Sustainability

Sustainability
INPEX aims to further enhance its reputation as a company essential to society bycontributing to economic growth and social development through its business operations. Fulﬁlling our corporate social responsibility (CSR) is a vital plank in the platform that supports our existence and business. Each year, we take steps to evaluate
the progress of our CSR activities and to push forward all appropriate measuresfrom a medium- to long-term perspective.

1. Material CSR Issues

As a global energy company that aims to constantly expand
its upstream operations, in April 2012 the Company identiﬁed the material CSR issues that it would tackle on a priority basis in a bid to gain the trust of all stakeholders. In May
2015, we reviewed the overall initiatives conducted over thethree-year period for each of the ﬁve Material Issues identiﬁed three years earlier. At the same time, we reexamined theMaterial Issues in light of such factors as events that affectour business activities accompanying progress in our main
projects and changes in the concerns of shareholders. We
then re-identiﬁed our Material CSR Issues adding “Governance” as a sixth area of concern. In this section of the annual report 2016, we provide details of the material CSR issues and the progress of these for the year ended March 31,
2016, as well as explain our goals for the year ending March
31, 2017. Please refer to the Company’s Sustainability Report2016 for details of speciﬁc initiatives by issue.

3. CSR Promotion System

INPEX has clearly expressed the CSR stance of executive
management and established the CSR Committee, chairedby the President & CEO in order to promote the company-wide and systematic CSR activities. The CSR Committee
members include the Representative Director & Chairman,
the head of the General Administration Division, and thehead of the Corporate Strategy & Planning Division (vicechair). The chairs of the Compliance Committee and the
Corporate HSE Committee attend CSR Committee meetings
to facilitate collaboration with their respective committees.

CSR Promotion System

General Meeting of Shareholders

2. CSR Activity Road Map

For the continuous enhancement of CSR activities, we haveestablished a medium-term action plan called the CSR road
map in April 2013. Phase 3 of the CSR road map covers theperiod of the year ending March 31, 2017. It is during thisphase that we plan to engage in CSR on a global scale.

Phase

1

Year to March
2013

Phase

2

Year to March2014 -Year to
March 2016

3

Year to March2017 andbeyondCompliance
Committee

Executive
Committee

Audit &
Supervisory Board

Launch organizations to promote CSR, revise
the CSR Principles, set out the material CSR
issues and participate in international initiatives(UNGC and EITI)

Deepen CSR Initiatives with PDCA
Formulate the CSR Action Plan, work out
the business activities of each department andenhance initiatives (establish a PDCA cycle)

Ensure that the PDCA cycle is ﬁrmly entrenchedthroughout the Group, promote activities
that are unique to the Group, engage inglobal-level reporting and enhance corporate
value through these and other initiatives

STEP UP

32

Board ofDirectors

Establish the Foundation of
the CSR Promotion System

Promote CSR on a Global Scale

Phase

Advisory Committee

INPEX CORPORATION Annual Report 2016

CSR Committee
Corporate HSE
Committee
Information Security
Committee
INPEX Value Assurance
System Committee

CSR Promotion
Council

4. Relationship with Stakeholders

The INPEX Group seeks to maintain continuous dialogue
with a wide range of stakeholders in the Group’s businesses
to achieve sustained growth and enhancement of corporate
value while fulﬁlling its social responsibility of providing astable and efﬁcient supply of energy.

8 Oil and Gas

ProducingCountries

We develop long-term relationships based on mutual
trust with oil and gas producing countries and contribute to mutual development by serving as a bridge
between the producing
countries and other countries including Japan.

1 Project Partners

We aim to build a sustainable society
together with project partners throughfair and impartial project operation with afocus on compliance.

We engage in day-to-day
regular communication with
contractors to carry out construction and operation withmaximum consideration forsafety and the environment.

3 Customers

7 Employees

We contribute to the growthand development of our customers by providing a stableand efﬁcient energy supply
and delivering safety, peaceof mind, and efﬁciency.

We provide opportunities
for employees to growinto professionals who canthrive in an international
business
environment
through wide-ranging work
experience and interaction
with people from diverse
backgrounds in a global
corporation.

4 Shareholders

6 NGOsand Investors

5 Local Communities

We seek to coexist with local communities asa good corporate citizen through respectful
dialogues.

We strive for highly transparent information disclosure and aim to increase
corporate value by securing
stable supplies of energy
and meeting the expectations of shareholders andinvestors.

5
Sustainability & GovernanceWe strive to build a networkof NGOs in wide-ranging
ﬁelds including environment, human rights, andsocial contribution andseek to create partnerships
to solve environmental andsocial problems.

2 Contractors

About the Sustainability Report 2016
INPEX publishes its Sustainability Report annually to keep its stakeholders informed of its CSR initiatives and activities. To help our stakeholders efﬁciently and effectively understand the value that
our Company creates, we have prepared the Sustainability Report 2016 in printed booklet, PDF andonline formats based on the Material CSR Issues identiﬁed following our review in 2015.
Readers can access and order each of these reports via the Company’s CSR Web site.
} www.inpex.co.jp/english/csr/

INPEX CORPORATION Annual Report 201633

Sustainability

Material CSR Issues

An overview of the Material CSR Issues, main initiatives, results for theyear ended March 31, 2016, and goals for the year ending March 31,
2017, are presented brieﬂy as follows.

Main Initiatives

Governance•Strengthening of
the governance framework•Strengthening of the risk
management system

Strive to improve management
efﬁciency, transparency, andsoundness and engage in
responsible management as a
global company.
Advisory Committee

Compliance•Observance of laws, regulations
and social norms•Respect for human rights•Fair business practices

In the conduct of business activities,
observe laws, regulations andinternational norms, including thoserelated to human rights, and the social
norms in areas where we operate.
A CSR Training Session

HSE•Safety assurance,
health management•Prevention of major incidents•Environmental management andpreservation•Conservation of biodiversity

Strive to continuously strengthen
safety assurance, environmental
preservation, and healthmanagement in operations.
Visiting an FPSO Construction Site

Local
Communities

Strive to reduce impacts on local
communities where we operate andcontribute to the development oflocal communities through respectfulcommunication with them.

•Dialogue with the communities inwhich we operate•Participation in local communities
and contribution to theirdevelopment

Participants in an Economic Development
Forum at the Site of Operations

Addressing
Climate Change
Appropriately manage greenhousegas emissions, strive to commercialize renewable energies, and reinforce new technology R&D activities.

•Management of greenhouse gas
emissions•Promotion of renewable energy
businesses•New technology R&D

INPEX Mega Solar Joetsu

Employees
Develop human resources
appropriate for global operations
and pursue business development
through a corporate culture of respect
for individual values and diversity.

