Explain in detail the KYOSEI philosophy of Corporate Governance.

Kyosei is a Japanese technique meaning "a spirit of cooperation". A concise definition of this word would be "living and working together for the common good." Kyosei establishes harmonious relations among the company and - Customers Suppliers Competitors Governments Natural Environment Kyosei philosophy reflects a confluence of social, environmental, technological and political solutions. It believes that peace, prosperity and social and environmental improvement come through positive action. It works in five stages: First is economic survival of the company Second is cooperating with labour Third is cooperating outside the company Fourth is global activism, and Fifth is making the government/s a Kyosei partner In the first stage of kyosei, a company must work to secure a predictable stream of profits and to establish strong market positions. In the second stage managers and workers resolve to cooperate with one another, recognizing that both groups are vital to the company's success. In the third stage, this sense of cooperation is extended beyond the company to encompass customers, suppliers, community groups, and even competitors. At the fourth stage, a company takes the cooperative spirit beyond national boundaries and addresses some of the global imbalances. In the fifth stage, which companies rarely achieve, a company urges its national government to work towards rectifying global imbalances. At the global level Kyosei will address - Trade imbalances Income imbalances Environmental imbalances by advocating political, economic and educational reform. Kyosei philosophy banks upon the theory of corporate governance that makes governance function look outside in Governance leadership will pull and push executive leadership towards satisfaction of all the stakeholders. Conflicts and tension will be replaced by creative living and working together. Spirit of happy cooperation is made all-pervasive. Strong relationships are the sine qua non of the Kyosei framework of responsibility. Togetherness and unity of life objectives are the idealist nature of Kyosei. Japanese companies like Canon strive hard to make the ideal a reality