Strengthening Internal Controls and Governance at Group Companies
First written in FY2017. 1 of 3 entries say "Advanced", first in FY2018. Latest entry: FY2019.
- FY2019RestatedAnnual report
「In order to strengthen internal controls at group companies, we are clearly stipulating parent-company approval requirements in the group companies’ and our “Responsibility and Authority Matrix by Function” under the “Affiliated Company Control Standards,” so that group companies make decisions on significant risks subject to our prior approval and consult with and report to us in advance on significant matters. To strengthen governance over group companies in accounting, systems, legal affairs, human resources and credit management, the responsible departments of the Company supplement functions at group companies where necessary and manage controls over day-to-day operations.」
We continue to require group companies to obtain prior approval and consult with and report to the parent company, while the parent company’s responsible departments supplement functions in accounting, systems, legal affairs, human resources and credit management. - FY2018AdvancedAnnual report
「In order to strengthen internal controls at group companies, we are clearly stipulating parent-company approval requirements in the group companies’ and our “Responsibility and Authority Matrix by Function” under the “Affiliated Company Control Standards,” so that group companies make decisions on significant risks subject to our prior approval and consult with and report to us in advance on significant matters. To strengthen governance over group companies in accounting, systems, legal affairs, human resources and credit management, the responsible departments of the Company supplement functions at group companies where necessary and manage controls over day-to-day operations.」
In addition to the existing system of prior approvals, consultations and reports, the responsible departments of the parent company supplement functions in accounting, systems, legal affairs, human resources and credit management, and conduct day-to-day control activities. - FY2017First statedAnnual report
「To strengthen internal controls at group companies, the company has clearly stipulated parent-company approval requirements in the group companies' and the company's Responsibility and Authority Matrix by division, based on the Affiliated Company Control Standards, so that group companies make decisions on significant risks after obtaining the company's prior approval and consult with and report significant matters to the company in advance. The company is also establishing the necessary rules and regulations.」
The company specifies control standards requiring prior approval from the parent company, as well as consultation and reporting, for significant risks and matters concerning subsidiaries.