Comparative Analysis of National ESG Strategies: Canada, Japan, Australia, and South Korea

Environmental, social, and governance (ESG) factors are increasingly important for businesses and investors globally. Governments also recognize ESG's significance in driving sustainable development and economic growth. This report compares and contrasts the ESG policies and strategies of Canada, Japan, Australia, and South Korea, focusing on environmental sustainability goals, social responsibility initiatives, and governance structures. It identifies best practices, areas of divergence, and potential areas for improvement.

Environmental Sustainability Goals and Targets

All four countries have established ambitious environmental sustainability goals, including commitments to achieve net-zero emissions. However, their approaches and specific targets vary.

Canada

Canada aims to achieve net-zero emissions by 2050¹. This commitment is legally enshrined in the Canadian Net-Zero Emissions Accountability Act, which mandates setting emission reduction targets every five years¹. The Act also requires public participation and independent advice to guide the government's efforts¹. Canada's 2030 Emissions Reduction Plan outlines a sector-by-sector path to reach its emissions reduction target of 40 to 45% below 2005 levels by 2030². The plan emphasizes carbon pricing as a key tool for achieving this target². In addition to its national targets, Canada has committed to reducing greenhouse gas emissions from federal government facilities and fleets by 40% below 2005 levels by 2030³. Canada has also set a 2035 emissions reduction target of 45-50% below 2005 levels⁴.

Japan

Japan also aims to achieve net-zero greenhouse gas emissions by 2050⁵. To reach this goal, Japan has set an interim target of reducing emissions by 46% from 2013 levels by 2030⁵. Japan's Green Growth Strategy outlines 14 key sectors where future growth is expected and where proactive efforts are needed to reduce greenhouse gas emissions⁵. These sectors include renewable energy, hydrogen, energy storage, and nuclear power⁵. The government has established a 2-trillion-yen Green Innovation Fund to provide continuous support for research and development, as well as social implementation over the next 10 years⁵. Furthermore, Japan plans to accelerate its Green Transformation (GX), an initiative that aims to achieve emission reduction, a stable energy supply, and economic growth simultaneously⁷.

Australia

Australia has legislated a net-zero emissions target by 2050⁸. The country plans to achieve this goal through various strategies, including expanding renewable energy sources, improving energy efficiency, employing carbon capture and storage technologies, and promoting sustainable land use practices⁸. Australia has also committed to reducing greenhouse gas emissions by 43% below 2005 levels by 2030⁹. In addition to these initiatives, Australia is actively regulating and reporting on greenhouse gas emissions, assisting the land and agriculture sector in reducing emissions, and partnering with Indo-Pacific neighbors to reduce emissions¹⁰. The Australian government has also implemented a broader plan to address the climate crisis, including ACCU Scheme reforms and the 'Powering Australia' plan, which aims to reduce emissions and enhance sequestration across all sectors of the economy¹¹.

South Korea

South Korea aims to achieve carbon neutrality by 2050¹². The country plans to reduce greenhouse gas emissions by 40% from 2018 levels by 2030¹². South Korea is investing in climate technology and promoting renewable and nuclear energy to achieve its goals¹². As part of its commitment to carbon neutrality, South Korea has established the “Plan for Carbon-neutral Public Sector” with the aim of achieving net-zero in government operations by 2045¹³.

Expected Impacts of Net-Zero Emissions Goals

Each country anticipates various positive impacts as a result of achieving its net-zero emissions goals. For Canada, this includes the creation of an estimated 235,000 to 400,000 new jobs by 2030 in clean energy and environmental sectors, increased exports of clean technology products, and enhanced energy security for households and businesses¹⁴. Japan expects its Green Growth Strategy to bring about strong economic growth while reducing greenhouse gas emissions¹⁵. Australia's net-zero plan is expected to guide the country's transition to a more sustainable economy, driven by clean energy and technological innovation¹⁶. South Korea anticipates that its carbon neutrality strategy will position the country as a leader in implementing sustainable practices across diverse industrial sectors, ensuring long-term environmental and economic benefits¹⁷.

