Corporate Ethics

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Terasaki Electric Corporate Ethics

Message from the President

Since our founding in 1923, Terasaki Electric Co., Ltd. has conducted business activities under the management philosophy of: 1. Producing and selling products to delight and be delighted; 2. Placing the customer first; 3. Outdistancing the competition; 4. Expanding business globally; 5. Utilizing human resources; and 6. Distributing profits appropriately.

In today's context of corporate management, the conventional management approach of prioritizing financial results has come under scrutiny.

In other words, corporate stakeholders (customers, suppliers, industry bodies, shareholders, governments, local communities, the general public, employees and others associated with businesses) are demanding that businesses deliver on a wide range of social contributions. In short, this new age in business is requiring the corporate world to appropriately disclose information and demonstrate morals and transparency, pursue sound financial results, and establish a new system of values and a code of ethics that balance these requisites.

In order for Terasaki Electric to be the kind of company that society demands and still continue to develop and grow as a business, we will need to capture accurate information, seize the opportunities presented by changes in the business environment, and to stake bold challenges to rise to the occasion.

Therefore, to become this kind of company, we believe it is important to clearly define a system of values and a code of ethics that we should follow as an organization and its individual members.

For this purpose, we have adopted a Basic Policy of Corporate Ethics as part of our Corporate Social Responsibilities (CSR) and a Code of Ethics based on this policy. Nevertheless, this Code of Ethics will remain worthless unless it is put into practice. We need to use our own initiative to make the Code work, steadily and incrementally. This is vital in building a corporate culture where the Code truly comes alive.

Let us work together towards creating a better corporate culture so that we may continue to grow as a company and as individuals.

Taizo Terasaki
Terasaki Electric Co., Ltd.
April 2011

Basic Policy of Corporate Ethics

Terasaki Electric Co., Ltd. and all group companies shall fulfill our corporate social responsibilities by observing all pertinent laws, regulation, and agreements, respecting the prevailing ethics of society and demonstrating good corporate behavior.
Based on this principle, the Terasaki Electric Group hereby adopts the following Basic Policy on Corporate Ethics. We shall:

  1. Conduct business activities fairly in full compliance with laws, regulation, agreements and social norms.
  2. Create an open corporate culture that respects basic human rights and fosters the desire to uphold standards in corporate ethics.
  3. Disclose information as appropriate and strive to keep communications true and highly transparent.
  4. Refuse to conduct business with organizations that violate corporate ethics.
  5. Work to protect the environment and look after our priceless planet.

Code of Ethics

  1. For customers
    1. 1) Always develop and conduct business from the customer's perspective.
    2. 2) Ensure the safety and security of persons who use our products and services.
    3. 3) Safeguard the privacy of customers.
  2. For business partners
    1. 1) Respect our suppliers as important business partners and strive to maintain healthy and good relationships.
    2. 2) Treat our business partners as equals as per contract.
    3. 3) Transact business fairly and appropriately.
    4. 4) Refrain from customary gift-giving (We shall not accept gifts and shall refuse business entertainment).
  3. For employees
    1. 1) Respect one another as colleagues without discrimination by gender, age, position, etc.
    2. 2) Feel pride in the company and the job, and maintain a positive attitude no matter where one's workplace is.
    3. 3) Fulfill individual responsibilities in achieving results.
  4. For shareholders
    1. 1) Actively disclose information as an integral part of transparent management.
    2. 2) Produce sound profits through business activities.
    3. 3) Responsibly explain corporate activities to ensure proper understanding thereof.
  5. For industry groups and peers
    1. 1) Compete freely, transparently and fairly in markets.
    2. 2) Respect the rights and assets of other companies and work to protect our own rights and assets.
    3. 3) Provide high quality products and services, and pursue their necessity and convenience.
  6. For government
    1. 1) Promote business activities as a good corporate citizen in full compliance with all pertinent laws, regulations and agreements.
    2. 2) Sever all relations with antisocial forces that threaten social order and safety.
    3. 3) Work to establish appropriate accounting standards and prevent inappropriate practice such as falsified accounting reports.
  7. For local communities
    1. 1) Respect the culture and social norms of local communities and contribute to the community's development.
    2. 2) Participate in local events as a member of the local community.
    3. 3) Promote business activities with full respect for the love that local residents have for their community.
  8. For the general public
    1. 1) Think and act with commitment to social contribution.
    2. 2) Take action on environmental issues close at hand.
    3. 3) Work to protect resources by using sustainable materials.