Article 361 of the Companies Act which requires that director pay be set by the corporation's general shareholders meeting. To … explore the question of whether this rule, by giving shareholders a veto over changes to compensation they disagree with …, matters to pay in Japan this paper examines the results of the shareholders meetings of companies listed on the first section …

shareholders. It might surprise these critics, then, to learn that shareholders’ legal rights under the Japanese Companies Act are … actually quite strong. Indeed, many of the rights that shareholders’ rights advocates often support, including shareholders …’ power to alter a corporate charter without board consent, shareholders’ power to control dividend payments, majority voting …