MOL Moves to Enhance Corporate Governance Structure
OREANDA-NEWS. Mitsui O.S.K. Lines, Ltd. announced plans to take measures to enhance its corporate governance, including the creation of new advisory committees. The measures are as follows:
1. Creation of Nomination Advisory Committee and Remuneration Advisory Committee MOL established the Nomination Advisory Committee and the Remuneration Advisory Committee under the umbrella of the Board of Directors. Both committees include outside directors, the chairman, and the president & CEO, with an outside director serving as a chairperson, and will seek to provide an objective standpoint, from the perspective of shareholders, to examine the selection of directors and executive officers, and determine appropriate levels of remuneration for directors, including incentives for long-term improvement of corporate value. The Board of Directors will respect the content of the report from such Nomination Advisory Committee, and make necessary resolutions.
2. Further vitalization of the Board of Directors MOL will concentrate on and review matters to be discussed by the Board of Directors, and strive for faster decision-making in executing operations by expanding the range of authority transferred to the Executive Committee. This will allow the Board of Directors more time to discuss long-term visions, direction of strategies, and management oversight.
3. Reform of presidential selection process MOL will propose to present a resolution to amend the articles of incorporation to allow the selection of the president & CEO from among executive officers who are not directors, for approval of the Annual General Meeting of Shareholders in 2016.
4. Change time to appoint management executives and restructure organizations MOL will change the time to appoint executive officers, transfer general managers of divisions and offices, and restructure main organizations to April 1, starting in 2016. This is intended to allow greater flexibility in business operations by matching the time to appoint management executives and restructure organizations.
As stated in the MOL Group Corporate Principles, MOL continually "strives to maximize corporate value by always being creative, continually pursuing higher operating efficiency, and promoting an open and visible management style that is guided by the highest ethical and social standards."