Ensuring Compliance with the Antimonopoly Act and Other Laws and Regulations

Jun. 1, 2023
  • News

On February 28, 2023, Hakuhodo Inc. was indicted by the Tokyo District Public Prosecutors Office following an accusation by the Fair Trade Commission of alleged violation of the Antimonopoly Act (unreasonable restraint of trade) in connection with the outsourcing contracts, etc., for the planning, etc., of test events for the Tokyo 2020 Olympic and Paralympic Games.

The Hakuhodo DY Group recognizes the gravity of this incident. In order to take preventive measures and ensure compliance, a Special Investigation Committee was established within Hakuhodo DY Holdings on March 7, 2023, chaired by one of our independent outside directors. Recommendations* from this Committee were received on May 11, 2023.

In light of these recommendations, I would like to reiterate Hakuhodo’s approach to compliance with laws and regulations going forward.

  • Hakuhodo will ensure compliance with laws and regulations in all our business activities to assure competitiveness and transparency, and to regain the trust of society.
  • All business activities of Hakuhodo will always be conducted in an appropriate manner through fair and free competition, and we shall not engage in any conduct that may raise suspicions under the Antimonopoly Act or other laws and regulations.
  • All officers and employees of Hakuhodo shall enhance their knowledge of laws, regulations, and social rules, comply with them faithfully, and act fairly at all times.
  • In the unlikely event that a violation of the above occurs, we will deal with the situation strictly and in a resolute manner.



June 1, 2023
Masayuki Mizushima
Representative Director, President & CEO
Hakuhodo Inc.


* Reference: Recommendations from the Special Investigation Committee


Messages from the Presidents

The Presidents of Hakuhodo Inc. and Hakuhodo DY Media Partners Inc. should send a message to stakeholders both inside and outside their respective companies to the effect that:

(a) We will ensure compliance with laws and regulations including the Antimonopoly Act in all of our business activities;

(b) We will conduct business activities in a proper manner based on our knowledge of acts that violate the Antimonopoly Act and the substantial risks involved therein, and refrain from any suspicious activity;

(c) We will systematically take tougher measures against legal and regulatory violations going forward.

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