In the era of global competition, Japanese companies are expected to have in-depth dialogue with investors, which is sometimes tense but yet collaborative, to show company policies and initiatives to enhance "the ability to earn" and create medium-to-long-term sustainable value at the same time. The institutional investors which expressed to implement Japan's Stewardship Code to take one end of our country growth strategy, reached 190 in June 2015, and Japan's Corporate Governance Code was enforced from June 1, 2015. Both of them require full accountability, and corporate reporting such as integrated reporting is more important than ever, as a tool of the dialogue with investors. The International Financial Reporting Standards ("IFRS") and other aspects of "accounting" will continue to be one of the effective means for such dialogue, but the effectiveness of non-financial information such as ESG (Environment, Social and Governance) is currently drawing attention.
PwC defines the purpose of PwC Network as, "Build trust in society and solve important problems". Our firm enhances the cooperation with PwC Global Network, which has the strength of expertise and experience of more than 195,000 people in 157 countries, as well as the cooperation of advisory and tax specialists. To clarify the cooperation, our firm changed its Japanese name to “PwC Aarata Kansa Hojin”, with the brand name of PwC Global Network incorporated in our Japanese name. In the rapidly changing environment surrounding our firm and our clients and their stakeholders, our firm re-recognizes our relevance, with the action target of three "In"s (Integrity, Intelligence and Innovation), and is making an all-out effort to participate actively and contribute to the sound growth and development of the economic infrastructure and financial capital markets in Japan, as well as to the maintenance and improvement of their credibility.
In order to secure adequate human resources to achieve our purpose, our firm has established “PwC Professional”, a framework which shows the direction to be pursued by our people. Specifically, our firm has defined five aspects of professional competency which we are expected to have: technical capabilities, which constitutes a basis to secure audit quality; business acumen; global acumen; relationships, which are necessary to conduct audit and advisory engagement with deep insight; and whole leadership which drives the delivery of value out of the above. Further, our firm is focusing on taking full advantage of technology, which we believe is more efficient tool for the provision of professional services. Our firm intends to provide more effective and efficient professional services, so that our audit achieves higher quality and provides more valuable professional service.
As our name "Aarata" ("new" in Japanese) suggests, our firm keeps trying every new endeavor to be a truly valuable and trusted partner for all of our stakeholders.
We look forward to working with you.
July 1, 2015