April, 26, 2007
Kyushu Electric Power Company Inc. |
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Revision of management structure to enhance corporate governance
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We at Kyushu Electric Power Company are striving to enhance sustainable corporate value by respecting our customers' perspective as the base of our corporate activities, improving the quality of management and achieving higher satisfaction levels of stakeholders.
To this end, we are promoting the enhancement of corporate governance as one of the significant management challenges in line with the framework of a company with a board of corporate auditors under the Corporate Law. So far we have reinforced the supervisory function of the Board of Directors, introduced the new post of executive officer to promote rapid decision making, and thoroughly implemented management compliance.
Today we announce our revision of the function of directors and executive officers. This revision is basically aiming at clarifying the supervisory role and the executive/administrative role so that we can enhance our corporate governance structure.
- Basic concept of the revision
- From the perspective of clarifying the role of supervision and execution/administration, we laid down the role of directors and executive officers as follows.
- Director: As a member of the Board of Directors, a director shall discuss and make decisions on management policies and other business related issues in addition to supervising the business operation.
- Executive Officer: Under the President's supervision, an executive officer shall be engaged in business administration and execution to the extent authorized by the company.
- Revision detail
[Director]
- Reduce the maximum number of directors from 25 to 17.
- Shorten the term of a director from 2 years to 1 year.
- Abolish a post of senior corporate officer.
*This revision regarding directors is to be discussed as a bill to amend the corporate charter at the shareholders' meeting in June 2007.
- [Executive Officer]
- Establish a post of Managing Executive Officer in between Senior Managing Executive Officer (previously called Senior Corporate Officer) and Executive Officer.
[Corporate Management Committee]
- Establish the Corporate Management Committee by revising current Board of Managing Directors. This committee shall discuss business related issues which include those issues required to be discussed before submitting to the Board of Directors for approval. The committee shall also function for the president to discuss issues regarding important business implementation as the president supervises the companywide business administration.
- Implementation timing
- After the approval at the 83rd shareholders’ meeting in June 2007.
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