely to have higher levels of discussion in their newsgroups than poorer ones. The findings conclude that newsgroups devoted to countries with lower levels of democratization have a much higher percentage of anti‐government messages than the newsgroups about nations that are more democratic.     

On the victims of terrorism and their innocence

Contrary to common usage, neither ‘victims’ nor their ‘innocence’ are necessary to the definition of the term ‘terrorism’. Though the primary targets ‐ as distinguished from audiences ‐ of most terrorist actions are people, and if the aim of the terrorists is to sow unreasoning fear, then symbolically important non‐human targets such as unmanned power sources, unoccupied government buildings and the like may serve the same purpose. Moreover, given that ‘victims’ are chosen for the shock value their death or injury may have, their ‘innocence’ (or even ‘guilt') may be incidental or even irrelevant to the violence visited upon them. A definition of ‘terrorism’ that focuses, generically, on its targets rather than on their qualities offers a more normatively neutral approach to the problem.     

Social network analysis and counterinsurgency: a counterproductive strategy?

Social network analysis has been adopted by a number of governments in their counterinsurgency campaigns. By using network analysis, security agencies claim they can render militant groups impotent by targeting ‘nodal points’ or key links in insurgent networks. The article makes three arguments on the potentially counterproductive nature of social network analysis-assisted counterinsurgency campaigns. Firstly, social network analysis may be ‘too successful’ in stripping militant movements of a cadre who could negotiate a peace accord. Secondly, social network analysis-assisted campaigns fail to address the root causes of violent conflict. Thirdly, by denuding communities of social capital and social entrepreneurs, social network analysis – as a counterinsurgency tool – may condemn communities to underdevelopment and failed post-war reconstruction. In short, the ‘magic weapon’ of social network analysis might actually prolong the conflict it is supposed to help quell. The article employs the government of Sri Lanka's social network analysis-assisted counterinsurgency campaign as a case study, though it also has application to other cases. It concludes by considering if social network analysis can be put to more constructive uses, specifically in the rebuilding of communities after violent conflict.     

Media,citizenship and the politics of belonging in contemporary South Africa

Abstract

Drawing on a wide range of theoretical and empirical studies, the articles in this special issue examine issues of citizenship and belonging in South Africa. Questions of belonging and citizenship are neither novel, nor particular to South Africa – they have been high on the intellectual (and popular) agenda internationally since at least the early 1990s. Yet South Africa's history of artificially separating and defining its citizens in the racial regimes of colonialism and apartheid still reverberates today, as is reflected in the continued inequalities marring South African society. Post-apartheid governance of redress still requires the use of apartheid categories of ‘race’, but the terms under which we understand what it means to be South African are much wider, and require continued critical reflection. Using South Africa (and not the global North, as is so often the case) as the focal point for rethinking notions of citizenship and belonging, may urge us to rethink these notions and their meanings within fledgling democracies and societies in transition.     

The Political Cultures of Israel's Radical Right: Commentary on Ehud Sprinzak's The Ascendance of Israel's Radical Right∗

Between 1968 and 1974 Italy was subjected to an unusually virulent campaign of right‐wing terrorism and subversion. An illustrative episode associated with this so‐called ‘strategy of tension’, which was characterized by the systematic use of covert ‘false flag’ operations, was the 17 May 1973 grenade attack outside Milan police headquarters that resulted in four dead and over 40 injured. Although the perpetrator, Gianfranco Bertoli, claimed to be an ‘individualist anarchist’ and had in fact established contacts with certain anarchist and leftist groups, subsequent judicial investigations revealed that he had been an informant and infiltrator for the Italian military intelligence service, that he had long maintained links with various anti‐communist and neo‐fascist organizations, and that he apparently received ‘cover’ and some type of logistical support prior to the attack from one or more ‘international secret services’. Although many aspects of the crime still remain murky, in all probability Bertoli was an agent provocateur acting on behalf of clandestine, quasi‐official intelligence apparatuses rather than a solitary anarchist engaging in violent ‘propaganda of the deed’.     

