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Nisshinbo announces corporate split-up format
10 Dec '07
2 min read
Nisshinbo Industries Inc announced that its Board of Directors had decided at a meeting that, on condition of approval at a general meeting of shareholders it will commence preparations for a shift to a holding company system by means of a company split-up. The change is scheduled to take effect on April 1, 2009.
The Nisshinbo Group has been pursuing management reforms and the enhancement of corporate value in accordance with the basic management policy of “reform and growth.” Regarding the management setup, an outside director system and a managing officer system have already been introduced with the aim of increasing transparency and speeding up decision making.
In addition, Nisshinbo is endeavoring to concentrate management resources in promising businesses and is in the process of implementing reforms designed to enhance corporate value, such as the integration of the chemical products and business development, which share the same technological bases.
In order to further enhance corporate value, it has now been decided that the holding company system is the optimum form of management for the group, the principal characteristic of which is its diversity.
Details of the group's management setup following the switchover to a holding company system and the functions of the holding company itself will be announced promptly as soon as their disclosure becomes possible.
The following is a summary of the Board of Directors' decision:
The Nisshinbo Group has been pursuing management reforms and the enhancement of corporate value in accordance with the basic management policy of “reform and growth.” Regarding the management setup, an outside director system and a managing officer system have already been introduced with the aim of increasing transparency and speeding up decision making.
In addition, Nisshinbo is endeavoring to concentrate management resources in promising businesses and is in the process of implementing reforms designed to enhance corporate value, such as the integration of the chemical products and business development, which share the same technological bases.
In order to further enhance corporate value, it has now been decided that the holding company system is the optimum form of management for the group, the principal characteristic of which is its diversity.
Details of the group's management setup following the switchover to a holding company system and the functions of the holding company itself will be announced promptly as soon as their disclosure becomes possible.
The following is a summary of the Board of Directors' decision:
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