* * * * * * * * * T E R R I E 'S T A K E * * * * * * *<br>A weekly roundup of news & information from Terrie Lloyd.<br>(<a href="http://www.terrie.com">http://www.terrie.com</a>)<br><br>General Edition Sunday, June 20, 2010 Issue No. 570<br>
<br>+++ INDEX<br><br>- What's New<br>- News<br>- Candidate Roundup/Vacancies<br>- Upcoming Events<br>- Corrections/Feedback<br>- News Credits<br><br>SUBSCRIBE to, UNSUBSCRIBE from Terrie's Take at:<br><a href="http://mailman.japaninc.com/mailman/listinfo/terrie">http://mailman.japaninc.com/mailman/listinfo/terrie</a><br>
<br>BACK ISSUES<br><a href="http://www.japaninc.com/terries_take">http://www.japaninc.com/terries_take</a>, or,<br><a href="http://mailman.japaninc.com/pipermail/terrie/">http://mailman.japaninc.com/pipermail/terrie/</a><br>
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or call: 03-4550-2557.<br><br>------------- PBXL is Business Communications -------------<br><br><br>+++ WHAT'S NEW<br><br>A change in the corporate governance law implemented at the<br>end of March has caused some feathers to fly here in Tokyo,<br>
as companies start to reveal how much their CEOs and other <br>top executives are getting paid. The law change was part of<br>a new regulatory initiative by the Financial Services <br>Agency (FSA), which wants better transparency over how <br>
companies compensate their management and directors. <br><br>Until now, companies just had to report what their <br>directors compensation as a group -- and since they typically <br>have a lot of directors, this hasn't been a very useful guide to<br>
what the top dogs are making. Up until 2005, researchers <br>and investors could always look at the personal income tax <br>list, as the Tax Office used to publish who the top tax <br>payers were every year. But with the demise of that system,<br>
until now there has been no way to find out this kind of <br>information.<br><br>Per the new rules, basically companies who pay their <br>executives more than JPY100m now have to declare that fact <br>when they do their annual reporting. So far, Sony has said <br>
that its CEO, Howard Stringer, made JPY400m plus stock <br>options last year, and Toyota, Nissan, and other firms are <br>due to report their top executive pay levels later this <br>month. It will be interesting to see what they say.<br>
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<br>One company that has had a lot more than its share of <br>fall-out is Shinsei bank, where at least 5 executives are <br>earning more than JPY100m each, including the top four <br>foreigners. The company has been told by the FSA that it <br>
needs to restructure its compensation arrangements to <br>better match the poor financial record of the bank over the <br>last two years. Apparently the bank has lost a massive <br>JPY283bn since 2008, and earlier this year had to cancel <br>
a merger with Aozora after Aozora baulked over Shinsei's <br>low capital reserves. <br><br>Separate to the disclosure rule, the FSA has another rule <br>just for those banks who have accepted government <br>bail-out funds. According to that rule, the bank has to hit <br>
at least 70% of its business plan for two years in a row, <br>or suffer the replacement of its CEO and a reduction in <br>salaries of the senior executives. Shinsei still owes the <br>government JPY216.9bn in bail-out loans and it looks like <br>
Financial Services Minister Jimi is going to take them to <br>task over it.<br><br>There really isn't any information as yet on how much the <br>average CEO in a Japanese company makes, unlike the USA <br>where listed companies at least do give this kind of <br>
detailed information. The Keidanren, which represents <br>mainly large corporations is dead against the idea of <br>giving out salary information, however, we believe it to be<br>a good idea -- especially for those companies which are not<br>
doing so well and yet continue to pay out large sums to <br>their captains.<br><br>We searched the web to find a recent study on Japanese <br>versus U.S. compensation, to see whether or not these sums <br>being paid to Stringer and the Shinsei execs is <br>
unreasonable or not, especially since both of these firms <br>are losing money hand over fist. In doing that, we came <br>across an excellent 2006 study, at <br><a href="http://tinyurl.com/274hrn4">http://tinyurl.com/274hrn4</a>, from researchers at Todai, <br>
