Leadership
Governance
We are committed to establishing a highly effective and transparent governance system on a global level for carrying out investment activities focused on final beneficiaries.
Our Board of Directors, the decision-making body on important matters concerning the oversight of business execution and business management, consists of 11 directors who are experts on investment and management practices and in finance, economy and law. As the board contains five external directors, it enables us to ensure transparency in business management and to make managerial decisions from an objective viewpoint, as well as allowing us to strengthen our management oversight functions.
In addition, we have one statutory auditor who attends the Board of Directors and participates in other decision-making organs, verifying the legality and validity of our business operations and providing appropriate advice and recommendations.
In terms of our operations, the following decisions on investment projects are made by the Investment Committee in accordance with the Industrial Competitiveness Enhancement Act, contributing to realizing a highly effective and transparent decision-making process for our investment activities:
- Decisions on the details and the target business of a specified fund provision
- Performance evaluations for an authorized specified investment business
- Decisions on the disposal of securities held or receivables with an authorized specified investment business
- Decisions on the details and the target business of a direct fund provision
- Decisions on the disposal of securities held or receivables with a target business of a direct fund provision
The Investment Committee consists of five external directors and one representative director who are selected by the Board of Directors and approved by the Minister of Economy, Trade and Industry.
As public funds are applied during the course of our activities, we have set a clear mission that is based on the government’s investment criteria and thoroughly enforce governance, ex-post evaluation and performance-based principles that are suitable for investments and ensure appropriate discipline and prompt, flexible decision-making in practice.
Specifically, we confirm that the purpose of a specified fund provision would be fulfilled, i.e. a specified investment business or specified business activities have an appropriate and stable structure for promoting the business or activities, and a set policy target and revenue target for each authorized specified investment business for evaluating their performance.
We also have the Risk Management Committee, consisting of the President, the Deputy President and the Executive Managing Director, to ensure the achievement of our business purpose, with collecting information on risk management at normal times and in the event of an incident.
Management
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President and Chief Executive Officer
Masaaki Tanaka
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Deputy President
Yasunori Kaneko
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Executive Managing Director and Chief Operating Officer
Hideaki Tsukuda
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Executive Managing Director and Chief Investment Officer
Hiroaki Toya
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Senior Managing Director and Chief Financial Officer
Michio Saito
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Senior Managing Director and Chief Strategy Officer
Takatoshi Miura
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External Director
Masahiro Sakane
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External Director
Kazuhiko Toyama
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External Director
Takeo Hoshi
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External Director
Ayako Yasuda
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External Director
Akihiro Wani
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Statutory Auditor
Hideo Takaura
Investment Committee
- ChairmanMasahiro Sakane
- Deputy ChairmanKazuhiko Toyama
- MemberTakeo Hoshi
- MemberAyako Yasuda
- MemberAkihiro Wani
- MemberMasaaki Tanaka
Management

President and Chief Executive OfficerMasaaki Tanaka |
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Mr. Tanaka has been appointed as the President and Chief Executive Officer of Japan Investment Corporation (JIC) as of September 25th, 2018. Mr. Tanaka has extensive experience in the global banking and capital markets through his career as executive of Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial conglomerate with $2.8tn of assets, and advisor of multiple companies. He has also been a member of government councils, panels and advisory groups. He started his career by joining Mitsubishi Bank in 1977 and led executive officer teams including corporate banking and strategy planning divisions in Japan and the US. Prior to taking office as JIC’s CEO, he was Deputy President of MUFG, CEO for the Americas of the Bank of Tokyo-Mitsubishi UFJ (currently known as MUFG Bank), and President and CEO of Union Bank (currently known as MUFG Union Bank). He also served as a board member of Morgan Stanley and senior global advisor of PwC International. He has been Vice Chair of the Board of Councilors of the US–Japan Council since 2013. He also serves as a board member of two FinTech companies (Money Forward and QUOINE), and as advisor to the Hawaii-based Central Pacific Bank, Gojo & Company, and an executive coaching firm, Coach A. Mr. Tanaka also serves as advisor to the Financial Services Agency of Japan, while having advisory roles in the following government panels: the Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code; the Council of Experts on the Stewardship Code; the Panel of Experts on FinTech Startups; the Advisory Group on Supervisory Approaches; the Study Group on the Financial System under the Financial System Council; the Study Group on Supervisory Approaches to Lending Practices; the IoT Acceleration Lab; and the Study Group for Risk Capital Supply for the Fourth Industrial Revolution. Mr. Tanaka holds a Master of Law (LLM) from the University of Michigan Law School and a Bachelor of Law from the University of Tokyo. |

