Mitsubishi UFJ Financial Group Inc. is filling out the majority of its board with outside directors in a move to strengthen transparency and accountability.
Yasushi Shingai was appointed as an independent director, making him the eighth outside director in the 15-member board. Shingai is the former executive deputy president and representative director of Japan Tobacco Inc., according to a May 15 release. The bank's other new appointment to the board is Saburo Araki, deputy chairman and a representative corporate executive.
Meanwhile, Takehiko Shimamoto, Yukihiro Sato and Takashi Nagaoka will retire as directors. Other members of the executive team that will resign from the board are Muneaki Tokunari, the group's CFO, and Masamichi Yasuda, the group chief risk officer.
The move makes Mitsubishi UFJ Financial the first of Japan's three megabanks to make outside directors the majority of its board, The Nikkei reported May 15. The megabank has been adding outside directors over the years as it seeks to expand its global footprint. The bank hopes that appointing outside directors will help improve business oversight, a point of interest for international investors.
The new directors will be considered at the company's annual general meeting on June 28.
Further, Masato Miyachi was appointed as group head for the global corporate and investment banking business group, effective July 1. Miyachi was deputy group head of the global business group.
