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  "documentTitle": "Nidec Corp. (6594 JP)",
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  "authorName": "Carson C. Block",
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      "text": "In our opinion, Nidec effected a bailout of Mr. Nagamori.",
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      "text": "Nagamori decries what he sees as a lack of ambition in Japan. Too many young people are content with only \"small happiness,\" like going home to their children in the evening rather than working late to become their company's next president, he says.",
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      "text": "But Nagamori spent much of Monday's press event explaining how Nidec is earning more by working shorter hours. 'There are no more moretsu working for us,' he said, using a buzzword once applied with admiration to corporate Japan's most die-hard workaholics.",
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      "text": "Overtime was slashed 30% without affecting productivity. 'Even if there is still work to be done, they tell us to go home when it's past time to punch out,' a young research and development staffer said. 'That has made us think hard about how to work more efficiently.'",
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      "text": "There was at least one time that Mr. Nagamori was pretty cold, and the result raises significant corporate governance concerns. In our opinion, Nidec effected a bailout of Mr. Nagamori. In December 2008, Nidec made what appears to be a JPY 14.5 billion emergency loan to Mr. Nagamori (via an asset management company he indirectly owns).140 In early 2009, the board and auditor realized the loan was a violation of U.S. securities law. Mr. Nagamori repaid the loan by selling Nidec shares - 87% of the shares were purchased by Nidec.141",
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      "text": "Before Mr. Nagamori publicly changed his mind on working conditions, the impression that we got from conversations with sell-side analysts was that they felt the demanding culture was a positive for investors, and was another demonstration of Mr. Nagamori's value. The impression that we have received from the sell-side since Mr. Nagamori's reversal is that he is once again doing something smart for investors. To the extent our impressions are correct, this illustrates how unquestioning many investors have been of Mr. Nagamori - in our view, blindly accepting that his every move is a great one.",
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      "text": "Only two months later, Mr. Nagamori apparently completely changed his views on working conditions:139",
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      "text": "For a year, the company has urged employees to leave work on time. They cannot stay past their regular hours without obtaining permission from a supervisor that morning, and overtime is not approved for unnecessary tasks.",
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      "text": "“Nagamori decries what he sees as a lack of ambition in Japan. Too many young people are content with only “small happiness,” like going home to their children in the evening rather than working late to become their company’s next president, he says.” — Nikkei Asia",
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      "text": "139 http://asia.nikkei.com/Business/Companies/Cutback-in-overtime-drives-Nidec-to-record-result?page=2\n140 FY2008 20-F, p. 34.\n141 FY2008 20-F, p. 34.",
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