The Oiles Group strives to contribute to society by leveraging our technology and raising corporate value through the establishment of solid relationships with our many stakeholders. We have established a sound and highly transparent management system through agile management decision making in response to changing markets, and delegation of authority and managing financial reports in an appropriate and effective matter.
In addition, we are taking steps to improve the system and strengthen its effectiveness. The Internal Audit Office, an organization under the direct control of the president, periodically conducts audits on all our departments and Group companies. With the goal of enabling the Board of Directors and Audit & Supervisory Board to fulfill their functions, mechanisms are also being established for the Internal Audit Office to report directly to the Board of Directors and Audit & Supervisory Board as needed about matters such as the results of internal audits. The person responsible for internal audits exchanges opinions with the Audit & Supervisory Board and accounting auditors, and also provides corrective instructions and improvement suggestions to each workplace, and follows up on this advice.
The Audit & Supervisory Board and auditors, who are independent of the Board of Directors and directors, collaborate by exchanging necessary information, including the details of accounting audits and reports from the Internal Audit Office. The auditors attend Board of Directors meetings as well as other appropriate meetings to understand the decision-making process and status of business operations. The auditors have access to major documents and other critical documents with approval from the Board. If necessary, they can request an explanation for the documents from directors or employees. Moreover, the president exchanges opinions with auditors and accounting auditors at regular meetings.