As a global biotechnology venture company, we believe it is important that corporate governance functions effectively in order to increase profitability through business activities and continue to increase and develop corporate value to meet our commitment to shareholders and fulfil our responsibility to all stakeholders (employees, partners, customers, creditors, consumers and the local community).
In order to achieve this, the basic tenets of our corporate governance are: establishing an organizational structure and management mechanism; aiming to ensure transparency and legality of management, emphasizing accountability to stakeholders, speeding up decision making, and disclosing information quickly and appropriately; and producing high-quality management. Strengthening the Group's corporate governance in line with these tenets is one of the most important issues of management and is one with which we actively engage.
Specifically, we have adopted an external director system since 1990, the year the company was founded, and have invited outside experts as directors. They are not bound by company-specific logic, and furnish advice from a shareholder perspective. As of April 1 2016, three of our five board directors are external directors.
In addition, in June 2005 we moved to a committees system, separated management oversight and business execution, sped up decision making, and are working to strengthen the management oversight function.
In the future, we will continue striving to challenge the status quo and strengthen corporate governance.