ASICS TAX PRINCIPLES

ASICS is an acronym of the Latin phrase “Anima Sana In Corpore Sano”, which translates as ‘a sound mind in a sound body’. This reflects our founder’s belief that sport and health bring benefits for not just our bodies, but also our mental wellbeing, as well as our culture and society as a whole. This core belief remains at the heart of our Founding Philosophy to this day.

Our firm belief in the benefits of sport and health is also the foundation of the ASICS SPIRIT, which comprises our philosophy, vison and values. The ASICS SPIRIT drives everything we do, including our efforts to become a more sustainable business and contribute to the lives of people everywhere.

1. Corporate Philosophy

  1. Provide valuable products and services through sport to all our customers
  2. Fulfill our social responsibility and help improve conditions for communities around the world
  3. Share profits brought by our sound services with our shareholders, communities and employee
  4. Maintain a spirit of freedom, fairness and discipline, respectful of all individuals

2. Our core values, derived from the concept of Sportsmanship

  • Respect the rules
  • Be courteous
  • Be persistent
  • Work as one team
  • Be prepared
  • Learn from failure

3. ASICS Corporate Social Responsibility (CSR) Principles

In our pursuit to implement our “Corporate Philosophy” stated in “ASICS SPIRIT”, the entire ASICS Group shall respect and strongly commit itself to the “ASICS CSR Principles” and strive towards fulfilling social responsibility. We shall respect all of the following principles in any business situation.

Stakeholder engagement

We understand and respect our stakeholders’ expectation and interests. By listening, learning and with an open dialogue, we will establish relationships of trust, reciprocity and mutually beneficial partnerships.

Respect for human rights and encourage sound development of individuals

Respect for human rights are to be the basis of any relationship; in any of our businesses and in any country, culture or situation. Furthermore, we encourage sound individual development through creative and ambitious activities.

Ethical behavior and Compliance

Honesty, fairness and integrity form the foundation of our business ethics. We comply with all applicable laws and relevant regulations in any countries and regions where we conduct business, while respecting international norms of behavior.

Accountability and Transparency

We will appropriately report our decision-making, business activities and their impacts on society and the environment. We will disclose that information in an appropriate, clear and accurate manner.

4. Our approach to tax

In line with our corporate philosophy, our core values and our CSR principles, we take a responsible approach in respect of our tax obligations, as we understand the importance of the taxes we pay in contributing to the development and growth of the countries and communities in which we operate.

Risk management

In order to make sure our reporting to the relevant authorities is as accurate as possible and our tax returns correctly reflect our financial position, we have set up a number of administrative processes and measures of internal control in our organization. Next to that we make use of an ERP system that controls our accounting and reporting processes, which enforces a compliant way of working.

Our tax function is responsible for our tax position and is involved in the commercial decision-making process, providing guidance and ensuring understanding of the tax consequences of business decisions made. In order to fully assess the tax consequences of business decisions and the required tax knowledge is not internally available, external advisers may be consulted to support us in the decision-making process.

Attitude to tax planning

We will only engage in tax planning that aligns with our commercial and economic activity and does not result in an abuse of international and local tax laws nor is knowingly contradictory to the intent of this legislation.

With respect to international matters, we will comply with relevant OECD guidelines and the terms of the relevant Double Taxation Treaties regarding transfer pricing issues and establishing taxable presence.

Working with tax authorities

When dealing with tax authorities we shall have an open and transparent attitude with respect to our tax affairs and will provide these authorities with all relevant information that is required to review possible tax risks.

We will work together with tax authorities to agree early consensus on disputed cases, wherever possible.

Country by country reporting

Local Governments adopted the OECD’s Base Erosion and Profit Shifting (BEPS) recommendations requiring multinationals to submit country by country tax reports to tax authorities. We shall comply with this obligation for the year ending 31 December 2017.

Signed on behalf of AEB by CAO Robert Vermin/CEO Alistair Cameron