Harvard, and Kelley. <br><br>The authors of this study had the advantage that they could<br>still review the old Tax Office lists, and so were able to <br>draw up a topology of what executives at various companies <br>were making, then do a simple comparison with U.S. <br>
published figures. In essence, they conclude that Japanese <br>executives are paid 9-10 times LESS than their U.S. <br>colleagues, and that even the highest paid executive in <br>Japan in 2004, Tadashi Yanai of Fast Retailing, took home <br>
US$30m, compared to the top U.S. CEO, Reuben Mark of <br>Colgate-Palmolive, who took home US$147.9m (much of it in <br>options). Needless to say, Yanai is also founder of his <br>company, so would have been able to make much more <br>
than this if he felt like it.<br><br>Further down the totem pole, in 2004 only 20 Japanese <br>executives made more than US$6m, whereas 211 U.S. <br>executives did. Among the top 100 TSE-listed non-bank firms<br>in Japan, the average top executive pay was about <br>
US$610,000 (about JPY65m back then) and amongst all TSE-1 <br>firms the average was US$420,000 (about JPY45m), or about <br>8-9 times the average employee salary. This seems quite <br>modest compared to U.S. CEO salaries, which in 2007 for S&P<br>
500 CEOs averaged US$10.5m, about 344 times the salary of <br>an average worker. Perhaps it should be noted that this is <br>less than the 525 times pay U.S. executives used to earn during <br>the go-go years of 2000.<br>
<br>So why is the FSA introducing this level of transparency now? <br>Perhaps we can call it the "Shinsei Law"? In that it seems<br>to provide perfect timing for them to act on the top Shinsei<br> foreign directors without having to worry about the<br>
personal privacy law. Or perhaps the intent is more broad <br>brush stroke in nature, and is part of an overall program to <br>warn companies to keep executive pay down when the <br>government goes ahead to slash corporate taxes most likely<br>
later this year. <br><br>If this is the reason, it's a good one. The average salary <br>of corporate employees is still dropping, and restraining <br>the top tier executives will create more political <br>stability than if their salaries keep going up. In that scenario,<br>
the media would be sure to start hammering on tte DPJ <br>for creating a widening of social classes within Japan. This is <br>of course the same socialist refrain that directed at the <br>Koizumi legacy, whether or not it actually has any merit.<br>
<br>So will restraint of executive pay mean that talented <br>individuals like Carlos Ghosn will shy away from Japan? Not<br>necessarily. Foreigners still only get taxed on their local<br>income for the first 5 years of residence, so if a Sony or <br>
a Nissan want to bring someone in from outside, they can <br>simply employ them in two positions -- continuing their old<br>one with taxes being paid in that jurisdiction, and their <br>new one, with taxes paid in Japan. <br>
<br>For Japanese CEOs it might act as a bit of a crimp, but as <br>we all know, Japanese CEOs get so many perks from the job<br>that they're not really wanting for anything anyway. There <br>isn't much that they need to spend their money on. And for <br>
the really top guys, well, they are either founders or <br>members of the founding family, and as such, lower salaries <br>mean higher profits and therefore more stock value. If they<br>really need some extra spending money, they can just simply<br>
sell some of their shares through their family holding <br>company.<br><br>**********************<br><br>Lastly, if you're a newly minted entrepreneur in Japan, and<br>are looking for some professional-level mentoring, then you<br>
might want to check out this program conducted jointly by <br>the U.S. Embassy, ACCJ, TAC, GEW, E&Y, and JMEC. It's <br>called the Entrepreneurship Mentor Initiative 2010 (EMI for<br>short). <br><br>The program matches twenty selected participants with <br>
leading entrepreneurs in Japan’s business community. The <br>mentor-mentee relationship will allow you to network with <br>scores of business leaders, give you practical knowledge of<br>what it takes to run a successful venture, and develop the <br>
key skills you need to succeed in the global business <br>community. <br><br>For more info, go here:<br><a href="http://tinyurl.com/EMI2010Eng">http://tinyurl.com/EMI2010Eng</a> <br><br><br>...The information janitors/<br>
