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AGC: Voluntary Return of Remunerations
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 On November 28, 2007, Asahi’s subsidiary AGC Flat Glass Europe (former Glaverbel), having its head office in Brussels, Belgium, (“AFEU”) and Asahi received a decision of the European Commission (the “Commission”) holding Asahi and AFEU liable in relation to certain anticompetitive conduct in the flat glass sector in the European Economic Area and imposing a fine of Euros 65 million jointly and severally on Asahi and AFEU. Asahi is currently analyzing the Commission decision with a view to assessing possible grounds for appeal.
Moreover, on, respectively, April 20, 2007, and April 23, 2007, Asahi’s indirect subsidiary AGC Automotive Europe, having its head office in Seneffe, Belgium, and Asahi, received from the Commission a so-called “statement of objections” in relation to certain alleged anticompetitive conduct in the automotive glass sector in the European Union. The Commission’s investigation is still ongoing and no final decision has yet been adopted in this matter.
Asahi’s management deeply regrets its subsidiaries’ possible involvement in any conduct which may be considered by the competent authorities in violation of the law and, in particular, of antitrust laws.
With a view to giving a strong signal to all of Asahi’s subsidiaries and stakeholders of their deep regret and of the importance they attribute to full compliance with antitrust laws, Asahi’s Representative Directors, the Chairman of Asahi’s Board and certain Executive Officers decided to voluntary return 30 ~ 10 % of their remunerations for 3 months from January. Asahi’s management is committed to take all the additional measures to ensure that none of the Asahi’s group companies will be involved in any conduct in breach of applicable competition law in the future and that each employee fully realizes that he/she has an obligation and the responsibility to comply with all applicable laws and, in particular, antitrust laws.
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January 15th, 2008
Photo: AGC
Source: AGC |
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