Value Creation Infrastructure

Strengthen Governance

  • 16. Peace, Justice and Strong Institutions

Basic Approach

To achieve our goals, promote sustainable growth, and increase long-term corporate value, Seiko Epson continuously improves corporate governance to ensure transparent, fair, and fast decision-making, including by ensuring that independent outside directors comprise at least one-third of the board, and by establishing committees to nominate officers and determine compensation.

Corporate Governance System

Initiatives to Enhance and Strengthen Corporate Governance

2012 Elected an outside director
2013 Established “Standard of Outside Officers’ Independence”
2014 Increased outside directors
2015 Established a Corporate Governance Policy
2016
  • Transitioned from a company with an audit & supervisory board to a company with an audit & supervisory committee
  • Increased the number of outside directors
    (The Director Compensation Committee and Director Nomination Committee are comprised mainly of outside directors)
  • Introduced a performance-linked stock compensation plan
2018 Corporate Governance Policy revised

Actions to Ensure Board Effectiveness

Seiko Epson seeks to continuously enhance the effectiveness of its board of directors pursuant to its Corporate Governance Policy. Toward this end, Seiko Epson has been analyzing and evaluating board effectiveness annually since FY2015 based on a self-evaluation survey that all board members are asked to complete.

Evaluation process

Stakeholder meeting
Dialogue between outside directors and institutional investors

Outside Directors Talk Frankly About Epson’s Corporate Governance

The previous evaluations of board of director effectiveness revealed that we need to engage with our shareholders better. Accordingly, starting in fiscal 2018, we are increasing the opportunities for dialogue with shareholders and doing more to incorporate their views and concerns into our business strategies.
As part of this, we held a stakeholder meeting in February 2019 as an opportunity for impartial and meaningful dialogue. At the meeting, five outside directors and fifteen institutional investors had a frank discussion about Epson’s corporate governance.

Outside directors answer investors’ questions

Q. How do the executive directors respond to your input?

  • They take my ideas very seriously.
  • They make a record of all our diverse ideas and views and share it with the whole board.
  • When we inspect business sites, they make an effort to resolve any questions or concerns we raise.

Q. How has the transition to a company with an Audit & Supervisory Committee changed things?

  • Epson’s always been a diligent company, and at the time of the transition, it examined organizational arrangements meticulously. The impact is more in the directors themselves. They’re now more attuned to the need for good governance.
  • It’s a plus for me. Now that I have voting rights as a member of the Audit & Supervisory Committee, I feel a weightier sense of responsibility in board meetings.

Q. What are the issues for Epson?

  • They’re threefold: how to digitalize, how to make business more customer-oriented, and how to shift to a B2B focus.
  • Epson often fails to capitalize on its unique technology. It needs a sense of urgency and better PR.
  • Epson boasts a team of technical experts, but they often ignore the consumer’s perspective, believing that all you need is a good product. We have repeatedly warned the executives of this, and they have taken it on board.
  • Epson’s a very diligent company, but by the same measure, it can be a bit inflexible and inward-looking.
  • Epson’s technology can be a double-edged sword. The company should place more emphasis on open innovation.
  • Epson can be proud of its technological prowess and diligent ethos. But nowadays, you need intangible services as well as tangible products. The executives seem to have gotten the message, but they need to go harder and faster.

Q. Do the outside directors hold their own meetings?

  • We didn’t immediately after the transition of institutional design, but we do now. We discuss Epson’s good points and bad, particularly the latter. We also hold meetings with the president and express our views to him.

Q. When you were in senior management, did investors ever ask for dialogues such as this one?

  • We’d sometimes meet with investors separately, over a meal for example. I never envisaged a collective meeting like this one. Times have changed, but for the better I think.

Q. How long does it take for an outside director to understand the company enough to engage meaningfully in discussions? Many say that a long tenure undermines an outside director’s independence. What do you think?

  • Long or short, what matters is how you interact with the company. If you’re unsure of something about the company, you can always ask. Epson is trying to eliminate the information gap between inside and outside directors. Undoubtedly, once you’ve served for a while, you’ll have a broader grasp of the company and be better able to discuss its issues. Long tenures don’t in themselves threaten your independence. If anything, it’s a director’s aptitude for the job, not the duration of his or her tenure, that can threaten independence.

