 |
||
| April 28, 2005 No.1062 | ||
| MHI to Revamp Corporate Governance Structure - Changes Call for Revisions to Board of Directors, Launch of New Executive Officer System - |
| Tokyo, April 28, 2005 - Mitsubishi Heavy Industries, Ltd. (MHI) has decided to revamp its corporate governance structure. The changes will center on reform of the present Board of Directors system and the launch of a new system of executive officers. The modifications are targeted at achieving sounder management with greater transparency as well as improving speed and flexibility in decision-making and business performance, as a way of fulfilling the company's corporate social responsibility (CSR). The revisions are scheduled to go into effect following their approval at the General Shareholders Meeting scheduled for June 28, 2005. |
Two core changes are planned: 1. Board of Directors The total number of directors will be trimmed while the number of outside directors will be increased. The new system aims to enhance objectivity and propriety in corporate management as well as to boost the supervisory functions of the Board. The tenure of directors will also be shortened from the current two years to one year, and individual responsibilities will be clearly delineated. 2. Executive Officers A new system of executive officers will be launched. The executive officers will be responsible for the daily performance of business duties, whereas the directors will take charge of rendering decisions on matters of importance to the company's operation and supervise overall company management. The executive officers will each oversee clearly defined business segments and operate under the instruction and orders of the president. # # #
PRESS CONTACT: Hideo Ikuno: h.ikuno@daiya-pr.co.jp Tel: +813-6716-5277, Fax: +813-6716-5929 Daiya PR (in charge of public relations for Mitsubishi Heavy Industries, Ltd.) |
