The Board of Directors is responsible for deciding fundamental policies regarding management, and for the supervision of directors and executive officers. It convenes once a month, with additional irregular meetings held flexibly as necessary.

Each committee acts in its capacity to conduct management supervision and reports to the Board of Directors. A Committees Secretariat has been established to support the activities of each committee by providing dedicated staff.

Nominating Committee

The Nominating Committee determines the content of proposals to be submitted at the General Meeting of Shareholders regarding the appointment or dismissal of directors, as well as nominates candidates for representative director for the Board of Directors and executive officers, and recommends their removal.

Audit Committee

The Audit Committee monitors the execution of business by directors and executive officers, and determines the content of proposals to be submitted at the General Meeting of Shareholders regarding the selection or dismissal of the financial auditor.

Compensation Committee

The Compensation Committee determines the compensation of individual directors and executive officers.

Executive officers execute specific operations based on the fundamental policies decided by the Board of Directors.

The Group Auditor Office serves under a full-time executive officer as the company’s internal auditing department. It audits the status of legal compliance, operational streamlining and risk management of all business aspects of PARCO and the PARCO Group, based on the auditing plan. It also exchanges information with the Audit Committee and auditors of group subsidiaries as necessary, and conducts effective audits.

The Committees Secretariat has been established as a unified structure independent of the business execution departments to support the operations and ensure the effectiveness of the Nominating, Audit and Compensation committees. It handles operations related to the overall conduct of each committee, including operations related to the formulation and conduct of the annual plans for each committee, operations related to the convening of meetings, including determination and establishment of proposals, invitations, and recording of minutes, as well as any work requested by committee members. The Committees Secretariat also provides committee members (mainly external directors) with advance overviews and distribution of meeting materials in order to deepen understanding of proposals, and improve the effectiveness and ensure the efficient operations of each committee.