Board of Directors of Daikin Europe N.V.: (situation as of August 1, 2011) 

Front row (from left to right):

Peter Van Den Broecke - Director and General Manager Finance, Accounting and General Affairs
Wim De Schacht – Vice President HRM & Corporate/Strategic Planning
Frans Hoorelbeke – Chairman, Member of the Board DENV; Member of the Board DIL
Masatsugu Minaka – President DENV; Vice President DIL
Hiroshi Yogo – Vice President Sales and Affiliate Management
Shigeki Morita – Vice President European Manufacturing
Wim Vangeenberghe – Director and General Manager Sales
Jean-Pierre Beuselinck – Director and General Manager Manufacturing

Not pictured:

Junichi Sato – Director
Katsuyuki Sawai – Director 

Executive Board Members of Daikin Europe N.V.: (situation as of August 1, 2011)

Back row (from left to right):

Martin Dieryckx – Assistant Director Environment Research Center
Jan Cluyse – Assistant Director and Deputy General Manager Sales
Xavier Feys – Assistant Director and General Manager Services
Geert Vos – Assistant Director and Deputy General Manager Supply Center
Keiichi Yamazumi – Assistant Director and General Manager Information Systems 
Peter Verkempynck – Assistant Director and Managing Director Daikin A/C United Kingdom Ltd.
Bart Teerlynck – Assistant Director and Deputy General Manager Manufacturing
Filip De Graeve – Assistant Director and Deputy General Manager HRM
Shinichi Nakaishi – Assistant Director and General Manager EU Development Center

Not pictured:

Bart Van Hauwermeiren – Assistant Director Strategic Planning

The brightly colored objects in the background are the origami cranes that were made by DENV employees in support of the victims of the March 2011 earthquake in Japan.

Board of Directors

The Board of Directors of Daikin Europe N.V. engages in the following activities:

 Decide on Strategic directions & budgets
 Follow-up of strategy goals
 Decide on major operational matters
 Supervise Executive Board
 Corporate Governance & Legal
 Confirm affiliate BOD decisions
 Remuneration of senior management
 Major organizational changes        

Executive Board

The Executive Board of Daikin Europe N.V. is a committee of the Board of Directors. Its primary function is to improve information sharing and speed up decision making.  
The Executive Board engages in the following activities:
 Operational management under direction of the President
 Develop strategic plans and budgets for approval by BOD
 Approval of departmental strategies and follow-up of execution.
 Operational decision making
 Implement and monitor risk management and internal control systems
 Organizational changes        

Audit Committee

The Audit Committee of Daikin Europe N.V. is a committee of the Board of Directors. Its primary function is to assist the Board in fulfilling its oversight responsibilities for:
 the integrity of the financial information, which will be provided to the shareholders and others
 the company’s compliance with legal and regulatory requirements and adherence to the code of ethics
 the systems of internal control, which management and the Board of Directors have established, and the audit process
 the qualifications, independence, and performance of the company’s independent auditors
 the performance of the internal audit function        

In doing so, it is the responsibility of the Audit Committee to provide an open avenue of communication between the Board of Directors, management, internal audit and the independent accountants.

Internal Controls, Internal Audit and External Audit

The key responsibilities of the management in Daikin Europe N.V. and its affiliates are to enhance corporate value, to ensure that the activities are executed in compliance with applicable laws and regulations, and to safeguard the assets and integrity of the company. This is accomplished through a system of internal control.  The three key players in monitoring the internal controls are Management, Internal Audit and External Audit.

Management has set up an Internal Controls section dedicated to the implementation and monitoring of J-SOX and internal controls. The section has been in place since the beginning of 2008 and is part of the Corporate Planning department, which is also responsible for Budget Control. The Internal Controls section reports directly to the Audit Committee, the Board of Directors and mother company DIL.

The mission of Internal Audit is to provide independent and objective assurance and consulting services that add value and improve the organization’s operations. It helps the organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of the control, governance, and risk management processes of the company.

Additionally, the financial statements and the system of internal controls of Daikin Europe N.V. are audited by Deloitte Touche Tohmatsu, our external auditor.