Universal Entertainment Corp, the parent company of Okada Manila, has announced the formation of a Governance Committee aimed at evaluating and improving its management compliance practices. The decision to establish this committee was made during a Board of Directors meeting held on September 13th, signaling a proactive step toward strengthening the company’s governance framework.

The creation of the Governance Committee comes in the aftermath of significant leadership transitions within the company. Following the resignation of founder Kazuo Okada as a director, Universal Entertainment has been focusing on enhancing its compliance management under the guidance of former President and CEO Jun Fujimoto. However, Fujimoto resigned from his position as Representative Director on April 26th of this year after being found to have breached his fiduciary duty in a 2012 transaction.

In response to these developments, Universal Entertainment appointed Hajime Tokuda as the new Representative Director and President. Under Tokuda’s leadership, the company has established a new task force dedicated to taking effective measures to protect the company’s claims against Fujimoto, as detailed in a notice regarding actions taken against the former representative director.

Objectives and Composition of the Governance Committee

The newly formed Governance Committee is tasked with assessing whether the management team’s approach to compliance and governance aligns with the expectations of both domestic and international shareholders and stakeholders. The committee aims to ensure that the company’s governance practices meet the highest standards and that any potential issues are addressed promptly, according to Asia Gaming Brief.

The committee will comprise:

  • Masayoshi Miyanaga as Outside Director
  • Hiroshi Miyauchi as Outside Director
  • Yutaka Yazawa as Full-time Audit & Supervisory Board Member

These members bring a wealth of experience and are expected to provide valuable insights into improving the company’s governance structures.

Collaboration with External Experts

Looking ahead, Universal Entertainment stated that the Governance Committee will work closely with external experts to investigate the company’s management practices and operational structure. “The Governance Committee will collaborate with external experts to investigate the company’s management practices and operational structure,” the group added.

This collaboration aims to provide an objective assessment of the company’s current governance mechanisms and identify areas for improvement. By involving external specialists, the committee seeks to incorporate best practices and ensure transparency in its evaluation process. The committee has set a timeline to accomplish its objectives, planning to deliver its findings by March 2025.

The anticipated outcome is a set of recommendations that will strengthen Universal Entertainment’s governance framework, ensuring that it meets global standards and aligns with stakeholder expectations. These measures are expected to enhance operational effectiveness and bolster investor confidence in the company’s management practices.

The formation of the committee is a strategic move to rebuild trust with stakeholders and position the company for sustainable growth. As the parent company of Okada Manila, one of the leading integrated resorts in the Philippines, Universal Entertainment’s efforts to enhance governance practices are likely to have a positive impact on its operations and reputation in the industry.