Q. Why do you have one committee for director nominations and another for HR development?

  • Epson has a large pool of director candidates consisting of general and section managers, so the HR development strategy committee, an advisory body to the president, is always reviewing this list. The Director Nomination Committee receives regular updates on these reviews and flags any issues. This cycle works well in my opinion.

Feedback from the participants

  • Meeting with all the outside directors together offered a useful glimpse of how they hold discussions and what the atmosphere is like.
  • I was very impressed at how each of the five outside directors explained things in their own words.
  • The outside directors spoke candidly, which reassured me of the soundness of Epson’s governance.
  • The points the outside directors raised resonate with me and other investors.

Director Compensation

Seiko Epson director compensation consists of base compensation, bonuses, and stock compensation. The compensation system is variable, with bonuses linked to performance, and if a certain level of business profit is not attained, bonuses may not be paid at all.
Non-executive officers receive base compensation only, a fixed amount, because their role is to supervise general management. They do not receive bonuses and stock compensation, which are forms of compensation that are linked to performance and share price.

Approximate Composition of Total Compensation in FY2018

Approximate Composition of Total Compensation in FY2018

Base compensation
(fixed and variable)
Base compensation is a monthly amount determined by accounting for factors such as position and responsibilities. For executive officers it reflects annual performance evaluations based on criteria set according to role.
Bonuses
(variable)
An annual bonus is paid to directors with executive duties. The amount depends on achievement against operating targets. Bonuses reflect annual performance evaluations based on criteria set according to role.
Performance
-Linked Stock Compensation
(variable)
Executive officers are compensated with Seiko Epson shares under a trust scheme. The number of shares issued is dependent on the level of achievement with respect to medium-term financial performance targets, such as ROS and ROE.

FY2018 Compensation

(Millions of yen)

Category No. of
individuals
paid
Fixed
compensation
Variable
compensation
Total
Base
compensation
Bonuses Stock
compensation
Directors who are not Audit &
Supervisory Committee members
(outside directors)
8
(2)
232
(28)
13
(-)
71
(-)
38
(-)
356
(28)
Directors who are Audit &
Supervisory Committee members
(outside directors)
5
(3)
81
(48)
81
(48)
Total 13 314 13 71 38 437
  • * The base compensation for Directors who are not Audit & Supervisory Committee Members (excluding outside directors) consists of fixed compensation and variable compensation. Variable compensation refers to monetary compensation that reflects the results of annual performance evaluations based on criteria set according to their respective roles.
  • * The Company has introduced an officer stock ownership plan to link compensation more closely to shareholders’ value. A portion of the base compensation is discretionally allotted for the acquisition of the Company’s shares. Epson has established the criteria for shareholding by its officers based on internal regulations defined by the board to demonstrate its commitment to and responsibilities for business operations to all shareholders.
  • * Upon the resolution at the Ordinary General Meeting of Shareholders held on June 28, 2016, the maximum base compensation was set to at 62 million yen per month for directors who are not Audit & Supervisory Committee members (outside directors account for 10 million yen of this amount) and at 20 million yen per month for directors who are Audit & Supervisory Committee members.
  • * The amount above includes 71 million yen in bonuses to be paid to five directors (excludes outside directors and directors who are Audit & Supervisory Committee members), as resolved at the Ordinary General Meeting of Shareholders held on June 26, 2019.
  • * Seiko Epson introduced a performance-linked stock compensation plan by employing a framework referred to as the officer compensation BIP (Board Incentive Plan) trust to show its commitment to promoting sustainable growth and increasing long-term corporate value, in addition to strengthening the sense of sharing common interests with shareholders The stock compensation stated above represents the amount recorded for the current fiscal year based on Japanese Generally Accepted Accounting Principles (JGAAP).
  • * The number of individuals above includes one director who was an Audit & Supervisory Committee member who retired at the conclusion of the Ordinary General Meeting of Shareholders on June 27, 2018 and one director who was not an Audit & Supervisory Committee member who retired on September 30, 2018.
  • * Stock options are not granted.

