Would-be ちょい不良親父の世迷言:企業統治

カテゴリ：企業統治

• バイオ企業「林原」
  [ 2011-01-30 08:52 ]
• 株の話 － ソフトバンク
  [ 2007-03-03 06:52 ]
• J-SOX法
  [ 2007-01-05 20:55 ]
• 米金融当局、BTMUに営業停止命令
  [ 2006-12-27 06:26 ]
• 悩める王子 －ハンカチ王子？いえいえ王子製紙
  [ 2006-09-11 00:05 ]
• FSA orders Nippon Life to boost internal oversight
  [ 2006-08-03 00:04 ]
• Sweeping reforms 徹底的な改革
  [ 2006-08-02 00:05 ]
• Sweeping reforms 徹底的な改革
  [ 2006-07-31 21:50 ]
• 英語表現メモ（３）
  [ 2006-07-14 13:02 ]
• Vocal shareholders pressing for governance reshape
  [ 2006-07-05 00:05 ]

バイオ企業「林原」

トレハロースで有名な岡山の老舗企業です。創業123年で、昔は水飴屋さんでした。アラカンの私の世代では、森永や明治製菓と張り合っていた「カバヤ食品」としての名前のほうに親近感があります。潜水艦やミニチュアカー、カメラ等を懸賞品でもらった記憶があります。子供に夢を与えるいい企業でした。

同族経営・非上場の柔軟性を活かして独自の研究開発を続けてきました。動物性のゼラチンで作られていた薬のカプセルを天然多糖類から食べられるカプセルに変えたのも林原です。抗がん剤として知られるインターフェロンの量産化、トレハロースの大量生産にも世界で始めて成功し、特許に守られ業績が右肩あがりの超優良企業だと思われていました。

それが不正経理の発覚をきっかけに事業再生ADRで私的整理の申請というから驚きです。主力の中国銀行420億円、住友信託銀行280億円と新聞報道されていました。

トレハロースは菓子・スナック類の甘味料として砂糖やブドウ糖に取って代わられています。虫歯になりにくいということでガムにも使われています。林原はジャガイモやトウモロコシのデンプンからトレハロース大量生産に成功しました。トレハロースは不思議な力があり医学会からも注目されています。干ししいたけを水に浸すと元に戻るのもトレハロースの作用です。トレハロースはきのこやカビ類だけでなく、ハチやバッタがとびつづけられる秘密のもととも言われています。たんぱく質や脂質の変性を押さえたり、酸化を防ぐ働きもあるようです。臓器を劣化させない保存液として使用されていますし、水をかけただけで血液に変わる夢の感想血液実用化の鍵を握っているとも言われています。

アフリカに棲む蚊の一種である「ネムリュスカ」という昆虫は自分の体内でこのトレハロースを作り出すことができ、零下196度に1週間放置されても水分を与えられれば蘇生するそうです。そのうち不死身の特効薬となるかもしれません。エジプトの王家のミイラ達もこの蘇生液開発を見通していたのかも知れません。

不正経理という情けない経営に高い技術力まで足を引っ張られないよう祈るばかりです。夢を感じさせてくれる数少ない企業のひとつですから。

株の話 － ソフトバンク

みすず監査法人解体の話はタイミング悪かったですねー。新しく監査依頼を受ける予定のトーマツも神経質にならざるを得ません。だって、ソフトバンクの2006年の決算は減価償却や無形資産の償却方法を変更して180億近くの利益を搾り出していますもん。孫社長は只者ではないですよ？鬼の執念での黒字化です。会計ってパーフォーマンスと知恵で変化するものですね。ただ、継続性の原則という観点から、金融庁の厳しい目が光る環境下でトーマツが監査を受けるのか？受けたとしてUnquqlified Opinionを出せるのか？思惑を巡ってソフトバンクの株価も揺らいでます。

J-SOX法

SOX法をご存知でしょうか？
ポール・サーベンス上院議員とマイケル・G・オクスリー下院議員の名前で法律を提出したことから、サーベンスオクスリー法、略してSOX法と言われています。日本では米国企業改革法と訳されています。この２人の議員はもはや現役でないという噂を聞いたことがあります。