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<br><br>+++ NEWS<br><br>- Salarymen cut back on eating out<br>- KKR agrees its first buy-out deal in Japan<br>- Joint crude oil storage agreements<br>- NTT Data buys India's Intelligroup<br>- Seiyu debuts JPY380/bottle wine<br>
<br><br><br>-> Salarymen cut back on eating out<br><br>A Shinsei Bank consumer survey has found that because <br>monthly salaries shrank by an average 3.3% last year, <br>salarymen are spending less than ever going out drinking <br>
for work and/or stress release. Apparently wives of the <br>1,000 salarymen polled gave their husbands just JPY40,600 <br>a month, 11% less than last year, to spend on eating and <br>drinking outside the home. As a result, the average <br>
salaryman now spends just JPY500 on lunch daily, and <br>JPY4,190 in the evenings (approximately twice a week) at <br>izekaya and other drinking establishments. (Source: TT <br>commentary from <a href="http://smh.com.au">smh.com.au</a>, Jun 11, 2010)<br>
<br><a href="http://tinyurl.com/2uky3yr">http://tinyurl.com/2uky3yr</a><br><br>-> KKR agrees its first buy-out deal in Japan<br><br>U.S. Private Equity giant Kohlberg Kravis Roberts (KKR) has <br>been in Japan for some time, but only just this month came <br>
up with its first buy-out deal, arranging for the purchase <br>of a recruiting firm called Intelligence, from cable <br>carrier company Usen. This is the largest private equity <br>deal in Japan so far this year, and KKR is reportedly <br>
paying JPY32.5bn for the operation. ***Ed: As with other <br>international deals involving Japan, this seems a very high<br>price to us -- especially considering that Intelligence had<br>net profits of just JPY513m in FY2009 ending March this <br>
year. Still, they apparently had profits of JPY6.1bn two <br>years ago, so one assumes that KKR is buying on the <br>expectation of a labor market recovery in 2011 or 2012.** <br>(Source: TT commentary from <a href="http://ft.com">ft.com</a>, Jun 19, 2010)<br>
<br><a href="http://www.ft.com/cms/s/0/e374f126-7b38-11df-8935-00144feabdc0.html">http://www.ft.com/cms/s/0/e374f126-7b38-11df-8935-00144feabdc0.html</a><br><br>-> Joint crude oil storage agreements<br><br>Japan has signed two interesting and far-reaching crude oil<br>
storage agreements recently: one this month with Saudi <br>Arabia, for the storage of 3.78m barrels in Japan, and <br>another back in November last year with Abu Dhabi for the <br>storage of 3.6m barrels. The storage will be in Okinawa, <br>
and will be part of the nation's strategic reserve. ***Ed: <br>Back in 2006 we pointed out that Japan uses about 3m <br>barrels of crude oil a day, so these two agreements amount <br>to around 2.5 days of extra supply in case of war or other <br>
disruptions in the Mid-East. Currently Japan maintains a <br>strategic reserve of 90 days.** (TT commentary from <br><a href="http://bernama.com">bernama.com</a>, Jun 15, 2010)<br><br><a href="http://www.bernama.com/bernama/v5/newsworld.php?id=505983">http://www.bernama.com/bernama/v5/newsworld.php?id=505983</a><br>
<br>-> NTT Data buys India's Intelligroup<br><br>For a relatively conservative company, NTT Data has just <br>gone and done a radical thing by buying out one of India's <br>mid-tier IT companies. NTT Data will pay around US$199m for<br>
Hyderabad based Intelligroup, a 21.1% premium over the <br>company's OTC share price on the close of the day before <br>the announcement. NTT is reportedly interested in <br>Intelligroup's U.S. and India businesses, which amount to <br>
around US$125m annually. ***Ed: Regardless of the not so<br>big premium to the stock price, this still seems like a very<br>high overall price to us. They are paying almost 70% over <br>the sales amount for last year, let alone a multiple of the<br>
EBIT, which is the normal measure. Here in Japan, <br>profitable IT companies typically sell for 1.5-3x EBIT, or <br>roughly about 30% of sales.** (Source: TT commentary from <br><a href="http://livemint.com">livemint.com</a>, Jun 14, 2010)<br>
<br><a href="http://tinyurl.com/3agpcku">http://tinyurl.com/3agpcku</a><br><br>-> Seiyu debuts JPY380/bottle wine<br><br>Seiyu GK, aka Walmart Japan, has announced that it will <br>start selling Oak Leaf red and white wines for just JPY380 <br>
per 750ml bottle. This will make the wine the lowest cost <br>product now available nationwide through GMS stores and <br>supermarkets. The product is of course sourced from <br>Walmart in the USA. ***Ed: As with the JPY4,900 men's two <br>
