Definition of compliance for the MGC Group
In the MGC “Compliance Regulations,” compliance is not limited to observance of laws and company regulations, but takes the position that social demands are to be actively met. Compliance is broadly defined as:
“A recognition of our social responsibilities as a business enterprise coupled with our observance of laws and regulations, company rules and social norms, and the conduct in a fair and equitable manner of free and transparent business operations.”
Necessity of compliance
The environment surrounding business is changing greatly, and corporations are coming under stricter scrutiny. It is no longer acceptable for companies to excuse their actions by saying “we are obeying the law,” “we always did things this way in the past,” or “everyone is doing the same thing.” It is therefore necessary to prevent misconduct in the company and in oneself through understanding and practicing “compliance” correctly.
Furthermore, by practicing compliance and conducting business activities in a fair, open manner, the company will earn the trust and sympathy not only of MGC’s stakeholders, such as the shareholders, customers, local communities, and employees, but also of society in general. This will lead to smooth business activities supported by local communities, the acquisition of new customers and markets, growth of corporate value due to better evaluations by shareholders/investors, and will contribute to further growth of MGC.