MHI's Notice Concerning Change to Advisors System
TOKYO, Feb, 06 2019 - (JCN Newswire) - Effective June 2019, Mitsubishi Heavy Industries Ltd. (MHI) will terminate its current system of open-tenure Senior Executive Advisors and Executive Corporate Advisors. Under the system presently in place, executives who have at one time served as company Chairman or President have been retained as Senior Executive Advisor or Executive Corporate Advisor, positions with no fixed length of tenure. In line with recent business structure reforms, ongoing reviews of the company's organization and systems, and the continuing evolution of MHI Group into a truly global corporation, a decision was taken to eliminate such open-ended appointments.
As the company transitions to a complete elimination of open-ended advisory appointments, the following measures will be implemented with completion targeted by the end of the next (2021) Medium-Term Business Plan.
The decision to terminate the current system of advisory positions was reached after internal reviews, Nomination and Remuneration Meetings, and deliberations by the Board of Directors.
Transitional Measures for Termination of the Current System of Advisory Positions
1. Executives with experience serving as company Chairman or President will be commissioned to a position as Senior Executive Advisor or Executive Corporate Advisor for a fixed tenure. Appointments to Senior Executive Advisor shall be limited to one officer at any given time.
2. After retirement from the position of Senior Executive Advisor or Executive Corporate Advisor, the officer will be commissioned as Honorary Advisor.
3. An Honorary Advisor shall in principle be appointed for a period of two years, on a non-standing basis and without remuneration.
Following completion of the transitional measures, executives with experience serving as company Chairman or President shall not be commissioned as a Senior Executive Advisor or Executive Corporate Advisor, but only as an Honorary Advisory (in principle, for a period of two years, on a non-standing basis and without remuneration).
Treatment of Current Senior Executive and Executive Corporate Advisors
1. Kentaro Aikawa, Nobuyuki Masuda and Takashi Nishioka shall, effective the date in June 2019 on which the Annual General Meeting of Shareholders ends, retire from their respective positions and be newly commissioned to serve as Honorary Advisors for a period of two years.
2. Kazuo Tsukuda, in view of his outside assignment relative to company and elsewhere, shall, effective the same date as just noted, retire from his position as Senior Executive Advisor and be commissioned to serve as Executive Corporate Advisor for a period of two years, followed by a two-year tenure as Honorary Advisor.
About Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial firms. For more than 130 years, we have channeled big thinking into solutions that move the world forward - advancing the lives of everyone who shares our planet. We deliver innovative and integrated solutions across a wide range of industries, covering land, sea, sky and even space. MHI Group employs 80,000 people across 400 locations, operating in three business domains: "Power Systems," "Industry & Infrastructure," "Aircraft, Defense & Space." We have a consolidated revenue of around 40 billion U.S. Dollars. We aim to contribute to environmental sustainability while achieving global growth, using our leading-edge technologies. By bringing people and ideas together as one, we continue to pave the way to a future of shared success.
For more information, please visit MHI's website: https://www.mhi.com
For Technology, Trends and Tangents, visit MHI's new online media SPECTRA: https://spectra.mhi.com
Corporate Communication Department
Mitsubishi Heavy Industries, Ltd.
Email: [email protected]
Source: Mitsubishi Heavy Industries, Ltd.
Sectors: Daily News
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