6

Sustainability &GovernanceSustainability

Sustainability
Five Key CSR Issues

INPEX aims to further enhance its reputation as a company essential tosociety by contributing 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 andbusiness. Each year, we take steps to evaluate the progress of our CSR
activities and to push forward all appropriate measures from a medium- tolong-term perspective.

Compliance
Comply with laws and social norms(including human rights)

1. Five Key CSR Issues
As a global energy company that aims toconstantly expand its upstream operations, in April 2012 the Company identified five key CSR issues that it would
tackle on a priority basis in a bid to gain
the trust of all stakeholders.
In this section of the annual report
2014, we provide details of the five key

CSR issues, provide details of progressin addressing each issue during the year
ended March 31, 2014, and explain ourplans from the year ending March 31,
2015. Please refer to the Company’s Sustainability Report 2014 for details of specific initiatives by issue.

HSE Initiatives
Practice safety management andenvironmental protection with respect
to operations

2．CSR Activity Road Map
For the continuous enhancement of CSR
management, we have established targets for 2016 and a medium-term action
plan called the CSR road map. Phase 1,
which came to a close in the year ended
March 31, 2013, was a period for establishing the foundation of the CSR promotion system, and we have put in placea philosophy and built a foundation for
CSR activities. The three-year period from

Establish the Foundation of
the CSR Promotion System
Launch organizations to promote CSR,
revise the CSR Policy,
y set out the keyy,
CSR issues and participate in–
014international initiatives
ch 2
Mar h 2016cr tor
(UNGC and EITI)
a
a
e
Y
M

Year

to

13
h 20

c
Mar

1

r
Yea

to

e
Phas

2

e
Phas

Deepen CSR Initiatives
with PDCACCA

the year ended March 31, 2014, to theyear ending March 31, 2016, constitutes
Phase 2 of the CSR road map in which wewill deepen the CSR initiatives. Phase 3of the CSR road map covers the periodthat coincides with the start of production at the Ichthys LNG Project. It is during this phase that we plan to engage in
CSR on a global scale.

arch
to M
Year beyond
and

2017

e
Phas

3

Community
Contribution
Build trust and contribute to local
communities (including education)

P

U
STEP

Promote CSR on a Global Scale
Ensure that the PDCA cycle is firmly entrenchedthroughout the Group, promote activities that are uniqueto the Group, engage in global-level reportting andenhance corporate value through these andd other initiatives

Greenhouse Gas
Countermeasures
Address climate change

Formulate the CSR Action Plan, work out the business activities ofeach department and enhance initiatives (establish a PDCA cycle)

About the Sustainability Report 2014
The INPEX Group publishes its Sustainability Report annually to keep its stakeholders informed of its CSR initiatives and activities. Focusing on the Company’s
five key CSR issues, the Sustainability Report 2014 has been compiled taking
into consideration the requirements of international disclosure guidelines.
INPEX also provides a Digest Edition of its Sustainability Report to provide
readers with an overall picture of its approach toward CSR. The full edition provides a more expansive understanding of the Group’s CSR activities. The Fully
Comprehensive Web Edition offers a total view of the INPEX Group’s efforts tofulfill its corporate social responsibility including details from previous reports.
Readers can access and order each of these reports via the Company’s CSR
Web site. } www.inpex.co.jp/english/csr/

066

INPEX CORPORATION Annual Report 2014

Employee Development
Develop and utilize humanresources as a global company

An overview of the five key CSR issues, vision, results for the year ended March 31, 2014,
and plans for the year ending March 31, 2015, and beyond are presented briefly as follows.