Performance-Linked Stock Compensation

Seiko Epson introduced a transparent and fair stock compensation plan that is tied to performance to more clearly show how director compensation is tied to Seiko Epson’s share price, to heighten directors’ sense of shared interest with shareholders, and to show a commitment to increasing long-term corporate value.
The plan is designed such that the rate of stock compensation versus base compensation ranges between 10% and 22% depending on position, while the number of shares issued depends on achievement with respect to financial indicators (e.g., mid-term business profit, ROS, and ROE targets) over a 3-year period.

Performance-Based Coefficient Formula

Performance-based coefficient = {(business profit coefficient) + (ROS coefficient) + (ROE coefficient) + (cash flows from operating activities coefficient) + (qualitative evaluation coefficient x 2)} ÷ 6

Determination Table (FY2016–FY2018)

Quantitative evaluation Qualitative evaluation*1 Performance
-based
coefficient
At end of FY2018 Average over
the three years
from FY2016
to FY2018
Cumulative over
the three years
from FY2016
to FY2018
At end of FY2018
Business profit ROS ROE Operating CF
¥116 billion or more 10% or more 12%以上 ¥350 billion or more Far above expectations 1.10X
¥106 billion or more 9% or more 11% or more ¥340 billion or more Above expectations 1.05X
¥96 billion or more 8% or more 10% or more ¥330 billion or more Met expectations 1.00X
¥86 billion or more 7% or more 9% or more ¥320 billion or more Below expectations 0.95X
Less than ¥86 billion Less than 7% Less than 9% Less than ¥320 billion Far below expectations 0.90X

*1 Qualitative evaluation items and method
The Director Compensation Committee qualitatively evaluates performance based on progress against Phase 2 financial targets and the effects of currency volatility, etc.

Performance-based coefficient = {0.90 + 0.90 + 0.95 + 0.90 + ((0.90) x 2)} ÷ 6 ≒ 0.908

We aimed for a performance-based coefficient of ≥ 1.00X, but the calculated coefficient was approximately 0.908X.
The performance-based coefficient was set at the lower limit (0.90X), since all items were below expectations in the quantitative evaluation and there were no particular reasons in the qualitative evaluation to add points.

FY2019–2021
We are continuing the stock compensation plan but have expanded the range of the coefficient from 0.80X to 1.20X.

Message from the CCO (Chief Compliance Officer)

Working on Compliance with the Spirit of Fair Play

Tatsuaki Seki
Director, Managing Executive Officer and CCO
General Administrative Manager, Management Control Division

Epson aims to be a company that is indispensable to society. This means we must take compliance seriously. We don’t just need to comply with legal requirements and standards. We also need to meet the broader expectations of society. Fair play must be the cornerstone of our efforts to deliver Epson brand value at an even higher level and to protect our company and employees. Our president, Minoru Usui, has made this clear, saying “no compliance, no profit.”
Epson’s efforts to ensure effective compliance at a global level are twofold. First, it has appointed regional CCOs (R-CCOs). Different regions of the world have their own languages, cultural norms, and ways of thinking. The role of the R-CCOs is to lead the compliance efforts of local sales companies in a way that comports with the region in question. The R-CCOs meet biannually to discuss compliance issues and solutions.
Second, Epson runs the Global Compliance Program. This program presents a vision of compliance management and provides stepwise measures for achieving it. In fiscal 2018, we introduced the program in our Japanese and overseas subsidiaries, checked progress, and undertook corrective measures. We will continue these efforts in fiscal 2019.
Looking forward, we will continue to identify compliance-related risks and opportunities with a view to raising the level of compliance.

R-CCO Meeting
R-CCO Meeting

R-CCO Meeting

Compliance

Basic Approach

Epson’s goal is to continuously create value that exceeds customer expectations while building trust with all stakeholders based on the company’s Management Philosophy. To maintain and strengthen this trust, Epson seeks to increase management transparency and fairness, ensure effective management through faster decision-making, and maintain compliance with the help of monitoring and supervision.

