Toyota, Panasonic CEOs Silence Conveys Investors Don't Matter

Toyota, Panasonic CEOs Silence Conveys Investors Don't Matter

jingw94 (The government estimates the disaster that's killed more than 9,000 people may also cost as much as $300 billion. Japan's CEOs are unlikely to turn their attention toward informing investors as fast as Western executives would, said Kuniko Odaka, who teaches corporate strategy at Kwansei Gakuin University in western Japan. Wholesale Cell Phones

"In Japan, the belief that the president runs the company for employees is very strong, so in cases like these it's not uncommon for the president to say the investors don't matter," said Odaka, who worked for Procter & Gamble Co. during the 1995 Kobe earthquake that killed more than 6,000. "In the West, companies feel a stronger obligation to shareholders and to disclose information."

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Tepco Crisis

The magnitude-9 temblor crippled a Tokyo Electric Power Co. nuclear plant in Fukushima prefecture that has since leaked radiation. Utility President Masataka Shimizu attended a press conference March 13 and hasn't appeared before reporters since because he's been at company headquarters dealing with the crisis, Takeo Iwamoto, a spokesman, said by phone yesterday.

Two weeks after Japan's strongest earthquake on record, investors have yet to hear from the leaders of Toyota Motor Corp. (7203) and Panasonic Corp. (6752) about how they're dealing with the crisis.

Toyota President Akio Toyoda's public comments have been limited to condolences for victims and their families in a March 14 posting on the company website and another two days later on a racing blog through his alias "Morizo." Panasonic, Japan's biggest home-appliance maker, hasn't disclosed how many factories were idled by the March 11 earthquake and tsunami, and President Fumio Ohtsubo has shunned interview requests.

The government estimates the disaster that's killed more than 9,000 people may also cost as much as $300 billion. Japan's CEOs are unlikely to turn their attention toward informing investors as fast as Western executives would, said Kuniko Odaka, who teaches corporate strategy at Kwansei Gakuin University in western Japan.

"In Japan, the belief that the president runs the company for employees is very strong, so in cases like these it's not uncommon for the president to say the investors don't matter," said Odaka, who worked for Procter & Gamble Co. during the 1995 Kobe earthquake that killed more than 6,000. "In the West, companies feel a stronger obligation to shareholders and to disclose information."

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