Seiren’s corporate governance policy is based on its corporate governance philosophy of satisfying the needs of stockholders, customers and local communities, while developing into “an excellent company for the 21st century” where its employees can work with pride. To achieve this policy of corporate governance, our company has established a system centered on its boards of directors and auditors, in which its Japanese labor union and management representatives participate to form a “Management Council” to ensure the transparency and integrity of our company and its group companies as a whole, thereby strengthening our entire corporate governance and compliance practices. Based on our fundamental corporate governance policy, we are aiming to establish our internal governance and internal control systems to comply with the enforcement rules of applicable corporate law.
To ensure its corporate governance based on its corporate governance policy as described above, our company has established a corporate governance system centered on its boards of directors and auditors. Our company’s board of directors comprises 14 members including two (2) from outside the company, serving as a decision making body in which they fully discuss its corporate governance practices. In addition, we have adopted an executive officer system with executive officers assigned as responsible for execution of our corporate business activities, the positions of whom are assumed by the 12 directors.
Our company’s board of auditors comprises four (4) members, including two (2) from outside the company. The full-time auditor fulfill his or her duties by participating in meetings of the board of directors and other important meetings, including meetings convened by the Management Council to supervise the company’s management and execution of its business activities. In addition, each of the auditors works in cooperation with the company’s business auditing division to monitor and verify the appropriateness of its internal business control system. Therefore, Seiren has judged its currently established corporate governance system to be optimal for ensuring the integrity and transparency of its corporate management.