Matsushita Electric Industrial Co., Ltd. (MEI), maker of Panasonic-brand products, on Wednesday announced that it will implement a new Group management system, while also strengthening its corporate governance structure.
Following business and organizational restructuring that took effect beginning from January 2003, MEI has introduced various Group management reforms, such as the implementation of autonomous management in each business domain, and the introduction, at all business domain companies, of a global consolidated management system and new evaluation standards for business results.
With the start of autonomous management at each of the Matsushita Group's business domain companies in the current fiscal year, MEI reported that it will implement the following initiatives to expedite optimum management operations under the new Group-wide business and organizational structure.
Introduction of a new Group management system tailored to the Company's new organizational structure.
Establishment of MEI-specific corporate governance system.
Placement of greater emphasis on business results as evaluation standards, in the interest of shareholders. (The remuneration system for Directors and Executive Officers will be revised, linking compensation to capital cost management (CCM) and cash flows results.)
Strengthening of the corporate auditor system.
The aforementioned changes will be implemented after the 96th Ordinary General Meeting of Shareholders of MEI, to be held in late June.
Matsushita Announces New Group Management System
Apr 24, 2003
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