Divergence in Environmental Sustainability Goals

While all four countries share the common goal of achieving net-zero emissions, their approaches to carbon pricing and the pace of their decarbonization efforts differ. For example, Canada and Australia have implemented explicit carbon pricing mechanisms, while Japan and South Korea have taken a more gradual approach to carbon pricing, focusing on promoting green finance and developing innovative technologies¹⁵. This difference in approach may be attributed to various factors, including each country's energy mix, economic structure, and political context¹⁹. Notably, Japan and South Korea have been identified as lagging behind other developed nations in their climate action efforts²⁰. This lag may be due to their reluctance to impose major regulatory restrictions on emissions and their preference for waiting for clean energy technologies to mature²⁰.

Best Practices and Potential Areas for Improvement

Canada:

• Best Practice: Canada's Net-Zero Emissions Accountability Act provides a strong framework for achieving net-zero emissions by 2050²¹. The Act's emphasis on public participation and independent advice can help ensure that the government's efforts are aligned with the needs and priorities of its citizens²¹.
• Key Insight: ESG strategies can help companies achieve long-term sustainability and drive economic vibrancy²².
• Potential Area for Improvement: Canada needs to improve its waste management practices to enhance its overall sustainability performance²³.

Japan:

• Best Practice: Japan's Green Growth Strategy provides a comprehensive roadmap for decarbonizing the economy⁶. The strategy's focus on innovation and technology development can help drive economic growth while reducing emissions⁶.
• Key Insight: Japan's moderate ESG regulations help avoid the anti-ESG sentiment seen in the U.S. and Europe²⁴.
• Potential Area for Improvement: Japan needs to address concerns about its reliance on "clean coal" technologies and ensure that its climate strategy prioritizes emission reductions over economic growth¹⁵.

Australia:

• Best Practice: Australia's commitment to promoting ESG performance in its critical minerals sector is a notable best practice²⁵. The government's efforts to support the development of sustainable mining practices can help ensure that Australia's resources are extracted responsibly²⁵.
• Key Insight: Australian businesses are realizing the need to incorporate ESG considerations into their organizational DNA to meet growing stakeholder expectations and stay competitive²⁶.
• Potential Area for Improvement: Australia needs to address concerns about the environmental impact of its coal mining industry and ensure that its climate policies are aligned with its net-zero emissions target²⁷.

South Korea:

• Best Practice: South Korea's focus on supply chain transparency is a positive development²⁸. The government's efforts to promote responsible sourcing and traceability can help improve the sustainability of Korean businesses²⁸.
• Key Insight: Major financial companies in South Korea are actively promoting ESG investment by setting ESG investment targets and installing dedicated teams²⁹.
• Potential Area for Improvement: South Korea needs to address concerns about the environmental impact of its manufacturing sector and ensure that its ESG policies are effectively implemented²⁸.

Social Responsibility Initiatives and Commitments

Each country has its own approach to social responsibility, with varying priorities and initiatives.

Canada

Canada has a long-standing commitment to social responsibility, evident in its support for the UN Sustainable Development Goals³⁰. The government has implemented various social responsibility initiatives, including programs to reduce poverty, advance gender equality, and support reconciliation with Indigenous peoples³⁰. Canada has also developed a Corporate Social Responsibility Strategy for the Canadian International Extractive Sector to promote responsible business practices abroad³¹. In addition, Canada's "Modern Slavery Act" requires companies to produce annual public reports about their efforts to eliminate forced labor and child labor in their supply chains³².

Japan

Japan's corporate social responsibility (CSR) initiatives are deeply rooted in its business culture³³. Companies prioritize long-term sustainability and emphasize activities such as environmental conservation, employee well-being, and community engagement³³. Toyota's commitment to sustainable manufacturing and reducing waste is a notable example³³.

Australia

Australia's social responsibility initiatives focus on areas such as indigenous health, education, and community engagement³⁴. The Medicines Australia Corporate Social Responsibility Initiatives Fund supports indigenous health programs and provides scholarships for Aboriginal students³⁴. Companies also engage in volunteer activities and support humanitarian efforts through organizations like the Australian Red Cross³⁵.

South Korea

South Korea has implemented various social responsibility initiatives, including programs to promote environmental sustainability, reduce waste, and support social enterprises³⁶. The government has also established a strict recycling and waste separation policy to minimize waste and promote responsible consumption³⁷.

Divergence in Social Responsibility Initiatives

The four countries exhibit some differences in their social responsibility priorities. For example, Canada has a strong focus on gender equality and reconciliation with Indigenous peoples, while Japan emphasizes employee well-being and community engagement³⁸. These differences may be attributed to cultural values, historical contexts, and socio-economic factors³⁹.

