Mitsubishi Electric Announces Director Candidates

Rhea-AI Summary

Mitsubishi Electric Corporation (Tokyo:6503) announced the candidates for Directors during its Nomination Committee meeting on March 31, 2022. This follows the recent discovery of improper quality control practices, prompting a company-wide investigation by an external Investigative Committee. All current Director and Executive Officer candidates are tentative, pending the outcomes of the ongoing investigations and assessments on internal control and governance systems. The company plans to review and finalize Director candidates based on the investigation's findings.

Positive

• None.

Negative

• Discovery of improper quality control practices leading to an ongoing company-wide investigation.
• All current candidates for Directors are tentative, indicating potential instability in leadership.

TOKYO--(BUSINESS WIRE)-- Mitsubishi Electric Corporation (TOKYO:6503) announces the candidates for Directors elected at the meeting of the Nomination Committee held on March 31, 2022.

It should be noted that in conjunction with the discovery of improper quality control practices at Mitsubishi Electric, the company is currently undergoing a company-wide investigation on improper quality control practices by an Investigative Committee of external experts and an assessment of the company’s overall internal control and governance systems by the Governance Review Committee. Accordingly, all candidates for Directors who are currently serving as Directors and Executive Officers are tentative candidates. Upon receipt of the report on the results of the investigation and assessment by the Investigative Committee and the Governance Review Committee, the company intends to once again review and determine the candidates for Directors.

For the full text, please visit: www.MitsubishiElectric.com/news/

View source version on businesswire.com: https://www.businesswire.com/news/home/20220330005378/en/

Media Inquiries

Takeyoshi Komatsu

Public Relations Division

Mitsubishi Electric Corporation

Tel: +81-3-3218-2346

prd.gnews@nk.MitsubishiElectric.co.jp

www.MitsubishiElectric.com/news/

Source: Mitsubishi Electric Corporation

FAQ

What did Mitsubishi Electric announce on March 31, 2022?

Mitsubishi Electric announced the candidates for Directors during a Nomination Committee meeting.

What prompted the investigation at Mitsubishi Electric?

The investigation was prompted by the discovery of improper quality control practices.

Are the current Director candidates at Mitsubishi Electric confirmed?

No, all current candidates for Directors are tentative pending investigation results.

What does the investigation at Mitsubishi Electric involve?

The investigation involves assessing improper quality control practices and the company's internal control and governance systems.

What is the stock symbol for Mitsubishi Electric?

The stock symbol for Mitsubishi Electric is MIELY.