To our shareholders
I would like to express my deep gratitude to all our shareholders for the kindness you have shown us. A meeting of the Board of Directors held after the Fiftieth Annual General Shareholders meeting on June 22, 2016 reached a decision to manage with a new, dual representative director team: the Chairman Usami and the President Komeya. In order to deal with the automobile manufacturing industry and the car electronics industry, which will change even faster in the future, the close cooperation of the two will speed management up to a new level and strengthen competitiveness.
The same General Shareholders meeting approved the change of the company’s administrative organization from that of a company with auditors to a company with audit and supervisory committee. This change was made because it was judged that setting up an audit and supervisory committee with outside directors acting as more than half its members can increase the soundness and transparency of the conduct of business and contribute to the improvement of corporate value.
Our company has taken a variety of initiatives to increase corporate value in order to achieve VISION 2020, our long-term management plan extending to 2020, which we enacted in 2014. This period is positioned as a year of reform to build the foundations for growth, and we are promoting initiatives to strengthen the constitution of the company, by transforming its internal organization, performing more efficient R&D, and other measures. At the same time, we are taking a variety of initiatives to respond aggressively to changing times as we approach the VISION 2020 realization. These include the promotion of strategic alliances, such as the development of next-generation on-board systems with Japan IBM announced during the first half of the fiscal year, and new business using compact unmanned drones with Toshiba Corporation. In particular, to respond to the needs of the Chinese market, Neusoft Reach Automotive Technology (Shanghai) Co., Ltd., which is a joint venture formed in November of last year, is growing rapidly with a feeling of speed that is only possible in China. In the future, we will accelerate these initiatives to strength our competitiveness.
We will continue to strive to increase corporate value in order to meet your expectations, and so request your continued support and encouragement, as you have given us in the past.
Chairman of the Board