Three years after it was introduced, just one corporate pension fund has backed the new code.
Just a single non-financial corporate pension fund has adopted Japan's stewardship code, launched in 2014.
According to the Financial Times, the code has been signed by 150 asset managers but the lone pension fund signatory comes almost three years after it was launched.
The FT says that the low level of endorsement "threatens to undermine the code's effectiveness".
The code was introduced to persuade investors to become more involved in the companies they invest in rather than passively voting with management.
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda
Elon Musk, Tesla's “chairman, product architect and CEO”, has recently the displayed classic traits of a dominant, idiosyncratic and controversial boss which, according to one commentator, is a sure sign of weak governance.