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Unit5Japanese companies have started to refine their ethics programs and internal control structures. 55% of them have established a corporate code of conduct, ethics guidelines, compliance 1)manuals,and other such documents, 37% have a department or division dedicated to ethics and compliance issues, and 43% 2) periodicallyhold ethics-related training programs targeting on employees.A growing number of Japanese businesses have taken steps to reinforce oversight functions, for example by engaging independent outside directors. In 1997, Sony Corporation took the 3)initiativeof cutting its executive board from 38 to 10 directors while introducing the new post of executive officers. Other companies including Omron and Kobe Steel followed suit, and by 2000 about 240 businesses had reportedly made similar 4) structuralreforms.Even so, the image of companies portrayed by the market and the general public 5)remainsfar from ethical. For example, in a survey of students views of the Japanese business community, conducted in autumn 2000, 68% of the respondents agreed that “Honest companies are not 6)rewardedwhile dishonest companies are making profits;” 63% believed that “there is hardly any information as to which companies are7)honest;” 84% believed that “8)Penalties against scandals are too lenient;and 62% agreed that “many companies believe it is worth engaging in unlawful practices.”If this is the new generations perception of reality, it means that 9)Japanese companies have little incentive to tackle ethical and compliance issues internally Certainly, companies whose business performance has deteriorated as a result of scandals 10) have made greater efforts to deal with ethical and compliance issues.But such efforts are not long-lasting if a company fears they will reduceits competitiveness.
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