Labelling the innocent: how government counter-terrorism advice creates labels that contribute to the problem

The Labour government's counter-terrorism advice sought to distance ‘terrorism’ from Islam, but in doing so actually created an imagined relationship that potentially alienates those who follow the Islamic faith. This study works within the framework of labelling theory to demonstrate that the state's counter-terrorism advice was detrimental to its own goals. The study identifies labels within counter-terrorism discourse and argues that these create ‘the Islamic community’ using shared labels found in Islamist discourse and places the ‘threat’ within this imagined community. Identifying with a singular ‘other’ denies participation in multiple groups, creating an insular imagined society that constructs barriers and encourages persecution. Placing the ‘terrorist’ within this larger isolated community increases the possibility that the badge of honour found within its own group is seen as a status symbol to be mirrored within the wider community. Removing labels and empowering the individual, rather than creating artificial collectives, could provide a means of addressing the problem.     

Contemporary issues in humanitarianism: selected resources

As Tony Vaux points out in his Guest Editorial in this issue, the concept of humanitarianism applies to both war and general disaster, and is based on the principle that ‘in extreme cases of human suffering external agents may offer assistance to people in need, and in doing so should be accorded respect and even “rights” in carrying out their functions’. However, policy makers in humanitarian agencies, and aid workers on the ground, face a bewilderingly complex set of challenges in determining such ‘rights’. Gone are any comfortable certainties about what in the commercial sector is known as ‘the licence to operate’, and claims to the moral high ground of ‘neutrality’ have an increasingly hollow ring. Perhaps more to the point, such assumptions are of little practical use to frontline workers who may risk ambush, abduction, deportation, or even their lives as the result of their professional activities. Nor do outdated road maps help relief agencies to orient their decisions on whether to withdraw or continue providing material assistance in the knowledge that a proportion of it is fuelling the violence or lining the pockets of conflict profiteers. There are no standard ‘off-the-peg’ answers, because each situation must be considered on its own merits. And of course no aid agencies share an identical mandate, or have precisely the same expertise or history of involvement with the affected population – all factors that must be weighed up in deciding what is the appropriate course of action.

For reasons of space, we have not sought to cover the areas of early warning, prevention, and mitigation associated with ‘natural’ disasters, although of course the two are always linked, as became very clear in wake of the Asian tsunami in Aceh and Sri Lanka. It has long been recognised that since catastrophic events disproportionately affect the poor and marginalised, they expose and may intensify existing social divides and structural injustice. For instance, in his seminal work on the 1943 Bengal famine, Poverty and Famines: An Essay on Entitlement and Deprivation (OUP, 1984) Amartya K Sen argued that such food shortages do not occur in functioning democracies. Similarly, Roger Plant's, Guatemala: Unnatural Disaster (Latin America Bureau, 1978) showed how the 1974 earthquake triggered an intensification in state violence that was to result in the death or disappearance of 200,000 Guatemalans and create ‘a nation of widows and orphans’.

In accordance with the focus of this issue, we have given priority to publications and organisations that reflect on some direct involvement in humanitarian endeavour, rather than giving priority to more policy-oriented or scholarly works or academic institutions. We have included literature on the 1994 genocide in Rwanda, since this was such a defining event for humanitarianism; and some recent publications concerning the US-led invasions of Afghanistan in October 2001 (‘Operation Enduring Freedom’) and Iraq in March 2003 (‘Operation Iraqi Freedom’), since these have significantly redefined the global landscape of policy and practice within which humanitarian agencies operate. Inevitably we can offer only a glimpse of the growing literature in these fields, but we hope in so doing that readers, and particularly those directly involved in humanitarian endeavours, will be encouraged to explore the issues further.     

Introduction: the accountability function of the courts in new democracies

Much of the literature on ‘democratic consolidation’ has adopted a forward‐looking, future‐oriented perspective. Rather than studying past regimes, it tries to assess the life expectancies of contemporary ’third wave’ democracies. The article contends that authors have usually been unaware of the methodological complexities this choice of time perspective involves. If we want to reach reasonable judgements about the chances of democratic survival in a given country we have to be conscious of the probabilistic nature of such a prospective exercise. And we have to make (and justify) some basic analytical decisions. We have to explain the time horizons we are adopting as well as the future conditions we are assuming. We have to make clear how we construct the binary opposition between ‘consolidated’ and ‘non‐consolidated’ democracies. We have to decide whose expectations of democratic stability we take into account. And we have to cope with conflicting and unstable perceptions. Unless we ‘consolidologists’ heed these methodological ground rules, it is unlikely that we will ever reach shared judgements, or else, intelligible disagreements, about empirical states of democratic consolidation.