Best Practices and Potential Areas for Improvement

Canada:

• Best Practice: Canada's Corporate Social Responsibility Strategy for the Canadian International Extractive Sector provides a framework for promoting responsible business practices abroad⁴⁰. This can help Canadian companies operating in developing countries to minimize their environmental and social impact⁴⁰. For example, mining company Barrick Gold Corporation has implemented a comprehensive CSR program in its operations in Papua New Guinea, which includes initiatives to support local communities, protect biodiversity, and promote sustainable development.
• Potential Area for Improvement: Canada needs to address concerns about the social impact of its extractive industries on Indigenous communities and ensure that its CSR policies are effectively implemented²³.

Japan:

• Best Practice: Japan's emphasis on employee well-being and community engagement is a positive aspect of its CSR approach⁴¹. This can help create a more inclusive and sustainable workplace environment⁴¹. For example, the Sumitomo Forestry Group organizes volunteer activities such as tree planting to promote environmental conservation and engage with local communities⁴².
• Potential Area for Improvement: Japan needs to address concerns about gender inequality in the workplace and promote greater diversity and inclusion in its CSR initiatives⁴³.

Australia:

• Best Practice: Australia's focus on indigenous health and education is commendable³⁴. The government's support for programs that address the health and educational needs of Aboriginal communities can help close the gap in life expectancy and improve social outcomes³⁴. For example, the Medicines Australia Corporate Social Responsibility Initiatives Fund has contributed $1.89 million towards Aboriginal preventative health programs³⁴.
• Potential Area for Improvement: Australia needs to address concerns about social inequality and ensure that its CSR initiatives benefit all segments of society⁴⁴.

South Korea:

• Best Practice: South Korea's strict recycling and waste separation policy is a best practice in promoting responsible consumption and waste management³⁷. This can help reduce environmental pollution and promote a cleaner and more sustainable environment³⁷.
• Potential Area for Improvement: South Korea needs to address concerns about labor rights and working conditions in its manufacturing sector and ensure that its CSR initiatives promote social equity and protect human rights⁴⁵.

Governance Structures and Practices

The four countries have distinct governance structures and practices, reflecting their unique political and legal systems.

Canada

Canada has a parliamentary democracy with a constitutional monarchy⁴⁶. The government is accountable to Parliament, which consists of the Monarch (represented by the Governor General), the Senate, and the House of Commons⁴⁷. Corporate governance practices in Canada are shaped by legal rules and best practices promoted by institutional shareholder groups and professional director associations⁴⁸.

Japan

Japan is a constitutional monarchy with a parliamentary system of government⁴⁹. The Emperor is the symbol of the state and performs ceremonial duties⁴⁹. The Cabinet, headed by the Prime Minister, directs and controls the government⁵⁰. Corporate governance in Japan is influenced by the Corporate Governance Code and the Stewardship Code, which promote independent directors, diversity, and sustainability reporting⁵¹.

Australia

Australia is a constitutional monarchy with a parliamentary democracy⁵². The Australian Constitution distributes power between the Parliament, the Executive, and the Judiciary⁵². Corporate governance in Australia is shaped by legislation, accounting standards, ASX Listing Rules, and voluntary codes of practice⁵³.

South Korea

South Korea is a unitary republic with a presidential system of government⁵⁴. The President is the head of state and is elected for a five-year term⁵⁵. The National Assembly is the legislative body, and the judiciary is independent of the executive and legislative branches⁵⁵. Corporate governance in South Korea is primarily governed by the Korean Commercial Code and the Financial Investment and Capital Markets Act⁵⁶. In addition, Korea has established a consultative body for ESG evaluation agencies, which has devised guidelines on internal controls for these agencies⁵⁷.

Divergence in Governance Practices

The four countries have different governance structures and practices, reflecting their unique political and legal systems⁵⁸. For example, Canada and Australia have a Westminster-style parliamentary system, while Japan has a constitutional monarchy with a parliamentary system, and South Korea has a presidential system⁵⁸. These differences can influence the way ESG policies are developed and implemented⁵⁹. Furthermore, the concept of "faux convergence" highlights how countries can adopt global governance forms while maintaining distinctive local practices⁶⁰. This suggests that despite increasing globalization and harmonization efforts, variations in governance practices are likely to persist.

Best Practices and Potential Areas for Improvement

Canada:

• Best Practice: Canada's principles-based approach to corporate governance allows for flexibility and adaptability⁶¹.
• Potential Area for Improvement: Canada could improve its corporate governance practices by promoting greater diversity on boards and enhancing board independence⁶².

