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Analysis: Why retail giant Aeon is holding onto its listed subsidiaries

As many Japanese firms bow to pressure from shareholders and regulators to end the practice of listing subsidiaries – which critics say compromises corporate governance – one of the country’s biggest retailers isn’t buying it. Aeon Co Ltd, whose 15 listed subsidiaries include supermarkets and drugstores, said so-called parent-child listings improve, rather than hinder, governance. “It’s the most cost-effective way to strengthen the management of our subsidiaries,̶