Compliance Organization

In June 2016, shareholders approved Seiko Epson’s transition to a company with an Audit and Supervisory Committee. The Compliance Committee composition and the role of the chief compliance officer (CCO) were revised accordingly.
Under the current organization, the Compliance Committee, which advises the board and is chaired by a Full-Time Audit and Supervisory Committee member, discusses compliance activities, reports and proposes compliance affairs to the board, and supervises business affairs. The CCO supervises and monitors the execution of all compliance operations and periodically reports the state of compliance affairs to the Compliance Committee. In addition, a compliance control department monitors compliance in general, making corrections and adjustments as needed.

Compliance System Diagram

Compliance System Diagram

Promoting Compliance

To instill internal compliance awareness, Epson provides online courses, training, and more on a regular basis to both executive officers and employees, in keeping with the Epson Group Global Code of Conduct. We invite outside experts to give instruction in compliance training courses for executive management. We also provide online compliance courses and compliance training by internal instructors for all employees. At our affiliates outside Japan, our efforts include providing compliance training that reflects local conditions.
October is “Compliance Month” at Epson, a period during which we raise compliance awareness throughout the global Epson Group based on our Management Philosophy and Principles of Corporate Behavior. This helps employees recall the importance of compliance to the realization of the Management Philosophy.

Reporting Systems

Epson is committed to maintaining effective reporting systems and has installed internal and external compliance hotlines and other advisory and support services to facilitate the reporting of potential compliance issues. We have also provided reporting channels for use by our business partners, to quickly catch any potential compliance problems that could go undetected internally. The identity of whistleblowers is rigorously protected and reprisals of any type are strictly forbidden.

Counseling and Support Services in Japan

  • Epson Helplines
  • Harassment counseling
  • Counseling related to overwork and long working hours
  • Counseling for persons with disabilities
  • Insider trading advisory service
  • Antitrust (antimonopoly) advisory service
  • Corruption (bribery) regulations advisory service
  • Employee counseling
  • Reporting contact for business partners

Whistleblowing systems have been installed in all Epson Group companies worldwide. The use of these systems is monitored, and usage data are reported to a corporate management body and to Group companies in an effort to increase system effectiveness.

Risk Management

Epson’s Risk Management Organization

Seiko Epson’s board of directors has approved an internal control system policy pursuant to the Companies Act.
The policy specifies the following organization for managing risks based on the Epson Group Risk Management Basic Regulation.

Risk Management Organization Chart

Epson’s Risk Management Organization

  1. The Chief Risk Management Officer in the Epson Group is the president of Seiko Epson.
  2. The heads of divisions own responsibility for managing risks in their respective businesses and subsidiaries.
  3. The heads of Seiko Epson Head Office organizations own responsibility for managing risks in their areas of operations, both in their respective businesses and across companies in the Epson Group.
  4. The Seiko Epson risk management department monitors overall risk management in the Epson Group, makes corrections and adjustments thereto, and ensures the efficacy of risk management programs.

Actions to Control Serious Risks

Epson treats serious risks that could have serious consequences on the company as follows:

  • (1) We identify risks that could have serious adverse effects on Epson Group management. These serious Group-wide risks are owned by the appropriate departments in the Seiko Epson Head Office. These departments draft and execute a control plan, monitor the progress of the plan, and evaluate the effectiveness of the control activities.
  • (2) We identify risks that could have serious adverse effects on business operations. These serious business risks are owned by the chief operating officer of the relevant business. Personnel draft and execute a control plan, monitor the progress of the plan, and evaluate the effectiveness of the control activities under the supervision of the COO.
  • (3) The handling of serious Group-wide risks and serious business risks is reported to and discussed by the Corporate Strategy Council on a quarterly and half-yearly basis, and we strive to ensure the effectiveness of control plans by revising them as needed. The president of Seiko Epson reports important risk management affairs to the board of directors every quarter.

Risk Management Cycle

Risk Management Cycle

List of Main Risks

Note: The content of the list was excerpted from “Risks related to Epson’s business operations” in Epson’s Annual Report. Please see the Annual Report for additional details.

