Yoshinobu Tsutsui, chairman of Keidanren, said at a press conference in Sapporo on the 8th, regarding the case of money fraud by employees of Prudential Life Insurance, "This is an affair that shakes the trust of the industry. As someone from the industry, I take it extremely seriously." In the third-party committee investigation report released by Prudential Life, "a corporate culture that places excessive emphasis on sales performance" was cited as the cause of the misconduct. Tsutsui touched on the company's progress in reviewing its compensation system, pointing out that "restoring trust as a company will lead to restoring trust in the industry," and indicated he would closely watch future efforts. Also, based on his experience at Nippon Life, he said that judging whether the compensation system has gone too far is "difficult in some respects," while emphasizing that "customer protection and putting consumers first should be the foundation."
Prudential Financial, Inc.Employee money fraud at Prudential Life and a third-party report citing a sales-performance-obsessed culture shake industry trust, drawing public criticism.