34

INPEX CORPORATION Annual Report 2016

•Development and recruitment of
global human resources•Promotion of diversity•Creation of employee-friendly
workplace environment

Recruiting TeamFiscal 2016 Goals•Established Basic Policy on Corporate Governance•Reviewed and provided training on the HQ BCP for Earthquakes
to all employees•Evaluate the effectiveness of the Board meetings as awhole and disclose a summary of the evaluation results•Review the HQ BCP for Earthquakes and provide relevant
education and training to employees•Conducted ABC (Anti-bribery and Anti-corruption) -related risk
assessment at the head ofﬁce and three overseas ofﬁces•Revised the ABC Guidelines and prepared to
institute subordinate regulations•Conducted compliance training for new employees andmid-career hires•Conducted CSR training (e-learning) with a human rights component(participation rate: 82%)

•Continue ABC-related risk assessment atoverseas ofﬁces•Widely disseminate and strengthen implementationof the ABC Guidelines•Engage in activities in preparation for developmentof global compliance systems•Continue to conduct CSR training•HSE audits were conducted at the Gas Supply & Infrastructure
Division, the Abadi LNG Project and other LNG projects in Japan;
the levels of compliance achieved were conﬁrmed at over 90%•LTIF / TRIR accomplished 0.15 / 1.12; there was also a fatal accident•5 times of Level 3 crisis management exercises conducted•Promote HSE reviews, introduction of risk-based HSE audit•Incident reduction target: LTIF 0.17 / TRIR 0.91 or less
•Implementation of ICS based emergency response
procedure through Level 3 exercises•Provided information on operational status and actions for safety
through brieﬁngs at the Naoetsu LNG base and publishednewsletter for local communities•Held regular brieﬁngs and released publications in Australia•INPEX Group social investment expenditures: 1.71 billion yen•Implemented strategic community partnerships with NGO’s in Australia•Provided opportunities to more than 1,000 local businesses and a
3,000-person local workforce in the construction of
the Ichthys LNG Project•Welcomed 12 interns chosen from science majors•Sponsored courses at graduate schools in Japan andsupported students•Continue to engage stakeholders•INPEX Group social investment planned expenditures:
2.76 billion yen•Continue to support community programs•Continue to provide local employment and procurement
opportunities in the Ichthys LNG Project•Continue summer internship for undergraduate andgraduate science students•Continue to sponsor courses at graduate school in Japan•Prepared a position paper on climate change•Joined a geothermal power generation project in Sarulla Indonesia•Conducted short-term fumarolic testing in a geothermal energy
development survey in the Amemasudake area of Hokkaido•Participated in establishment of Geological Carbon Dioxide
Storage Technology Research Association•Start phase-one commercial operation of the geothermal
power generation project in Sarulla, Indonesia•Promote commercialization of the geothermal power
generation business in Japan•Continue to promote CCS commercialization•Held global HR meetings•Implemented measures to instill the INPEX Values(questionnaire survey, Values Person interviews)•Deﬁned diversity and inclusion at INPEX•Formulated an employer action plan in accordance with the Action
Plan to Promote Women’s Participation and Advancement in Ｗorkplace•Actively hired females, foreign nationals, and persons with disabilities•Conducted a diversity awareness survey in Japan•Continue instilling the INPEX Values•Continue holding global HR meetings•Implement the employer action plan in accordance with
the Action Plan to Promote Women’s Participation andAdvancement in Ｗorkplace•Continue to promote diversity (hiring of females, foreign
nationals, and persons with disabilities)

INPEX CORPORATION Annual Report 2016

5
Sustainability & GovernanceFiscal 2015 Results

35

GovernanceCorporate Governance(As of June 28, 2016)

To achieve sustainable growth and increase corporate value over the mid- to longterm, the Company fulﬁlls its social responsibilities in cooperation with its shareholders and other stakeholders and works to enhance its corporate governance forthe purpose of conducting transparent, fair, timely, and decisive decision-making.

Overview of the Corporate Governance Structure

INPEX has adopted an Audit & Supervisory Board Member organizational structure,under which Audit & Supervisory Board members audit the execution of operations,which are in turn carried out by directors well versed in their ﬁeld. In addition, theCompany has introduced an Executive Ofﬁcer System to pursue the managementwith agility and efﬁciency. INPEX frequently engages in negotiations with the governments of oil-producing countries and overseas oil companies. This necessarily
requires internal directors and executive ofﬁcers who have knowledge, expertiseand international experience relating to the Company’s business and both a soundknowledge of the Company and their particular ﬁeld of expertise. Internal directors
in principle hold the concurrent position of executive ofﬁcers. By adopting this concurrent organizational structure, the Company’s Board of Directors is better placed
to execute operations in an efﬁcient manner. At the same time, this structure helps toensure effective operating oversight.
In addition to enhancing the transparency of management and bolstering
the ability of the Board of Directors to carry out its supervisory function, INPEX has
appointed ﬁve of its 14-member Board of Directors from outside the Company.
Through this initiative, steps have been taken to ensure that management issues are
considered and deliberated with a greater degree of objectivity from an independent
standpoint. Moreover, four of the Company’s ﬁve Audit & Supervisory Board members
are also appointed from external sources. In addition to putting in place an Audit &Supervisory Board, INPEX has set up the Audit & Supervisory Board Members’ Ofﬁceand deployed dedicated staff and is reinforcing collaboration between Audit & Supervisory Board members and the Audit Unit, as well as independent auditors.

Overview of the Corporate
Governance Structure
Organizational structure ....................................................
Company with Audit & Supervisory Board Member
Directors
Number of directors as stipulated by
the Articles of Incorporation ............................ up to 16
Number of directors(number of outside directors) ................................14 (5)Term of ofﬁce .............................................................. 1 year
Audit & Supervisory Board members
Number of Audit & Supervisory Board members
as stipulated by the Articles ofIncorporation ...................................................up to 5
Number of Audit & Supervisory Board members(number of outside Audit & Supervisory
Board members) ................................................ 5 (4)Term of ofﬁce.................................................. 4 years
Number of independent directors and auditors ...9(5 outside directors,
4 outside Audit & Supervisory Board members)
Rights plan and other measures to protect
against a takeover ............................................ None
Other ........................ Issuance of a Class A Stock to
the Minister of Economy, Trade and Industry

Corporate Governance Framework (Diagram)
General Meeting of Shareholders
Appoint/Dismiss Compensation
limit setup
Audit

Proposal/Advice/Report

Appoint/Dismiss Compensation
limit setup

Advisory Committee
ReportCoordinate

Board of Directors
5 Outside Directors

Compliance Committee

Coordinate

ReportCSR Committee
Corporate HSE
Committee
Information Security
Committee

Audit & Supervisory
Board Members’
OfficeCoordinate

Executive
Committee

Appoint/
Dismiss/
Supervise

Appoint/
Dismiss/
Supervise

President & CEO

ReportCoordinate

Audit Unit

Executive Officers
Divisions and Subsidiaries

INPEX CORPORATION Annual Report 2016

Accounting
audit

Independent
Auditors

INPEX Value Assurance
System Committee

36

Coordinate

Accounting audit

ReportBusiness Operation
SystemAudit & Supervisory
Board (Member)

Appoint/
Dismiss

Internal audit

[1] Directors and the Board of Directors

The responsibilities of the Board of Directors shall be to fully
exercise its supervisory function, secure fairness and transparency in management, and ensure sustainable growth andincrease corporate value over the mid- to long term throughimplementation of effective corporate governance, with recognition of its ﬁduciary responsibility to shareholders.
The Company’s Board of Directors comprises 14 members, ﬁve of whom are outside directors. In addition to amonthly meeting, the Board of Directors meets as necessary inorder to discuss and determine matters concerning management strategy, important business execution, and also supervises the execution of duties by directors. In addition, the termof ofﬁce for directors was set at one year from June 2012. Thisinitiative helps to enhance the ability of directors to respond tochanges in the Company’s operating environment in a timely
manner and to further clarify management responsibilities.