Japan:

• Best Practice: Japan's corporate governance reforms have led to increased board independence and diversity⁶³. For example, revisions to Japan's corporate governance code, effective April 2022, set a target of one female director by 2025 and 30% female directors by 2030⁶³.
• Potential Area for Improvement: Japan needs to address concerns about the effectiveness of independent directors and ensure that corporate governance practices are aligned with international standards⁶⁴.

Australia:

• Best Practice: Australia's corporate governance framework provides a clear set of rules and guidelines for companies⁵³.
• Potential Area for Improvement: Australia could improve its governance practices by promoting greater transparency and accountability in corporate decision-making⁶⁵.

South Korea:

• Best Practice: South Korea's efforts to strengthen its ESG framework and align with international standards are positive developments⁵⁶.
• Potential Area for Improvement: South Korea needs to address concerns about the influence of family-owned conglomerates (chaebols) on corporate governance and promote greater shareholder rights⁵⁴.

The Role of Cultural, Economic, and Political Factors in Shaping National ESG Strategies

Cultural, economic, and political factors play a significant role in shaping national ESG strategies. Cultural values can influence social responsibility priorities, such as the emphasis on employee well-being in Japan or the focus on indigenous reconciliation in Canada⁶⁶. Economic factors, such as a country's level of development or its reliance on specific industries, can affect environmental sustainability goals and targets⁶⁷. Political factors, such as government stability and regulatory frameworks, can influence the development and implementation of ESG policies and regulations⁶⁸. For example, the political pushback against ESG investing in the United States has led some companies to distance themselves from ESG branding, while in Europe, concerns about inflation and living costs have slowed ESG momentum²⁴. These examples highlight how political contexts can significantly impact the adoption and implementation of ESG strategies.

Conclusion

This analysis has highlighted key differences and similarities in the ESG approaches of Canada, Japan, Australia, and South Korea. All four countries have made progress in incorporating ESG considerations into their national strategies, but areas for improvement remain. By learning from each other's experiences and adopting best practices, these countries can further enhance their ESG performance and contribute to a more sustainable and equitable future.

The potential for international cooperation and harmonization of ESG standards is significant⁶⁹. As ESG reporting becomes increasingly important, global standards can promote consistency, comparability, and reliability across industries and regions⁷⁰. This can help investors make informed decisions and encourage companies to adopt sustainable practices⁷¹. However, harmonization efforts should consider regional differences and allow for flexibility to accommodate diverse economic, political, and cultural contexts⁷². The challenge lies in balancing the need for global consistency with the need to address local priorities and concerns.

