Toyota 2005 Annual Report Download - page 19

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CORPORATE GOVERNANCE >17
International Advisory
Board
Labor-Management Council
Joint Labor-Management
Round Table Conference
Corporate Philanthropy
Committee
Toyota Environment
Committee
Corporate Ethics
Committee
Stock Option Committee
Board of Directors
Board of Corporate
Auditors
Financial statement audits
based on U.S. & Japan
auditing standards
Managing Officers
Disclosure
Committee
NY / London stock listings
The U.S. Sarbanes-
Oxley Act
(internal control systems)
readiness project team
Senior Managing Directors
Monitoring
Monitoring
Appointment
Toyota’s Corporate Governance
Emphasizing Frontline Operations + Multidirectional Monitoring
Majority are
outside corporate
auditors
Shareholders
To monitor the management, Toyota has adopted an auditor system that is based
on the Japanese Commercial Code. In order to increase transparency of corporate
activities, four of Toyota’s seven corporate auditors are outside corporate auditors.
Corporate auditors support the Company’s corporate governance efforts by
undertaking audits in accordance with the audit policies and plans determined by
the Board of Corporate Auditors.
[SYSTEMS FOR ENSURING APPROPRIATE MANAGEMENT ]
➤As a system to ensure appropriate management, Toyota has convened meetings of
its International Advisory Board (IAB) annually since 1996. The IAB consists of
approximately 10 distinguished advisors from overseas with backgrounds in a wide
range of fields, including politics, economics, the environment, and business.
Through the IAB, we receive advice on a diversity of business issues from a global
perspective. In addition, Toyota has a wide variety of conferences and committees
for deliberations and the monitoring of management and corporate activities that
reflect the views of a range of stakeholders, including the Labor-Management
Council, the Joint Labor-Management Round Table Conference, the Corporate
Philanthropy Committee, and the Stock Option Committee.