Overview of the Key CSR Issues

Vision• Observe international and social norms that
include laws, regulations and other rules
related to human rights• Go beyond simply complying with laws
and regulations to being properly attentive to various social norms including
those of where we operate

Put in place a Reconciliation Action Plan (RAP) asa part of efforts to promote cooperation with
the indigenous people of Australia (June 2013)• Ensure that directors and employees takethe initiative and engage in activities thatreflect high ethical standards to win thetrust of society• Reduce the environmental impact of daily
operations, take steps to mitigate environmental risks and engage in activities that help
to conserve biodiversity• Ensure the safety of all employees andrelated parties including contractors, andconduct operations without allowing major
accidents• Ensure safety across every facet of businessactivities• Make every effort to minimize environmental impact beyond legal and regulatory
requirements, and conduct operations
while being attentive to environmental
risks such as those posed by leakages andbiodiversity

The 2nd CEO Ichthys HSE forum held

•Strive to communicate with governments, local
residents, NGOs and other public stakeholders•Approach all stakeholders after fully grasping the needs of local communities and taking into consideration the impact of business activities; take all appropriate measures(including efforts to provide local residents
with relevant education)• Conduct business in a manner that contributes to the societal growth of communities
within which the Company operates while
respecting local cultures and customs, etc.

Indigenous trainees at work at the Ichthys LNG Project.
INPEX provides training programs for indigenous residents at
the Ichthys LNG Project and contributes to the development of
human resources throughout the local community.

• Engage in operations while taking into consideration the impact on climate change

6• Develop and supply a diverse range of energies that help to combat climate change
while promoting further advances in technologies

Sustainability & Governance• Promote research, development and practicalapplication of renewable energy and fossil fueltechnologies (including technologies that separate, capture and store CO2 (CCS)), as well as
technologies to generate methane; promote
the CO2 offset program (including forest protection and the planting of trees)
GHG Management Course organized by the Perth Office GHG
management team. The course was attended by four members
from the Company’s head office and five members from Jakarta.
Lectures were held by the GHG management team on
cutting-edge GHG management know-how. (November 2013)• Employ talented people, treat them with respect
and assign them to positions to which they aresuited without discrimination on the basis of culture, national origin, creed, race, gender or age• Actively develop and utilize human resources
suited to the conduct of operations globally• Achieve a proper balance between businessgrowth and employee satisfaction

INPEX was selected as a fiscal 2013 “Nadeshiko Brand.”This designation is granted to companies that are considered
exceptional in encouraging women’s success in the workplace.

INPEX CORPORATION Annual Report 2014067

Sustainability

Five Key CSR Issues (Continued)
Major Activity Fields

Results for the Ye
Y ar Ended March 2014

• Strengthen Compliance;
Respect Human Rights, etc.

• Distributed the revised Code of Conduct and conducted activities toraise awareness and understanding (conducted lectures in Indonesia)• Drew up Anti-Bribery and Anti-Corruption guidelines• Conducted Anti-Bribery and Anti-Corruption training in Australia• Conducted a monitoring program to ascertain the existence or otherwiseof compliance violation fines and found no incidences• Took steps to confirm the level of compliance by contractors with theCompany’s Code of Conduct (including environmental and safety policies and measures against anti social elements)• Conducted indigenous culture training in Australia (attended by 180 staff)• Promoted initiatives that comply with IFC Performance Standards acrossmajor projects• Analyzed gaps with respect to requirements under GRI-G4, IPIECA andother international guidelines in connection with disclosure items• Implemented the third-party verification of environmental performance data in Japan (GHG, energy consumption, water consumption,
wastewater discharged)• Conducted HSE audits of four operation units• Performed ocean environmental surveys prior to the commencement ofoperations at the Naoetsu LNG Terminal; conducted greenery activities
at the Naoetsu LNG Terminal (25% of the site)• Strengthen Environmental
Management; Maintain Safety
and Protect Biodiversity• Reduce the Impact of Operations on Local Communities;
Participate in Community
Events and Contribute toSociety

INPEX invited experts from outside the Company to conduct
human rights seminars for the benefit of employees inJapan. A total of 203 employees attended these seminars
between January and February 2014.

INPEX periodically implements surveys on the impact on
the environment of birds of prey in the areas around the
Toyama pipeline. (August 2013)• Submitted a project environmental impact assessment (AMDAL: Analysis
Mengenai Dampak Lingkungan) to the Indonesian Ministry of Environment•Disclosed details of a Social Impact Management Plan report withrespect to the Ichthys LNG Project and called for public comment• Undertook social contribution investments totaling ¥1.23 billion

INPEX conducts Tanimbar English Training in
Saumlaki City, Maluku Province, Indonesia.

