MC has long engaged in creating a framework to ensure that it continues to conduct proper and fair business activities, in addition to upholding legal and regulatory compliance. This long-standing commitment is based on the Three Corporate Principles, which encapsulate our corporate philosophy, and is stipulated in our Corporate Standards of Conduct.In September 2000, we formulated a Code of Conduct, and all officers and employees are required to carry a booklet containing this code. In addition, every year all officers and employees are required to sign a written commitment to this Code after completing an e-learning program in which they study examples related to the Code of Conduct. Through these measures, we are ensuring legal and regulatory compliance by each and every employee, as well as instilling an awareness of proper conduct that reflects social norms. In another initiative, we introduced the Compliance Officer post and compliance officers have been appointed in all business groups and all regions in Japan and overseas. These people work to foster compliance in daily activities.
We conduct various activities so as to instill awareness of compliance issues in each and every officer and employee of MC and MC's subsidiaries and affiliated companies. For example, in July 2012, we brought together the managing directors of MC's subsidiaries and affiliated companies for a compliance seminar.
The compliance activities of all officers and employees are the basis upon which we conduct all our corporate activities, as well as one of the most important strategies for raising corporate value on a consolidated basis. From the base of the compliance activities conducted thus far, we will continue to upgrade and reinforce compliance initiatives that are effective.