The Company considers the purpose of corporate governance to be the assurance of highly transparent, sound corporate management and the enhancement of management quality and efficiency. The ongoing enhancement of corporate value, the fulfillment of our responsibility toward shareholders, customers, business partners, employees, communities where we have a presence, and other stake- holders, and the maintenance of amicable relations, are important management policies.
The Company has eight directors, which include four executive directors and four external directors without executive power. The term of office of directors is set at one year in the Articles of Incorporation to ensure flexible adaptation to changes in the business environment and clear-cut management responsibility.
The Board of Directors meets regularly once each month and convenes special meetings as necessary. The Board deliberates and decides matters stipulated in the laws and regulations and the Articles of Incorporation as well as other important matters concerning management and objective opinions with outside directors.
The Company has two internal corporate auditors and two external corporate auditors. The corporate auditors attend meetings of the Board of Directors and other important meetings, examine the conduct of business and the state of the Company's assets in cooperation with the accounting auditor and the Corporate Audit Office, an internal audit unit, and supervise the directors' execution of duties as an independent body with a mandate from shareholders. The two internal corporate auditors actively work to create an audit environment to gather information within the Company and engage in day-to-day supervision and verification of the development and operation of internal control systems.
The Board of Auditors, which consists of all the corporate auditors, is organized as a consultative and decision-making body to articulate the opinions of the corporate auditors. The Board meets once monthly, in principle, and otherwise as necessary. The external directors and external corporate auditors, who are from major shareholders Unison Capital, Inc. and the Carlyle Group, monitor management and offer recommendations from a shareholder perspective.
To ensure management transparency and strengthen supervision, the Company has introduced an executive officer system to separate supervision from business execution.