MEL.L Regulatory News (MEL)

Mitsubishi Electric Announces Establishment of Governance Review Committee

TOKYO, October 20, 2021 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the Board of Directors approved to establish a Governance Review Committee consisting of outside experts. The details are as follows:

Background of Establishment of Governance Review Committee

As announced by the company on October 1, regarding "Update on Investigation into Improper Quality Control Practices and Implementation of Reform Roadmap (First Report)", , the company believes that it is necessary to incorporate the perspective of third parties to assess whether there is room for improvement in the company's internal control system and governance. Therefore, the Governance Review Committee was established as a Board-commissioned body, comprised of outside experts who have no existing commercial relationships with the company.

Members of Investigative Committee

Chair: Toshiaki Yamaguchi, Managing Partner (Attorney-at-Law, Certified Fraud Examiner), Yamaguchi Toshiaki Law Office

Members: Junya Naito, Partner (Attorney-at-Law), Momo-o, Matsuo & Namba

Takashi Kiuchi, Partner (Attorney-at-Law, Certified Public Accountant), Miura & Partners

Purpose of Governance Review Committee

Ÿ Assess and identify problems relating to the company's overall internal control system and governance with its main focus on improper quality control practices.

Ÿ Recommend reform measures.

Ÿ Clarify managerial responsibility of executive officers as well as board directors.

Future Actions

The Governance Review Committee will aim to clarify managerial responsibility of executive officers and board directors by December 2021 and the Board of Directors will consider necessary actions in a timely manner. In addition, the Governance Review Committee will aim to provide a summary of issues identified and recommendations for improvement by March 2022. The Board will take these recommendations on board and work to strengthen its internal control system and governance.

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About Mitsubishi Electric Corporation

With 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its "Changes for the Better." The company recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal year ended March 31, 2021. For more information, please visit www.MitsubishiElectric.com

*U.S. dollar amounts are translated from yen at the rate of ¥111=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021 

Attachment

Profiles of Governance Review Committee Members