Japan’s third largest steelmaker Kobe Steel has accepted the resignation of Director Yasushi Tsushima, who was a member of the Audit & Supervisory Committee, effective 28 February. The resignation follows the discovery of improper claims for reimbursement of travel expenses by Mr. Tsushima.Despite the resignation of Mr. Tsushima, Kobe Steel continues to meet the necessary requirements for the number of directors who are part of the Audit and Supervisory Committee as mandated by the relevant laws and regulations and the Articles of Incorporation. Moreover, the company complies with the Corporate Governance Code, which stipulates that at least one-third of all board members should be independent outside directors.
Japan’s third largest steelmaker Kobe Steel has accepted the resignation of Director Yasushi Tsushima, who was a member of the Audit & Supervisory Committee, effective 28 February. The resignation follows the discovery of improper claims for reimbursement of travel expenses by Mr. Tsushima.Despite the resignation of Mr. Tsushima, Kobe Steel continues to meet the necessary requirements for the number of directors who are part of the Audit and Supervisory Committee as mandated by the relevant laws and regulations and the Articles of Incorporation. Moreover, the company complies with the Corporate Governance Code, which stipulates that at least one-third of all board members should be independent outside directors.