[2] Executive Committee andExecutive Ofﬁcer System

From the perspective of increasing the speed of decision making related to the execution of business, we have establishedan Executive Committee. The meetings are held weekly and asnecessary. At the Executive Committee, ﬂexible decision making is conducted for resolutions not afﬁliated with the Boardof Directors, and deliberation is held to contribute to decision
making by the Board of Directors.
We implemented an Executive Ofﬁcer System in order to
respond accurately and quickly to a rapidly changing management environment and the expansion of our business activities.
The term of ofﬁce for executive ofﬁcers is set to one year, thesame as for directors.

[3] Formulation of
Corporate Governance Guidelines[4] Class A Stock

According to the stipulations of the Articles of Incorporation,
INPEX issues a Class A Stock to the Minister of Economy, Tradeand Industry. The Class A Stock does not possess voting rights
at shareholders’ meetings. However, it is possible for the holderof the Class A Stock to exercise veto rights for certain major
corporate decisions. We think the holding of Class A Stock by} See pp. 82­83 for Business Risks (8. Class A Stock)[5] Director Compensation

In the business of developing oil and natural gas, a considerable amount of time is required between the launch of abusiness venture and any investment recovery. Accordingly,
INPEX does not consider it appropriate to reﬂect short-term
performance in directors’ compensation. Compensation for
directors consists of monthly compensation (basic compensation), which is paid based on the duties of each director, and abonus based on the Company’s performance. Compensation
is determined by the Board of Directors. Compensation paid to
Audit & Supervisory Board members consists solely of a ﬁxed
monthly compensation, which is determined through consultation between the Audit & Supervisory Board members.
The table below shows the amount of compensation paid
to directors and Audit & Supervisory Board members for theyear ended March 31, 2016. From the year ended March 31,
2014, the bonus component paid to outside directors andAudit & Supervisory Board members has been abolished. Outside directors and Audit & Supervisory Board members are now
paid a consolidated ﬁxed compensation amount only. This takes
into account efforts to further bolster corporate governance.
Compensation Paid to Directors andAudit & Supervisory Board Members (Year ended March 31, 2016)

Director classification

Directors (excluding outside directors)

Audit & Supervisory Board members(excluding outside Audit & Supervisory Board members)
Outside Directors and Outside
Audit & Supervisory Board members

Total amount of
Number ofcompensation paid bydirectors
Total
type of compensation
and Audit &amount of(¥ million)
Supervisorycompensation
Board members
paideligible for basic
Basic(¥ million)
Bonuscompensationcompensation(persons)

413

357

55

11

27

27

-

2

96

96

-

13

5
Sustainability & Governance

The mission of the Company is to provide a stable and efﬁcient supply of energy to our customers by exploring and developing oil and natural gas resources throughout the world.
Through its business, we aim to become an integrated energy
company, which contributes to the community and makes it
more livable and prosperous. Based on this mission, in orderto achieve sustainable growth and increase corporate value
over the mid- to long term, the Company fulﬁlls its social responsibilities in cooperation with its shareholders and otherstakeholders, and works to enhance its corporate governancefor the purpose of conducting transparent, fair, timely, and decisive decision-making.
In November 2015, the INPEX Group made clear its basic
views and policies on corporate governance and, with the aimof ensuring transparency and fairness in the Company’s decision-making as well as realizing effective corporate governance by carrying out the proactive dissemination of information, formulated its Corporate Governance Guidelines. Pleaserefer to our Web site for details. } www.inpex.co.jp/english/company/governance.html

the Minister of Economy, Trade and Industry will help prevent
any incidence of unusual management, allow INPEX to stably
supply energy as a core company for Japan’s oil & gas E&P, andensure that the Company does not incur any negative impact
from a speculative acquisition or an attempt at management
control through foreign capital. On this basis, INPEX’s roles isassured. Furthermore, we expect positive results in terms ofexternal negotiation and credits as a national ﬂagship company
efﬁciently contributing to the stable supply of energy in Japan.

Notes: 1. The Company does not adopt a stock option plan. 2. The Company does not maintainan accrued retirement beneﬁts plan. 3. The total amount of compensation paid includes
a provision to accrued bonuses to directors for the year ended March 31, 2016.

[6] Accounting Audit andAuditor Compensation

In accordance with the Companies Act and the Financial Instruments and Exchange Act, we accept accounting audits from
Ernst & Young ShinNihon LLC. The amount of auditor compensation is determined in total based on the audit plan and thenumber of auditing dates, after obtaining approval from the
Audit & Supervisory Board.
Compensation Paid to the CPAs and Related Parties(Year ended March 31, 2016)

Name of the CPA ﬁrm
Names of the CPAs
Accounting audit members
Compensation for auditing services

Ernst & Young ShinNihon LLC
Kazuhiko Umemura, Toru Kimura
20 CPAs and 26 others¥257 million (INPEX: ¥165 million;

Consolidated subsidiaries: ¥92 million)¥15 million (INPEX: ¥4 million;
Compensation for non-auditing services Consolidated
subsidiaries: ¥11 million)

INPEX CORPORATION Annual Report 201637

GovernanceMonitoring of Management by Outside Directors
and Audit & Supervisory Board Members[1] Outside Directors

Regarding the appointment of outside directors, we believethat it is important to comprehensively consider a variety offactors. These factors include the validity of business decisions and consideration of their efﬁcacy, professionalism
and objectiveness in the oversight function in addition to theperspective of independence.
As corporate managers, academics or other specialists,
our Company’s ﬁve outside directors possess broad knowledge and many years of experience as managers in suchﬁelds as the resource/energy industry, ﬁnance and legal
matters. Also, four of the outside directors are shareholdersof the Company and serve as advisors of companies that
conduct business in the same ﬁeld. Therefore, we recognize
the importance of paying special attention to the possibilityof competition and other conﬂicts of interest. In response,
we collect written pledges from outside directors in order toensure conformance with the Companies Act when taking aproper response toward noncompetition, the prevention of
information leakage and the implementation of appropriate
measures toward transactions with a conﬂict of interest. These
written pledges are the same as those submitted by internal
appointees.

[2] Outside Audit &Supervisory Board Members

When appointing outside Audit & Supervisory Board members, we believe that it is important to comprehensively consider factors such as independence, efﬁcacy in the oversightfunction and professionalism.
Four of the ﬁve Audit & Supervisory Board members areoutside Audit & Supervisory Board members who possess richknowledge and experience in our Company’s business, as wellas in ﬁelds such as ﬁnance and accounting, and utilize thesequalities when performing auditing activities for our Company.
One of the outside Audit & Supervisory Board members also
holds the position of executive ofﬁcer at Japan Petroleum
Exploration Co., Ltd. (JAPEX), a company that engages in thesame type of business as the Company.