Epson’s Annual Report 2019

Main risks General description of risk Main countermeasures
Parts procurement risks from certain suppliers
  • A supplier parts shortage or quality problem with supplier parts could interfere with Epson’s manufacturing and selling activities.
  • Procure parts and materials from multiple suppliers whenever possible.
  • Work with suppliers to maintain or improve quality and reduce costs to ensure stable and efficient procurement.
Intellectual property rights risks
  • An objection might be raised to, or an application to invalidate might be filed with respect to, an intellectual property right of Epson, and as a result, that right might be recognized as invalid.
  • A third party to whom we originally had not granted a license could come to possess a license as a result of a merger with or acquisition by another party, potentially causing us to lose the competitive advantage conferred by that intellectual property.
  • New restrictions could be imposed on an Epson business as a result of a buyout or a merger with a third party, and we could be forced to spend money to find a solution to those restrictions.
  • Independently develop technologies we need; acquire patent, trademark, and other IP rights for them; and license the rights for products and technologies.
  • Strengthen our intellectual property portfolio by placing personnel in key positions to manage our IP.
Environmental risks
  • An environmental problem could arise that would require us to pay damages and/or fines, bear costs for cleanup, or halt production.
  • New regulations could be enacted that would require major expenditures.
  • Take environmental action in line with a mid-range action plan and “Environmental Vision 2050,” a statement of our long-term goals for reducing our environmental impacts. Drive programs to develop and manufacture low-impact products, reduce energy use, recover and recycle end-of-life products, ensure compliance with international substance regulations, and improve environmental management systems.
Hiring and personnel retention risks
  • We may be unable to hire and retain talented personnel to develop advanced new technologies and manufacture advanced new products.
  • Secure talent by providing role-based compensation and actively promoting good people internationally.
Risks from natural or other disasters
  • Our operating results could be adversely affected by any number of unpredictable events, including but not limited to natural disasters, pandemics involving new strains of influenza virus, infection by computer viruses, leaks or theft of customer data, reputational damage on social media, failures of mission-critical internal IT systems, cyber attacks, supply chain disruptions, and acts of terrorism or war.
  • Conduct disaster drills, prepare earthquake disaster management and response plans, and establish business continuity plans to mitigate the effects of disasters to the extent possible.
  • Insure against losses arising from earthquakes. (However, the scope of indemnification is limited.)
Legal, regulatory,
licensing and similar risks
  • Epson conducts business worldwide and could incur reputational damage, higher costs, or other negative consequences such as large civil fines and constraints on its activities if it were to violate international law, be investigated by authorities, or be subjected to stricter laws or regulations.
  • Ensure compliance by building a robust compliance framework in each country and business and through internal awareness campaigns.
  • Treat compliance as a high management priority, and develop measures to prevent and control potential issues as appropriate.

Crisis Management

Epson has a standing Crisis Management Committee. The committee is chaired by the president. The general administrative manager in charge of risk management serves as vice-chair. The rest of the committee is made up of the general managers of supervisory departments at the Head Office. An organization and a predetermined crisis management program are in place to enable us to rapidly mount a Group-wide response in the event of a crisis.

Director Profile (Current as of June 26, 2019)

Minoru Usui

President and Representative Director

11/1979Joined Shinshu Seiki Co., Ltd. (now Seiko Epson Corporation)
4/1997Appointed General Manager, IJ Development & Design Department, Imaging & Information Products Operations Division
4/2002Appointed Deputy Chief Operating Officer, Imaging & Information Products Operations Division
6/2002Appointed Director
11/2004Appointed Deputy General Administrative Manager, Corporate Research & Development Division
11/2005Appointed General Administrative Manager, Production Engineering & Development Division
7/2007Appointed General Administrative Manager,
Corporate Research & Development Division
10/2007Appointed Managing Director
6/2008Appointed President and Representative Director (current position)

Koichi Kubota

Representative Director, Senior Managing Executive Officer
Chief Operating Officer, Printing Solutions Operations Division

4/1983Joined Epson Corporation (now Seiko Epson Corporation)
11/1999Appointed General Manager, Branded Products Marketing & Sales Department
7/2008Appointed Chief Operating Officer, Visual Instruments Operations Division
6/2010Appointed Executive Officer
10/2011Appointed Chief Operating Officer, Visual Products Operations Division
6/2012Appointed Director
6/2013Appointed Chief Operating Officer, Printer Operations Division
6/2015Appointed Managing Director
4/2016Appointed Deputy General Administrative Manager, Corporate Planning Division
6/2016Appointed Director, Managing Executive Officer
4/2017Appointed Chief Operating Officer, Printing Solutions Operations Division (current position)
6/2017Appointed Director, Senior Managing Executive Officer
10/2018Appointed Representative Director, Senior Managing Executive Officer (current position)

