April 20, 1998 - Sony co4ounder Akio Morita will be honored by the leading corporate executives, heads of government, and governmental ministers from throughout the Asia-Pacific, at the 31st annual International General Meeting (IGM) of the Pacific Basin Economic Council (PBEC), which will be taking place May 25th-27th in Santiago, Chile. PBEC is an association of senior business leaders representing more than 1,200 major corporations in 20 economies around the Pacific.

Mr. Morita, the son of a sake maker who built Sony from nothing into an internationally respected powerhouse, is to be honored with the first ever PBEC Business Excellence Award, established to recognize truly outstanding individuals and accomplishments in the business world. Established in 1946, Sony is a leader in the development of consumer electronics, such as videocassette recorders, the Walkman, compact disk equipment, and television systems. In 1961, Sony became the first Japan-based company to offer its shares on the U.S. stock market. In the late 1980's, Sony acquired CBS Records, Inc., and Columbia Pictures Entertainment, Inc., and became a major force in the recording, motion picture, and television production industries.

In his years at SONY, Mr. Morita has helped many corporations from outside of Japan learn to work effectively within the Japanese business framework. Mr. Morita has also shown an amazing ability to adapt to changing business climates, partly evidenced by his introduction of key products, such as the transistor radio and the Trinitron television series, the first product ever to receive an Emmy award. Mr. Morita has been actively involved in philanthropic efforts, including the financing of institutes for education and the arts. He has always been an advocate for change and a facilitator of intercultural understanding among peoples.

PBEC's International General Meeting is an opportunity for the region's foremost corporate executives to gather with other international leaders, to discuss, in a frank and intimate setting, the key issues in the regional economy, and to publicly issue policy recommendations and statements. The IGM typically includes major addresses given by heads of government, governmental ministers, leaders of prominent international organizations, and senior executives of some of the largest corporations in the region.

PBEC member corporations account for more than US$4.25 trillion in global sales and employ more than 10.9 million people. The unprecedented scope of PBEC's membership constitutes a broad and balanced reservoir of international business knowledge, unmatched in credibility and expertise. PBEC has recently celebrated its 30th anniversary, making it the Asia-Pacific's oldest and most senior regional trade organization. PBEC is the voice of business in the Pacific.

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