engelberg - Toshiba
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Recently, historic fines were levied on companies engaged in misconduct
by Kiyotaka Sasaki, the head of the SESC.85 Sasaki determined that Japan’s
past enforcement practices were largely ineffective at reining-in the rampant
corporate misconduct plaguing Japanese companies.86 In the past, it was
believed that publicly shaming individuals who were caught for corporate
misconduct would deter such future behavior, but Sasaki cited the Toshiba and
Olympus scandals as evidence against this practice.87 Instead of public
shaming, Sasaki has decided to employ an approach used by the United States
and European Union—levying high fines on the companies themselves.88
80 Id.
81 See infra note 103.
82 See The First Council of Experts Concerning Follow-up of Japan’s Stewardship Code and Japan’s
Corporate Governance Code, supra note 78.
83 Id.
84 See Greg Muraski, Toshiba’s Accounting Scandal: Catching The Fuzzy Math, SMITH BRAIN TRUST
(Aug. 21, 2015), http://www.rhsmith.umd.edu/news/toshibasaccountingscandalcatchingfuzzymath.
85 See Tom Redmond & Takkak Taniguchi, Japan Watchdog’s New Top Man Sees Need for Tougher
Punishments, BLOOMBERG NEWS (Sept. 29, 2015, 7:13 PM), http://www.bloomberg.com/news/articles/2015-
09-29/japns-watchdog-s-new-top-man-sees-need-for-tougher-punisments.
86 Id.
87 Id.
88 Id.
ENGELBERG ESSAY GALLEYSFINAL
8/25/2016 11:36 AM
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EMORY CORPORATE GOVERNANCE AND ACCOUNTABILITY REVIEW [Vol. 3
Sasaki recommended that Toshiba be fined approximately $59.9 million
USD (7.37 billion Yen) for its accounting fraud.89 In comparison, the second
largest fine was held against IHI Corp. for 1.6 billion Yen in 2008.90 Fines,
such as the one levied on Toshiba, hold companies accountable for corporate
misconduct, but do not directly impact those orchestrating the fraudulent
accounting schemes. Instead, finding ways to hold directors and executive
liable may effectively incentivize adherence to proper corporate governance
practices.