Works cited

1. Net-zero emissions by 2050 - Canada.ca, accessed January 12, 2025, https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/net-zero-emissions-2050.html
2. Canada Develops Legal Framework to Prioritize Net-Zero Implementation, accessed January 12, 2025, https://www.wri.org/update/canada-net-zero-governance-legal-framework
3. Sustainable Development Strategy 2020-2023 - Update: Global Affairs Canada, accessed January 12, 2025, https://www.international.gc.ca/transparency-transparence/sustainable-development-developpement-durable/2020-2023-update-mises-a-jour-2022-03-02.aspx?lang=eng
4. Canada's next net-zero milestone: the 2035 emissions reduction target, accessed January 12, 2025, https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/2035-emissions-reduction-target/next-netzero-milestone.html
5. Japan's Green Growth Strategy Will Accelerate Innovation | The ..., accessed January 12, 2025, https://www.japan.go.jp/kizuna/2021/09/green_growth_strategy.html
6. Adapting to Japan's ESG Regulations: How Dasseti Helps Companies Stay Compliant, accessed January 12, 2025, https://www.dasseti.com/insights/adapting-to-japans-esg-regulations-how-dasseti-helps-companies-stay-compliant
7. Together for Action: Japan's Initiatives for Achieving the Common Goal of Net Zero by 2050, accessed January 12, 2025, https://www.japan.go.jp/kizuna/2024/01/together_for_action_japan_initiatives.html
8. Achieving Net Zero Emissions by 2050: Australia's Strategy, accessed January 12, 2025, https://energyaction.com.au/australia-net-zero-emissions-2050-goal/
9. 2035 Emissions Reduction Targets | Climate Change Authority, accessed January 12, 2025, https://www.climatechangeauthority.gov.au/2035-emissions-reduction-targets
10. Australia's climate change strategies - DCCEEW, accessed January 12, 2025, https://www.dcceew.gov.au/climate-change/strategies
11. September 2024 ESG Policy Update–Australia | HUB | K&L Gates, accessed January 12, 2025, https://www.klgates.com/September-2024-ESG-Policy-Update-Australia-10-3-2024
12. Initiatives for a Sustainable Future | InvestKOREA(ENG), accessed January 12, 2025, https://www.investkorea.org/ik-en/pgm/i-3037/cntnts/front/sst-list.do
13. South Korea's Net-Zero Government Initiative Roadmap - Sustainability.gov, accessed January 12, 2025, https://www.sustainability.gov/pdfs/south-korea-nzgi-roadmap.pdf
14. Canada Sets New Emissions Reduction Goal for 2035, Aims for 45–50% Reduction, accessed January 12, 2025, https://esgnews.com/canada-sets-new-emissions-reduction-goal-for-2035-aims-for-45-50-reduction/
15. SGI 2024 | Japan | Environmental Sustainability, accessed January 12, 2025, https://www.sgi-network.org/2024/Japan/Environmental_Sustainability
16. Net Zero - DCCEEW, accessed January 12, 2025, https://www.dcceew.gov.au/climate-change/emissions-reduction/net-zero
17. South Korea - Policies & action | Climate Action Tracker, accessed January 12, 2025, https://climateactiontracker.org/countries/south-korea/policies-action/
18. 15 Biggest Environmental Problems of 2025 | Earth.Org, accessed January 12, 2025, https://earth.org/the-biggest-environmental-problems-of-our-lifetime/
19. The Race to Secure Sustainable Supply Chains: Why Canada and South Korea Ought to be 'Best Friends', accessed January 12, 2025, https://www.cgai.ca/the_race_to_secure_sustainable_supply_chains_why_canada_and_south_korea_ought_to_be_best_friends
20. Asia's most developed nations are far from leading the region's fight against climate change, accessed January 12, 2025, https://www.spglobal.com/commodity-insights/en/news-research/blog/energy-transition/110323-climate-change-asia-fight-japan-south-korea-lng-coal
21. Navigating ESG in Canada: Key Insights and Best Practices, accessed January 12, 2025, https://esgthereport.com/navigating-esg-in-canada-key-insights-and-best-practices/
22. Environmental, social and governance (ESG) - KPMG Canada, accessed January 12, 2025, https://kpmg.com/ca/en/home/services/environmental-social-and-governance.html
23. ESG in Canada: What the data tells us | BDC.ca, accessed January 12, 2025, https://www.bdc.ca/en/articles-tools/blog/esg-canada-what-data-tells-us
24. Japan's Steady Approach to ESG Investing Gains Momentum Amid Global Uncertainty, accessed January 12, 2025, https://esgnews.com/japans-steady-approach-to-esg-investing-gains-momentum-amid-global-uncertainty/
25. 4. Promoting Australia as a world leader in ESG performance | Critical Minerals Strategy 2023–2030 | Department of Industry Science and Resources, accessed January 12, 2025, https://www.industry.gov.au/publications/critical-minerals-strategy-2023-2030/our-focus-areas/4-promoting-australia-world-leader-esg-performance
