Notice of Transition to a Company with Audit and Supervisory Committee
We hereby announce that our Board of Directors has resolved at a meeting held on March 25, 2022, to transition to a Company with Audit and Supervisory Committee, subject to approval at the 67th Ordinary General Meeting of Shareholders to be held on June 28, 2022, as follows:
Description
1.Purpose of Transition to a Company with Audit and Supervisory Committee
The Audit and Supervisory Committee, the majority of whose members are outside directors, is responsible for auditing and supervising the legality and appropriateness of business execution. By granting voting rights at Board of Directors meetings to Directors who are Audit and Supervisory Committee members, we will strengthen the supervisory and auditing functions of the Board of Directors and further enhance corporate governance.
2.Timing of Transition to Company with Audit and Supervisory Committee
At the 67th Ordinary General Meeting of Shareholders scheduled to be held on June 28, 2022, the necessary changes to the Articles of Incorporation will be approved. Then the Company will transition to a Company with Audit and Supervisory Committee.
3.Others
(1) Changes to the Articles of Incorporation in connection with this matter will be announced as soon as they are determined.
(2) The personnel changes of directors and corporate auditors in connection with this matter are separately disclosed in the Notice of Changes in Representative Directors and Personnel Changes of Directors and Corporate Auditors after Transition to a Company with Audit and Supervisory Committee, dated March 25, 2022.
