The author was on the Hampei Committee and during this we had 500-600 written representations made to us. He thought it was unfortunate that Adrian Cadbury placed the focus and the terminology on corporate governance. This inevitably tilted the emphasis onto systems. We need a different name for corporate governance. Board effectiveness is surely what it should be about. The focus should be Board quality not corporate governance. As investors we are also being egged on by the government to demonstrate our activism. The UK is a great place but in 10–15 years' time if present trends continue it is hard to see how we can keep up a sustainable edge. The Japanese have recently discovered corporate governance and have got very enthusiastic about it. The Japan Pension Fund Organization, which is both a fund and a trade body for the other funds, has advised voting against about one-third of the resolutions that have come up.