The OLC Group recognizes that strengthening our corporate governance system is essential to accomplishing our mission of offering “magical dreams, moving experiences, delight and contentment.” In addition to establishing a basic structure to support this mission and raising employee awareness of these concepts, the OLC Group also promotes the following initiatives.
1 We are bolstering the systems that address compliance, risk management and information security as a means of enhancing our internal control processes.
2. We actively disclose information to promote management transparency.
3. We are building partnerships with our vendors and in addition, maintaining fair and appropriate relations with our business partners. We are working to encourage socially responsible practices through all our dealings.
Oriental Land Co., Ltd., the company at the heart of the OLC Group, has adopted a board of directors system that enables the Board of Directors to focus on supervision, thereby bolstering the management supervisory function and delegating the task of business execution to the Board, which leads to expeditious and appropriate decisions being made.
The Board of Directors consists of 11 members; one of whom is not an employee of OLC. The Board of Directors holds regular meetings that are, in principle, convened on a monthly basis which all auditors, regardless of being regular or non-regular employees, are required to attend.
1. The Group employs four auditors, three of whom are not OLC employees.
2. Under this system, two standing auditors are required to attend meetings and present their objective opinions to the Board of Directors, the Executive Committee, the Theme Park Committee and other meetings deemed important by corporate auditors.
3. In accordance with our Audit Policy and the Basic Internal Auditing Plan, our auditors conduct briefing sessions with directors and employees, review the contents of key documents, and discuss matters that have been deliberated at important meetings as well as the findings of company audits.
4. We have assigned dedicated staff in the Corporate Auditor Office to provide assistance to corporate auditors. Additionally, internal regulations require that officers provide corporate auditors essential and appropriate information on a timely basis in order to ensure that audits are effective.
Internal Auditing Department and Financial Auditors
1. In order to ensure compliance with laws and internal regulations and efficient execution of work duties, we have established the Internal Auditing Department. It is in charge of internal auditing, and being independent of business execution departments, plays a part in maintaining internal controls.
2. In order to ensure accuracy in our financial statements our accounts are audited by KPMG AZUSA LLC.
In order to provide reliable financial reporting, we have established a Committee for the Promotion of Internal Controls to satisfy the Internal Control over Financial Reporting requirement stipulated in the Financial Instruments and Exchange Law, and are consolidating our system of internal controls for the entire OLC Group.
Internal controls pertaining to the consolidated financial reports for the financial year which ended on March 31, 2013 were deemed to be effective and after being duly audited by an independent auditor, were submitted as part of our report on internal control. We will continue to assess the status and effectiveness of our internal control system and make every effort to further improve this function in the future.