[3] Independence of Outside Directors
and Outside Audit & Supervisory
Board Members

The Company has reported all outside directors and outside
Audit & Supervisory Board members as independent directors as deﬁned by Tokyo Stock Exchange, Inc.
As a part of efforts to comply with the Corporate Governance Code, INPEX has formulated independence standards
for outside directors and outside Audit & Supervisory Board
members taking into consideration the independence standards and qualiﬁcation for independent directors issued by
the Tokyo Stock Exchange. The Company determines the independence of outside directors, including major shareholders
and business partners that do not fall within the scope of thesestandards.

[4] Audit & Supervisory Board andAudit & Supervisory Board Members

INPEX has adopted an Audit & Supervisory Board Members
system. The Audit & Supervisory Board is composed of ﬁve
Audit & Supervisory Board members, four of which come fromoutside.
In addition to attending meetings of the Board of Directors
and the Executive Committee, the Audit & Supervisory Board
members review the execution of business duties by directors
and executive ofﬁcers through reports given by and hearings
for related departments. Furthermore, the Audit & Supervisory
Board members meet on regular and as needed bases with
the Independent Auditors, and receive reports from the Independent Auditors regarding audits. They also conduct regularmeetings with the internal audit department (Audit Unit) toreceive reports regarding internal audits and the evaluation ofinternal controls.
To strengthen the auditing function and ensure viablecorporate governance, steps have been taken to set up the
Audit & Supervisory Board Members’ Ofﬁce and to deploy
dedicated staff. In this manner, efforts are being made to promote collaboration along the aforementioned terms between
Audit & Supervisory Board members, the Audit Unit and Independent Auditors. Moreover, we have constructed a system tostrengthen the monitoring function through periodic meetings
with representative directors and directors.

Outside Directors/Outside Audit & Supervisory Board Members: Concurrently Held Positions and Reason for Appointment
Name

Outside directors

HiroshiSato

Yoshiyuki
Kagawa

Jun
Yanai
Isao
Matsushita

Outside Audit &Supervisory Board members

YasuhikoOkada

38

Hideyuki
ToyamaKoji
SumiyaIndependent
directors/
Significant concurrently held positions
auditors

Reason for appointment

Attendance at board meetings forthe year ended March 31, 2016

To utilize in our company’s management his rich experience andbroad knowledge in the oil and gas development industry

Board of Directors meetings 13/13

To utilize in our company’s management his rich experience andbroad knowledge as a business executive

Board of Directors meetings 16/16

Advisor of Mitsubishi Corporation,a shareholder in our company

To utilize in our company’s management his rich experience andbroad knowledge in the resources/energy industry―

Senior Executive Advisor of JX Holdings, Inc.,a major shareholder in our company

To utilize in our company’s management his rich experience andbroad knowledge as a business executive―

Advisor of JAPEX, a major shareholder inour company
Senior Advisor of Mitsui Oil
Exploration Co., Ltd., a major
shareholder in our company

Partner of Kitahama Partners

Possesses extensive experience and knowledge in finance, as
well as professional knowledge and experience as an attorney, in
addition to management experience in financial institutions

Board of Directors meetings 16/16―

Possesses extensive experience and knowledge in finance, as wellas professional knowledge and experience as an attorney

Board of Directors meetings 13/13
Audit & Supervisory Board meetings 14/14―

Possesses extensive experience and knowledge in financial matters

MichiroYamashita

Managing Executive Ofﬁcer in charge ofFinance & Accounting Department, Vice
President of Asia & Oceania Division of JAPEX,
a major shareholder in our company

To utilize in our company’s auditing procedures his rich experiencein the oil and gas development industry, as well as his knowledge
in financial and accounting matters, in addition to accounting
experience

Board of Directors meetings 16/16
Audit & Supervisory Board meetings 18/18

MasaruFunai―

To utilize in our company’s auditing procedures his rich experiencein the energy industry, as well as his knowledge in financial andaccounting matters, in addition to accounting experience

INPEX CORPORATION Annual Report 2016

Board of Directors meetings 11/13
Audit & Supervisory Board meetings 12/14
Board of Directors meetings 16/16
Audit & Supervisory Board meetings 18/18

Internal Committees
To further enhance the efﬁcacy of thecorporate governance function, INPEX
has set up 1 the Advisory Committee,
2 the Compliance Committee and 3
the CSR Committee. In addition, theCompany maintains 4 the Corporate
HSE Committee, 5 the Information
Security Committee and 6 the INPEX
Value Assurance System Committee toappropriately manage risks associatedwith business operations.

3 CSR Committee

In April 2012, INPEX Group established
the CSR Committee with the aims of better fulﬁlling its corporate social responsibility and promoting activities that contribute to the sustainable development ofsociety. The committee puts in place fundamental policies and formulates important measures designed to promote CSR.

4 Corporate HSE

Committee

In accordance with the HSE Management
System, the Corporate HSE Committee was established in October 2007 topromote health, safety and environment
initiatives. In addition to formulating corporate HSE policies and priority targets
for each period, the committee advances
HSE activities across the organization.

1 Advisory Committee
Board of Directors

Executive Committee

5 Information Security

Committee

The Information Security Committee wasestablished in November 2007 to consider and determine all appropriate measures necessary to maintain, manage andstrengthen information security. The committee also takes steps to address any
incident relating to information security
and to put in place preventive measures.

6 INPEX Value Assurance

System Committee

The Advisory Committee was establishedin October 2012 with the aim of enhancing corporate value and the corporate
governance function. Comprised ofexternal experts in a broad spectrum ofﬁelds, the committee provides the Boardof Directors with multifaceted and objective advice and recommendations acrossa wide range of areas. Areas of discussion
and advice include international politicaland economic conditions, an outlook ofenergy conditions and ways in which tobolster corporate governance.

2 Compliance Committee

The Compliance Committee was established in April 2006 with the aim of promoting compliance initiatives acrossthe entire Group. The committee formulates fundamental compliance policies
applicable to the Group, deliberates onimportant matters and manages the manner in which compliance is practiced.

The INPEX Value Assurance System Committee was established in May 2014 to contribute to the Company’s decision-making
process with respect to conﬁrmation of thestatus of preparations in connection with
important milestones of those oil and natural gas upstream business projects in which
INPEX participates, and the improvement
and promotion of project value.

Information Disclosure and Activities for
the Beneﬁt of Shareholders and Investors

5

tutional investors. Video archives of these ﬁnancial results presentations are provided on the Company’s IR Web site together
with a simultaneous interpretation in English. In general, INPEX
undertakes overseas IR road shows covering such regions as
Europe, North America and Asia. Furthermore, INPEX strives toparticipate in conferences attended by domestic and overseas
investors while engaging in one-on-one meetings.
The Company’s Web site (IR section: www.inpex.co.jp/
english/ir/) features a host of IR tools including ﬁnancial reports,ﬁnancial results presentations and annual reports. Together withrecent news releases,
every effort is made todisclose pertinent information on the Company’s performance andﬁnancial position, as wellas trends in crude oil
prices, foreign currency
exchange rates, theCompany’s share priceIR fair in August 2015
and stock information.

