Discontinuation of the Policy to Transition to a Company with an Audit and Supervisory Committee
First written in FY2016. 1 of 3 entries say "Restated". Latest entry: FY2019.
Mitsubishi Motors moved to the "Worse" side of this theme in 2019.
The whole theme swung hardest in 2021: 3 of 37 companies on the "Worse" side.
1 other company's latest entry also says "Reframed".
- FY2019ReframedAnnual report
「Effective 21 June 2019, as part of further strengthening corporate governance, the company transitioned to a company with a nominating committee, etc., to clearly separate oversight from execution, further strengthen oversight and thoroughly implement crisis management to ensure sound and transparent management, and achieve agile business execution that responds quickly to changes in the environment.」
The governance structure changed from the previously confirmed structure based on an Audit & Supervisory Board to a company with a nominating committee, etc., with nominating, compensation and audit committees. - FY2017RestatedAnnual report
「In addition, we have established an Audit & Supervisory Board comprising 5 Audit & Supervisory Board Members to appropriately audit business execution. 4 of them are outside Audit & Supervisory Board Members, strengthening an audit system with a high degree of independence.」
The company confirmed its existing governance structure based on an Audit & Supervisory Board rather than transitioning to a company with an audit and supervisory committee. - FY2016First statedAnnual report
「In January 2016, the company decided to pursue a policy of transitioning to a company with an audit and supervisory committee and began preparing for the transition in order to separate management oversight from business execution, further strengthen the supervisory function of the Board of Directors, and accelerate management decision-making.」
Although the transition policy was decided in January 2016, the transition was cancelled following the discovery of misconduct in fuel-economy testing and discussions on a partnership with Nissan Motor, leaving the company to reconsider its governance structure.