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Company Announcements

Statement re (Governance Review Committee)

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By LSE RNS

RNS Number : 6758P
Mitsubishi Electric Corporation
20 October 2021
 

 

 

 

FOR IMMEDIATE RELEASE

No. 3444

 

 

 

Media Inquiries

 

 

 

Public Relations Division

 

Mitsubishi Electric Corporation

 

 

 

prd.gnews@nk.MitsubishiElectric.co.jp

 

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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