アメリカで試行されるのはSOX法の404条では経営者自身が、最終的に財務報告につながるさまざまなデータや業務プロセスのルールを適正に整備し、それが間違いなく運用されていることを証明や報告する義務があるという法律です。

こうした義務を遂行できる体制づくりを『内部統制』の構築と呼びます。

米国では、1990年代にエンロン社をはじめとして大規模な不正事件が発生したことがあります。これを背景に2002年に内部統制の構築が法令化されました。この法律の目的は株式市場や一般の方からの信頼を損なうような不正行為を防止できる態勢をつくることです。

今、このエンロン事件のドキュメンタリー映画が渋谷の”ライブエックス”で放映中です。原作は”The Smartest Guys in the Room"です。

日本版SOX法ともいわれる金融商品取引法（通称、投資サービス法案）が2008年3月決算期から施行予定です。会計監査制度の充実と企業の内部統制強化を目指しています。
そして企業の会計不祥事やコンプライアンス欠如などの防止を目指しています。

2006年も企業の不祥事件がたくさんありました。
2006 may be remembered as a bad year for corporate ethics, with dodgy accounting making headlines all too often. ‘all too oftenは、たびたびとか、たいがいは と言う意味です。

ライブドアに始まって日興コーディアル証券で２００６年の幕が閉じました。
The year began with allegations of window-dressing at Internet services firm Livedoor Co. And it’s ending on a depressingly similar note, following recent revelations that major brokerage Nikko Cordial Corp. and house builder Misawa Homes Holding Inc. overstated their profits.

But with “J-SOX” – the Japanese take on the U.S. Sarbanes-Oxley Act – scheduled to take effect in fiscal 2008, authorities hope firms will have more incentive to clean up their financial reporting.

投資家にとってはありがたいかもしれませんが、企業は体制作りに時間とお金がかかって大変です。
While investors will welcome more credible financial statements, companies are worried about the time and cost of complying with the new regime. (管理体制)

The new rules will oblige some 3,800 listed companies to strengthen internal financial controls and certify the accuracy of their financial statements.

米金融当局、BTMUに営業停止命令

Fed goes after BTMU over lax scrutiny

U.S. financial regulators took enforcement action Monday against Bank of Tokyo-Mitsubishi UFJ and some of its U.S. operations for their failure to comply with programs against money-laundering.

営業停止命令を受けてしまいました。
The regulators that issued the separate but coordinated actions were the Federal Deposit Insurance Corp., the Federal Reserve Board and the New York State Banking Department. The FDIC and NYSBD issued a joint cease-and-desist order (営業停止命令）against Bank of Tokyo-Mitsubishi UFJ Trust Co., a New York State-chartered banking corporation.

当の銀行が黙っていますので、何が問題なのかがよく見えません。
BTM UFJ Trust, without admitting or denying any wrongdoing, consented to the order, which concluded that the bank failed to implement adequate Bank Secrecy Act and compliance programs against money-laundering.

妥当な対策プログラムを打ち立てることが求められました。
The order requires the unit of BTMU to review its programs against money-laundering and to take appropriate measurers to improve them within 120 days, including coming up with steps to tighten its internal controls within 60 days.

流行り言葉の連続です。インターナル・コントロール（内部統制）、コンプライアンス（法令遵守）、モニタリング等。
The unit agreed to establish a system of internal controls designed to ensure compliance with BSA to detect and monitor all transactions to ensure that they are not being conducted for illegitimate purposes.

罰金とかは課せられないようです。
No reference was made to fines or other penalties.

