特集 2

IFRS 財団・財務会計基準機構
ステークホルダーイベント
2017 年 5 月 24 日、IFRS 財団と財務会計基準機構（FASF）によるステークホルダーイベントが開催された。
本イベントは、ご来賓として副総理兼財務大臣・金融担当大臣の麻生太郎氏及び内閣府副大臣の越智隆雄氏を始めとして、我が国の関係者を多数お迎えして行われた。
冒頭、本イベントの共同主催者である IFRS 財団評議員会議長のミッシェル・プラダ氏による開会の挨拶があり、続いて、麻生太郎氏よりご挨拶を頂戴した。その後、基調講演とパネル・ディスカッションが行われた。
※本稿における役職名は、2017 年 5 月 24 日時点の役職を掲載しています。

特集2

1 ．基調講演「Disclosure for Constructive Dialogue withinvestors」（株）三井住友フィナンシャルグループ

取締役 執行役社長

46

くに べ國部たけし

毅

2 ．パネル・ディスカッション「財務報告書作成者と投資家との間の建設的な対話」

53

くまがいご ろうみずほ証券（株） 市場情報戦略部 上級研究員
国際会計基準審議会（IASB）議長

熊谷 五郎

ハンス・フーガーホースト

三菱商事（株） 代表取締役常務執行役員 CFO
日本証券アナリスト協会会長

日本公認会計士協会会長

企業会計基準委員会（ASBJ）委員長

3 ．FASF と IFRS 財団の評議員会の共同声明

ますかずゆきおお ばあきよし

せき ね

あい こお

ゆき お

増一行

大場 昭義
関根 愛子の小野 行雄

56

基調講演

Disclosure for Constructive
Dialogue with investors（株）三井住友フィナンシャルグループ
取締役 執行役社長

Table of contents
1 ．Introduction
2 ．My experience with IFRS
3 ．Initiatives for sustainably increasing
corporate value through constructive
dialogue⑴Disclosures to promote the understanding of medium and long-term
measures to improve corporate value
among investors⑵Multi-dimensional disclosure using
non-financial information⑶Establishment of an organizational
structure to support the disclosure of
non-financial information
4 ．Engaging in the development ofIFRS standards
5 ．Close

くに べたけし

國部 毅and Accounting of Keidanren. Itʼs a great
pleasure to have been invited to this conference. I would like to extend my sincere congratulations on this magnificent IFRS Foundation Trustees meeting in Tokyo. I also would
like to thank Mr. Michel Prada and his teamfor the kind invitation to participate in thisconference as a keynote speaker.
The theme of this stakeholdersʼ event held inconjunction with the IFRS Foundation Trustees meeting in Tokyo is a “constructive dialogue between preparers of financial statements and investors.” In Japan, three years
have passed since the establishment of “thePrinciples for Responsible Institutional Investors” known as “Japanʼs Stewardship Code.”
By the efforts of the Financial Services Agency and the Tokyo Stock Exchange, I think theimportance of constructive dialogue is sinking

1 ．Introductionin across institutional investors and investee
companies in Japan. As a top management ofThank you for your kind introduction. Gooda listed company, I am constantly exploring

evening, ladies and gentlemen. My name isways to communicate more constructively

Takeshi Kunibe from Sumitomo Mitsui Finan-with investors.

cial Group（SMFG）. I also serve as the Vice
Chair and Chair of the Committee on Finance46

2017.9 vol.58 季刊 会計基準

Today, as a top management and a preparer

特集 2IFRS 財団・財務会計基準機構ステークホルダーイベント

of financial statements, I would like to takeof time mulling over whether to prepare ourthis opportunity to deliver my thoughts onconsolidated financial statements under US

how we should engage in initiatives to sus-

GAAP or IFRS. Ultimately, we made the deci-

tainably increase corporate value throughsion to go with IFRS.

constructive dialogue.
There were two reasons for this. First, more
2 ．My experience with IFRS

and more countries and regions were adopting IFRS and there was a high likelihood that

Before I start the topic of constructive dia-

IFRS would become an international standard.

logue, I would first like to touch upon my ex-

In light of this, we believed selecting IFRS

perience with IFRS.

would be advantageous to us as we planned
to expand our global operations.