Deputy PresidentYasunori Kaneko |
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Mr. Kaneko has been appointed as the Deputy President of JIC as of September 25th, 2018. Since 1981, Mr. Kaneko has built wide experience in healthcare business development/fundraising and investments in the US life science sector, as illustrated in the following career history. In addition, he has been involved in social activities as an advisor to encourage Japanese enterprises including startups to successfully develop their businesses in Japan and the global market. Prior to assuming this role, he has been Managing Director of Skyline Ventures, the Silicon Valley-based venture capital firm investing in product-focused healthcare companies. He concurrently serves as Independent Director of Arcus Biosciences and Outside Director of Nippon Paint Holdings. Mr. Kaneko began his career at the biotech pioneer Genentech, Inc., where he contributed to business development and to marketing its first product, recombinant human growth hormone, as a project leader. After having worked for Paribas Capital Markets in Tokyo, he assisted US biopharmaceutical companies to go public or be acquired by a major player, including as Senior Vice President and Chief Financial Officer of Ionis Pharmaceuticals, Inc., Chief Financial Officer and Vice President of Tularik, Inc., and as a board member of LeukoSite Inc. Mr. Kaneko has dedicated himself to social and philanthropic activities in Japan and the US. He has served as a member of the Panel of Experts on FinTech Startups by the Financial Services Agency of Japan, the Global Network Council by the Ministry of Economy, Trade and Industry, and Stanford Interdisciplinary Life Sciences Council. Mr. Kaneko holds a Doctor of Medicine degree from Keio University School of Medicine and a Master of Business Administration from Stanford Graduate School of Business. |

Executive Managing Director and Chief Operating OfficerHideaki Tsukuda |
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Mr. Hideaki Tsukuda has been appointed as the Executive Managing Director and Chief Operating Officer of JIC as of September 25th, 2018. With more than 25 years’ experience in organizational development, human resource management, and corporate governance, Mr. Tsukuda is one of the most influential advisors not just to the boards, CEOs, and top management teams of major Japanese companies but also to the government in fields such as Corporate Governance and Stewardship Codes. He has received a lot of media exposure on topics such as board effectiveness and CEO succession. Prior to joining JIC, he was Representative of the Japan Office and Partner of Egon Zehnder, the world’s leading executive search and leadership advisory firm. He led its Board Advisory and CEO practice group and provided advice on board evaluation, CEO succession, executive assessment and development, and non-executive director search to help clients achieve sustainable growth and an increase in shareholder value. Before that, he worked as a manager in the Human Resources Division and International Division of Sanwa Bank, Ltd. (now MUFG Bank) and as a consultant specializing in the financial service sector at the Tokyo Office of McLagan Partners Asia, Inc. Mr. Tsukuda has also served as a member of the following councils established by the Financial Services Agency of Japan and jointly by the Agency and the Tokyo Stock Exchange: the Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code; the Council of Experts on the Stewardship Code; and the Working Group on Financial Markets under the Financial System Council of the Financial Services Agency. Mr. Tsukuda holds a Master of Sciences in Management from MIT Sloan School of Management and a Bachelor of Law from the University of Tokyo. |

Executive Managing Director and Chief Investment OfficerHiroaki Toya |
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Mr. Toya has been appointed as the Executive Managing Director and Chief Investment Officer of JIC as of September 25th, 2018. Mr. Toya has more than 20 years’ experience in M&A and investment management with a successful track record that covers a variety of asset classes, including private equity and loans, public equities and bonds, REITs, credit default swaps, and physical assets. He has a deep knowledge of fund management and the global investor community, built through his experience of co-investments and corporate governance advocacy. He also advises the government on corporate governance, corporate disclosure, and other capital market-related issues. He is a founding member and steering committee member of Investor Forum Japan, an association of fund managers. Prior to joining JIC, Mr. Toya was Managing Director and Tokyo Branch Manager at LIM Advisors, a Hong Kong-based multi-strategy investment fund. He made a significant contribution to LIM funds, culminating in three industry awards and 13 nominations. Previously, he worked at Olympus Capital Holdings Asia, a private equity firm, where he played a leading role in the investment and management of portfolio companies in Japan. Before that, he worked for Goldman Sachs in New York and Tokyo, advising clients on M&A and corporate finance transactions in the financial, high tech, and transportation sectors, and the Japanese Ministry of Finance as policy officer for the national budget and price policy. Mr. Toya has also served on various expert panels at the Ministry of Economy, Trade and Industry, including: the Corporate Reporting Lab; the ‘Competitiveness and Incentives for Sustainable Growth: Building Favorable Relationships between Companies and Investors’ project (known as the Ito Review); the Study Group for Ideal Approaches to Diversity Management (Diversity 2.0) as a Competitive Strategy; and the Forum for Integrated Corporate Disclosure and ESG Dialogue, Active Fund Manager Subcommittee. Mr. Toya holds a Master of Business Administration from the Wharton School, University of Pennsylvania, and a Bachelor of Economics from the University of Tokyo. |

