The legacy of the 2011 Olympus scandal should not be underestimated either. Approximately US$1.7bn worth of accounting irregularities were discovered by British chief executive Michael Woodford, before his subsequent dismissal and hasty departure from the country. Nick Wall, an Allen & Overy partner based in Tokyo, says: ‘What the Olympus scandal showed us was that there are serious issues to be addressed in connection with the role of boards and management accountability in some Japanese corporations, although there is a point of view in Japan that Olympus is such a unique example that it would be wrong to draw too many conclusions from it