As many of you are well aware, since listing
our shares on the New York Stock Exchange

In addition, although there were no compa-（NYSE） in November 2010, we, SMFG, filenies preparing their consolidated financial

our annual reports including consolidated fi-statements under IFRS in Japan at the time,

nancial statements under IFRS with the US

we believed many companies in Japan would

Securities and Exchange Commission（SEC）.

rapidly apply IFRS to their consolidated financial statements. As of the end of April, 2017,

In March 2008, two and a half years before

the number of companies applying or plan-our shares were listed on NYSE, we launchedning to apply IFRS in Japan totaled 164, anda NYSE listing project. I was involved in thisis steadily increasing. The market capitaliza-

project as the director in charge of the plan-tion of those companies was roughly ¥180

ning and accounting departments. This istrillion, or approximately 30％ of the total

when I first started working with IFRS.

market capitalization of listed companies inJapan. The increase shows that our initial
Companies that plan to list their shares on

analysis was almost correct, although theNYSE are required to file a registration state-pace has been slower than we expected.

ment including consolidated financial statements with SEC. SEC made revisions to appli-

The second reason is our corporate culture

cable laws and regulations only a few months

which values an enterprising spirit. Our cor-before we initiated our NYSE listing project.

porate culture has long valued an enterpris-This revision allowed non-US companies, es-ing spirit. In line with this corporate culture, I

pecially whose financial statements are pre-wanted to exploit the spirit of challenge andpared under accounting standards other than

enthusiasm of our project team.

US Generally Accepted Accounting Principles（US GAAP） to choose between US GAAP

We selected IFRS for these reasons. However,and IFRS. At that time, we spent a great deal

the project for IFRS-based consolidated finan-2017.9 vol.58 季刊 会計基準

47

cial statements proved far more difficult than3 ．Initiatives for sustainably increasing cor-we expected. We encountered two main chal-porate value through constructive dialogue

lenges.

⑴ Disclosures to promote the understandingof medium and long-term measures to im-First, IFRS is principle-based accounting.

prove corporate value among investors

Many of the issues needed our judgment.
However, there were no other Japanese com-First, we should, without fail, disclose to ourpanies we could refer to.

investors our corporate vision and businessstrategies for improving corporate value.

Second, back then, there were only a few people working at the accounting firms in Japan

Short-term earnings performance is naturallythat actually had practical experience withimportant for all top management. However,IFRS. Accordingly, we had to spend many

increasing corporate value in the medium andhours discussing with our auditors. We en-long-term holds even greater importance fordured a series of hardships until we success-us, and is the responsibility of the top man-fully listed our shares on NYSE.

agement assuming managementʼs role on behalf of the shareholders. In light of this, I am

Actually, this was our third challenge to list

managing SMFG not only by addressing up-

our shares on NYSE. So as the saying goes,coming changes in the business environment

the “third time is the charm.” While I was

but also by employing medium and long-termvery happy on our accomplishment as the di-perspectives. For example, in the medium-rector in charge of this project, I was also re-term management plan we drew up threelieved and a weight was off my shoulders. Iyears ago, we introduced a 10-year vision towas standing on the bell podium at the open-become “a global financial group that, bying of the market when our shares first beganearning the highest trust of our customers,

trading on NYSE. Even today, I can still viv-

leads the growth of Japan and the Asian re-

idly recall the spectacle of the trading floorgion.” We are reiterating this vision in theand the sound of the bell. It is a fond memory.

new three-year management plan launched at
the beginning of this fiscal year, and continue

This is the background of my experience into aim to become an Asia-centric global finan-IFRS. Now, let me move on to the main topic

cial group, or a global financial group focusing

which discusses three initiatives that I thinkon business in Japan and Asia.

top management and preparers of financial
statements should undertake to sustainably