piece suit, we wonder if Don Quijote will release a JPY350 <br>bottle of Chinese plonk, just to take the record of being <br>cheapest?! We checked out a Donki MEGA store today and<br>could only find wine priced at JPY780 or above. Deflation is <br>
still very much at work here in Japan.** (Source: TT <br>commentary from <a href="http://e.nikkei.com">e.nikkei.com</a>, Jun 18, 2010)<br><br><a href="http://e.nikkei.com/e/ac/tnks/Nni20100617D17JFA29.htm">http://e.nikkei.com/e/ac/tnks/Nni20100617D17JFA29.htm</a><br>
<br><br>NOTE: Broken links<br>Many online news sources remove their articles after just a<br>few days of posting them, thus breaking our links -- we<br>apologize for the inconvenience.<br><br>***------------------------****-------------------------***<br>
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Pacific with:<br><br>- Micro-enterprise development training and financing<br>- Childhood education financing<br>- Housing improvement financing<br>- Savings<br>- Life Insurance<br>- Increased self-esteem<br><br>The easiest way to help MicroDreams is by donating online<br>
at <a href="http://www.microdreams.org">www.microdreams.org</a>.<br>-----------------------------------------------------------<br><br>***------------------------****-------------------------***<br><br>+++ CANDIDATE ROUND UP/VACANCIES<br>
<br>=> BiOS, a Division of the LINC Media group, is actively <br>marketing the following positions for customers setting up <br>or expanding in Japan, as well as other employers of <br>bilinguals.<br><br>** HIGHLIGHTED POSITION(S)<br>
<br>BiOS is currently searching for a high caliber ex-pat <br>President of Japan Operations for our manufacturing <br>industry client, charged with accelerating the growth of <br>an operation that is capable of more outstanding results.<br>
You will be an entrepreneurial, driven, idea-generating <br>leader, responsible for achieving the strategic and <br>financial objectives of the Japan subsidiary as defined by <br>its parent company. This is to be done through the hands-on<br>
leadership of all aspects of the business including <br>marketing, sales, operations, facilities, finance and human <br>resources.<br><br>The ideal candidate for this role will have at least 10 <br>years entrepreneurial leadership experience with profit and<br>
loss responsibility in a manufacturing or related industry <br>within a fast-growing company. The candidate needs to show<br>a track record of growth results, and turn-around experience<br>would also be most useful. The individual needs to have a <br>
thorough knowledge of Japanese business and be strongly <br>bilingual. This is a roll-up-your-sleeves position, and will <br>entail a lot of customer outreach and interaction.<br><br>Remuneration depends on your experience and level<br>
<br>** POSITIONS VACANT<br><br>- Vendor Business Mgr, Global IT Supplier, JPY8m – JPY10m<br>- eSourcing Account Manager, JPY4.5m – JPY5.5m<br>- Snr Network Engineer, Network Vendor JPY6m – JPY10m<br>- Level 3 support Engr, (Okinawa), JPY6m – JPY8m<br>
- Unix Engineer, Okinawa I-Bank, JPY4m – JPY5m<br><br>Interested individuals may e-mail resumes to:<br><a href="mailto:stuart.gibson@biosjp.com">stuart.gibson@biosjp.com</a><br><br>** BiOS Job Mail<br><br>Every 2 weeks BiOS sends out a regular communication to its<br>
job seeking candidates, called BiOS Job Mail. Every edition<br>carries a list of BiOS's current and most up-to-date<br>vacancies, with each entry featuring a short job<br>description and a direct link to the main entry on the BiOS<br>
home page. Regardless of whether you are unemployed and<br>searching, thinking about a career change, or just curious<br>to know if there is something out there that might suit you<br>better, the BiOS Job Mail newsletter is an easy and<br>
convenient way for you to stay informed. If you would like<br>to register for the BiOS Job Mail, or to find out more,<br>please email <a href="mailto:stuart.gibson@biosjp.com">stuart.gibson@biosjp.com</a>.<br><br>Interested individuals may e-mail resumes to:<br>
<a href="mailto:stuart.gibson@biosjp.com">stuart.gibson@biosjp.com</a><br><br>-----------------------------------------------------------<br><br>----------- Making Web Sites More Affordable --------------<br><br>LINC Media's Electronic Commerce team is proud to announce<br>
its "WEB PARTNERS" program, whereby we create fully EC<br>enabled websites with as much functionality as you need, <br>plus year-round support, for a flat monthly fee.<br><br>Avoid upfront costs and lack of support after the site is<br>