Tatsuaki Seki

Director, Managing Executive Officer
General Administrative Manager, Management Control Division

4/1983Joined Epson Corporation (now Seiko Epson Corporation)
11/2005Appointed General Manager, BS Business Management Support Department
10/2014Appointed General Manager, Financial & General Accounting Department
10/2015Appointed Deputy General Administrative Manager, Management Control Division
6/2016Appointed Director, Executive Officer
Appointed Chief Compliance Officer (current position)
Appointed General Administrative Manager, Management Control Division (current position)
6/2019Appointed Director, Managing Executive Officer (current position)

Yasunori Ogawa

Director, Managing Executive Officer
Chief Operating Officer, Wearable Products & Industrial Solutions Operations Segment/General Administrative Manager, Technology Development Division

4/1988Joined Seiko Epson Corporation
4/2008Appointed General Manager, VI Business Management Department
10/2008Appointed General Manager, VI Planning & Design Department
4/2017Appointed Chief Operating Officer, Visual Products Operations Division
6/2017Appointed Executive Officer
6/2018Appointed Director, Executive Officer
10/2018Appointed General Administrative Manager, Technology Development Division (current position)
6/2019Appointed Director, Managing Executive Officer (current position)
Appointed Chief Operating Officer, Wearable Products & Industrial Solutions Operations Segment (current position)

Masayuki Kawana

Director, Executive Officer
General Administrative Manager, Human Resources Division/CSR Management Office
Chairman, Epson Sales Corporation

4/1988Joined Seiko Epson Cooperative Union
3/1999Joined Seiko Epson Corporation
10/2008Appointed General Manager, Human Resources Department
6/2014Appointed Director
Appointed General Administrative Manager, Human Resources Division (current position)
6/2015Appointed President, Orient Watch Co., Ltd.
6/2016Appointed Director, Executive Officer (current position)
10/2016Appointed General Administrative Manager, CSR Management Office (current position)
6/2018Appointed Chairman, Epson Sales Japan Corporation (current position)

Toshiya Takahata (New)

Director, Executive Officer
General Administrative Manager, Corporate Planning Division/DX Division

4/1986Joined Seiko Epson Corporation
4/2012Appointed Deputy Chief Operating Officer, Printer Operations Division
4/2014Appointed General Manager, BIJ Planning & Design Project
6/2014Appointed Executive Officer
4/2015Appointed Deputy General Administrative Manager, Intellectual Property Division
6/2015Appointed General Administrative Manager, Intellectual Property Division
6/2016Appointed Executive Officer
10/2018Appointed General Administrative Manager, Corporate Planning Division (current position)
4/2019Appointed General Administrative Manager, DX Division (current position)
6/2019Appointed Director, Executive Officer (current position)

Hideaki Omiya

  • Outside
  • Independent Director

Outside Director

4/2007Appointed Director and Senior Executive Vice President, Mitsubishi Heavy Industries, Ltd.
4/2008Appointed President, Mitsubishi Heavy Industries, Ltd.
4/2013Appointed Chairman, Mitsubishi Heavy Industries, Ltd.
6/2014Appointed Outside Director, Seiko Epson Corporation (current position)
6/2016Appointed Outside Director, Mitsubishi Corporation
6/2018Appointed Outside Director, Nomura Research Institute, Ltd. (current position)
4/2019Appointed Director, Senior Executive Adviser,
Mitsubishi Heavy Industries, Ltd.
6/2019Appointed Senior Executive Adviser, Mitsubishi Heavy Industries, Ltd. (current position)

