Fujitsu auditors refused to sue their directors

Fujitsu, one of the major computer manufacturer in Japan, is in internal conflict now.

Fujitsu director  Nozoe, former CEO, said some directors forced him to resign CEO.

But,directors  mentioned by Nozoe denied his claim and insisted that  Nozoe had a relationship to anti-socials.

On the other hand, Nozoe demanded of their auditors that they sue  directors for damages because Nozoe’s dismissal caused damages to Fujitsu.

Of course, Fujitsu auditors refused to sue their directors.

Fujitsu’s internal conflict is entirely dragged into the mud.

10% of listed companies have no “Independent Officers”

In Japan, “Outside director” doesn not mean true outsiders.

According to company act in Japan, “outside director” includes the officer from the parent company.

Many practitioners have criticized the lack of independent of outside directors.

So, TSE desided to require that the listed companies have “independent” officers.

“Indepandent officer” is expected to be appointed ture independent outside directors and true outside auditors.

But the end of this March, 243 of TSE’s listed companies(10% of all listed companies) did not report their independent officers to TSE.