| ||||||||||||||||||||||||||||||||||
Teijin Limited (Head Office: Chuo-ku, Osaka, President: Toru Nagashima) announces a change in members of the Advisory Board. Rob Margetts, a former vice chairman of Imperial Chemical Industries PLC (ICI), is retiring as a member of the Advisory Board and Lord William Waldegrave, a vice chairman of UBS Investment Bank and chairman of the UBS European Financial Institutions Group, joined the Advisory Board on March 1. 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 and suggestions to the Board of Directors to further enhance management transparency. Meeting twice a year, in the spring and in the fall, the Advisory Board has been performing the essential functions of providing recommendations for management and evaluating the performance of top executives and the process leading to the appointment of a new company president. The details of the change are as follows: 1. Summary of the Advisory Board [Objective] Enhance the "transparency of management" through advice and recommendations made by its external 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] - Advice and recommendations on the management of Teijin Limited from a broader perspective - Advice and recommendations on appointment and resignation of the chairman and the CEO [Frequency of meetings] The Advisory Board will meet twice a year, 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, as well as the chairman and CEO of Teijin Limited. Where the 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 external 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 for automatically on a yearly basis. 2. Members of the Advisory Board
[Reference] Biography of Lord William Waldegrave
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 | ||||||||||||||||||||||||||||||||||
Information in the press releases is current on the date of the announcement.
It is subject to change without prior notice.