In addition, I believe it is vital that a top man-increase corporate value through constructive

agement carefully reads current trends anddialogue.

takes actions to address upcoming changes toincrease corporate value over time. Particularly, in recent years, investors have become482017.9 vol.58 季刊 会計基準

特集 2

IFRS 財団・財務会計基準機構ステークホルダーイベント

more interested in not only the core opera-er, I have experienced this short-termismtions, but what a top management thinks

when I actually talk with investors. I think

about and the actions they are taking regard-

one reason behind this is that companies do

ing corporate governance and social contribu-

not necessarily communicate well with inves-tion.

tors so that they can expect to earn returns
that match their longer-term investments.

In addition to our long-standing activities on
the Environment, Society and Governance

As a top management, I have been committed（ESG）, SMFG was quick to undertake activi-

to clearly communicate to investors our vi-

ties that conformed with the Sustainable De-

sion, business strategies, activities, and initia-

velopment Goals（SDGs）, adopted at the Unit-

tives to increase corporate value. I think it ised Nations Sustainable Development Summit.

more important than ever to provide informa-

In Japan, for example, we provide a producttion that will encourage investors to investthat combines a loan and a service to support

their capital for the medium and long-term.

our clientʼs initiatives to promote womenʼsroles in the workplace by providing a solution
for any issues that hinder the implementation⑵ Multi-dimensional disclosure using non-financial informationof these initiatives. Overseas, for example, wework with UNICEF to carry out a training

Second, Multi-dimensional disclosure using

program for school teachers in Myanmar with

non-financial information is also the key inthe goal of establishing an infrastructure forleading investors to make longer-term invest-sustainable development through education.

ments.

I want investors to employ medium and long-

Investors could more easily consider making

term perspectives in their investment deci-longer-term investments if there would be in-sion-making as a top management does so information on investee companies to support

the managerial decision-making. However, it

the future improvement of their corporate

has long been pointed out that domestic andvalue, in addition to financial information,

foreign investors in the Japanese market have

which is prepared based on past facts. One ofa preference for short-termism. The averagethe areas where investorsʼ interests are grow-stock holding period, that is, market capital-

ing from the medium and long-term perspec-

ization at year end divided by yearly trade

tives is corporate governance. We plan to ac-

volume, was more than three years in the

tively explain this to our investors, including

early 1990s on the Tokyo Stock Exchange.

our plans to shift to a company with a three

Recently, it has been less than one year,

committees structure, once our proposal is re-which is shorter than that for NYSE and thesolved at our general shareholders meeting

London Stock Exchange. This data alone can-next month.

not prove such investorsʼ preference. Howev-

2017.9 vol.58 季刊 会計基準

49

Effectively using non-financial information istive practices to effectively utilize non-finan-crucial for this type of disclosure, and inte-cial information from various angles, I thinkgrated reports are one of the best disclosurethat top management will need to pursue totools for this. These days, the number of com-make disclosures that will encourage inves-panies publishing integrated reports is sharp-

tors to make longer-term investments.

ly increasing. According to KPMG Japan, 279
companies, including SMFG, issued integrated⑶ Establishment of an organizational struc-

reports in 2016. This is an increase by 59

ture to support the disclosure of non-finan-

companies from 2015.

cial information

A particularly important element for encour-

The third is the development of an organiza-

aging investors to consider longer-term in-tional structure to support the disclosure ofvestments is to tell a consistent story using

non-financial information.

non-financial information on the plan to increase corporate value over time. To earn in-

I believe it is essential to build an organiza-vestorsʼ trust, it is effective to provide,tional structure that is suitable for implement-

through disclosure including non-financial in-ing a comprehensive and multi-dimensional

formation, a roadmap drawn by the top man-

disclosure using non-financial information.

agement that shows them how the company

The disclosure of non-financial information re-plans to increase corporate value.

quires the cooperation of departments that

It is also important to show, to the extent

investors, such as operating divisions and thepracticable, the connection between non-finan-

