Cross-Shareholdings Yamaha Motor’s development, procurement, production, and sales have expanded globally. We believe that strengthening business relationships with business partners and maintaining stable relationships with financial institutions and other parties are necessary for achieving continuous growth. In considering our business strategies, business relationships with our business partners, and enhancement of our financial base, we intend to hold shares under cross-shareholdings when it is deemed necessary and appropriate in order to enhance corporate value from a medium- to long-term perspective.The Board of Directors annually examines each cross-shareholding to determine whether the purpose of shareholdings is appropriate and if benefits and risks associated with the shareholdings are commensurate with capital costs, among others. The Board of Directors appropriately discloses a summary of the results. In addition, Yamaha Motor upholds a policy to reduce cross-shareholdings if, as an outcome of the examina-tion, the shareholdings cannot be justified.Based on this policy, in fiscal 2019 the Company decided to sell some cross-shareholdings based on an examination by the Board of Directors of each cross-shareholding.Shareholdings of Yamaha CorporationYamaha Motor was established by spinning off the motorcycle division from Nippon Gakki Co., Ltd. (currently Yamaha Corporation). Today, the two companies’ management is conducted separately, with both using the same Yamaha brand. We are undertaking various measures in col-laboration with Yamaha Corporation through the Joint Brand Committee and under the Yamaha Brand Charter and Joint Brand Regulations. Both companies appropriately monitor measures for mutual sustainable growth through shareholdings and dispatching Directors. We believe that maintaining and improving the shared value of the Yamaha brand by building a monitoring and collaborating relationship with Yamaha Corporation will contribute to the medium- to long-term enhancement of Yamaha Motor’s corporate value. Executive Officers and Management Committee, etc. The Company has 32 Executive Officers, of whom six serve concurrently as Directors. A Management Committee, comprising nine Executive Officers with specific posts, has been established to deliberate on matters of business execution, speeding up the Company’s decision-making process. In principle, the Management Committee meets at least monthly, and additionally from time to time as necessary. In fiscal 2019, 22 meetings of the Management Committee were held.In addition, a Global Executive Committee has been established to deliberate on important management policies and issues related to the Group’s management. The Global Executive Committee includes the Company’s Representative Director, all Executive Officers with specific posts, and senior local managers of major Group companies, and has 46 members, of whom 30 are Japanese and 16 are non-Japanese. In prin-ciple, the committee meets at least once annually, and additionally from time to time as necessary. In fiscal 2019, two meetings of the Global Executive Committee were held. Sustainability Committee Yamaha Motor has established the Sustainability Committee, comprising nine Executive Officers with specific posts, as an entity to deliberate measures related to risk management and compliance, as well as to address issues concerning sustainability. In principle, the Sustainability Committee meets twice a year, and also holds additional meetings if necessary. Internal Auditing The Integrated Auditing Division, with 25 members and reporting directly to the President and Chief Executive Officer, has been established as an internal auditing sector to audit the appropriateness of operational activities at the Company and its subsidiaries. In addition, internal audit functions have been installed at major subsidiaries, working together with the Company’s internal auditing sector to audit divisions and subsidiaries. Corporate Governance66Yamaha Motor Co., Ltd. Integrated Report 2020
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