INPEX CORPORATION Annual Report 2016

Sustainability & Governance

INPEX undertakes the early delivery of convocation notices for
its general meeting of shareholders in an effort to ensure thatshareholders have sufﬁcient time to consider agenda items
tabled for resolution at each Ordinary General Meeting of
Shareholders. The Convocation Notice for INPEX’s 10th Ordinary General Meeting of Shareholders held in June 2016 wasposted on the Company’s Web site more than three weeks prior
to the meeting on May 27, 2016. The Convocation Notice itself
was dispatched on June 6, 2016. To facilitate the exercise of voting rights, INPEX implemented the exercise of voting rights via
the Internet. The Company also adopted a platform for the electronic use of voting rights while posting copies of the convocation notice and other related documents, both in Japanese andEnglish, on its Web site and TDnet (Timely Disclosure network).
Turning to the Company’s IR activities, INPEX participates in
events such as IR fairs for individual investors and meetings in avariety of venues including the branch ofﬁces of securities ﬁrms.
More than 10 information meetings for individual investors are
generally held each year. Video archives of certain meetings arealso made available on the Company’s Web site. INPEX holds
biannual meetings on its ﬁnancial results for analysts and insti-

39

Directors, Audit Supervisory Board Members andExecutive Ofﬁcers(As of June 28, 2016)

Toshiaki Kitamura
President & CEO

Years of service as Director: 6 years, Number of shares owned: 26,900 shares

Masaharu Sano

Masahiro Murayama

Seiya Ito

Years of service as Director: 10 years, Number of shares owned: 23,300 shares

Years of service as Director: 7 years, Number of shares owned: 19,600 shares

Years of service as Director: 10 years, Number of shares owned: 17,700 shares

Shunichiro Sugaya

Takahiko Ikeda

Yoshikazu Kurasawa

Years of service as Director: 7 years, Number of shares owned: 18,300 shares

Years of service as Director: 7 years, Number of shares owned: 24,600 shares

Years of service as Director: 4 years, Number of shares owned: 14,400 shares

Director, Senior Executive Vice President

Director, Managing Executive Ofﬁcer

Director, Senior Managing Executive Ofﬁcer

Director, Managing Executive Ofﬁcer

Kimihisa Kittaka

Director, Managing Executive Ofﬁcer*

Years of service as Director: - year, Number of shares owned: 4,100 shares

40

INPEX CORPORATION Annual Report 2016

Director, Senior Managing Executive Ofﬁcer

Director, Managing Executive Ofﬁcer

Nobuharu Sase

Director, Managing Executive Ofﬁcer*

Years of service as Director: - year, Number of shares owned: 20,200 shares

Hiroshi Sato

Yoshiyuki Kagawa

Jun Yanai

Isao Matsushita

Yasuhiko Okada

Years of service as Director: 1 year,
Number of shares owned: - share

Years of service as Director: 9 years,
Number of shares owned: - share

Years of service as Director: - year,
Number of shares owned: - share

Years of service as Director: - year,
Number of shares owned: - share

Years of service as Director: 4 years,
Number of shares owned: - share

Kazuo Yamamoto

Hideyuki Toyama

Koji SumiyaYears of service as Audit & Supervisory
Board Member: 1 year,
Number of shares owned: 9,000 shares

Years of service as Audit & Supervisory
Board Member: 1 year,
Number of shares owned: - share

Years of service as Audit & Supervisory
Board Member: 6 years,
Number of shares owned: 7,600 shares

Director (Outside)

Director (Outside)

Audit & Supervisory
Board Member

Audit & Supervisory
Board Member (Outside)

Director (Outside)*

Audit & Supervisory
Board Member (Outside)

Director (Outside)*

Director (Outside)

Michiro Yamashita

Masaru Funai

Years of service as Audit & Supervisory
Board Member: 1 year,
Number of shares owned: - share

Years of service as Audit & Supervisory
Board Member: 6 years,
Number of shares owned: - share

Audit & Supervisory
Board Member(Outside)

Audit & Supervisory
Board Member(Outside)

Directors and Audit & Supervisory Board Members
President & CEO
Director
Director
Director
Director
Director
Director
Director
Director

Toshiaki Kitamura
Masaharu Sano
Masahiro Murayama
Seiya Ito
Shunichiro Sugaya
Takahiko Ikeda
Yoshikazu Kurasawa
Kimihisa Kittaka*Nobuharu Sase*

（1）
（1）
（1）
（1）
（1）
（1）
（1）
（1）
（1）

Director (Outside)
Director (Outside)
Director (Outside)
Director (Outside)
Director (Outside)
Audit & Supervisory Board Member
Audit & Supervisory Board Member (Outside)
Audit & Supervisory Board Member (Outside)
Audit & Supervisory Board Member (Outside)
Audit & Supervisory Board Member (Outside)

Hiroshi Sato
Yoshiyuki Kagawa
Jun Yanai*
Isao Matsushita*
Yasuhiko Okada
Kazuo Yamamoto
Hideyuki Toyama
Koji Sumiya
Michiro Yamashita
Masaru Funai

（2）
（4）
（2）
（4）
（2）
（4）
（2）
（4）
（2）
（4）
（3）
（4）
（3）
（4）
（3）
（4）
（3）
（4）

5

President & CEO
Senior Executive Vice
President

Senior Managing Executive
OfﬁcerSenior Managing Executive
OfﬁcerManaging Executive Ofﬁcer
Managing Executive Ofﬁcer
Managing Executive Ofﬁcer

Toshiaki Kitamura
Masaharu Sano

Senior Vice President, Technical Headquarters In
charge of HSE & Compliance of the company

Masahiro Murayama Senior Vice President, Finance & Accounting

Vice President, Technical Headquarters
General Manager, Technical Planning & Coordination Unit

Executive Ofﬁcer

Yoshiro Ishii

Vice President, Corporate Strategy & Planning
General Manager, New Business Planning Unit

Executive Ofﬁcer

Toshiya Oshita

Vice President, Technical Headquarters
General Manager, Technical Resources Unit

Executive Ofﬁcer

Hideki Iwashita
Tetsuo Yonezawa

Vice President, Ichthys Project
Director, Commercial Coordination, Perth Ofﬁce

Executive Ofﬁcer
Executive Ofﬁcer

Hiroshi Nakamura

Vice President, General Administration
General Manager, Human Resources Unit

Executive Ofﬁcer

Tsuyoshi Watanabe

Vice President, General Administration
General Manager, General Administration Unit

Executive Ofﬁcer

Nobusuke Shimada

Vice President, Asia & Australasia
General Manager, Exploration & Production Unit

Senior Vice President, Gas Supply & Infrastructure
Senior Vice President, New Ventures
Senior Vice President,
Corporate Strategy & Planning

Atsushi Sakamoto

Managing Executive Ofﬁcer

Vice President, Ichthys Project

Senior Vice President, Masela ProjectManaging Executive Ofﬁcer

Managing Executive Ofﬁcer

Vice President, Masela Project

Shunichiro Sugaya
Takahiko Ikeda
Yoshikazu Kurasawa

Managing Executive Ofﬁcer

Managing Executive Ofﬁcer

Vice President, Masela Project

Tetsuro Tochikawa

Senior Vice President, General Administration
Nobuharu Sase
Senior Vice President, the Americas & Africa
Shuhei Miyamoto
Senior Vice President, Asia & Australasia
Kenji Kawano
Yasuhisa Kanehara Senior Vice President, Eurasia & the Middle East
Vice President, Eurasia & the Middle East
Hiroshi Fujii
Senior Vice President, Oil & Gas Business
Shigeharu Yajima
Yoshinori Yamamoto Senior Vice President, Domestic Oil & Gas Business
Senior Vice President, Domestic Projects
Kimiya Hirayama
Senior Vice President, Logistics & IMT
Takashi Kubo

