REG - Mitsubishi Elect. - Statement re (Governance Review Committee Report)

Mitsubishi ElectricAnnouncement

23/12/2021 07:00

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RNS Number : 6062W  Mitsubishi Electric Corporation  23 December 2021

 

 

 

 FOR IMMEDIATE RELEASE  No. 3473

                        Media Inquiries
                        Takeyoshi Komatsu
                        Public Relations Division
                        Mitsubishi Electric Corporation
                        Tel: +81-3-3218-2346
                        prd.gnews@nk.MitsubishiElectric.co.jp
                        (mailto:prd.gnews@nk.MitsubishiElectric.co.jp)
                        www.MitsubishiElectric.com/news/

 

Report by the Governance Review Committee (First Report)

 

TOKYO, December 23, 2021 - Mitsubishi Electric Corporation
(http://www.mitsubishielectric.com/)  (TOKYO: 6503) announces today receipt
of the report by the Governance Review Committee (Chaired by Toshiaki
Yamaguchi, Managing Partner (Attorney-at-law, Certified Fraud Examiner),
Yamaguchi Toshiaki Law Office, previously announced on October 20, 2021) on
the matter of managerial responsibilities of the executive officers and board
directors in relation to the company's recent improper quality control
practices.

 

The Governance Review Committee will continue to assess and identify problems
relating to the company's overall internal control system and governance with
its focus on improper quality control practices. The committee will aim to
provide a summary of issues identified and make recommendations for
improvement by March 2022.

 

Mitsubishi Electric would like to reiterate its sincere apologies to all
customers, valued stakeholders, and broader society for the impact of these
incidents.

 

For information on actions concerning the executive officers and board
directors, please refer to the separate announcement made by the company
"Mitsubishi Electric Announces Disciplinary Actions Against Directors &
Officers in Connection with Improper Quality Control Practices" on December
23, 2021. Additionally, the Governance Review Committee will continue to
examine any further managerial responsibilities in consideration of the
Investigative Report (Second Report) along with any future findings.

 

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About Mitsubishi Electric Corporation

With 100 years of experience in providing reliable, high-quality products,
Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in
the manufacture, marketing and sales of electrical and electronic equipment
used in information processing and communications, space development and
satellite communications, consumer electronics, industrial technology, energy,
transportation and building equipment. Mitsubishi Electric enriches society
with technology in the spirit of its "Changes for the Better." The company
recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal
year ended March 31, 2021. For more information, please visit
www.MitsubishiElectric.com

*U.S. dollar amounts are translated from yen at the rate of \111=U.S.$1, the
approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021

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