26. Accelerating the ESG revolution - PwC Australia, accessed January 12, 2025, https://www.pwc.com.au/environment-social-governance/accelerating-the-esg-revolution.html
27. Australia | Climate Action Tracker, accessed January 12, 2025, https://climateactiontracker.org/countries/australia/
28. Preparing for South Korea's Enhanced ESG Regulations: How Dasseti Can Support Compliance, accessed January 12, 2025, https://www.dasseti.com/insights/preparing-for-south-koreas-enhanced-esg-regulations-how-dasseti-can-support-compliance
29. The Current ESG Focus in Korea | InvestKOREA(ENG), accessed January 12, 2025, https://www.investkorea.org/ik-en/cntnts/i-3007/dir.do
30. Canada and the Sustainable Development Goals - Canada.ca, accessed January 12, 2025, https://www.canada.ca/en/employment-social-development/programs/agenda-2030.html
31. Canada's Enhanced Corporate Social Responsibility Strategy to Strengthen Canada's Extractive Sector Abroad, accessed January 12, 2025, https://www.international.gc.ca/trade-agreements-accords-commerciaux/topics-domaines/other-autre/csr-strat-rse.aspx?lang=eng
32. Environmental, Social & Governance Laws and Regulations Report 2025 Canada, accessed January 12, 2025, https://iclg.com/practice-areas/environmental-social-and-governance-law/canada
33. America vs. Japan: CSR Across the Globe - Choesthoughts, accessed January 12, 2025, https://www.choesthoughts.com/post/america-vs-japan-csr-across-the-globe
34. The Corporate Social Responsibility Initiatives Fund - Medicines Australia, accessed January 12, 2025, https://www.medicinesaustralia.com.au/community/special-purpose-fund/
35. Corporate Social Responsibility in Australia - NCS SG, accessed January 12, 2025, https://www.ncs.co/en-au/insights/corporate-social-responsibility-in-australia/
36. How Policy Is Building a Social Economy in South Korea - Non Profit News, accessed January 12, 2025, https://nonprofitquarterly.org/how-policy-is-building-a-social-economy-in-south-korea/
37. Environmental Sustainability: How Korea is Paving the Way for a Greener Future, accessed January 12, 2025, https://www.teachenglishinkorea.org/post/environmental-sustainability-how-korea-is-paving-the-way-for-a-greener-future
38. The Market Acceptance of Corporate Social Responsibility: A Comparison Across Six Countries/Regions - ResearchGate, accessed January 12, 2025, https://www.researchgate.net/publication/256029360_The_Market_Acceptance_of_Corporate_Social_Responsibility_A_Comparison_Across_Six_CountriesRegions
39. Corporate social and environmental responsibility in Asian countries and other regions | Request PDF - ResearchGate, accessed January 12, 2025, https://www.researchgate.net/publication/229874716_Corporate_social_and_environmental_responsibility_in_Asian_countries_and_other_regions
40. ESG beyond compliance - KPMG Canada, accessed January 12, 2025, https://kpmg.com/ca/en/home/insights/2024/11/esg-beyond-compliance.html
41. Japan Social Development Fund - World Bank, accessed January 12, 2025, https://www.worldbank.org/en/programs/japan-social-development-fund
42. Examples of Social Contribution Activities in Japan｜Sumitomo Forestry, accessed January 12, 2025, https://sfc.jp/english/information/social/contribution/domestic.html
43. Charting a path from the shuchu kiyaku to ESG for Japanese companies, accessed January 12, 2025, https://www.mckinsey.com/capabilities/sustainability/our-insights/charting-a-path-from-the-shuchu-kiyaku-to-esg-for-japanese-companies
44. ESG trends in 2023 | PwC Australia, accessed January 12, 2025, https://www.pwc.com.au/important-problems/esg/2023-esg-trends.pdf
45. ESG Viewpoint: Evaluating ESG Progress at South Korean companies - Columbia Threadneedle Investments, accessed January 12, 2025, https://www.columbiathreadneedle.com/en/sg/intermediary/insights/esg-viewpoint-evaluating-esg-progress-at-south-korean-companies/
46. www.ourcommons.ca, accessed January 12, 2025, https://www.ourcommons.ca/procedure/our-procedure/parliamentaryFramework/c_g_parliamentaryframework-e.html#:~:text=Canada%20is%20a%20constitutional%20monarchy,or%20%E2%80%9CWestminster%E2%80%9D%2C%20tradition.
47. The Branches of Government - Learn About Parliament, accessed January 12, 2025, https://learn.parl.ca/understanding-comprendre/en/canada-system-of-government/the-branches-of-government/
48. Corporate Governance in Canada | ECGI, accessed January 12, 2025, https://www.ecgi.global/publications/codes/countries/corporate-governance-in-canada
49. www.europarl.europa.eu, accessed January 12, 2025, https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2020)651951#:~:text=Japan%20is%20a%20constitutional%20monarchy,play%20a%20relevant%20diplomatic%20role.
