Daido Steel has a management system that employs an auditors system. This system is intended to cope with the rapidly changing management environment and to enable the Company to achieve management efficiency, appropriate and quick decision making, and management transparency in recognition of the fact that corporate governance is one of the most important issues to address.
Business operations by 17 directors (of which one is an external director) are performed according to an annual plan with divisional goals shared by employees.
Board of Directors’ meetings are held at least once a month, at which decisions on important matters and the status of business operations are reported there. A Management Meeting comprising managing directors and above is held at least once a month in principle, to enhance the mobility of decision making and provide a venue for closer communications. An Executive Directors meeting is held, also at least once a month, to increase the efficiency of operations implemented by directors and to review the progress status of management plans.
Daido Steel has three corporate auditors, two of them external, who attend Management Meetings, Board of Directors’ meetings, and other important meetings. They also assume responsibility for monitoring and auditing the status of operations implemented by directors through by visiting divisions of the Company and consolidated subsidiaries.