Governance structure
Company with an Audit & Supervisory BoardThe Company amended the assessment results for internal control over financial reporting in its Internal Control Reports for 5 prior fiscal years from “effective” to “ineffective.” It submitted an Internal Control Report and amended Internal Control Reports describing material deficiencies required to be disclosed.
| Item | Details |
|---|---|
| Corporate Governance Structure | Company with an Audit & Supervisory Board |
| Committee | Nomination and Compensation Committee (percentage of outside members: not disclosed) |
| Changes this time | The Company amended the assessment results for internal control over financial reporting in its Internal Control Reports for 5 prior fiscal years from “effective” to “ineffective.” It submitted an Internal Control Report and amended Internal Control Reports describing material deficiencies required to be disclosed. |
Items this document does not state (5)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.As a result of an investigation by the Special Investigation Committee and the Company's own review, widespread improper accounting treatments were identified involving inventory, sales, the scope of consolidation, asset retirement obligations, capitalization of assets and impairment, among other matters. The Company determined that deficiencies existed in entity-level internal controls, business processes, and the closing and financial reporting processes, and that these deficiencies were highly likely to have a material impact on financial reporting.