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We consider the enhancement and strengthening of our corporate governance to be one of our key challenges for increasing our corporate value, and we are committed to improving the efficiency and transparency of our management. Firstly, in June 2001 we introduced an Executive Officer system in order to delegate authority, clarify accountability, and speed decision-making. The executive officers are responsible for business execution.
Our Board of Directors includes outside directors. The board's statutory function is to make decisions on key company matters. It also provides oversight to ensure that directors carry out their duties appropriately. There is also a Business Council consisting of board directors and executive officers, which makes decisions on key matters involving business execution.
Corporate Auditors attends meetings of the Board of Directors, as well as other important internal company meetings. The Board of Directors and internal audit division strive to provide Corporate Auditors with the information they need to carry out their duties in a timely fashion, and communicate and coordinate with them. In April 2006, an Audit Office was created to assist the Corporate Auditors in their duties.
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