Kansai Electric Names Sakakibara as Chairman

Economy Society

Tokyo, March 30 (Jiji Press)--Kansai Electric Power Co. <9503> said Monday that Sadayuki Sakakibara, former chairman of Japan's leading business lobby, Japan Business Federation, or Keidanren, will become its chairman.

Sakakibara will take up the post after gaining approval at a shareholders' meeting in June.

Also on Monday, Kansai Electric submitted its business improvement plan to the industry ministry over a high-profile gift scandal involving senior officials of the company.

The power supplier pledged in the plan to strengthen its corporate governance and compliance systems to prevent a recurrence of such scandals and restore confidence.

The move followed a business improvement order the ministry issued over the scandal on March 16 under the electricity business act. The ministry ordered the company to consider a shift to a "company with committees" management system that gives stronger authority to outside directors and strengthening its auditing department.

[Copyright The Jiji Press, Ltd.]

Jiji Press