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  "documentTitle": "Keisei Electric Railway (9009)",
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  "notes": "Uses a table to contrast individual director independence flags against proxy advisor policies.",
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      "text": "By the assessment of leading global proxy advisors, Keisei's board is at or below threshold of independence levels stipulated in Japan's Corporate Governance Code.",
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      "text": "Independence concerns over four out of the six outside directors (including direct links to OLC) raise serious doubts about their collective ability to fairly and objectively perform their duties – including fundamental checks and balances on management decision-making",
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      "text": "Independence concerns over four out of the six outside directors (including direct links to OLC) raise serious doubts about their collective ability to fairly and objectively perform their duties – including fundamental checks and balances on management decision-making",
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      "text": "Companies listed on the Prime Market should therefore appoint at least one-third of their directors as independent directors — Japan's Corporate Governance Code",
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      "text": "Source: Company disclosures, ISS, Glass Lewis.",
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      "text": "...with outside director oversight undermined by independence uncertainty...",
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