• Address Climate Change• Promoted the establishment of frameworks for GHG management using
GHG working groups (examined trends at other companies; considered
the direction of each initiative item)• Conducted a GHG offset program (planted trees; undertook savannah
fire management) in Australia• Decided to expand the INPEX mega-solar Joetsu project• Continued to investigate studies concerning geothermal power generation in Hokkaido and Akita, JapanINPEX is implementing eco-drive programs for
its tank trucks and lorries.

• Recruit and Train a Global
Workforce; Promote Diversity

068

INPEX CORPORATION Annual Report 2014

• Took steps to consider establishing a base for personnel systems (establishment of a job category platform, etc.)• Assigned young engineer employees to project sites for training and for
conducting research• Undertook the first employee satisfaction survey in Australia• Implemented employee equal opportunity (EEO) training in Australia(350 staff attended in 2013)

Diversity•Percentage of foreign employees to total
employees: 37.7%•Maintain the percentage of physicallychallenged employees to total employees
at or above the legally required level (2%)•Employ three non-Japanese new graduates in Japan•Percentage of female employees to total
employees: 18.6%

Goals by the End of the Ye
Y ar Ending March 2016

• Draw up explanatory notes on the Code of Conduct• Draw up standards for drugs and alcohol (Indonesia)• Commence the implementation of Anti-Bribery and Anti-Corruption
guidelines and conduct training activities• Establish due-diligence procedures for Anti-Bribery and AntiCorruption (Indonesia)• Establish human rights due-diligence procedures (including safety
practices) at the time of contract execution• Continue to conduct human rights training for INPEX employees• Implement cross-cultural awareness training in South Korea, Singapore, China, the Philippines, Thailand, Perth and Darwin•Continue to enhance awareness toward compliance promotion•Build a framework and monitoring system at suppliers andcontractors to ensure respect for human rights•Enhance understanding and awareness of human rights
issues across the INPEX Group by implementing humanrights training globally• Enhance the disclosure of environmental performance data basedon the results of gap analysis• Continue to implement third-party verification• Continue to conduct HSE audits of the four operation units• Achieve no accidents; reduce the number of accidents(For the year ending March 2015, the accident index for the entire
company: LTIF 0.29, TRIR 1.40)• Continue to participate in the biodiversity protection working group• Continue to perform ocean environmental surveys and to conduct
greenery activities at the Naoetsu LNG Terminal• Ensure the strict implementation of environmental andsafety management based primarily on the second corporate HSE medium-term plan
• Continuously expand the boundary and scope of thirdparty verification concerning HSE performance data
• Prevent major accidents (LTIF target: 0.24, TRIR target: 1.59)• Continuously implement biodiversity conservation measures• Receive approval for the environmental impact assessment reporton the project in Indonesia• Finalize the Ichthys LNG Project Social Impact Management Plan
• Plan to undertake social contribution investments totaling ¥1.44
billion• Promote measures to support the development and selfsustenance of local communities• Solve problems through proper communications withstakeholders; actively participate in social contribution
activities• Draw up documentation for a GHG management framework for distribution across the Group• Identify medium- and long-term GHG emissions forecasts and prepare a GHG management medium-term plan
• Reduce unit energy consumption by 1% compared with the previous period• Continue to submit proposals for the introduction of natural gas
cogeneration systems• Continue implementing initiatives including concrete measures to
set up a task force team for the underground reinjection of CO2• Promote activities in accordance with the GHG management framework; continue the management of GHG
emissions• Continue the GHG offset program in Australia• Promote research and development into technologies
that help resolve issues relating to climate change• Continue surveys toward the commercialization of geothermal power generation• Promote global human resources activities• Draw up the INPEX Values• Release a strategy and action plan on diversity in Australia• Undertake a second employee satisfaction survey in Australia• Implement human resource development programs (global
training by job type and position)• Create a workplace environment in which all employees
can excel regardless of nationality, disability or age (increase
the recruitment of foreign nationals; maintain a percentage of physically challenged employees at or above thelegally required level)• Build a globally common human resources management
platform• Penetrate and establish the INPEX Values

INPEX CORPORATION Annual Report 2014

6
Sustainability & Governance

Plan for the Ye
Y ar Ending March 2015069

GovernanceCorporate Governance
INPEX works to enhance its corporate governance in order to raise its corporate value; continue
to exist as a corporation that is trusted by our shareholders, other stakeholders and all of society;and conduct responsible management as a global company.

