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"Our new management team is implementing ongoing measures to strengthen our foundation and tackling new initiatives to adapt to the paradigm shift of a new age."
(Mr. Norio Otsuka, President and CEO NSK Ltd)
Compliance with J-SOX
Under the new Financial Instruments and Exchange Law, which was enacted in 2006, companies are required to apply internal control reporting systems, starting with the accounting year beginning in April 2008. This system is the Japanese version of the U.S. Sarbanes-Oxley (SOX) Act and is commonly known as "J-SOX".
The new system requires listed companies to establish systems to ensure the accuracy of their financial statements and disclosure items, and to evaluate the effectiveness of these systems. Managers are required to prepare and submit internal control reports on a yearly basis.
NSK is working globally to develop internal control sytsems relating to financial reporting, to strengthen the implementation of those systems, and to develop evaluation mechanisms. In April 2006, we formed the Internal Control Project Team in the head office with the mission of strengthening its internal control systems and coordinating related activities throughout NSK Group. Sub-terms have also been established within regional headquaters and individual NSK Group companies.
We also see compliance with the internal control system reporting requirements as an opportunity to further improve the quality of our management. In addition to measure to ensure the accuracy of our financial statements and disclosure items, we will also standardise and improve the efficiency of the management and operations of group companies from a global perspective. We see these efforts as an important step toward the realisation of our goal “To Become No. 1 in Total Quality.”
