REG - Mitsubishi Elect. - Statement re (Governance Review Committee)
RNS Number : 6758PMitsubishi Electric Corporation20 October 2021
FOR IMMEDIATE RELEASE
No. 3444
Media Inquiries
Public Relations Division
Mitsubishi Electric Corporation
www.MitsubishiElectric.com/news/
Mitsubishi Electric Announces Establishment of Governance Review Committee
TOKYO, October 20, 2021 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the Board of Directors approved to establish a Governance Review Committee consisting of outside experts. The details are as follows:
Background of Establishment of Governance Review Committee
As announced by the company on October 1, regarding "Update on Investigation into Improper Quality Control Practices and Implementation of Reform Roadmap (First Report)", , the company believes that it is necessary to incorporate the perspective of third parties to assess whether there is room for improvement in the company's internal control system and governance. Therefore, the Governance Review Committee was established as a Board-commissioned body, comprised of outside experts who have no existing commercial relationships with the company.
Members of Investigative Committee
Chair: Toshiaki Yamaguchi, Managing Partner (Attorney-at-Law, Certified Fraud Examiner), Yamaguchi Toshiaki Law Office
Members: Junya Naito, Partner (Attorney-at-Law), Momo-o, Matsuo & Namba
Takashi Kiuchi, Partner (Attorney-at-Law, Certified Public Accountant), Miura & Partners
Purpose of Governance Review Committee
Ÿ Assess and identify problems relating to the company's overall internal control system and governance with its main focus on improper quality control practices.
Ÿ Recommend reform measures.
Ÿ Clarify managerial responsibility of executive officers as well as board directors.
Future Actions
The Governance Review Committee will aim to clarify managerial responsibility of executive officers and board directors by December 2021 and the Board of Directors will consider necessary actions in a timely manner. In addition, the Governance Review Committee will aim to provide a summary of issues identified and recommendations for improvement by March 2022. The Board will take these recommendations on board and work to strengthen its internal control system and governance.
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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
Attachment
Profiles of Governance Review Committee Members
Committee Chair
Toshiaki Yamaguchi
Affiliation
Managing Partner (Attorney-at-Law, Certified Fraud Examiner), Yamaguchi Toshiaki Law Office
Profile
1990
1995
2013-2016
2013-Present
2015-2018
2015-Present
2018-Present
2018-Present
2019-Present
Registered as attorney, Osaka Bar Association
Established Yamaguchi Toshiaki Law Office
Outside Director, Nissen Holdings Co., Ltd.
Outside Director, Daito Trust Construction Co., Ltd
Outside Auditor, Osaka University Venture Capital
Whistleblower Protection System Review Committee, Consumer Affairs Agency
Outside Auditor, Osaka Metro Co., Ltd.
Advisor, Compliance Promotion Council, Ministry of Finance
Outside member, Regeneration Project Promotion Council, Ministry of Finance
Committee Member
Junya Naito
Affiliation
Partner (Attorney-at-Law), Momo-o, Matsuo & Namba
Profile
1991
1996
1999-Present
2017-Present
2020-Present
2020-Present
2021-Presemt
Registered as attorney, Dai-ichi Tokyo Bar Association
Registered as attorney, New York Bar, the United States
Partner, Momo-o, Matsuo & Namba
Auditor, Nomura Real Estate Private REIT, Inc.
Advisory Board, Mitsubishi UFJ Trust and Banking Corporation
Auditor, Japan Satellite Broadcasting Association
Chairperson, Special Committee Regarding Issues on Civil Litigation of Dai-ichi Tokyo Bar Association
Committee Member
Takashi Kiuchi
Affiliation
Partner (Attorney-at-Law, Certified Public Accountant), Miura & Partners
Profile
1998-2004
2006
2006-2019
2011-2013
2019-Present
2020
KPMG AZSA & Co. (Assistant Accountant, Certified Public Accountant)
Registered as attorney, Dai-ichi Tokyo Bar Association
Nagashima Ohno & Tsunematsu
Financial Services Agency (on secondment)
Partner, Miura & Partners
Reregistered as Certified Public Accountant, the Japanese Institute of Certified Public Accountants Tokyo Chapter
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