This notice reports that at a meeting of the Board of Directors convened today, the decision was made to transition to a "company with an audit and supervisory committee," pending approval at the eighth general meeting of shareholders scheduled for June 27, 2018.
1. Reason for Transition
By filling the Board of Directors with audit and supervisory committee members who audit the execution of duties by the Board of Directors and perform other related tasks, we will enhance our ability to audit and oversee the Board of Directors and further enhance the company's corporate governance. Meanwhile, the transition will enable more transparent administration and faster decision-making.
2. Timing of Transition
We plan to transition to a company with an audit and supervisory committee, pending approval by shareholders at the eighth general meeting of shareholders scheduled for June 27, 2018 for the necessary amendments to the articles of incorporation and other required action.
3. Other Information
Notification shall be provided concerning details on the transition—including the content of amendments to the articles of incorporation, the makeup of the leadership team and so on—when finalized.