• Pioneer in engagement research
    Pioneer in engagement research
  • A wealth of experience in Japan
    A wealth of experience in Japan
  • Focus on quality of decision-making, not governance box-ticking
    Focus on quality of decision-making, not governance box-ticking
  • Constructive dialogue to promote long-term value
    Constructive dialogue to promote long-term value

Codrington Japan

Codrington Japan is an independent research company founded in 2002. We analyse Japanese corporations with a particular focus on the creation of corporate value. We engage with senior management to assess what plans they have to generate sustainable free cash flow and whether the balance sheet strategy adopted is appropriate.

We have a strong record of constructive dialogue with management that has resulted in improved capital efficiency and a greater emphasis on shareholder returns. Our reports outline management attitudes to capital allocation and value creation and identify issues that need further attention.

We frequently meet with regulators in Japan to keep attention on governance issues that promote a better relationship with shareholders. We also produce reports on regulatory and accounting issues which affect corporate decision-making.

Our clients include the leading investment management companies around the world investing in Japan. These investors want to see boards and managements maximising value through a coordinated three-dimensional approach to managing the balance sheet and income and cash flow statements.

Our team, who have worked in the Japanese equities market since the early 1980s, understand the goal of governance and how to engage positively with corporate management.

Our Team

Stephen Codrington

Stephen founded the company in 2002 following 20 years working at Robert Fleming in London and Jardine Fleming in Tokyo and SG Warburg/UBS in equity sales and TMT coordination for Asia-Pacific research. He has experience in governance consulting and in telecom, tech and consumer staples sectors.

Wataru Nishimura

Walter joined Codrington Japan in 2003 following his career as director/head of equity at New Japan Securities Europe (London), head of international planning at New Japan Securities (Tokyo) and director/senior fund manager at Baring Asset Management, where he was responsible for managing EAFE accounts for Japanese equities. He has been associated with Japanese equity business over 35 years in the roles of research sales, planning, portfolio management, and governance consultancy.

Michael Remington

Michael joined Codrington Japan in 2006 after a 19-year career in the Japanese equity market, firstly with SG Warburg/UBS as research analyst – covering automotive, industrials and small caps – equity market strategy, institutional sales and block trading, and then with CFSB as Managing Director and head of equity capital markets.

Lee Whittaker

Lee joined Codrington Japan in 2013 in New York with over 11 years’ experience in Japanese equity research sales. He previously worked for Mizuho Securities in New York, Tokyo, and San Francisco.

Clive Wiggins

Clive joined Codrington Japan in 2016 and has over 20 years’ experience in equities research and fund management in Japanese and global financial markets with BNP Paribas, Macquarie, Fidelity and Lehman Brothers. Clive has extensive and in-depth knowledge of the auto industry but also has wide-ranging sector experience, including consumer staples, internet/media, telecom, construction and cement.

Craig Nelson

Craig joined Codrington Japan in 2011. His investment career spans over 35 years as a Japan specialist in equity analysis, portfolio management, and private equity at BNP Paribas, KBC Securities, Dresdner Kleinwort, BZW, and Jardine Fleming. Deep knowledge of many sectors, including healthcare, machinery, steel, precision instruments, and small & medium capitalization stocks.

Contact Us

UK Office
  +44 (0)1488 638957

Japan Office
  +81 (0)3 3822 2448

USA Office
  +1 (347) 853 0868