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Corporate Governance
We are enhancing corporate governance based on our Code of Conduct, "Be Ethical," as part of our efforts to promote sound, highly transparent management.
- Corporate Governance Policy
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We continually strengthen corporate governance in response to business environment changes based on our Code of Conduct, "Be Ethical (Reliability and sincerity, creativity and flair, transparency and integrity)," and our Declaration of the Group Code of Conduct. In doing so, we are constantly mindful of the need to meet our responsibilities as a good corporate citizen through meticulous compliance measures, to ensure the interests of shareholders and transparent management, and to expedite decision-making.
Corporate Governance System
![[Figure]](img/pic_01.png)
A Rational, Highly Transparent Management System
To facilitate rapid decision-making, we have adopted an executive officer system that separates authority for business execution from authority for basic management policy decisions by the Board of Directors.
Board of Directors
The Board of Directors holds a regular monthly meeting, and extraordinary meetings as required. The Board of Directors receives reports on business execution and other important matters and reviews the performance of the respective directors. Two outside directors from Itochu Corporation are appointed to ensure an objective and neutral approach to the execution of the Board's duties.
Board of Corporate Auditors
We have adopted a corporate auditor system under which three of the four corporate auditors are appointed from outside the company to strengthen the management supervision and audit functions. One auditor is a part-time auditor (outside auditor) and registered lawyer.
Management Advisory Conference
The Management Advisory Conference was established as an advisory body for the president. Its constituent members are standing directors, general managers of the business divisions, and the General Manager of the Corporate Planning Department. The Management Advisory Conference holds discussions on general management policies and important managerial matters on which the president will make the final business judgment.
Internal Control System
Strengthening the Business Administration System
We have reinforced the business administration system to facilitate efficient and effective business execution to support implementation of the Itochu Enex Group's medium-term business plan "Core & Synergy 2010," announced in May 2008. The reforms are designed to enhance the transparency of the corporate governance system, maintain and raise the trust of stakeholders, and facilitate efficient and effective organizational management.
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