Press Information

Notice Concerning Transition to a "Company with Supervisory Committee"

No.1882
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Tokyo, March 30, 2015 - At its Board of Directors meeting conducted today Mitsubishi Heavy Industries, Ltd. (MHI) adopted a resolution calling for its transition to a "company with a supervisory committee" of the kind newly created under revision to the Companies Act of Japan (Act No.90 / 2014) to take effect from May 1. The transition will be implemented subject to the condition that it is approved at the Company's 90th Regular General Shareholders Meeting scheduled to convene in June.

1. Reasons for the Transition

MHI has continually taken steps to strengthen its corporate governance structure in order to improve the "soundness and transparency" and "efficiency and maneuverability" of its execution of business affairs. Now, in order to further strengthen the supervisory functions of its Board of Directors, to separate supervisory and business execution functions, and to perform swift decision-making, the Company has determined to transition to a "company with a supervisory committee" a) the majority of whose members shall be outside directors and b) able to entrust a fair portion of the business execution authority of the Board of Directors to the directors.

2. Transition Schedule

The transition to a "company with a supervisory committee" is to be implemented subsequent to approval of necessary changes to MHI's Articles of Incorporation at its 90th Regular General Shareholders Meeting scheduled to convene in June.