Corporate Governance

Board of directors

The board of directors consists of six directors (including one outside director). Since 2002, the term of office of directors has been set at one year in order to clarify the responsibilities of directors and respond quickly and flexibly to changes in the business environment. In addition, one independent outside director has been appointed for the purpose of supervising the activities of directors from a wider perspective than ever before, further enhancing management transparency and objectivity, and strengthening the corporate governance system. In addition, we introduced an executive officer system in 2006 to further strengthen our business execution functions and speed up decision making.

Auditor & Supervisory Board

The Auditor & Supervisory Board consists of 3 Auditor & Supervisory Board Members (of which 2 are Outside Auditor & Supervisory Board Members) and is completely independent of the Board of Directors to ensure management transparency and the objectivity and neutrality of the management oversight function. Each Auditor & Supervisory Board Member attends the Board of Directors, Management Meeting, and other important meetings in accordance with the auditing policy and division of duties based on the rules of the Auditor & Supervisory Board, and reports on the status of execution of duties from Directors, etc. In response to this, we audit the performance of duties by directors. Regarding accounting, we receive reports from the accounting auditors regarding the execution status of their duties and confirm the appropriateness of the auditing methods and results.

Internal audit

We have established the Internal Audit Office (three members of the Internal Audit Office) under the direct control of the President. In addition to internal audits related to business activities, we also evaluate the effectiveness of the internal control system related to financial reporting for continuous improvement. We point out, make recommendations, and give advice.