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Nissho Iwai Corporation Introduces the 'Full-time Auditor Dispatch System' Proposes improvements, from a different corporate cultural perspective, in order to boost the value and reputation of the entire Group.

Jan. 5, 2002

TOKYO(January 5, 2002)--As one of the measures to reinforce the corporate governance of its group, Nissho Iwai aims to improve the enterprise value of affiliated companies and the entire Group by introducing the 'Full-time Auditor Dispatch System', which strengthens auditing functions through the dispatch of full-time auditors to such affiliates.

Introduction of this system has great significance, as the strengthening functions of the auditors will enhance the management potential of the affiliated companies, and will improve the enterprise value of the entire Group giving consideration to consolidated management. 

In many cases, auditors from affiliated companies are dispatched to affiliates that are subsidiary to the company where he/she worked. However, auditors dispatched under the 'Full-time Auditor Dispatch System' maintain true independence, and are dispatched based on perceptional changes; from a corporate mono-cultural way of thinking to a corporate multi-cultural way of thinking. Thus, there will be no cases where auditors are dispatched to the aforementioned companies. 

In addition to providing routine service work in accordance with 'Commercial Code-based' obligations such as accounting auditing and business auditing, the auditors to be dispatched under this system will, after completing an auditor education program, play the role of seeing the companies to which they are dispatched through the 'eyes of an outsider'. Their function as the 'eyes of an outsider' will play an important part in the auditing process, in that they will be able to point out issues without being under restraint and from a cross-cultural corporate viewpoint. 

Nissho Iwai recognizes that reinforcing the corporate governance system, targeting the entire group, in order to promote consolidated management, and improving enterprise value and reputation are our management tasks. This system is positioned as part of our efforts to achieve such goals. 

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