Basic Views on Corporate Governance
To fulfill our obligation to meet the requirements of all our stakeholders, the basic principle of FURUNO’s management is continuous improvement in our company’s value. In order to achieve this, we strive for legality, suitability and efficiency in all of our business activities, and at the same time are making every effort to fulfill our responsibility to provide explanations to our stakeholders and increase the transparency of our business.
Corporate Governance System
As of May 24, 2018, the Group’s Board of Directors consists of eleven Directors, of whom two are External Directors.
In order to execute management decision-making in a logical and efficient manner, our Board of Directors will determine the important items, and will hold Regular Board Meetings once a month and Special Board Meetings as the need arises. This will not only allow us to determine the matters most important to business in a timely fashion, but also put in place a system in which the Board can more easily supervise the Representative Director's execution of business operations. Additionally, so that we can respond quickly to changes in the business environment, the term of office of our Directors is one year.
We employ an Audit & Supervisory Board system for monitoring of our business activities, and as of May 24, 2018 there are three Audit & Supervisory Board Members, of whom two are External Audit & Supervisory Board Members.
The Audit & Supervisory Board Members follow the auditing directives and work division designated by the Audit & Supervisory Board, sit in on important meetings of, for example, the Board of Directors, and in addition to monitoring the situation of business practices also give opinions and proposals as appropriate. The Audit & Supervisory Board Members also monitors our company throughout the year, and as the need arises also research the various companies in the Group.
Internal Control System
Our Board of Directors has decided on a “Basic Policy for Ensureing the Properness of Operations of the Company” as designated by the Companies Act, and we are working to fulfill and strengthen our Internal Control System. Furthermore, we have set out “Operating Policy of Control over Financial Reporting”, based on the Financial Instruments and Exchange Act, and are maintaining and operating our Internal Control System so that we can evaluate our management appropriately and effectively.
Information Disclosure
Our company, with fairness as our basic policy, strives for clear and easy to understand disclosure of information to our shareholders and investors as appropriate and at the appropriate time. Centered on the officer responsible for handling of information (the management supervising director), and based on the information disclosure flow laid out in our Information Management Policy, we make sincere efforts for prompt and suitable disclosure of information.