Japanese electronics company Panasonic Corp. announced Feb. 28 that it will no longer appoint executive advisers, effective April 1.
Instead, former chairmen, presidents or CEOs will be appointed as special corporate advisers who will serve part-time without compensation. They will fulfill their roles for external organizations.
The change comes in the wake of a trend in which investors are requesting of Japanese companies more transparency in their governance system, the Nikkei Asian Review reported March 1. Consequently, current Panasonic executive adviser Kunio Nakamura will be named special corporate adviser, effective April 1. Existing special corporate adviser Fumio Ohtsubo will continue in his current role. Nakamura and Ohtsubo are former Panasonic presidents.
In a separate release, the manufacturer said it has named Laurence Bates as executive officer, effective April 1. His appointment is subject to approval during the June 28 general shareholder meeting.
The Nikkei reported that Bates is the first non-Japanese board member of Panasonic. He will serve as general counsel and chief compliance officer at the electronics company.
