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President's Message

Recently, we discovered that inappropriate conduct had occurred within periodic inspection reports required by and submitted to Japanese automakers with regards to certain automotive brake products manufactured in our subsidiaries in Japan. We have finalized a concrete action plan to prevent any future reoccurrence, and this is why on February 16, 2021, we have disclosed the details in a public announcement titled "Announcement Regarding Inappropriate Conduct in Periodic Inspection Reports in Japan for Certain Products".

We deeply apologize for all the inconvenience and concern this has brought to all of our shareholders.

After receiving an agreement for the business turnaround ADR proceedings, new management was appointed at Akebono in October 2019. In November of the same year, I, the new President & CEO, received a report from the company's internal Quality Assurance Division, stating that inappropriate conduct had been carried out within periodic inspection reports submitted to Japanese customers regarding certain automotive brake components manufactured in our Japanese subsidiaries. Upon receiving the report, I called for an internal investigation starting from December of the same year. However, as there was a need for an objective and thorough audit, in March 2020 an inspection committee consisting of outside lawyers was convened to administer an audit.

Right from the start of the Inspection Committee's audit, we took immediate countermeasures to correct all inappropriate conduct discovered during the process. Furthermore, up until the end of January 2021, we reached out and communicated with all related customers to provide all the facts, as well as discussed, tested and verified performance of all related products. As a result of these verifications, together with our customers, we concluded that there are no issues in product performance.

The Inspection Committee reported the results of its audit in September 2020, after which we confirmed the results, created a plan to prevent reoccurrence, and commenced its implementation.

We, the current management, believe that it is our responsibility to ensure a smooth implementation of the preventive measures, and to take all measures necessary to regain the trust of our customers, suppliers, shareholders and other parties concerned. We are determined to carry out that responsibility through the Business Turnaround Plan and a reform of corporate culture.

Once again, we deeply apologize for the great concern and inconvenience this matter has caused to our shareholders.

February 2021Yasuhiro Miyaji
President & CEO
Akebono Brake Industry Co., Ltd.