CSR department, in addition to the planning

cial and financial information. Definitions forand financial accounting departments and in-non-financial information tied to financial in-vestor relations. I also believe it is important

formation based on accounting standards are

to develop a systematic process including themore clear and reliable. In addition, thisutilization of IT to accurately and quickly

would help investors to make comparisonsgather the needed information.

previously did not participate in dialogue withwith other companies, and hence make it easier to consider investments. One company inThis will also require the hiring and training

the air transportation industry won the Nik-of employees with a high level of accounting

kei annual report awards, sponsored by Nik-literacy, so as to connect non-financial to fi-

kei Inc. The key reason for the award is thatnancial information. It will be necessary to as-

it is a clear and high quality report that plain-sign such individuals across a wide range ofly states the correlation between non-financial

departments. In particular, personnel withand financial information.

knowledge of IFRS, for example, will become
more and more essential with an expansion in

By researching and referring to the innova-50

2017.9 vol.58 季刊 会計基準

global corporate activities. At the outset of特集 2IFRS 財団・財務会計基準機構ステークホルダーイベント

my speech, I shared with you about our chal-ward, I think many companies in Japan will

lenging experience in preparing IFRS-based

continue to expand their overseas businessfinancial statements for our NYSE listingand operations. As a result, the number ofproject. Some of the employees that partici-

overseas subsidiaries and affiliates is expectedpated in that project are now the core mem-to increase, and they are likely to include

bers of our financial accounting team. Others

many companies that are required to prepare

are playing an important role in other depart-financial statements under IFRS. For example,

ments using the experience they gained onin Asia and Oceania, where SMFG is strategi-

this project elsewhere. I am truly happy thatcally expanding operations, 24 countries andtheir efforts during that time have been re-regions, out of a total of 33, require public-list-

warded in this manner.

ed companies to prepare financial statements
under IFRS. An increase in the number ofEnhancing the organizational structure thatoverseas subsidiaries and affiliates preparing

supports the disclosure of non-financial infor-

IFRS-based financial statements may meanmation will also aid in the reinforcement of athat it would be more efficient and consistentcorporate infrastructure for increasing corpo-

with business practice for their parent compa-

rate value over time. As a top management, I

ny to prepare its consolidated financial state-myself intend to continue to take the initia-

ments under IFRS. Actually, many Japanese

tive.

companies that voluntarily apply IFRS have
expanded and been expanding their opera-

4 ．Engaging in the development of IFRS
standards

tions globally. Therefore, for many Japanesecompanies, including those that have not yet
adopted IFRS at this stage, I believe there

Thus far I have discussed what initiatives top

will be great interests in further improving

management and preparers of financial state-

IFRS.

ments should take to increase corporate value
through constructive dialogue.

As such, Keidanren, representing preparersof financial statements in Japan, has presented

Lastly, I would like to touch upon the impor-to the global communities the views of Ja-tance of improving the level of IFRS, which ispanʼs industries on IFRS as they should be,

expected to become the leading global ac-

including accounting for goodwill. Going for-counting standard as well as an accounting

ward, Keidanren aims to continue to work

standard that serves as a platform for con-with related parties in Japan and with prepar-structive dialogue.

ers of financial statements overseas while con-

The expansion of global corporate activities isfinancial statement preparers and contribut-

indispensable to improving corporate value

ing to the development of IASB standards. I

and achieving sustainable growth. Going for-hope that the IFRS foundation and IASB willtinuing to strategically express the views of2017.9 vol.58 季刊 会計基準

51

continue their standard-setting activities tofurther evolve IFRS as a baseline for establishing accounting standards and to elevate itto a higher quality accounting standard,through active dialogue with stakeholders
around the world.
5 ．Close
Today I discussed my views on disclosure
which is the foundation for dialogue with investors. I hope that this will lead to more indepth talks during the panel discussion to follow.
Lastly, I would like to close by wishing everyone here both good health and success. Thankyou for your attention.

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2017.9 vol.58 季刊 会計基準