I do not think there are any problems in terms of the corporate governance system. The issue is really about individual firms.
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Yasuhisa Abe, director of Keidanren’s business infrastructure bureau. (Reuters)
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I'll seek the public's judgment after completing what I have to do.
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4 Comments
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0
kaminarioyaji
Fair enough, but one must ask - if there is no problem with the corporate governance here, how was a company like Olympus able to get away with their shenanigans for so long?
I think it's safe to say that it would have long continued too if not for Woodford.
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herefornow
Horse feathers. So long as Japan Inc. continues to adhere to a model of large inter-company holdings, and almost exclusively inside directors, there will be no such things as true corporate governance in Japan. With many large companies and banks holding such large blocks of each other's stock, earnings must be protected at almost any cost. Because the whole house of cards would fall if stock prices dropped and all the companies had to reflect the losses they had incurred due to the declines. (Look at TEPCO holding over $ 2,000,000,000 in stock. ) The snow-ball effect would be devastating. That is why Olympus got in the position it did in the first place.
0
ExportExpert
Of course there isn't anything wrong in the way business is governed here.
and of course Abe san would say this, imagine if he said that business here was riddled with dodgy practises, oh no some one telling it exactly how it is - not in this country EVER !
Place is a mass of dodgy deals and dirty deeds, I have sat and listened to some major business leaders here tell how to do certain things and why they should be done, i could not at that time believe what i was hearing and it took sometime to be able to come to terms with what i was being told.
Amazing that these same guys think there is nothing wrong, immoral or corrupt in the way they do business they just think it's the way business is done.
The whole place is like a great big festering sore so be careful when you pick the scab off it.
0
kurisupisu
Corporate governance is not the issue -the issue is the system of capitalism (that we utilise) perpetuates a culture of greed. Morality is suppressed and wrongdoing abounds.......
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