up, with the LINC Media WEB PARTNERS service. Our customers<br>to date include major international airlines, Social <br>Network Service sites, and online stores for consumer<br>products.<br><br>Program includes:<br>- Japanese/English website development<br>
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with strong credentials and a desire to please. <br><br>Contact: nana.yamaguchi at <a href="http://lincmedia.co.jp">lincmedia.co.jp</a> for details.<br>-----------------------------------------------------------<br><br>***------------------------****-------------------------***<br>
<br><br>+++ UPCOMING EVENTS/ANNOUNCEMENTS<br><br>------------------- CCH HR Seminars 2010 ------------------<br><br>1. Japan Labor & Employment Law Seminar<br>- Navigating Common issues in Managing HR Matters<br>- Review of amendments to Labor & Employment Law 2010<br>
- Topical Issues: Bullying (Power Harassment) & Sexual <br>Harassment<br><br>Date: Friday, June 25th, 1:30pm-5:00pm<br>Speaker: Hideki Kano, Attorney, Anderson, Mori & Tomotsune <br><br>2. Managing and Motivating Your Japanese Team for Success<br>
-Bridging Cultural Difference as a Leader<br><br>Date: Thursday, 29th July, 1:30pm-5:00pm<br>Speaker: Rochelle Kopp, Principal, Japan Intercultural <br>Consulting<br><br>--Both Seminars--<br><br>Venue: Happo-en 5F Linden Room <br>
Number of Seats: Each Seminar-50 seats<br>Language: English<br>Fees: Each Seminar-20,000JPY+Tax<br>If you attend both seminars you can receive a 5,000 yen <br>discount!! Register at: <br><a href="https://www.cch-japan.jp/contents/register/form">https://www.cch-japan.jp/contents/register/form</a><br>
<br>For more details, Please Contact us at: <a href="mailto:support@cch.co.jp">support@cch.co.jp</a>,<br>or 03-3265-1161, <a href="http://www.cch-japan.jp">www.cch-japan.jp</a>.<br><br><a href="http://www.cch-japan.jp">www.cch-japan.jp</a><br>
-----------------------------------------------------------<br><br>------------- ICA Summer Networking Party!!!!! ------------<br><br>The ICA invites you to join our Summer Networking Party at<br>La Boheme in Shirogane. This will be an excellent <br>
opportunity to catch up with old friends, meet new people <br>and network with peers in related industries, or simply to <br>put names to faces.<br><br>Open bar (beer, wine, soft drinks) and great food will<br>be included. Be sure to bring your colleagues and friends <br>
to join the party. Open to all, RSVP required.<br><br>Date: Thursday, 29th July, 2010<br>Time: 19:00 to 21:30pm<br>Venue: La Boheme, Shirogane<br>Map: <a href="http://www.boheme.jp/jp/shirogane/home/location/printer">www.boheme.jp/jp/shirogane/home/location/printer</a><br>
Cost: 3,000yen ICA members, 5,000yen non-members. <br>*Includes open bar (beer, wine, soft drinks) & great <br>quality food.<br>-----------------------------------------------------------<br><br>***------------------------****-------------------------***<br>
<br>+++ CORRECTIONS/FEEDBACK<br><br>In this section we run comments and corrections submitted<br>by readers. We encourage you to spot our mistakes and<br>amplify our points, by email, to <a href="mailto:editors@terrie.com">editors@terrie.com</a>.<br>
<br>*** No feedback this week.<br><br>***********************************************************<br>END<br><br>SUBSCRIBERS: 9,012 as of June 20th, 2010<br>(We purge our list regularly.)<br><br>+++ ABOUT US<br><br>STAFF<br>
Written by: Terrie Lloyd (<a href="mailto:terrie.lloyd@japaninc.com">terrie.lloyd@japaninc.com</a>)<br><br>HELP: E-mail <a href="mailto:Terrie-request@mailman.japaninc.com">Terrie-request@mailman.japaninc.com</a><br>with the word 'help' in the subject or body (don't include<br>
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<br>Copyright 2010 Japan Inc. Communications Inc.<br><br>----------------- Japan Inc opens up Japan ----------------<br><br>J@pan Inc is Japan's only independently published English-<br>language business website. Authoritatively chronicling <br>
online the business trends in Japan, each posting brings <br>you in-depth analysis of business, people and technology in<br>the world's second largest economy. <br><br>Visit <a href="http://www.japaninc.com">www.japaninc.com</a> for the best business insight on<br>
Japan available.<br>-----------------------------------------------------------<br><br><br>