Corporate Governance
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Management Monitoring System
Management monitoring system (auditor system)
We utilize an auditor system and has currently appointed a total of six statutory auditors (including three standing statutory auditors), including three outside auditors, as defined under Item 16 of Article 2 of the Companies Act. Each auditor supervises the decision-making process of the board of directors and actions of the directors by attending meetings of the board of directors and other important meetings, listening to directors speak, and reading important settlement documents and other materials. Auditors comprise the board of auditors, formulate auditing policies pursuant to the Regulations Governing the Board of Directors, relevant laws, and the Articles of Incorporation, and shape audit opinions based on reports submitted by auditors. In addition, an audit department, with four individuals, has been established within the company. Toyo Horwath serves as our accounting auditor. Our auditors facilitate mutual cooperation between the accounting auditor and our internal audit department and work hard to ensure the audits are appropriate at all times.
Statutory auditors
(as of June 29, 2011)
| Position | Name |
|---|---|
| Standing statutory auditor | Tetsumi Iwaki |
| Standing statutory auditor | Koichi Saku |
| Standing statutory auditor | Hirosuke Minami |
| Statutory auditor (outside auditor) | Tokio Hiraragi |
| Statutory auditor (outside auditor) | Yukihiro Asano |
| Statutory auditor (outside auditor) | Takao Saga |
Note: Three auditors serve as outside statutory auditors as defined under Item 16 of Article 2 of the Companies Act: Tokio Hiraragi, Yukihiro Asano, and Takao Saga.
We have made an agreement with three outside auditors to limit the liability specified in the corporate law under Article 423, paragraph (1), making the total maximum liability based on the agreement the minimum liability amount specified in the law.
