Key Point of President's Regular Press Conference

Key Point of President's Regular Press Conference

April 2010 Regular Press Conference: Chairman's Message

April 28, 2010
Chubu Electric Power Co.,Inc.

I will be talking about one item:

  • Chubu Electric Directors

Chubu Electric Directors

  • As has already been announced, we have informally appointed our current President, Mr. Toshio Mita, to the position of Chairman, and our current Vice President, Mr. Akihisa Mizuno, to the position of President, effective from the date of the meeting of our Board of Directors following our General Meeting of Shareholders at the end of June this year.
  • The business environment in which we operate is facing a major turning point, but against this background our mission remains unchanged: To provide a superior energy service centering on stable and affordable electric power.
  • In addition, we aim to also continue to respond to the expectations of our customers, our shareholders and investors, our regional community, and our business partners, and fulfill our social responsibilities as a good corporate citizen.
  • Our present Directors form a team ideally suited to joining together with our new Chairman and new President in the management of the company in order to fulfill this mission and these responsibilities, and to realize continuing growth for the Group as a whole.
  • We will have 15 Directors, as we do at present. Through the small size of this elite group, we aim to ensure an appropriate level of deliberation and rapid decision-making at our Board of Directors.
  • I am confident that in addition to possessing character and acumen, our Directors all possess an abundance of ability that will allow them to fulfill their serious responsibilities.
  • At present we have two Outside Directors. These two Directors have offered us valuable advice at every juncture to date, and will continue to assist us.
  • We have appointed three new Directors.
  • In addition to myself, one Vice President and one Senior Managing Director are stepping down at this time, but we will still having these individuals thriving as top management of Chubu Electric Group companes, drawing on their experience as leaders of the Chubu Electric Group.
  • With regard to Statutory Auditors, none of our present Statutory Auditors have come to the end of their term.
  • I will be stepping down from my position at the General Meeting of Shareholders in June, but this is nevertheless a period of great hope for the future, as Chubu Electric goes forward with a new team in place.

That concludes my remarks for today.

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