• 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.


Codrington Japan is a division of Codrington Associates Ltd, a company registered in England, registration number 4403085, and is an Appointed Representative of Razlin Limited which is authorised and regulated by the Financial Conduct Authority (FRN:730805).


Our Team

Stephen Codrington
[email protected]

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
[email protected]

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
[email protected]

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. Micahel retired at the end of 2020 and is retained as a consultant.

Lee Whittaker
[email protected]

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.

Laurent Del Grande
ロラン デルグランデ
[email protected]

Laurent joined Codrington in October 2019. In 1993 he worked as an analyst at Dresdner Kleinwort Benson, before joining Goldman Sachs and then Lehman Brothers covering transportation services and later the telecom sector. In 2002, he moved to Fidelity Investment Limited covering autos, trading companies and software and managed the Japan Dividend Growth fund between 2005 and 2010. From 2014 onward, he worked T Rowe Price (covering trading companies and autos) and Arcus Research (as a portfolio analyst).  

Craig Nelson
[email protected]

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.

Robert Garone
ロバート ガロン
[email protected]

Bob joined Codrington Japan in 2021. He has worked in the Japanese financial sector since the early 1990s as a banker, equity analyst, and trader with focus on real estate and financial companies. Employers included Citibank, SBC Warburg, Dresdner Kleinwort Benson, Frontpoint Partners, and Optimal Fund Management. 

Paul J Scalise
[email protected]

Starting In 1999, he spent several years with Dresdner Kleinwort Wasserstein and UBS Global Asset Management as an analyst (and later portfolio analyst) of the Japanese energy and transportation sectors. In 2009, he completed a doctorate at the University of Oxford analyzing the drivers of Japan’s energy sector reforms vis-à-vis Europe before moving to the University of Tokyo and later the University of Duisburg-Essen where he continued his research. He has served as a contributing analyst at Oxford Analytica, the Economist Intelligence Unit, Cambridge Energy Research Associates, and Eurasia Group. Paul joined Codrington in August 2021.

Contact Us

UK Office
  [email protected]
  +44 (0)1488 638957

Japan Office
  [email protected]
  +81 (0)3 3822 2448

USA Office
  [email protected]
  +1 (347) 853 0868