Managing Executive Ofﬁcer

Executive Ofﬁcer

Hirohisa Ota
Hajime Kawai
Arihiro Kezuka

Executive Ofﬁcer
Executive Ofﬁcer

Managing Executive Ofﬁcer

Managing Executive Ofﬁcer

Executive Ofﬁcer

Vice President, Finance & Accounting
General Manager, Finance Unit

Senior Vice President, Ichthys Project

Kimihisa Kittaka

Managing Executive Ofﬁcer

Noboru Himata

Seiya ItoManaging Executive Ofﬁcer
Managing Executive Ofﬁcer

Executive Ofﬁcer

Vice President, Ichthys Project Director,
Onshore Project, Perth Ofﬁce

Sustainability & Governance

Executive Officers

General Manager, HSE Unit

* Newly appointed Directors and Audit & Supervisory Board members(1) Concurrently hold the position of executive ofﬁcer(2) Outside directors as deﬁned in Article 2, Item 15, of the Companies Act(3) Outside Audit & Supervisory Board members as deﬁned in Article 2, Item 16, of the Companies Act(4) Independent directors/auditors as deﬁned in Article 436, Item 2, Sub-Item 1, of the Securities
Listings Regulations for the Tokyo Stock Exchange

INPEX CORPORATION Annual Report 201641

Toshiaki Kitamura

Joined Ministry of International Trade and Industry(currently Ministry of Economy, Trade and Industry)
July 2002
Director-General for Trade and Economic Cooperation
Bureau, Ministry of Economy, Trade and Industry
July 2003
Director-General for Manufacturing Industries Bureau,
Ministry of Economy, Trade and Industry
June 2004
Director-General for Trade Policy Bureau, Ministry of
Economy, Trade and Industry
July 2006
Vice-Minister for International Affairs, Ministry of Economy,
Trade and Industry
November 2007 Advisor to Tokio Marine & Nichido Fire Insurance Co., Ltd.
August 2009
Senior Executive Vice President of the Company
June 2010
Representative Director, President & CEO of the Company(incumbent)

April 2006

April 1972

Masaharu Sano
April 1974
April 2000
March 2001
March 2002
March 2005
April 2006
October 2008
June 2012
June 2015
June 2016

Joined Teikoku Oil Co., Ltd.
General Manager of Technical Planning Department of
Teikoku Oil Co., Ltd.
Senior General Manager, General Manager of New
Ventures Department, International Projects Division of
Teikoku Oil Co., Ltd.
Director, General Manager of New Ventures Department,International Projects Division of Teikoku Oil Co., Ltd.
Managing Director, President of International Projects
Division / Domestic Offshore Division of Teikoku Oil Co., Ltd.
Director, Deputy Senior General Manager of Corporate
Strategy & Planning Division / Technology Division of
INPEX Holdings Inc. (currently the Company)
Director, Senior Managing Executive Ofﬁcer, Senior Vice
President of Americas & Africa Project
Division of the Company
Director, Senior Vice President of Technical Headquartersof the Company
Director, Senior Executive Vice President, Senior Vice
President of Technical Headquarters, in charge of HSE of
the Company
Director, Senior Executive Vice President, Senior Vice
President of Technical Headquarters, in charge of HSE &Compliance of the Company (incumbent)

Masahiro Murayama
April 1976

Joined The Industrial Bank of Japan, Ltd.
(currently Mizuho Bank, Ltd., etc.)
General Manager of Financial Institutions Banking
Division No. 2 of The Industrial Bank of Japan, Ltd.
June 2001
General Manager of Corporate Banking Department No. 2of The Industrial Bank of Japan, Ltd.
April 2002
General Manager of Corporate Banking Division No. 9
of Head Ofﬁce of Mizuho Corporate Bank, Ltd. (currently
Mizuho Bank, Ltd.)
December 2002 General Manager of Syndicated Finance Structuring
Division No. 1 of Mizuho Corporate Bank, Ltd.
October 2003
General Manager of Syndicated Finance Distribution
Division No. 1 of Mizuho Corporate Bank, Ltd.
April 2004
Executive Ofﬁcer, General Manager of Syndicated FinanceDistribution Division No. 1 of Mizuho Corporate Bank, Ltd.
October 2004
Executive Ofﬁcer, General Manager of Loan Trading
Division of Mizuho Corporate Bank, Ltd.
April 2005
Managing Executive Ofﬁcer, in charge of corporatebanking of Mizuho Corporate Bank, Ltd.
April 2008
Director, Deputy President of Mizuho Securities Co., Ltd.
May 2009
Advisor to the Company
June 2009
Director, Managing Executive Ofﬁcer, Senior Vice Presidentof Finance & Accounting of the Company
June 2016
Director, Senior Managing Executive Ofﬁcer, SeniorVice President of Finance & Accounting of the Company(incumbent)
June 1999

Seiya Ito
April 1977
April 2002

Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
General Manager of Corporate Planning &Management Department of INPEX Corporation
June 2003
Director, General Manager of Corporate Planning &Management Department of INPEX Corporation
November 2004 Director, General Manager of Corporate Planning &Management Department and Public Affairs
Department of INPEX Corporation
September 2005 Director, Assistant Senior General Manager of Corporate
Strategy & Administration Division, General Manager ofCorporate Strategy & Planning Unit and Public Affairs Unitof INPEX Corporation
April 2006
Director, Assistant Senior General Manager of Corporate
Strategy & Planning Division, General Manager of Corporate Strategy & Planning Unit and Senior Fellow of Public
Affairs Unit of INPEX Holdings Inc. (currently the Company)
July 2006
Director, Deputy Senior General Manager of Oceania &America Project Division of INPEX Corporation
October 2008
Director, Managing Executive Ofﬁcer, Senior Vice
President of Ichthys Project of the Company
June 2016
Director, Senior Managing Executive Ofﬁcer, Senior Vice
President of Ichthys Project of the Company (incumbent)

October 2008
June 2011
June 2012

Kimihisa Kittaka
April 1981

Joined Ministry of International Trade and Industry(currently Ministry of Economy, Trade and Industry)
Director-General for Consumer Policy, Ministry of
Economy, Trade and Industry
July 2008
Director-General for Kyushu Bureau of Ministry of
Economy, Trade and Industry
November 2010 Joined the Company and assumed the post of Senior
Coordinator of Business Development & Legal Unit,
Corporate Strategy & Planning Division
June 2011
General Manager of Corporate Strategy & Planning
Unit, and of Corporate Communications Unit, Corporate
Strategy & Planning Division of the Company
June 2012
Executive Ofﬁcer, Vice President of Corporate Strategy &Planning Division, General Manager of Corporate Strategy& Planning Unit, and Corporate Communication Unit of
the Company
June 2016
Director, Managing Executive Ofﬁcer, Senior Vice Presidentof Corporate Strategy & Planning Division of the Company(incumbent)
October 2007

