*****For immediate use January 4th, 2001
Establishment of Management Advisory Committee and Compensation Committee
NEC announced today establishment of management advisory committee and compensation committee as of January 1. This is the result from enhancement of corporate governance, which was announced on October 26, 1999. NEC will improve transparency and wholesome of its management by participating knowledgeable people from various field both internally and externally as a member of the committee.
The first meeting of compensation committee and management advisory committee are scheduled on February 1 and February 8.
I. Management Advisory Committee
<Members from outside of NEC> (alphabetical order)
Fujio CHO, President, Toyota Motor Corporation
Kunio ITO, Professor, Graduate School of Commerce, Hitotsubashi University
Yutaka KOUSAI, Chairman, Japan Center for Economic Research
Kosuke NAKAHIRA, Vice-chairman, Institute for International Economic Studies
Mochio UMEDA, President, MUSE Associates
Operation of Management Advisory Committee
Representative directors including chairman, president, and senior executive vice president are members from NEC. The committee will discuss on important strategy regarding management overall. The committee is scheduled to meet four times a year. The chairman of this committee is the chairman of NEC. Furthermore, the term of committee shall not prevent reappointment as one year.
II. Compensation Committee
<Members from outside of NEC>
Mitsuyo HANADA, Professor, Faculty of Policy Management, Keio University
Operation of Compensation Committee
Chairman, president and Hirokazu Akiyama, Executive Advisor are members of the committee from NEC. Also Toshio Morikawa, member of the Board, NEC (Chairman of the Board, The Sumitomo Bank, Ltd.) is the chairman of the committee. This committee will deliberate on compensation for member of the board and executives of internal companies. The committee will meet as occasion demands. The term of committee shall not prevent reappointment as one year.