悩める王子 －ハンカチ王子？いえいえ王子製紙

”この失敗で責任をとるのでは、悪しき前例になりかねない”とは篠田和久王子製紙社長（59）の敵対的TOBの失敗会見での発言でした。8月29日です。3月に7人抜きで社長に抜擢された篠田社長もいきなりずっこけちゃいました。今後、社内での責任問題がどう持ち上がってくるのでしょうか？

それにしても、視点を変えてみれば、戦国の世の群雄割拠、城取り物語を彷彿とさせる話ですね。会社を昔の城にたとえるなら、まさに企業買収は戦国大名の合従連衡の激動の中で生き残りを賭けた戦いということなんでしょうね。知恵と勇気の物語でしょうか。

失敗するとか、敗北宣言するとかといった英語表現練習の宝庫です。

1. Oji Paper Co. plans to drop its hostile bid for rival Hokuetsu Paper Mills Ltd. because it is unlikely to acquire more than 50 percent of Hokuetsu shares.
2. Oji Paper's bid to gain control of Hokuetsu Paper Mills seems destined for failure as major shareholders refuse to sell their holdings.
3. The public tender offer by Oji Paper Co. for a majority of Hokuetsu Paper Mills Ltd. shares is likely to fail now that Hokuetsu shareholders combining for more than 50% stake have refused to sell their shareholdings.
4. Oji Paper Co. President Kazuhisa Shiroda admitted Tuesday his company's takeover bid for Hokuetsu Paper Mills Ltd. has been thwarted.The bid is likely to fail, Shiroda said, effectively ending the effort by the country's largest papermaker to merge with a rival.
5. The unprecdented hostile takeover battle, the first by a big, tradittional company, is fizzling to an end. Leading paper producer Oji Paper Co. has effectively conceded defeat in its hostile bid for smaller rival Hokuetsu Paper Mills Ltd.

FSA orders Nippon Life to boost internal oversight

Agency calls on failure to address failure in detecting improper policy cancellations

The Financial Services Agency on July 26 issued a business improvement order to Nippon Life Insurance Co., citing serious shortcomings (欠点、短所、不十分な点) in in-house monitoring that failed to detect improper policy cancellations and manipulated interest payments.

Japan's largest life insurer is to submit a detailed plan addressing these issues by Aug.25. The agency also called upon Nippon Life to hold those involved responsible.

When policyholders are found to have misrepresented medical histories or other facts at the time of enrollment, insurance firms are allowed to void such contracts within a month.

But even though the grace period had passed, the FSA said a Nippon Life employee in charge of payouts altered contracts documents and proceeded to improperly cancel 105 policies from 1997 through 2005.

Sweeping reforms 徹底的な改革

Sweeping reforms (徹底的な改革）to the nation's intelligence system after the Sept. 11, 2001. attacks have done little to improve information-sharing or generate a "greater sense of urgency" among U.S. intelligence agencies, a Houce of Representatives report concluded Thursday.

The report by the House Select Intelligence Committee also gave National Intelligence Director John Negroponte a tepid （熱意のない）review after 15 months on the job, noting he "is trying to do a little of everything, which slows down improvements in key areas."

In their 41-page review of how the nation's 16 intelligence agencies have adjusted since Congress overhauled（分解点検・修理する） the system in December 2004, lawmakers found a "mixed story."

Some good, needed steps have been taken, while other reforms have lagged," the report found. "Some believe that the new structure is too cumbersome (やっかいな、扱いにくい、難しい） and bureaucratic; others believe that the director of national intelligence is not showing the leadership and degree of change for which they hoped."

Responding, Negroponte's office said it has "acted with urgency and focus" in retooling (改組する、再編集する） the intelligence community that was widely criticised in report after report for failures leading up to （～に発展する、～に続く）the 2001 attacks.

第一・第二パラグラフに出てくるdo little toの表現を集めてみました。
His appointment to the position did little to appease his acceptance for power.
Your statement did little to clarify the matter.

第五パラのlead up toの表現です。
the chain of events that lead up to the war
They had a series of arguments, leading up to a decision to separate.

Sweeping reforms 徹底的な改革

Sweeping reforms (徹底的な改革）to the nation's intelligence system after the Sept. 11, 2001. attacks have done little to improve information-sharing or generate a "greater sense of urgency" among U.S. intelligence agencies, a Houce of Representatives report concluded Thursday.