Nobuharu Sase

April 1981
Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
September 2005 General Manager of Secretary Unit, Corporate Strategy &Administration Division of INPEX Corporation
April 2006
General Manager of Secretary Unit, General
Administration Division of INPEX Holdings Inc.
(currently the Company)
October 2008
Assistant Senior General Manager of General Administration
Division, General Manager of Secretary Unit of the Company
June 2010
Executive Ofﬁcer, Vice President of Oil & Gas Business
Division No.1, General Manager of Oil Marketing Unit of
the Company
June 2016
Director, Managing Executive Ofﬁcer, Senior Vice Presidentof General Administration Division of the Company(incumbent)

Hiroshi Sato
April 1970
June 1999
June 2002
June 2005
April 2006
June 2006
June 2007
June 2010
June 2014
June 2015

April 1970
Joined Mitsui & Co., Ltd.
September 2001 Director of Mitsui Oil Exploration Co., Ltd.
October 2001
Chief Operating Ofﬁcer of Energy Business Unit, Energy
Group of Mitsui & Co., Ltd.
April 2002
Managing Ofﬁcer, Chief Operating Ofﬁcer of Energy
Business Unit, Energy Group of Mitsui & Co., Ltd.
April 2003
Executive Managing Ofﬁcer, Chief Operating
Ofﬁcer of Energy Business Unit of Mitsui & Co., Ltd.
April 2005
Representative Director, Executive Vice President of Mitsui
Oil Exploration Co., Ltd.
June 2005
Representative Director, President, CEO of Mitsui Oil
Exploration Co., Ltd.
June 2006
Representative Director, President, CEO and CCO of Mitsui
Oil Exploration Co., Ltd.
June 2007
Director (Outside) of INPEX Holdings Inc.
(currently the Company) (incumbent)
June 2012
Senior Advisor of Mitsui Oil Exploration Co., Ltd.

Jun Yanai
April 1973
July 1997
May 2001
April 2004
April 2005

April 1976
April 1997

April 2008

Takahiko Ikeda
April 1978
March 2002
March 2004
March 2005
April 2006

June 2007
October 2008
June 2014

Joined Teikoku Oil Co., Ltd.
General Manager of Production Department, Domestic
Operating Division of Teikoku Oil Co., Ltd.
Senior General Manager of Production Department,
Teikoku Oil Co., Ltd.
Director, Domestic Operating Division of Teikoku Oil Co., Ltd.
General Manager of Domestic Project Planning and
Administration Unit, Corporate Strategy &Administration Division of INPEX Holdings Inc.
(currently the Company)
Managing Director, President of Domestic Operation
Division and General Manager of Niigata District
Department of Teikoku Oil Co., Ltd.
Director, Managing Executive Ofﬁcer, Senior Vice Presidentof Domestic Projects of the Company
Director, Managing Executive Ofﬁcer, Senior Vice Presidentof Gas Supply & Infrastructure of the Company (incumbent)

Yoshikazu Kurasawa
April 1982
February 2004

Joined Japan National Oil Corporation
Deputy General Manager of Planning & New Ventures
Department of INPEX Corporation
April 2005
General Manager of Planning & New Ventures
Department of INPEX Corporation
September 2005 General Manager of Business Development and Legal
Unit, General Administration & Corporate
Planning Division of INPEX Corporation

INPEX CORPORATION Annual Report 2016

Joined Japan Petroleum Exploration Co., Ltd. (JAPEX)
General Manager of Finance and Accounting
Department of JAPEX
Director, General Manager of Finance and Accounting
Department of JAPEXManaging Executive Ofﬁcer of JAPEX
Audit & Supervisory Board Member (part-time) of INPEX
Holdings Inc. (currently the Company)
Managing Director & Executive Ofﬁcer of JAPEX
Senior Managing Director & Executive Ofﬁcer of JAPEX
Executive Vice President & Executive Ofﬁcer of JAPEX
Advisor of JAPEX (incumbent)
Director (Outside) of the Company (incumbent)

Yoshiyuki Kagawa

Shunichiro Sugaya
Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
General Manager of Development Department ofIndonesia Petroleum, Ltd.
June 2001
Director, General Manager of Development
Department of INPEX Corporation
June 2002
Director, Coordinator in charge of Development Department of INPEX Corporation
September 2005 Director, Senior General Manager of Asia Project
Division, Assistant Senior General Manager ofTechnology and HSE Division of INPEX Corporation
June 2007
Managing Director, Senior General Manager of Asia
Project Division of INPEX Corporation
October 2008
Director, Managing Executive Ofﬁcer, Senior Vice
President of Masela Project of the Company (incumbent)

42

June 2007

General Manager of Overseas Project Planning and
Administration Unit, Corporate Strategy &Administration Division of INPEX Holdings Inc.
(currently the Company)
Executive Ofﬁcer, General Manager of Business
Development and Legal Unit, General Administration &Corporate Planning Division of INPEX Corporation
Executive Ofﬁcer, Assistant Senior General Manager
of Corporate Strategy & Planning, General Manager ofBusiness Development and Legal Unit of the Company
Managing Executive Ofﬁcer, Vice President ofCorporate Strategy & Planning of the Company
Director, Managing Executive Ofﬁcer, Senior Vice Presidentof New Ventures of the Company (incumbent)

April 2011
April 2013
June 2013
April 2014
April 2016
June 2016
June 2016

Joined Mitsubishi Corporation
General Manager of Petroleum Products Supply
Department of Mitsubishi Corporation
Senior Assistant to Group CEO of Energy Business Groupof Mitsubishi Corporation
Senior Vice President, Senior Assistant to Group CEO of
Energy Business Group of Mitsubishi Corporation
Senior Vice President, Division COO, of Petroleum
Business Division of Mitsubishi Corporation
Executive Vice President, Group COO of Energy BusinessGroup of Mitsubishi Corporation
Executive Vice President, Group CEO of Energy BusinessGroup of Mitsubishi Corporation
Member of the Board, Executive Vice President, GroupCEO of Energy Business Group of Mitsubishi Corporation
Member of the Board, Senior Executive Vice President,Group CEO of Energy Business Group of Mitsubishi
Corporation
Member of the Board, Senior Executive Vice President,Group CEO of Energy Business Group, Chief ComplianceOfﬁcer of Mitsubishi Corporation
Member of the Board, Senior Executive Vice President of
Mitsubishi Corporation
Advisor of Mitsubishi Corporation (incumbent)
Director (Outside) of the Company (incumbent)

Isao Matsushita
April 1970
April 1994

Joined Nihon Kogyo Co., Ltd.
General Manager of Beijing Ofﬁce of Japan Energy
Corporation
June 1996
General Manager of Petroleum Overseas of Japan Energy
Corporation
June 1998
Senior General Manager of Finance Department of Japan
Energy Corporation
June 1999
Senior General Manager, Principal of Corporate Planning
Department (in charge of Finance) of Japan Energy
Corporation
April 2001
Executive Ofﬁcer, Assistant to General Manager of Corporate Planning Department and Principal of Corporate
Planning Department (in charge of Finance) of Japan
Energy Corporation
September 2002 Member of the Board of Nippon Mining Holdings, Inc.,in charge of Finance Group
June 2003
Executive Board Member of Nippon Mining Holdings, Inc.
April 2004
Executive Vice President, in charge of Supply and Demand
Department, Logistics Department and Crude Material
Department of Japan Energy Corporation
June 2004
Member of the Board, Executive Vice President, in charge of
Supply and Demand Department, Logistics Department andCrude Material Department of Japan Energy Corporation
April 2005
Member of the Board, Senior Executive Vice President,
in charge of Sales Planning Department (Car Energy andHome Energy), Speciﬁed Sales Dealership Department,
Broad Area Sales Department, Retail Sales Department
and LP Gas Department of Japan Energy Corporation
June 2006
President and Representative Director of Japan Energy
Corporation

