The Daikin Europe Group follows four policies to maintain high standards of corporate governance:
- Renovating systems to promote effective, strategic management, and to speed up decision making
- Using the virtual company system to reinforce corporate values and give divisional managers greater authority and responsibility
- Implementing unique personnel and organisational management systems to create a "fast & flat" Group management framework.
- Ensuring that management emphasizes openness, transparency, and responsiveness to stakeholders.
Actors of corporate governance
The Daikin Europe Group cherishes its tradition, culture, experience, and the people-oriented management philosophy which values the contribution of all employees. It is the responsibility of everyone to uphold the corporate governance policies of the Group. The specific actors of corporate governance and their responsibilities are explained below.
Board of Directors of Daikin Europe N.V.: (situation as of March 1, 2012)
Front row (from left to right):
Peter Van Den Broecke – Director and General Manager Finance, Accounting and General Affairs
Wim De Schacht – Vice President HRM & Corporate/Strategic Planning
Frans Hoorelbeke – Chairman, Member of the Board DENV; Member of the Board DIL
Masatsugu Minaka – President DENV; Vice President DIL
Hiroshi Yogo – Vice President Sales and Affiliate Management
Shigeki Morita – Vice President European Manufacturing
Wim Vangeenberghe – Director and General Manager Sales
Jean-Pierre Beuselinck – Director and General Manager Manufacturing
Junichi Sato – Director
Katsuyuki Sawai – Director
Executive Board Members of Daikin Europe N.V.: (situation as of March 1, 2012)
Martin Dieryckx – Assistant Director Environment Research Centre
Jan Cluyse – Assistant Director and Deputy General Manager Sales
Xavier Feys – Assistant Director and General Manager Services
Geert Vos – Assistant Director and Deputy General Manager Supply Centre
Keiichi Yamazumi – Assistant Director and General Manager Information Systems
Peter Verkempynck – Assistant Director and Managing Director Daikin A/C United Kingdom Ltd.
Bart Teerlynck – Assistant Director and Deputy General Manager Manufacturing
Filip De Graeve – Assistant Director and Deputy General Manager HRM
Shinichi Nakaishi – Assistant Director and General Manager EU Development Centre
Bart Van Hauwermeiren – Assistant Director Strategic Planning
Yuuji Fujimoto – Assistant Director Refrigeration
The brightly colored objects in the background are the origami cranes that were made by DENV employees in support of the victims of the March 2011 earthquake in Japan.
Board of Directors
The Board of Directors of Daikin Europe N.V. is responsible for:
- Determining company strategies and budgets
- Ensuring Daikin’s strategic goals are achieved
- Major operational decisions
- Supervising the Executive Board
- Corporate governance and legal issues
- Ratifying decisions made by the Boards of Daikin affiliates
- Remuneration levels for senior management
- Major organisational changes
The Executive Board of Daikin Europe N.V. is a committee of the Board of Directors tasked with improving information sharing and speeding up decision making.
The Executive Board is responsible for:
Operational management (under direction of the President)
- Developing strategic plans and budgets for approval by BOD
- Approval of departmental strategies and follow-up execution
- Operational decision making
- Implementing and monitoring risk management and internal control systems
- Organisational changes
The Audit Committee of Daikin Europe N.V. is a committee of the Board of Directors that provides an open avenue of communication between the Board of Directors, management, internal auditors and the independent auditors.
It assists the Board in overseeing:
- The integrity of financial information provided to the shareholders and others
- The company’s compliance with legal and regulatory requirements and adherence to the code of ethics
- The systems of audit and internal control established by the management and the Board of Directors
- The qualifications, independence, and performance of the company’s independent auditors
- The performance of the internal audit function
As a good corporate citizen, Daikin must observe the applicable law of the countries in which it operates. DENV is primarily governed by Belgian law and European regulations, while the affiliated companies of DENV comply with specific national legislation. DENV will also ensure that local legislation is respected in non-affiliated sales territories. The Legal Department will address and resolve any potential or actual conflict between European regulations and the law of any country in which we are active.
Internal Controls, Internal and External Audits
A key responsibility of the management in Daikin Europe N.V. and its affiliates is to ensure that the activities are executed in compliance with applicable laws and regulations and to safeguard the assets and integrity of the company. This is accomplished through a system of internal controls monitored by the management, together with internal and external audit.
In 2008 Daikin management set up the internal controls section as part of the Corporate Planning department. The section implements and monitors J-SOX and internal controls, reporting directly to the Audit Committee, the Board of Directors and mother company Daikin Industries Limited.
The internal audit section provides independent and objective assurance that adds value by improving operations. This helps to accomplish corporate objectives using a systematic, disciplined approach to evaluate and increase the effectiveness of control, governance and risk management processes.
Daikin Europe N.V's financial statements and system of internal controls are externally audited by Deloitte Touche Tohmatsu.