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Bridge and city of Odaiba, Japan at night

Third Arrow Strategies

Corporate Governance
in Japan


Third Arrow Strategies is a corporate governance consulting firm founded by Tracy Gopal, a well-known corporate governance expert. Our mission is to modernize corporate composition, board governance, and board education in Japan.

Third Arrow Strategies also manages the Japan Board Diversity Network.



Board Candidate Search Services &
Board Composition Advisory

Board composition is a critical part of strategy. Stakeholders expect companies to demonstrate a thoughtful approach to board composition.

We specialize in global-minded foreign and female skills-based talent searches that create effective high-performing boards and strengthen risk oversight.

Corporate Governance Advisory 

 We offer guidance, seminars, and board training on critical trends and best practices in corporate governance. 

We cover topics including activist preparedness, investor communications, onboarding new directors, board evaluations, investor voting, climate reporting, board meeting software, and risk management software. 

Japan Board Diversity Network (JBDN) Logo

The Japan Board Diversity Network is a powerful network of female Japanese and non-Japanese current board members and senior professionals who desire to elevate their board leadership skills, identify future opportunities, and contribute their skills to the mission of the JBDN.

The JBDN offers corporate and individual memberships.

While the JBDN is a female network, Third Arrow Strategies serves all directors seeking board placement and board education. Please contact us for more information.

About the Founder

Tracy Gopal, CFA, MBA


Tracy Gopal has been passionate about Japan for three decades. She believes that progress in corporate governance is important for long-term sustainable growth and corporate value.  She founded Third Arrow Strategies after 20 years with EY, GCA and ISS.  She has advised C-suite management teams and boards of directors on transactions (valuation, mergers, acquisitions, divestitures, and restructurings) and investors on corporate governance (proxy voting, proxy policy, stewardship, governance risk, and effective engagement).

Tracy is a proactive and collaborative problem solver who excels at educating, informing, and inspiring. She currently serves on the Executive Board of the Japan Society of Northern California (JSNC) where she is the Co-Chair of Programs, Founder/Chair of the JSNC Women's Impact Network, and a member of the Audit Committee. She is a Council Leader at the US Japan Council.

She received her MBA from Duke University, Fuqua School of Business and her BA in economics from the University of Michigan-Ann Arbor, Phi Beta Kappa. She has been a CFA Charterholder since 2002. She is fluent in Japanese and a frequent public speaker in both English and Japanese.

Professional Photo of Tracy Gopal, CFA, MBA, Founder, Third Arrow Strategies and the Japan Board Diversity Network
About the founder
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