Toyota 2012 Annual Report Download - page 36

Investor InformationToyota Global Vision Special FeaturePresident
ʼ
s Message Financial Section
Business and
Performance Review
Medium- to Long-Term
Growth Initiatives
Changes for Making
Ever-Better Cars Management and
Corporate Information
TOYOTA ANNUAL REPORT 2012
Corporate Governance
Toyota has positioned the stable long-term
growth of corporate value as a top-priority
management issue. We believe that in
carrying this out, it is essential that we achieve
long-term and stable growth by building
positive relationships with all stakeholders,
including shareholders and customers as well
as business partners, local communities and
employees, and by supplying products that
will satisfy our customers. This position is
reflected in the
“
Guiding Principles at Toyota,
”
which is a statement of Toyota
ʼ
s fundamental
business policies. Also, Toyota adopted and
presented the CSR Policy
“
Contribution toward
Sustainable Development,
”
an interpretation of
the
“
Guiding Principles at Toyota
”
that organizes
the relationships with its stakeholders. We
are working to enhance corporate governance
through a variety of measures designed to
further increase our competitiveness as a
global company.
Toyota formulated and announced the Toyota
Global Vision in March 2011, based on what it has
learned from the deterioration of the business
environment following the Lehman Shock and a
series of quality problems.
The Toyota Global Vision, based on Toyota
ʼ
s
Toyota has an
“
International Advisory Board
”
consisting of advisers from each region
overseas, and, as appropriate, receives advice
on a wide range of management 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 various stakeholders,
including the
“
Labor-Management Council,
the Joint Labor-Management Round Table
Conference
”
, and the
“
Toyota Environment
Committee.
”
In order to manage and implement important
activities for fulfilling social responsibilities,
Toyota has established the CSR Committee
consisting of directors at the executive
vice president level and above as well as
representatives of corporate auditors, to review
important issues relating to corporate ethics,
legal compliance, risk management and social
contribution, and also to develop action plans
concerning these issues. Toyota has also
created a number of facilities for employees to
make inquiries concerning compliance matters,
values that have guided Toyota since its
founding, such as
“
Guiding Principles of Toyota
”
and
“
Toyota Way,
”
aims to exceed customer
expectations by the development of ever-better
cars and enriching lives of societies, and to be
rewarded with a smile which ultimately leads
to the stable base of business. Toyota is to
keep this virtuous cycle by focusing on making
ever-better cars.
To fulfill the Toyota Global Vision, Toyota
made some changes to its management
structure such as reducing the Board of
Directors and decision-making layers. Toyota
will continue to offer products and services that
will satisfy evolving needs in every region. Toyota
headquarters will provide overall direction and
furnish support for the initiatives undertaken by
the regional operations.
Specifically, with the aim of faster decision-
making, Toyota drastically reduced the number
of Directors and abolished the position of Senior
Managing Director. Furthermore, Toyota will
replace the current three-layer arrangement
—
Executive Vice President, Chief Officer, and
Executive responsible for the operations involved
—
with two layers, eliminating the executive
immediately below the Chief Officer. Moving
forward with this new structure will support a
swifter flow of information from the divisional
general managers, who are intimately familiar
with their operations, to senior management.
Toyota is to enhance clarity in organizational
responsibilities: the Board of Directors decides
Toyota

s Basic Policy on Corporate
Governance
Toyota

s Corporate Governance System
Systems for Ensuring Appropriate
Management
Accountability
Compliance
what Toyota will do as global Toyota, and Chief
Officers decide how to implement that decision
as chief executives for day-to-day operations,
etc. The post of Chief Officer will be filled either
by a
“
Senior Managing Officer
”
or
“
Managing
Officer
”
in a flexible manner. Chief Officers
responsible for the region or function conduct
local operations basically at respective sites
under the Executive Vice President responsible
for each operational sector to vigorously reflect
the voices of local customers in functions of
R&D, production, and sales.
Toyota has engaged in timely and fair disclosure
of corporate and financial information as
stated in the CSR Policy
“
Contribution towards
Sustainable Development.
”
In order to ensure
the accurate, fair, and timely disclosure
of information, Toyota has established the
Disclosure Committee chaired by an officer of
the Accounting Division. The Committee holds
regular meetings for the purpose of preparation,
reporting and assessment of its annual
securities report, quarterly report under the
Financial Instruments and Exchange Law of
Japan and Form 20-F under the U.S. Securities
Exchange Act, and also holds extraordinary
committee meetings from time to time whenever
necessary.
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Contents
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Other Management and Corporate Data
Corporate PhilosophyR&D and Intellectual Property
Corporate Governance
Management Team
Risk Factors