1 Corporate Governance in Japan (two different systems) The Companies with Audit & Supervisory Board Members Shareholders (1) Board of Directors (to supervise the Directors in charge of Management) (4) Audit & Supervisory Board (Members) Supervisory Function External Auditors (2) Collaboration (attend/report/advice) Director Executive Directors and management officers Management Audit & Supervisory Board Members Supervision (3) Audit as a part of Supervisory Function Audit (review of reasonableness, fairness and independence from the management on the audit conducted by the External Auditors) Report Audit ※ see page4 (4) Individuality Appointment Internal Auditors Collaboration 3 = external
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