Mitsubishi Electric Establishes "Task Force to Investigate Corporate Rules of Conduct" and "External Affairs Office"

Mitsubishi Electric has a standard charter for corporate rules of conduct. However, the Company acknowledges that the recent so-called "Umi no Ie" incident is a result of insufficient enforcement of this charter.

It was resolved at a special board of directors meeting today that the "External Affairs Office," a new organization, would be established in addition to the "Task Force to Investigate Corporate Rules of Conduct." The task force will conduct a comprehensive inspection of the control systems for corporate rules of conduct in order to prevent the reoccurrence of such incidents, and the "External Affairs Office" will undertake the company's disassociation from alleged sokaiya (corporate racketeers) and other similar entities.

Mitsubishi Electric, with President Takashi Kitaoka in the lead, will pursue the observance of corporate rules of conduct with new determination and resolution and will implement measures covering the entire company in order to prevent the reoccurrence of such incidents.


Description

1. "Task Force to Investigate Corporate Rules of Conduct"

Objectives: To inspection in a comprehensive fashion the control systems for corporate rules of conduct and to suggest measures to strengthen related corporate organizational structures

Task Force Leader: President Takashi Kitaoka

Members: Affiliated board members and outside specialists

Commencement: November 18, 1997

2. "External Affairs Office"

Objectives: To disassociate the Company from alleged sokaiya (corporate racketeers), as well as to handle the routine external affairs of the Company

Committee: Ten or more members including outside specialists

Commencement: December 1, 1997