Message from the Chairman of the Board of DirectorsYamaha Motor’s corporate governance continues to evolveWith our corporate mission of being a “Kando Creating Company,” Yamaha Motor has endlessly pursued the challenge of creating Kando that surpasses customer expectations. In line with this, our corporate governance continues to evolve as well.In 2018, we separated the positions of Chairman of the Board of Directors and President and Chief Executive Officer to achieve more effective corporate governance. We have also restructured the Board of Directors to give more voice to Outside Directors. With four independent Outside Directors and seven internal Directors, Outside Directors now make up more than one-third of the Board. In addition, we have struck a fine balance composition-wise with the experience and specialties of the Directors for more effective management, as clearly indicated by our skill map.To facilitate substantive and thorough deliberations at Board of Director meetings, we have established a system in which items to be discussed are shared in advance. In addition to providing Outside Directors with sufficient information and firsthand experiences of the business, we also hold monthly management discussion meetings on various themes to deepen their knowledge.Our free and open-minded corporate culture is also reflected at meetings of the Board of Directors and management discussion meetings. During 2018, 127 proposals were actively deliberated, and of these proposals, roughly 60% were made by Directors and Audit & Supervisory Board Members, about 30% by Executive Officers, and some 10% by other managers. Opinions were discussed on more than We will engage in corporate governance that builds on Yamaha Motor’s unique style and creates Kando that surpasses customer expectations.550 issues, with the majority of these initiated by Outside Directors and Outside Audit & Supervisory Board Members, demonstrating that oversight from a third-party perspective is fully in place in the Board of Directors. With four Outside Directors and three Representative Directors as its members, the Executive Personnel Committee is also fulfilling its duties. During 2018, the position of Chief Executive Officer changed hands, and this year we have completely revised the system for executive remuneration. We will continue to work to ensure that profits are shared with our shareholders over the medium to long term.Corporate governance to go higher—Creating opportunities and human resources to pursue challengesYamaha Motor needs to energize its value creation process to further our sustainable growth. To do this, in addition to separating oversight and execution duties, we are making speedy transfers of authority to managers responsible for execution. Creating opportunities for these officers to pursue challenges is also an important role of corporate governance, and for the three-year period covered by the new Medium-Term Management Plan, we have allocated our growth investment budget of ¥70 billion for research and development and ¥140 billion for investments including mergers and acquisitions.We are also focusing on the development of management-level human resources. Currently, about 80% of persons in management positions have experience across multiple business fields, roughly 90% Yamaha Motor Co., Ltd. Integrated Report 201854

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