50. Government of Japan - Wikipedia, accessed January 12, 2025, https://en.wikipedia.org/wiki/Government_of_Japan
51. Exploring Japan's Corporate Governance Trends - Morrow Sodali, accessed January 12, 2025, https://sodali.com/insights/exploring-japans-corporate-governance-trends
52. Australian system of government - Parliamentary Education Office, accessed January 12, 2025, https://peo.gov.au/understand-our-parliament/how-parliament-works/system-of-government/australian-system-of-government
53. Chapter 4: Corporate Governance Framework | Treasury.gov.au, accessed January 12, 2025, https://treasury.gov.au/publication/making-transparency-transparent-an-australian-assessment/chapter-4-corporate-governance-framework
54. garymarks.web.unc.edu, accessed January 12, 2025, https://garymarks.web.unc.edu/wp-content/uploads/sites/13018/2021/03/South-Korea_combined.pdf
55. Politics of South Korea - Wikipedia, accessed January 12, 2025, https://en.wikipedia.org/wiki/Politics_of_South_Korea
56. Corporate Governance Laws and Regulations Report 2024-2025 Korea - ICLG.com, accessed January 12, 2025, https://iclg.com/practice-areas/corporate-governance-laws-and-regulations/korea
57. ESG update: South Korea - Ius Laboris, accessed January 12, 2025, https://iuslaboris.com/insights/esg-update-south-korea/
58. Convergence or Divergence?: Decoding the Indo-Pacific Strategies of Canada, Japan, the USA, & Europe - Munk School of Global Affairs & Public Policy - University of Toronto, accessed January 12, 2025, https://munkschool.utoronto.ca/csgj/news/convergence-or-divergence-decoding-indo-pacific-strategies-canada-japan-usa-europe
59. Geostrategic Cluster Findings – The Future of Asia: Implications for Canada, accessed January 12, 2025, https://horizons.service.canada.ca/en/2015/12/01/geostrategic-cluster-findings-the-future-of-asia-implications-for-canada/index.shtml
60. Asia's Corporate Governance Shift Is Less Than Meets the Eye | Oxford Law Blogs, accessed January 12, 2025, https://blogs.law.ox.ac.uk/oblb/blog-post/2024/12/asias-corporate-governance-shift-less-meets-eye
61. Examples of corporate governance structures in Canada - Diligent, accessed January 12, 2025, https://www.diligent.com/resources/blog/examples-of-corporate-governance-structures-in-canada
62. Corporate Governance 2024 - Canada - Global Practice Guides - Chambers and Partners, accessed January 12, 2025, https://practiceguides.chambers.com/practice-guides/corporate-governance-2024/canada/trends-and-developments
63. Evolving Corporate Governance in Japan - William Blair, accessed January 12, 2025, https://active.williamblair.com/global-equity/blake-pontius/evolving-corporate-governance-in-japan/
64. The Future of Japanese Corporate Governance: Participation, Sustainability, and Technology | Oxford Law Blogs, accessed January 12, 2025, https://blogs.law.ox.ac.uk/oblb/blog-post/2023/01/future-japanese-corporate-governance-participation-sustainability-and
65. Further information on the key requirements of the Governance Policy | Department of Finance, accessed January 12, 2025, https://www.finance.gov.au/government/managing-commonwealth-resources/structure-australian-government-public-sector/commonwealth-governance-structures-policy-governance-policy/further-information-key-requirements-governance-policy
66. Full article: An empirical analysis of how national culture influences banks' sustainability via ESG criteria - Taylor & Francis Online, accessed January 12, 2025, https://www.tandfonline.com/doi/full/10.1080/14759551.2024.2443422?src=
67. The Economic Benefits of ESG - Learnsignal, accessed January 12, 2025, https://www.learnsignal.com/blog/esg-economic-benefits-financial-success-sustainable-practices/
68. The effect of political turnover on corporate ESG performance: Evidence from China - PMC, accessed January 12, 2025, https://pmc.ncbi.nlm.nih.gov/articles/PMC10365318/
69. Will ESG regulations and frameworks ever become “interoperable”? A closer look at the fragmented ESG landscape - Briink, accessed January 12, 2025, https://www.briink.com/post/interoperability-esg-frameworks
70. Advancing Global Sustainability: The Urgency of Harmonized ESG Ratings, accessed January 12, 2025, https://www.europeanfiles.eu/climate/advancing-global-sustainability-the-urgency-of-harmonized-esg-ratings
71. The Rise of International ESG Disclosure Standards, accessed January 12, 2025, https://corpgov.law.harvard.edu/2023/06/29/the-rise-of-international-esg-disclosure-standards/
72. ESG in 2025 for Legal and Compliance Professionals: 25 Predictions for '25 | Insights, accessed January 12, 2025, https://www.ropesgray.com/en/insights/viewpoints/102jsd6/esg-in-2025-for-legal-and-compliance-professionals-25-predictions-for-25