Governance structure
Company with an Audit & Supervisory BoardThe company formulated measures to prevent recurrence and an internal control improvement plan, including monthly meetings of the Risk and Compliance Committee, reporting on internal controls and internal audits, segregation of duties and dual authorization requirements, monthly reconciliation of accounts receivable, IT access rights and log management, and enhanced coordination among the three audit functions, and has begun implementing some of the measures. Directors’ compensation has been reduced and audit and supervisory board members have voluntarily relinquished part of their compensation.
| Item | Details |
|---|---|
| Corporate Governance Structure | Company with an Audit & Supervisory Board |
| Number of directors | 4 (including 3 outside directors) |
| Committee | Risk and Compliance Committee (percentage of outside committee members: not disclosed) |
| Changes this time | The company formulated measures to prevent recurrence and an internal control improvement plan, including monthly meetings of the Risk and Compliance Committee, reporting on internal controls and internal audits, segregation of duties and dual authorization requirements, monthly reconciliation of accounts receivable, IT access rights and log management, and enhanced coordination among the three audit functions, and has begun implementing some of the measures. Directors’ compensation has been reduced and audit and supervisory board members have voluntarily relinquished part of their compensation. |
Items this document does not state (4)
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.In response to the former CFO’s embezzlement of funds related to advertising revenue deposits and other matters, to eliminate the concentration of authority, deficiencies in reconciliations and checks and balances, and the malfunctioning of the accounting, internal audit and risk management systems identified by the Special Investigation Committee, thereby preventing recurrence, improving the effectiveness of internal controls and restoring trust.