April 2010
July 2010

June 2012
June 2015
June 2016

Member of the Board of JX Holdings, Inc. (part-time)
Executive Vice President, Assistant to President (in chargeof Administration Department, Global Business Department, and Supply and Demand Department) of JX Nippon
Oil & Energy Corporation
Representative Director and President, President and Chief
Executive Ofﬁcer of JX Holdings, Inc.
Senior Executive Advisor of JX Holdings, Inc. (incumbent)
Director (Outside) of the Company (incumbent)

Yasuhiko Okada
April 1966
July 1994
May 1995
July 1999
June 2003
January 2012
June 2012

Joined Ministry of FinanceDirector-General for the Tokyo Regional Taxation Bureau
Secretary-General of Executive Bureau, Securities andExchange Surveillance Commission
Administrative Vice-Minister of Environment Agency(currently Ministry of the Environment)
President of National Association of Labour Banks; President of The Rokinren Bank
Attorney at Law admitted to practice in Japan; Partner ofKitahama Partners (Tokyo Ofﬁce) (incumbent)
Director of the Company (incumbent)

Kazuo Yamamoto
April 1978
March 2002

Joined Teikoku Oil Co., Ltd.
General Manager of Petroleum Products Marketing
Department, Marketing Division of Teikoku Oil Co., Ltd.
August 2003
General Manager of Petroleum Products Marketing
Department and Power Business Department, Marketing
Division of Teikoku Oil Co., Ltd.
March 2004
Senior General Manager, General Manager of Petroleum
Products Marketing Department and Power Business
Department, Marketing Division of Teikoku Oil Co., Ltd.
March 2005
Director, General Manager of Technical Planning Department and Deputy General Manager of LNG PlanningOfﬁce of Teikoku Oil Co., Ltd.
April 2006
General Manager of Technology Planning Unit, Technology
Division of INPEX Holdings Inc. (currently the Company)
October 2008
Executive Ofﬁcer, Assistant to General Manager of Technical Division, General Manager of Technical Planning Unitof the Company
November 2010 Executive Ofﬁcer, Assistant to General Manager of Technical Division, General Manager of Technical Infrastructure
Unit of the Company
June 2011
Managing Executive Ofﬁcer, General Manager of Logistics& IMT Division of the Company
June 2015
Audit & Supervisory Board Member (full-time) of theCompany (incumbent)

Hideyuki Toyama
April 1975
July 2001

Joined Ministry of FinanceDirector-General of Sapporo Regional Taxation Bureau,
National Tax Agency (NTA)
Executive Secretary of the Administration Ofﬁce of the
Director-General, Cabinet Legislation Bureau (CLB)
July 2005
Director-General of the Fourth Department, CLB
October 2006
Director-General of the Third Department, CLB
November 2012 Advisor, Aioi Nissay Dowa Insurance Co., Ltd.
January 2013
Registered as attorney-at-law (incumbent)
April 2013
Visiting Professor, Graduate School of Public Policy,
University of Tokyo (incumbent)
June 2015
Audit & Supervisory Board Member (full-time) of theCompany (incumbent)
July 2003

Koji Sumiya
April 1976
April 2001
April 2002
October 2005
October 2007
October 2008
May 2010
June 2010

Joined The Export-Import Bank of Japan (currently Japan
Bank for International Cooperation)
Director General, International Finance Department I ofJapan Bank for International Cooperation (Currently Japan
Bank for International Cooperation)
Director General, Policy Planning and Coordination
Department of Japan Bank for International Cooperation
Resident Executive Director, Osaka Branch of Japan Bankfor International Cooperation
Senior Executive Director of Japan Bank for International
Cooperation
Managing Executive Ofﬁcer of Japan Bank for International Cooperation, Japan Finance Corporation (Currently
Japan Bank for International Cooperation)
Retired from Japan Bank for International Cooperation,
Japan Finance Corporation
Audit & Supervisory Board Member (full-time) of theCompany (incumbent)

Michiro Yamashita
April 1982
June 2005
April 2010
June 2011
July 2012
June 2013
June 2014
June 2015
June 2016

Joined Japan Petroleum Exploration Co., Ltd. (JAPEX)
General Manager of Corporate Strategy Department of
JAPEX
Vice President of Environment and Innovative Technology
Projects Division of JAPEX
Vice President of Environment and Innovative Technology
Projects Division of JAPEX
Senior Advisor, Assistant to Executive Ofﬁcer in charge ofFinance & Accounting Department of JAPEX
Executive Ofﬁcer in charge of Finance & Accounting
Department of JAPEX
Executive Ofﬁcer in charge of Finance & Accounting
Department, Vice President of Asia & Oceania Division of
JAPEX
Audit & Supervisory Board Member of the Company(incumbent)
Managing Executive Ofﬁcer in charge of Financing &Accounting Department, Vice President of Asia & Oceania
Division of JAPEX (incumbent)

Masaru Funai
April 1972
April 1998
April 2000
April 2001
April 2002
April 2003
April 2005

June 2005

April 2007

April 2009

April 2010
June 2010
April 2011

Joined Marubeni Corporation
General Manager, Corporate Planning & Coordination
Department of Marubeni Corporation
Executive Vice President and CFO of Marubeni America
Corporation
Executive Vice President, CFO and CAO of Marubeni
America Corporation
General Manager, Risk Management Department ofMarubeni Corporation
Corporate Vice President, General Manager, Corporate
Planning & Coordination Department of Marubeni Corporation
Corporate Senior Vice President, CIO, Executive
Corporate Ofﬁcer, Human Resources Department,
Information Strategy Department and Risk Management
Department of Marubeni Corporation
Corporate Senior Vice President, Member of the Board,
CIO, Executive Corporate Ofﬁcer, Human Resources
Department, Information Strategy Department and Risk
Management Department of Marubeni Corporation
Corporate Executive Vice President, Member of the Board,
Executive Corporate Ofﬁcer, General Affairs Department,
Human Resources Department, Risk Management
Department and Legal Department of Marubeni Corporation
Senior Executive Vice President, Member of the Board,
CIO, Chief Operating Ofﬁcer, Information Strategy
Department, Corporate Accounting Department,
Business Accounting Department-I, Business Accounting
Department-II, Business Accounting Department-III and
Finance Department, Senior Operating Ofﬁcer, Audit
Department, Chief Operating Ofﬁcer, Investor Relations ofMarubeni Corporation
Senior Executive Vice President, Member of the Board,
Senior Operating Ofﬁcer, Audit Department of Marubeni
Corporation
Audit & Supervisory Board Member of the Company(incumbent)
Senior Consultant of Marubeni Corporation