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Tokyo, April 24, 2002- Teijin Limited, one of Japan's leading producers of synthetic fibers,chemicals and pharmaceuticals headquartered in Osaka, today announced the changes in members of its Advisory Board. In June 1999, Teijin Limited established the Advisory Board, consisting mostly of outside members with a broad range of experience and expertise. The aim of the Advisory Board is to provide advice andsuggestions to the Board of Directors to further enhance management transparency. The Advisory Board has already performed the essential functions of providing recommendations for management and evaluating the performance of senior executives and the process leading to the appointment of a new company president in November 2001. The decision has been made to change some of the members of the Advisory Board to further strengthencorporate governance as well as the appointing a new company president.The details of the change are shown below. 1.Summary of the Advisory Board [Objective] Enhance the "transparency of management" through advice and recommendations made by its outside members, who have a broad range of experience and expertise [Authority] The Advisory Board has no decision-making authority. However, the Board of Directors is responsible for making decisions with consideration given to the advice and recommendations of the Advisory Board. [Functions] (1)Advice and recommendations on the evaluation of the remuneration of the chairman and president of the company and on their appointment (2)Advice and recommendations on the management of Teijin Limited from a broader perspective [Frequency of meetings] The Advisory Board will meet once overseas and once in Japan each year. [Members] The Advisory Board consists of three or more external members with a broad range of experience and expertise and no interests in Teijin Limited, as well as the chairman and CEO of Teijin Limited.Wherethe chairman is concurrently CEO of Teijin Limited or where the office of chairman is vacant, a councilor should become a member of the Advisory Board. In principle, two of the outside members with a broad range of experience and expertise should be non-Japanese. [Term of office] The term of office of the members of the Advisory Board shall be two years and can be extended automatically. 2.Members of the Advisory Board
3.Date of Appointment and Retirement The date of the appointment and retirement is scheduled for June 20, 2002. For further information, please contact: Public Relations & Investor Relations Office Teijin Limited Tel: +81-3-3506-4055 / Fax: +81-3-3506-4150 E-mail: pr@teijin.co.jp Outline of Teijin Limited
Chairman of the Board, Mitsui O.S.K. Lines Ltd. Masaharu Ikuta is Chairman of the Board of Mitsui O.S.K. Lines, Ltd. (MOL). Joining the company in 1957 after graduating from Keio University, Mr. Ikuta has spent virtually his entire career with MOL. He was appointed a board member in 1987 and held a directorial position in the Liner Division. During his tenure, he was responsible for leading the division through a period of successful growth, culminating in the 1994 establishment of The Global Alliance. This alliance, comprising of four partners from the U.S.A., Japan, Europe, and Asia, was the first world alliance to be composed of top-ranking shipping companies. This was the forerunner of a series of global alliances in both the shipping and air industries, setting the standards that others would follow. After he assumed the presidency in June 1994, Mr. Ikuta took substantial measures to bring profitable growth of the company. It was as its obvious example to accomplish the 1999 merger of the non-liner division of MOL with Navix Line, one of Japan's biggest non-liner operators, strengthening MOL's position as a world leader in the shipping industry. Mr. Ikuta became Chairman of the Board in 2000 and immediately implemented sweeping reforms of the Board system to ensure the company was better able to meet the challenges of an increasingly dynamic economy, and to make the decision making process and company organization more transparent to shareholders. Recently, Mr. Ikuta has been closely involved in the establishment and running of the Japan Association of Corporate Directors (JACD) organization, currently holding the position of vice chairman. The JACD is a body comprising of influential chief executives from top-ranking Japanese companies, and has the objective of enhancing corporate governance across Japanese industry. Of late, government issues have become an increasingly important aspect of Mr. Ikuta's work. As vice chairperson of Keizai Doyukai (Japan Association of Corporate Executives), he has promoted the need for structural reform to Japan's economy. He has also sought to raise awareness abroad of the steps Japan is taking to revitalize the economy, through his work as vice chairman of BIAC to OECD. Following the appointment of Mr. Koizumi as the Japanese Prime Minister in May 2001, and the subsequent pledge of the Cabinet to implement fundamental economic structural reforms, Mr. Ikuta was appointed by the Government to become a member of the Regulatory Reform and Foreign Ministry Reform committees, both committees operating in an advisory capacity to the Government. Among his many corporate and civic affiliations, Mr. Ikuta holds, or has held, the following positions:
He was honored by the Minister of Transportation in 1997 and received the Blue Ribbon Medal award in 1998. |
Information in the press releases is current on the date of the announcement.
It is subject to change without prior notice.
