The companies of the Morinaga Milk Group, underpinned by its Corporate Philosophy, work together to build organizational systems and mechanisms that allow the Group to respond quickly to the changing business environment. We also strive to improve the transparency and effectiveness of management, enforce compliance among employees, and build harmonious relationships with our various stakeholders.
As required by law, two of the four auditors on our board of corporate auditors are external auditors. For internal auditing purposes, the audit department of Morinaga Milk systematically evaluates the legality, adequacy, and efficiency of operations within its respective divisions and at Group companies. Accounting audits are conducted by an external accountancy firm.
Morinaga Milk Group Corporate Governance Guidelines (PDF111KB)
The practice of compliance?in other words, the conformity of all members of the Morinaga Milk Group to laws and regulations and the ethical standards of the communities in which they operate?is the most essential component for maintaining the Group's business continuity and executing the Corporate Philosophy.
In response to the enforcement of Japan's Companies Act in May 2006, the Morinaga Milk Group has organized an Internal Control Committee and three subcommittees?the Compliance Subcommittee, the Risk Management Subcommittee, and the Financial Reporting Subcommittee?through which it currently carries out internal control of the entire Group.
In 2002, we issued the Code of Conduct as well as Behavioral Guidelines as concrete standards for all officers and employees to follow in practicing compliance on a daily basis. We strive to be a company that society can trust by having all Group members act based on a full understanding of these standards.
The Morinaga Milk Group has set down the following Code of Conduct to help with executing its Corporate Philosophy and living up to the trust our customers have placed in us. All directors and employees of the Morinaga Milk Group will behave sincerely in accordance with this code, and this will be considered part of their compliance practice.