Senior Managing Director and Chief Financial OfficerMichio Saito |
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April 1987 | Joined Ministry of Finance |
July 2009 | Director, Research Division, Budget Bureau, Ministry of Finance |
July 2010 | Director, Market Finance Division, Financial Bureau, Ministry of Finance |
July 2011 | Director, Debt Management Policy Division, Financial Bureau, Ministry of Finance |
June 2013 | Director, Financial Markets Division, Planning and Coordination Bureau, Financial Services Agency |
July 2014 | Deputy Director-General, Planning and Coordination Bureau, Financial Services Agency |
July 2015 | Deputy Director-General, Supervisory Bureau, Financial Services Agency |
June 2016 | Executive Managing Director, Innovation Network Corporation of Japan |
September 2018 | Senior Managing Director and Chief Financial Officer, Japan Investment Corporation |

Senior Managing Director and Chief Strategy OfficerTakatoshi Miura |
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April 1992 | Joined Ministry of International Trade and Industry |
October 2011 | Director, Finance Division/Business Environment Department, Small and Medium Enterprise Agency |
July 2014 | Director, Information and Communication Electronics Division Commerce and Information Policy Bureau, Ministry of Economy, Trade & Industry |
July 2017 | Director, Industry Revitalization Division, Economic and Industrial Policy Bureau, Ministry of Economy, Trade & Industry |
June 2018 | Executive Managing Director, Innovation Network Corporation of Japan, |
September 2018 | Senior Managing Director and Chief Strategy Officer, Japan Investment Corporation |

External DirectorMasahiro Sakane |
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1963 | Joined Komatsu Ltd |
1989 | Director of Komatsu Ltd |
1990 | COO of Komatsu Dresser Company (Currently Komatsu America Corp.) |
1999 | Executive Vice President of Komatsu Ltd |
2001 | President of Komatsu Ltd |
2007 | Chairman of the Board of Komatsu Ltd |
2013 | Councilor of Komatsu Ltd |
Bachelor of Engineering, Osaka City University, |

External DirectorKazuhiko Toyama |
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1985 | Joined Boston Consulting Group |
1993 | Board of Directors of Corporate Directions, Inc |
2000 | Managing Director of Corporate Directions, Inc |
2001 | CEO of Corporate Directions, Inc |
2003 | COO of Industrial Revitalization Corporation of Japan (IRCJ) |
2007 | CEO of Industrial Growth Platform, Inc. (IGPI) |
Advisor of Financial Service Agency (JFSA) Bachelors of Law, the University of Tokyo |

External DirectorTakeo Hoshi |
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1988 | Assistant Professor at University of California, San Diego |
1994 | Associate Professor at University of California, San Diego |
2000 | Professor at University of California, San Diego |
2012 | Professor of Finance at Stanford Graduate School of Business |
2013 | Visiting Scholar of Federal Reserve Bank of San Francisco |
Bachelor of Liberal Arts, The University of Tokyo |

External DirectorAyako Yasuda |
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1993 | Joined Goldman Sachs & Co. |
2001 | Assistant Professor of Finance at The Wharton School, University of Pennsylvania |
2009 | Assistant Professor of Finance at The Graduate School of Management, University of California, Davis |
2011 | Associate Professor of Finance at The Graduate School of Management, University of California, Davis |
2018 | Professor of Finance at The Graduate School of Management, University of California, Davis |
Bachelors of Art, Stanford University |

External DirectorAkihiro Wani |
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1979 | Registered as lawyer |
1987 | Founded Mitsui Yasuda Wani & Maeda |
2004 | Founded Linklaters in Japan |
2004 | Professor of Law at Sophia University Law School in Tokyo |
2014 | Senior Counselor of Ito & Mitomi / Morrison & Foerster LLP |
2014 | Chairman of JBA TIBOR Administration |
Member of Financial Policies Monitor LL.B., The University of Tokyo |

Statutory AuditorHideo Takaura |
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1974 | Price Waterhouse Japan Firm (In 1983 formed as Aoyama Audit Corporation) |
1979-1982 | Price Waterhouse Australia |
1987 | Admitted to Price Waterhouse Japan Firm/Aoyama Audit Corporation |
1993-1996/ 1999-2000 |
CEO of Price Waterhouse Japan Firm/Aoyama Audit Corporation |
2000 | Merged with Chuo Audit Corporation, Vice Chairman of ChuoAoyama Audit Corporation |
2006-2009 | Admitted to PricewaterhouseCoopers Aarata, Chief Executive Officer |
2009- | Statutory Auditor of Innovation Network Corporation of Japan (INCJ) |
Japanese CPA (No. 5942) |