AKEBONO REPORT 2011

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22 AKEBONO REPORT 2011 Akebono Brake Industry Co. Ltd.Audit DepartmentBoard of AuditorsAdvanceddeliberationsAppointment and dismissal Appointment and dismissal Appointment and dismissalAudit Financial auditBoard of DirectorsBoard of Executive OfficersRepresentative DirectorsIndependent AuditorCorporate Governance StructureGeneral Meeting of ShareholdersOutside CounselManagement Council Technology Counciland OthersOperating Departments Domestic and Overseas Group Affiliates Branch OfficesGuidance and adviceRisk Management CommitteeCompliance CommitteeOther CommitteesCorporate Governance and Internal Control SystemManagement SystemsDr. Kunio Ito based on his broad knowledge and vastacademic experience and Mr. Takuo Tsurushima who isa highly experienced and knowledgeable business manager.Of the 15 Board of Directors’ meetings held in fiscal 2010 Dr. Ito attended 13 while Mr. Tsurushima was present foreach one.Maintaining an Internal Control SystemIn May 2006 akebono established the “Basic Policy Regardingthe Establishment of In-House Regulatory Systems” torespond to risks related to company size business characteristicsand management actions. On the basis of this policy akebono maintains systems related to risk management adherence to laws and regulations effective business performance accurate financial reporting and the promotion ofthe development and operation of internal control systemsthroughout the Group.From the standpoint that all organizations are involvedand all staff must participate akebono places the highestpriority on efficiently upgrading its internal control systemsto adapt to changes in such areas as the operating environment management strategies and business content. Inaddition the Company implements regular checks oversightand verification of internal control systems by utilizing theauditing capabilities of auditors and the Audit Department.With regard to internal control based on the Financial Instrumentsand Exchange Law systems within the Companyfor financial reporting are upgraded to ensure the reliabilityof information that can have a major influence on financialstatements.Basic Approach to Corporate Governance andImplementation Statusakebono’s corporate governance is intended to maximizecorporate value to enable the execution of business operationsin a transparent and fair manner from a global perspective.Increasing management transparency carrying out rapidand appropriate decision making disclosing appropriateinformation in a timely manner upgrading internal controlsystems and ensuring that management meets compliancerequirements are all indispensable to achieving this objective.To realize its corporate social responsibility akebonostrives to maintain sound and positive relationships withcustomers shareholders suppliers staff and local communities and aims to enhance its corporate governance as amanufacturer of essential safety equipment.akebono has put in place a Board of Auditors in theunderstanding that its auditing system operated by thisBoard of Auditors ensures the appropriate execution ofbusiness by directors. In general Board of Directors’ meetingsare convened monthly and extraordinary meetings areheld as needed. To deal with important issues akebonohas established such bodies for advanced deliberation asthe Management Council and the Technology Council withthe purpose of providing timely and correct judgmentsthrough deliberation. The Executive Officer System wasintroduced in April 2000 with the objectives of clarifyingmanagement responsibility and authority and improvingmanagement efficiency.In order to provide an independent viewpoint to management akebono invites individuals from outside the Companyto become non-executive directors. akebono reflectsin Company management the counsel it receives from

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