Ten Years since 9.11 and Nidec's NYSE Listing: Reflections

Shigenobu Nagamori, Chairman of the Board, President & CEO, Nidec Corporation, wrote an Article for “Leader’s Blog” posted on The Nikkei Online Edition on September 14, 2011; here is an edited English translation for the NYSE community:

 

Photograph of the headquarters and Central Tec...

Responding to a kind invitation from the New York Stock Exchange (“NYSE”), I recently had a chance to ring the NYSE Closing Bell in a commemorative event celebrating Nidec Corporation’s 10th listing anniversary.

We became the 15th Japanese NYSE-listing company almost 10 years ago on September 27, 2001, shortly after the tragic events of 9.11, the day on which hijacked commercial aircrafts crumbled the World Trade Center Buildings. The entire U.S. plunged into chaos and stock prices nosedived worldwide. Reflecting the abnormality of the situation, the 500-seat, New York-bound airplane I was on board was all but empty – carrying only 26 passengers, 18 of whom were Nidec-related personnel. With wave after wave of companies either postponing or canceling their planned NYSE listing,  people urged me to think twice about our listing plan, citing bad timing and tragic circumstances. But I insisted on sticking to the original plan because I had a firm conviction that the situation required us to show our strong commitment to the U.S. market. As it turned out, it was not I, but a group of firefighters engaged in rescue work near the NYSE, who rang the opening bell to celebrate our NYSE listing. When we visited the NYSE for our 10th listing anniversary ceremony, we were warmly welcomed by the NYSE’s CEO and executives.  In the past 10 years since our NYSE listing, Nidec’s total market value has increased 6.4-fold to $14 billion. We were deeply moved when the NYSE CEO expressed his gratitude for our bold commitment to joining the Big Board in the chaotic aftermath of the terrorist attack.

I particularly appreciate the NYSE’s very cooperative attitude in our effort to ensure compliance with the stringent U.S. SOX regulations. The NYSE is also keen on post-listing assistance for its listed companies, always providing attentive and clear advice whenever needed. For example, if you request the NYSE for quick updates on the most recent regulatory development in the areas including conflict minerals disclosure and the International Financial Reporting Standard (IFRS) introduction, they never spare any effort to offer you relevant information to the best extent possible.

Nidec’s post-9.11NYSE listing came with our strong determination to adopt the world’s most stringent accounting standard and to transform ourselves into a highly transparent, world-class global enterprise.  Our proactive stance towards information disclosure has been well-received by investors at home and abroad, allowing us to earn various recognition and awards with regard to corporate disclosure.

As a company active in the wide-open global market, I believe our strong commitment to the internationally-recognized compliance standards will continue to keep us on a path of healthy business development going forward.

 

 

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