Mari Matsunaga

  • Outside
  • Independent Director

Outside Director

4/1977Joined Japan Recruit Center Co., Ltd. (now Recruit Holdings Co., Ltd.)
7/1986Appointed Editor in chief of Shushoku Journal,
Recruit Holdings Co., Ltd.
7/1988Appointed Editor in chief of Travaille, Recruit Holdings Co., Ltd.
7/1997Joined NTT Mobile Communications Network, Inc. (now NTT DoCoMo, Inc.)
Appointed Head of Planning Office for Gateway Business Dept.
4/2000Appointed Representative, Mari Matsunaga Office
6/2012Appointed Outside Director, MS&AD Insurance Group Holdings, Inc. (current position)
Appointed Independent Director, Terumo Corporation
6/2014Appointed External Director, ROHTO Pharmaceutical Co., Ltd. (current position)
6/2016Appointed Outside Director,
Seiko Epson Corporation (current position)

Taro Shigemoto

  • Audit & Supervisory Committee Members

Director,
Full-Time Audit & Supervisory Committee Member

4/1985Joined Suwa Seikosha Co., Ltd.
(now Seiko Epson Corporation)
2/2014Appointed Chairman and President, Epson Engineering (Shenzhen) Ltd.
6/2016Appointed Special Audit & Supervisory Officer,
General Administrative Manager, Audit & Supervisory Committee Office
6/2018Appointed Director, Full-Time Audit & Supervisory Committee Member (current position)

Michihiro Nara

  • Outside
  • Independent Director
  • Audit & Supervisory Committee Members

Outside Director,
Audit & Supervisory Committee Member

4/1974Registered as an attorney-at-law
4/2006Appointed Vice President, Japan Federation of Bar Associations
Appointed Chairman, Daiichi Tokyo Bar Association
3/2011Member of Legislative Council of the Ministry of Justice
6/2013Appointed Audit & Supervisory Board Member, Seiko Epson Corporation
6/2014Appointed Outside Director of the Board, ji Holdings Corporation (current position)
6/2015Appointed Independent Auditor, CHORI CO., LTD.
Appointed Outside Director, NIHON TOKUSHU TORYO CO., LTD. (current position)
6/2016Appointed Outside Director, Audit & Supervisory Committee Member, Seiko Epson Corporation (current position)
Appointed Outside Director, Audit & Supervisory Committee Member, CHORI CO., LTD.

Chikami Tsubaki

  • Outside
  • Independent Director
  • Audit & Supervisory Committee Members

Outside Director,
Audit & Supervisory Committee Member

4/1970Joined EBARA-Infilco Co., Ltd. (now EBARA CORPORATION)
5/1975Joined Asahi & Co. (now KPMG AZSA LLC)
3/1979Registered as Certified Public Accountant
7/1999Appointed Managing Director, Asahi & Co. (now KPMG AZSA LLC)
7/2004Appointed Chief Executive, The Japanese Institute of Certified Public Accountants
6/2013Appointed Outside Audit & Supervisory Board Member, NKSJ Holdings, Inc. (now Sompo Holdings, Inc.)
6/2014Appointed Statutory Auditor, HEIWA REAL ESTATE CO., LTD. (current position)
6/2016Appointed Outside Director, Audit & Supervisory Committee Member,
Seiko Epson Corporation (current position)

Yoshio Shirai

  • Outside
  • Independent Director
  • Audit & Supervisory Committee Members

Outside Director,
Audit & Supervisory Committee Member

6/2001Appointed Member of the Board of Directors, TOYOTA MOTOR CORPORATION
6/2003Appointed Managing Officer, TOYOTA MOTOR CORPORATION
6/2005Appointed Senior Executive Member of the Board of Directors, TOYOTA MOTOR CORPORATION
6/2007Appointed Executive Vice President, Member of the Board, Hino Motors, Ltd.
6/2008Appointed President, Member of the Board,
Hino Motors, Ltd.
6/2013Appointed Councilor, Hino Motors, Ltd.
Appointed Vice Chairman, Toyota Tsusho Corporation
6/2015Appointed Advisor, Toyota Tsusho Corporation
6/2016Appointed Outside Director, Audit & Supervisory Committee Member, Seiko Epson Corporation (current position)
6/2017Appointed Advisor, Hino Motors, Ltd.
Appointed Outside Director, Audit & Supervisory Committee Member, Fujikura Ltd.(current position)

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