Honda Motor To Cut Number Of Directors To 12 From 20 - Update

(RTTNews) - Japanese automaker Honda Motor Co., Ltd. (HMC: News ) Tuesday stated that its board of directors has decided on a plan for changes in management and board structures. The plan includes reducing the number of directors to twelve from presently twenty.

The plan, which was decided at a board meeting held today, is intended to strengthen the company's management structure amid changes in the economic environment.

The planned changes are subject to shareholders' approval at the general meeting to be held in late June 2011 and a decision at the board meeting to be held immediately thereafter.

According to the company, in 2005, it had implemented an operating officer system to strengthen the execution of regional and on-site operations and to carry out appropriate management decisions. In that system, a structure was established to differentiate the roles between directors and operating officers.

Honda Motor today said it will designate all of the directors who have business execution roles, including the president, as operating officers. In conjunction with these changes, titles such as senior managing, managing, and the like will be attributed to officers within the operating officer system.

Further, the company will elect a member from the operating officers as a candidate for director.

This member will be responsible for deciding matters provided by law and for monitoring and supervising business execution, in order to speed-up and streamline board's decision making. This member will also respond to the requests of shareholders and investors.


As a consequence of these changes, the number of directors will change from twenty to twelve in late June this year. Meanwhile, the company will maintain the number of corporate auditors at five.

In addition, in order to align with the beginning of the business year, the time of assumption of office for operating officers will be changed to April 1. It was late June earlier.

HMC closed Friday's trading at $44.49, up $0.12, on a volume of 496,400 shares.

Source;
http://www.rttnews.com/Content/BreakingNews.aspx?Id=1558176&SM=1

Honda Warning, Fix the Yen or we Leave Japan

That's right, current economic times are forcing Honda to talk drastic measures.

We're outta here!!!!
Corporate posturing or not, Honda's Takeo Fukui made his opinions perfectly clear regarding the Japanese government's recent lack of currency manipulation. Fukui, CEO of Honda Motor Co., suggested that the yen's rise in value relative to the currency in the United States and Europe is causing major damage to the automaker, and he's willing to take drastic measures to stop the hurt, including relocating the automaker's corporate headquarters to another country. Other possible actions include a major reduction in workforce, including the type of permanent lay-offs that the automaker has typically avoided in the past, as well as moving more production out of Japan and into overseas markets.

Fukui might get exactly what he wishes for, as many economists are predicting that the yen will sink in value in relation to the dollar within the next few days. If not, many, like Fukui, are calling on the Japanese government to step in and devalue its currency for the first time in four years. Thanks for the tip, BenS!

Source;
http://www.autoblog.com/2008/12/22/honda-could-move-headquarters-outside-of-japan/

Honda's Environmental Technology Milestones

Developing cleaner products is not a new mandate for Honda. Coupled with world-class quality and technology, Honda has routinely incorporated environmentally-focused features into its products for more than 40 years. A few examples include:

* Since 1964 Honda has manufactured only four-stroke outboard motors. Cleaner, more fuel-efficient and quieter than traditional two-stroke outboards, four-stroke motors also do not release oil directly into the water;

* In 1972 Honda introduced the Controlled Vortex Combustion Chamber (CVCC) engine. The CVCC was the first automobile engine capable of meeting the 1970 Clean Air Act without the weight, cost, and complexity of a catalytic converter;

* In 1997 Honda entered the handheld power-equipment market with a noticeably quiet and fuel-efficient trimmer/brush cutter powered by the world’s first 360-degree inclinable mini-four-stroke engine;

* In 1998 Honda became the first company to introduce an entire line of high-performance outboard motors that met the Environmental Protection Agency’s (EPA’s) year 2006 emission standards;

* In 2000 Honda became the first auto company to receive the EPA’s Climate Protection Award for development of the Honda Insight, the first gas-electric hybrid vehicle sold in the United States;

* In 2002 Honda became the first automaker in the world to market a fuel cell vehicle certified by the U.S. EPA and the state of California. The 2005 Honda FCX also features its own fuel cell stack capable of cold weather operation;

* In 2003 Honda introduced the HRX lawnmower, the first to enable simultaneous distribution of grass clippings to both the bag and the ground with no additional equipment. Whether the user chooses to mulch, compost or dispose of the bagged clippings, all of the options provided by the HRX are better for the environment than conventional clipping disposal.

The Honda Environment Statement
As a responsible member of society determined to help preserve the global environment, Honda makes concerted efforts to contribute to human health and preservation of the global environment in each phase of its corporate activities and to stay at the forefront of such endeavors.

Source;
http://corporate.honda.com/press/article.aspx?id=1068