Corporate governance reform has become a focus of discussion. From the corporate governance perspective, this involves two aspect. One is [the relationship with operators]; the other aspect is [the relationship between operators and business stakeholders]. Currently, the focal point of corporate governance reform is governance reform between shareholders and operators aimed at improving operational efficiency. The focus of this reform is introducing an independent director system in the expectation of boosting ROE. For the board to put into effect, It should be fully independent from the board of director. But there are some problems in the election of independent non-executives for shareholders. In order to achieve good performance in stock market, the top managers should avoid any possible scandals and hoping risk-taking to business strategy. In this point of view, The 2015 Japanese Code on Corporate Governance carried out reforms on a board of directors.