Epson Partially Amends Corporate Governance Policy
- TOKYO, Japan, February 22, 2023 -
Seiko Epson Corporation (TSE: 6724, "Epson") announced that its Board of Directors, at a meeting held on February 21, 2023, approved amendments to the Corporate Governance Policy, a statement of the basic principles and framework for corporate governance within Epson.
Epson, which established the policy in September 2, 2015, strives to continuously enhance and strengthen corporate governance so as to realize transparent, fair, fast, and decisive decision-making to realize the Management Philosophy, promote sustainable growth, and increase corporate value over the medium and long terms.
Epson recently created a Purpose statement. The Purpose, which incorporates a unique Epson quality into the Epson Group's aspirational goal, lies at the heart of the company's activities. In conjunction with the creation of the Purpose, Epson decided to partially amend the Corporate Governance Policy, effective April 1, 2023.
Please see the attachment for the revised policy.
To achieve its aim of realizing effective corporate governance that reflects prevailing social imperatives and the operating environment, Epson will review this policy, and amend it as necessary.
Attachment: Epson Corporate Governance Policy (April 1, 2023) (PDF,260KB)
The amendments to the policy are shown below.
(Amendments are underlined)
| Before the revision | After the revision |
|---|---|
| Introduction We at Seiko Epson Corporation ("Epson" or "the Company" below) are committed to becoming an indispensable company that is trusted throughout the world by upholding the values stated in our Management Philosophy, creating unique customer value, and contributing to society. |
Introduction We at Seiko Epson Corporation ("Epson" or "the Company" below) seek to achieve our Purpose, a statement of our reason for being and our aspirations, based on the Epson Way, which is founded on our Management Philosophy and EXCEED YOUR VISION, and sets forth our values and modes of behavior. |
Management PhilosophyEpson aspires to be an indispensable company,trusted throughout the world for our commitment to openness, customer satisfaction and sustainability. We respect individuality while promoting teamwork, and are committed to delivering unique value through innovative and creative solutions. |
Management PhilosophyEpson aspires to be an indispensable company,trusted throughout the world for our commitment to openness, customer satisfaction and sustainability. We respect individuality while promoting teamwork, and are committed to delivering unique value through innovative and creative solutions. PurposeOur philosophy of efficient, compact and precise innovationenriches lives and helps create a better world. |
To achieve the goals declared in the Management Philosophy, promote sustainable growth, and increase corporate value over the mid- to long-term, we shall establish a corporate governance policy as resolved by the Board of Directors, the purpose of the policy being to continuously enhance and strengthen corporate governance that realizes transparent, fair, timely, and decisive decision-making. For effective corporate governance in light of prevailing social imperatives and the operating environment, Epson will review this policy, and amend it as necessary, on an annual basis. Amendments to this policy shall require board approval, and the nature of amendments shall be announced promptly. |
To achieve the Purpose, promote sustainable growth, and increase corporate value over the mid- to long-term, we shall establish a corporate governance policy as resolved by the Board of Directors, the purpose of the policy being to continuously enhance and strengthen corporate governance that realizes transparent, fair, timely, and decisive decision-making. For effective corporate governance in light of prevailing social imperatives and the operating environment, Epson will review this policy, and amend it as necessary, on an annual basis. Amendments to this policy shall require board approval, and the nature of amendments shall be announced promptly |
| Article 1: Principles of Corporate Governance | Article 1: Principles of Corporate Governance |
| 1.1 To achieve the goals declared in the Management Philosophy, promote sustainable growth, and increase corporate value over the mid- to long-term, Epson will strive to continuously enhance and strengthen corporate governance that realizes transparent, fair, timely, and decisive decision- making. | 1.1 To achieve the Purpose, promote sustainable growth, and increase corporate value over the mid- to long-term, Epson will strive to continuously enhance and strengthen corporate governance that realizes transparent, fair, timely, and decisive decision-making. |
| 1.2,1.3 <Omitted> | 1.2,1.3 <Unchanged> |
| Article 2 - Article 8 <Omitted> | Article 2 - Article 8 <Unchanged> |
| Article 9: Management Philosophy | Article 9: Management Philosophy |
| 9.1 Epson's Board of Directors shall periodically conduct a review to ascertain whether the corporate culture reflects a respect for the purpose and spirit of the Management Philosophy | 9.1 Epson's Board of Directors shall periodically conduct a review to ascertain whether the corporate culture reflects a respect for the purpose and spirit of the Management Philosophy and EXCEED YOUR VISION. |
| Article 10 - Article 31 <Omitted> | Article 10 - Article 31 <Unchanged> |
Appendix 1Policy on Information Disclosure and DialogueEpson established this policy for engaging in honest dialogue with stakeholders, in keeping with the Principles of Corporate Behavior and the Corporate Governance Policy, both of which were established to realize the Management Philosophy. Epson recognizes that to sustain growth and increase corporate value over the medium and long terms, we must increase the transparency of management and build and strengthen lasting trust and partnerships through honest dialogue with stakeholders. As part of our efforts to do so, we have articulated a policy on the disclosure of information to shareholders, investors, analysts, capital markets, and other stakeholders (collectively referred to as "shareholders and investors" below). We are also further enhancing our investor relations and sustainability reporting (IR & SR) activities and are engaging in constructive dialogue. 1-10 <Omitted> |
Appendix 1Policy on Information Disclosure and DialogueEpson established this policy for engaging in honest dialogue with stakeholders, in keeping with the Epson Way and the Corporate Governance Policy. Epson recognizes that to sustain growth and increase corporate value over the medium and long terms, we must increase the transparency of management and build and strengthen lasting trust and partnerships through honest dialogue with stakeholders. As part of our efforts to do so, we have articulated a policy on the disclosure of information to shareholders, investors, analysts, capital markets, and other stakeholders (collectively referred to as "shareholders and investors" below). We are also further enhancing our investor relations and sustainability reporting (IR & SR) activities and are engaging in constructive dialogue. 1-10 <Unchanged> |
| Appendix 2 <Omitted> | Appendix 2 <Unchanged> |
About Epson
Epson is a global technology leader whose philosophy of efficient, compact and precise innovation enriches lives and helps create a better world. The company is focused on solving societal issues through innovations in home and office printing, commercial and industrial printing, manufacturing, visual and lifestyle. Epson's goal is to become carbon negative and eliminate use of exhaustible underground resources such as oil and metal by 2050.
Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of more than JPY 1 trillion.
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