Olympus turbulence illustrating the importance of supervision.docVIP

Olympus turbulence illustrating the importance of supervision Olympus turbulence Illustrating the importance of supervision Olympus Turmoil Shows Independent Oversight Is Critical at Japanese Firms Blog owner / Simon.CYWong Japan’s Olympus imaging equipment manufacturers (Olympus) the current market situation in chaos, the company dismissed CEO Michael Wu Defu Germany (Michael Woodford), Woodford left hurriedly, leaving people to guess the truth. This incident prompted people to think Japanese companies on the importance of corporate oversight. April 2011, Ford became the British 迈尔克伍德 history Olympus CEO of a non-Japanese citizens. Just over six months, he was removed from office, according to the company, Woodford’s management style and corporate culture had a conflict, ‘leading to decisions on the issue.’ The company’s official statement is: ‘He can not overcome and cultural barriers between Japanese companies.’ Woodford refute this, claiming that his reason for dismissal, because Olympus is several cases before the acquisition of the related costs were questioned - for example, in 2008, Olympus $ 2 billion acquisition of the British Medical equipment manufacturer Gyrus Group, the financial adviser to a $ 687 million payment. Typically, financial advisors will be charged the total purchase price of 1-2% of the cost. Olympus Gyrus Group acquisition price of $ 2.2 billion, while the Austrian Lin Basi fees paid to financial advisers is clearly too high. After the news of this accident, Olympus shares of the Tokyo Stock Exchange fell by 14% or more, fell to ￥ 2,123 per share ($ 27.60. At first glance, this event shows that a company is facing the problem of the traditional executive power, but look closely, you will find them more cause for concern, not only plagued by similar problems Olympus, while plagued by many Japanese companies - Enterprises lack of independent oversight. In many developed markets, corporate boards is a characteristic o