Actors of Corporate Governance
Board of Directors of Daikin Europe N.V.: (situation as of July 1, 2008)
Front row (from left to right):
Hitoshi Sakaguchi - Director Legal Affairs, Wim De Schacht - Director HRM & Corporate/Strategic Planning, Jiro Tomita – Director and General Manager Manufacturing, Masatsugu Minaka - President, Frans Hoorelbeke - Chairman, Member of the board, Toshitaka Tsubouchi - Director and General Manager Sales, Dirk Salembier - Corporate Advisor.
Executive Board Members of Daikin Europe N.V.: (situation as of July 1, 2008)
Back row (from left to right):
Xavier Feys - Assistant Director and Managing Director Daikin A/C Germany GmbH, Geert Vos - Assistant Director and Deputy General Manager Supply Centre, Keiichi Yamazumi - Assistant Director Information Systems, Kazuo Moritoki – Assistant Director and General Manager Supply Centre, Peter Verkempynck - Assistant Director and Deputy Managing Director Daikin A/C United Kingdom Ltd., Jackie Demey - Assistant Director and Deputy General Manager Manufacturing, Wim Vangeenberghe - Assistant Director and Deputy General Manager Sales, Jean-Pierre Beuselinck - Assistant Director and Deputy General Manager Manufacturing, Filip De Graeve - Assistant Director and Deputy General Manager HRM and General Affairs, Peter Van Den Broecke - Assistant Director General Affairs and Finance and Accounting.
Not pictured: Tadafumi Mikoshi - Assistant Director Refrigeration, Jan Cluyse - Assistant Director Sales
Board of Directors
The Board of Directors of Daikin Europe N.V. engages in the following activities:
Decide on Strategic directions & budgets
Follow-up of strategy goals
Decide on major operational matters
Supervise Executive Board
Corporate Governance & Legal
Confirm affiliate BOD decisions
Remuneration of senior management
Major organizational changes
The Executive Board of Daikin Europe N.V. is a committee of the Board of Directors. Its primary function is to improve information sharing and speed up decision making.
The Executive Board engages in the following activities:
Operational management under direction of the President
Develop strategic plans and budgets for approval by BOD
Approval of departmental strategies and follow-up of execution.
Operational decision making
Implement and monitor risk management and internal control systems
The Audit Committee of Daikin Europe N.V. is a committee of the Board of Directors. Its primary function is to assist the Board in fulfilling its oversight responsibilities for:
the integrity of the financial information, which will be 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 internal control, which management and the Board of Directors have established, and the audit process
the qualifications, independence, and performance of the company’s independent auditors
the performance of the internal audit function
In doing so, it is the responsibility of the Audit Committee to provide an open avenue of communication between the Board of Directors, management, internal audit and the independent accountants.
Internal Audit and External Audit
The key responsibilities of the management in Daikin Europe N.V. and its affiliates are to enhance corporate value, 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 control. The three key players in monitoring the internal controls are Management, Internal Audit, and External Audit.
The mission of Internal Audit is to provide independent and objective assurance and consulting services that add value and improve the organization’s operations. It helps the organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of the control, governance, and risk management processes of the company.
Additionally, the financial statements and the system of internal controls of Daikin Europe N.V. are audited by Deloitte Touche Tohmatsu, our external auditor.