Toray Industries, Inc.,
Tokyo, Japan, May 13, 2022 – Toray Industries, Inc., today announced disciplinary measures against Board members with regard to employees’ inappropriate actions relating to UL LLC (hereinafter, “UL”) certification in the Toray resins business.
The sustained and systematic inappropriate actions have caused enormous inconvenience to society, including customers, and have significantly damaged the company’s reputation. To determine management responsibility, the Governance Committee (which has a majority of outside directors and is chaired by an outside director) has discussed the matter and reported its findings to the Board of Directors. In response, at the Board of Directors meeting held today, the following disciplinary measures against Board members were decided, as detailed below.
Toray deeply regrets having allowed this situation to occur, and once again sincerely apologizes for all the concern and inconvenience caused.
Akihiro Nikkaku, President and Representative Member of the Board:
Monthly salary reduced by 50% (for a six-month period)
Koichi Abe and Mitsuo Ohya, Representative members of the Board:
Monthly salary reduced by 30% (for a six-month period)
Five other Board members:
Monthly salaries reduced by 10 to 20% (for periods between three to six months)
Toray also reports that a former representative member of the Board and four outside directors have expressed their intention to voluntarily return a portion of their salaries.
2. In addition, based on internal rules and regulations, Toray will take strict disciplinary measures regarding those responsible for execution, management, and supervision relating to the inappropriate actions.