Transition to a Company with Three Committees and Separation of Oversight and Execution
First written in FY2023. 2 of 3 entries say "Advanced", first in FY2025. Latest entry: FY2026.
The whole theme swung hardest in 2021: 3 of 37 companies on the "Worse" side.
21 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「The Audit Committee strengthened its organisational audit framework by advancing measures including closer coordination with the Internal Audit Department and establishing an audit structure in which the assistant to the Audit Committee takes over some of the activities of the former full-time Audit Committee member and supports the performance of the Audit Committee’s duties, without appointing a full-time Audit Committee member and with only independent outside directors serving on the Audit Committee.」
Following the transition to a company with an Audit Committee, the separation of oversight and execution was advanced through an Audit Committee centred on independent outside directors, coordination with Internal Audit and the three lines of defence. - FY2025AdvancedAnnual report
「To promote the transition to organizational auditing as the audit framework for a company with three statutory committees, the Company is working to establish an optimal audit framework, including expanding the areas relying on the internal audit department, strengthening cooperation with the internal audit department and accounting auditor, and enhancing the support functions of the Audit Committee.」
Following the transition to a company with three statutory committees, the Company advanced the separation of oversight and execution by moving toward organizational auditing, greater reliance on internal audit and stronger coordination among the three audit functions. - FY2023AchievedAnnual report
「By resolution of the annual general meeting of shareholders held on 22 June 2023, the Company changed from a company with an audit & supervisory board to a company with three statutory committees. Taking this transition as an opportunity, the Company clearly separated oversight from execution, strengthened the oversight function of the Board of Directors and substantially delegated authority from the Board to executive officers for business execution, thereby seeking to accelerate decision-making and business operations.」
On 22 June 2023, the Company changed from a company with an audit & supervisory board to a company with three statutory committees, separating oversight by the Board of Directors from business execution by executive officers.