Governance Initiatives
Governance Initiatives
MEL is composed of a board of directors consisting of one executive director and three supervisory directors and an independent auditor, in addition to the general meeting of unitholders composed of its unitholders. MEL is prohibited from employing employees in accordance with the Investment Trust Law. Therefore, there are no employees, and asset management is entrusted to MJIA. Under the following management structure, MJIA engages in asset management operations, such as the acquisition or transfer of real estate and the leasing of real estate.
Executive officers and supervisory officers
Number of people：4 people (1 executive officer, 3 supervisory officers)
Female ratio：25％
Board of Directors meeting attendance rate (16/16 times)：100％(Note 1)
※As of August 31, 2023(Note 1) Attendance status at board of directors meetings held during the 13th period (ending February 2023) and 14th period (ending August 2023) is stated in number and percentage.
Naoko Yanaka will be (4 times / 4 times) because Naoko Yanaka took office on May 23, 2023.
Status and remuneration of officers of the Investment Corporation
The remuneration for executive officers shall be up to 800,000 yen per month, and the remuneration for supervisory officers shall be up to 300,000 yen per month, the amount determined by the board of directors.
The standards for payment of remuneration for executive officers and supervisory officers are determined by the company's regulations.
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| Title and Name |
Qualifications | Remuneration for Director（Note 1） (Fiscal period ended August 31 2022 & February 28, 2023) |
|---|---|---|
| Executive Director Ken Takanashi (Male) |
－ | － |
| Supervisory Director So Saito (Male) |
Lawyer | 2.4 million yen |
| Supervisory Director Akira Fukano (Male) |
Certified Public Accountant Tax Accountant |
2.4 million yen |
| Supervisory Director Naoko Yanaka (Female) |
Lawyer | Non-remuneration（Note 2） |
（Note1）Executive Director does not receive any remuneration from MEL. The amount of remuneration paid to supervisory directors is the amount paid for the most recent one-year period.
（Note2）There was no actual payment of remuneration for Naoko Yanaka, supervisory Director in fiscal year 2022, as she was elected on May 23, 2023, by resolution at the MEL's general meeting of unitholders held on the same date.
Accounting Auditor
In addition to auditing the financial statements of MEL, if the Accounting Auditor finds the conduct of business by theexecutive director(s) to be improper or discovers any material violation of law or the Articles, the Auditor shall report to a supervisory directors and take other actions set forth by law.
Accounting auditor
| Accounting auditor | Continuing accounting period |
|---|---|
| Ernst & Young ShinNihon LLC | From July 2016 until present |
Accounting Auditor's Remuneration
| Fiscal period ended February 28, 2023 (thousands of yen) |
|
|---|---|
| Compensation based on audit attestation services | 32,650 |
Note) Remuneration for the accounting auditor includes fees for preparation of the comfort letter for the public offering and fees for the English language audit.
Regular Audits of Ethical Standards
MJIA has established the Internal Audit Department as independent department based on the "Internal Audit Regulations" with the General Manager as the person in charge.
Once a year, the Internal Audit Department of MJIA conducts an internal audit, including an on-site inspection, with the cooperation of an external audit firm. Based on the internal audit plan approved by the President & CEO and the Board of Directors, internal audits covers all operations on a wide range of items, including the status of compliance and risk management practices and corporate ethics. If any problems are identified, the department in charge gets recommendations and instructions for improvement, and the results are reported to the President & CEO and the Board of Directors.