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Wednesday, April 26, 2017, 12:00 - 14:00

"The Toshiba crisis and Japanese corporate culture"

Language: The speech and Q & A will be in English and Japanese with English interpretation

To say that Toshiba has had a rough year would be something of an understatement. Indeed, the hits just kept coming. First an accounting scandal was made worse by PR-missteps, after which fiscal deadlines were missed – and then missed again. Revelations of mounting debt followed a steady stream of apologies from the Board and its directors. Then began sell-offs, followed by rumors of more, as the company sought to cover newly-admitted losses. To top it all off, a momentous write-down of Toshiba's U.S nuclear unit in December sent stock values off a cliff.

The firm is now a punch bag for critics of Japan's often opaque corporate governance. Investors are no kinder, as Toshiba's woes continue to be their headache. The company's stock, though somewhat stabilized, remains at half-value prior to the write-down. Yet the storm shows no sign of abating. After twice missing the deadline for publishing its 2016 financial results, the company finally did so on 11. April – only admit the resulting report was unaudited. The sale of its lucrativechip-production has hit a snag, while a threat of delisting persists, should the company not bring its liabilities beneath total asset value by March next year.

To discuss Toshiba's future and the present state of corporate governance in Japan, Nicholas E. Benes, director of The Board of Director Training Institute of Japan and Nobuo Gohara, Lawyer will come to the club. Along with a career at JP Morgan, Benes has held top posts at the American Chamber of Commerce in Japan, the cabinet advisory committee on foreign investment, and the Financial Services Agency's Corporate Governance Liaison Committee. Gohara is former deputy chief prosecutor of Nagasaki's Public Prosecutor's Office and former council for the prosecution at Tokyo District Public Prosecutor's Office. He has over a decade's experience in investigating corporate scandal, with cases including Fujiya, Japan Post Holdings and Kyushu Electric Power Company.

Please reserve in advance, 3211-3161 or on the website (still & TV cameras inclusive). The charge for members/members' guest is 1,750/2,700 yen; non-members eligible to attend may pay in cash by e mail reservation (This email address is being protected from spambots. You need JavaScript enabled to view it. ). (Menu: sautéed salmon with lemon cream sauce.) Reservations canceled less than one hour in advance for working press members, and 24 hours for all others, will be charged in full. Reservations and cancellations are not complete without confirmation. For meal service, please enter the room by 12:25.                                                    

Professional Activities Committee

Apr 26 17 PL Nicholas Benes  Nobuo Gohara027Apr 26 17 PL Nicholas Benes  Nobuo Gohara013

Nicholas Benes                    Nobuo Gohara

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