Universal Entertainment Corp, the parent company of Okada Manila, has announced the formation of a Governance Committee to assess its management compliance practices.
The establishment of this committee follows a resolution passed by the Board of Directors in a meeting on September 13th. The decision comes in the wake of significant leadership changes within the company.
Following the resignation of Kazuo Okada as a director in 2017, the company has focused on improving its compliance management and governance framework under the leadership of former President and CEO Jun Fujimoto.
However, Fujimoto resigned from his position as Representative Director on April 26th, of this year after being found to have breached his fiduciary duty in a 2012 transaction, leading Universal to appoint Hajime Tokuda as the new Representative Director and President.
Now the group stated that the new task force has been established under his leadership to take effective measures to protect the company’s claims against Fujimoto, as detailed in the notice regarding actions taken against the former representative director.
The newly formed Governance Committee aims to assess whether the management team’s approach to compliance and governance aligns with the expectations of shareholders and stakeholders, both domestically and internationally.
The committee will consist of Masayoshi Miyanaga as Outside Director; Hiroshi Miyauchi as Outside Director; and Yutaka Yazawa as Full-time Audit & Supervisory Board Member.
‘Looking ahead, the Governance Committee will collaborate with external experts to investigate the company’s management practices and operational structure’, the group added.
‘By March 2025, the committee plans to identify governance issues and propose necessary measures to the Board of Directors to enhance the company’s governance and operational effectiveness.’
