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Financial Expert

あまりネタがないので。。。

監査報酬の件でポストする際にForm20-F(米国外の企業が米国証券取引委員会(SEC)に提出する財務書類。ちなみに米国内企業は主にForm10-K)をいくつか眺めることになったのですが、ついでに今期より記載することになった項目についての記載状況を見てみることにしました。今回はFinancial Expertについて。(次回があるかどうかは未定)

米国サーベンスオクスレー法の規定により、今期の財務報告書類には、監査委員会にFinancial Expertがいるかどうかを記載すること、および、もしいない場合はその理由を記載することとされています。

SEC. 407. DISCLOSURE OF AUDIT COMMITTEE FINANCIAL EXPERT.
(a) RULES DEFINING ‘‘FINANCIAL EXPERT’’.—The Commission
shall issue rules, as necessary or appropriate in the public interest
and consistent with the protection of investors, to require each
issuer, together with periodic reports required pursuant to sections
13(a) and 15(d) of the Securities Exchange Act of 1934, to disclose
whether or not, and if not, the reasons therefor, the audit committee
of that issuer is comprised of at least 1 member who is a financial
expert, as such term is defined by the Commission.

で、誰がFinancial Expertの要件はSECが定めることになっているわけですが、その規定は以下の通り。

The rules will define "audit committee financial expert" to mean a person who has the following attributes:

(1) an understanding of financial statements and generally accepted accounting principles;
(2) an ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves;
(3) experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities;
(4) an understanding of internal controls and procedures for financial reporting; and
(5) an understanding of audit committee functions.

A person can acquire such attributes through any one or more of the following means:

(1) education and experience as a principal financial officer, principal accounting officer, controller, public accountant or auditor or experience in one or more positions that involve the performance of similar functions;
(2) experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor or person performing similar functions, or experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing or evaluation of financial statements; or
(3) other relevant experience.

でとどめに、

An individual will have to possess all of the attributes listed in the above definition to qualify as an audit committee financial expert.    

などと書かれています。

もちろんgenerally accepted には当然の前提として(in U.S.)が省略されているわけです。

こんな何でも知っていて、なんでも経験しているような資質を持った方が、日本企業の監査委員会(もしくは監査役)におられるか、ということなのですが、SONYでは以下の記述をしています。

Item 16A. Audit Committee Financial Expert
Sony’s Board of Directors has determined that Mr. Yoshiaki Yamauchi and Mr. Akihisa Ohnishi each qualify as an “audit committee financial expert” as defined in this Item 16A, and are both “independent” as defined in Rule 10A-3 under the Securities and Exchange Act of 1934, as amended.


ソニーの有価証券報告書の役員の状況を見ますと、大西氏は平成5年までsonyの経理を努めた後、ずっと常勤監査役を勤めた方、山内氏はアーサーアンダーセンの日本副代表を務めた方ということで、確かにこれくらいの経験は満たしていると胸張って言える方なのでしょう。

一方トヨタでは、潔くそんな奴はいない、と宣言しております。(こちらは監査役についてですが)

At the present time, Toyota’s board of corporate auditors has determined that it does not have an audit committee financial expert serving on the board of corporate auditors. The qualifications for, and powers of, the corporate auditor delineated in the Code and the Special Exception Law are different from those anticipated for any audit committee financial expert. Corporate auditors have the authority to be given reports from a certified public accountant or an accounting firm concerning audits, including technical accounting matters. At the same time, each corporate auditor has the authority to consult internal and external experts on accounting matters. Toyota’s board of corporate auditors has confirmed that each corporate auditor should fulfill the requirements under Japanese laws and regulations and otherwise follow Japanese corporate governance practices and, accordingly, it is not necessarily in Toyota’s best interest to nominate as corporate auditor a person who meets the definition of audit committee financial experts. Although Toyota does not have an audit committee financial expert on its board of corporate auditors, Toyota believes that Toyota’s current corporate governance system, taken as a whole, including the corporate auditors’ ability to consult internal and external experts, is fully equivalent to a system having an audit committee financial expert on its board of corporate auditors.

監査役と監査委員会メンバーでは、求められるものがそもそも違うんだ。違うんだけれど、ガバナンスとしては同様にしっかりと機能しているんだ、ということのようです。トヨタだから言えることかもしれませんが。

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