The report by the House Select Intelligence Committee also gave National Intelligence Director John Negroponte a tepid （熱意のない）review after 15 months on the job, noting he "is trying to do a little of everything, which slows down improvements in key areas."

In their 41-page review of how the nation's 16 intelligence agencies have adjusted since Congress overhauled（分解点検・修理する） the system in December 2004, lawmakers found a "mixed story."

Some good, needed steps have been taken, while other reforms have lagged," the report found. "Some believe that the new structure is too cumbersome (やっかいな、扱いにくい、難しい） and bureaucratic; others believe that the director of national intelligence is not showing the leadership and degree of change for which they hoped."

Responding, Negroponte's office said it has "acted with urgency and focus" in retooling (改組する、再編集する） the intelligence community that was widely criticised in report after report for failures leading up to （～に発展する、～に続く）the 2001 attacks.

第一・第二パラグラフに出てくるdo little toの表現を集めてみました。
His appointment to the position did little to appease his acceptance for power.
Your statement did little to clarify the matter.

第五パラのlead up toの表現です。
the chain of events that lead up to the war
They had a series of arguments, leading up to a decision to separate.

英語表現メモ（３）

１．トヨタの欠陥SUVの問題

・Three Toyota officials are under criminal investigation on suspicion of professional negligence for allegedly not issuing vehicle recalls for eight years and not fixing a defect that might have caused an accident.

・よくありがちなパターンですが？”俺が何か間違ったことをやったか？”、”いいえ、やるべきことをやらなかったのです。” →Toyota Motor Corp. said the officials did not do anything wrong. Toyota officials said they felt it was not necessary to recall the model in 1996 because the defect was not frequent enough. They also said Toyota saw no fault in the way the executives had dealt with the matter at the time.

・A vice president and managing director at Toyota Motor Corp. both knew about a serious steering defect in the Hilux Surf sport utility vehicle in 1996, eight years before it was recalled due to an accident in Kumamoto prefecture.

・The two executives, who oversaw (= watched over, 監督、監視する）quality control at the time, did not recommend a recall.

・反対車線に突っ込むイメージ→veered into oncoming traffic
The accident occurred on Aug.12, 2004, when a driver in Kumamoto lost control of his Hilux Surf. The vehicle, built in November 1993, veered into on-coming traffic and collided head-on with another car, injuring five people. It was discovered that steering ability was lost when the tie rod broke.

・捜査本部 a task force
Kumamoto prefectural Police set up a task force to probe the case last August.

２．尋ねられて～と言うパターン

・Asked if he hopes the council will vote for the resolution before the G-8 summit, Koizumi told reporters: "Yes. It would be better for the council to vote early."

・Asked how long Japan would wait, Abe said it would be at least a few days before Japan pushed for a vote.

３．怖い反応
Pyongyang responded by saying it would interpret sanctions as an act of war.

４．Zidane
・FIFA president Sepp Blatter says Zinedine Zidane could be stripped of his Golden Ball award for the best player at the World Cup due to violent conduct.

・意見が分かれる
Though fans across the world are clearly divided on whether the French star deserve condemnation or sympathy for head-butting Italy's Marco Materazzi in the World Cup final.

Vocal shareholders pressing for governance reshape

会社法が施行されて初めての、株主総会。取締役にとっては、発言をし始めた株主から認可を取ることが難事業となってきました。

At the first annual general shareholders meetings conducted under the new corporate law, which took effect in May, many Japanese companies were urged by shareholders to reshape their governance practices.

Many firms tried to take advantage of one of the law's provisions by proposing to give directors authority to allocate surplus funds, which would ostensibly allow them to pay quarterly dividends.

But some companies, including Nintendo Co., failed to get the proposal passed by shareholders wary about granting greater power to directors.

Nintendo's proposal to allow its board of directors to manage profits was voted down by foreign and other investors fearful that the board would amass too much power. The company failed to obtain the two-third majority needed for passage.