Overview of the Corporate Governance Structure
INPEX has adopted a Board of Auditors structure, under which auditors audit the execution of operations, which are in turn carried out by directors well versed in their field. In
addition, the Company has introduced an Executive Officer System as a part of efforts
to further enhance the agility and efficiency of management. INPEX frequently engages
in negotiations with the governments of oil-producing countries and overseas oil companies. This necessarily requires directors and executive officers that have both a soundknowledge of the Company and their particular field of expertise. Accordingly, internal
directors in principle hold the concurrent position of executive officers. By adopting thisconcurrent 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 abilityof the Board of Directors to carry out its supervisory function, INPEX has appointed fiveof its 16-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. Moreover, four of the Company’s five auditors arealso appointed from external sources. In addition to putting in place a Board of Auditors,
INPEX has appointed ancillary staff to support the audit function and is reinforcing collaboration between auditors and the Audit Unit, as well as independent auditors.

Overview of the Corporate
Governance Structure
Organizational structure.................................................
................................... Company with statutory auditors

Directors
Number of directors as stipulated by
the Articles of Incorporation ............................ up to 16
Number of directors(number of outside directors) ................................ 16 (5)Term of office ........................................................... 1 year
Statutory auditors
Number of statutory auditors as stipulated by
the Articles of Incorporation .........................up to 5
Number of statutory auditors(number of outside auditors) ............................ 5 (4)Term of office ...............................................4 years
Number of independent
directors and auditors ......................................... 9(5 outside directors, 4 outside auditors)
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

Appoint/Dismiss

Compensation limit setup

Compensation limit setup

Appoint/
Dismiss

Board of Directors
Audit

Proposal/Advice/
ReportBoard ofAuditors

Coordinate

Independent
Auditors

Advisory Committee
ReportAccounting audit

Business Operation
SystemCoordinate

CSR Committee

ReportCompliance Committee
Corporate HSE
Committee

Executive
Committee
Appoint/Dismiss/Supervise

Appoint/Dismiss/Supervise

President& CEO
ReportInformation Security
Committee

Audit Unit

Accounting audit

Executive Officers
Divisions and Subsidiaries
Internal audit

070

INPEX CORPORATION Annual Report 2014

［1］Directors and the Board of Directors
Directors well versed in the performance of operations appointed
from within the Company deliberate on and determine important matters relating to the conduct of business in conjunction
with outside directors, who boast abundant experience and awide range of knowledge. In this manner, INPEX ensures thatdecisions are made in a rational, effective and objective manner.
The Company’s Board of Directors comprises 16 members,
five of whom are outside directors. In addition to a monthly meeting, the Board of Directors meets as necessary in order to discussand determine the execution of important matters. The Board
also supervises the execution of duties by directors. In addition,
the term of office for directors was set at one year from June 2012.
This initiative helps to enhance the ability of directors to respondto changes in the Company’s operating environment in a timely
manner and to further clarify management responsibilities.

Furthermore, we expect positive results in terms of external negotiation and credits as a leading oil and gas E&P contributing to thestable and efficient supply of energy in Japan.
} See pp. 126­127 for Business Risks (8. Class A Stock)［4］Director Compensation
In the business of developing oil and natural gas, a considerable
amount of time is required between the launch of a businessventure and any investment recovery. Accordingly, INPEX does
not consider it appropriate to reflect short-term performance indirectors’ compensation. Compensation for directors consistsof monthly compensation (basic compensation), which is paid
based on the duties of each director, and a bonus based on the
Company’s performance. Compensation is determined by the
Board of Directors. Compensation paid to statutory auditors
consists solely of a fixed monthly compensation, which is determined through consultation between the statutory auditors.
The table below shows the amount of compensation paid
to directors and statutory auditors for the year ended March
31, 2014. From the current period, the bonus component paid
to outside directors and statutory auditors has been abolished.
Outside directors and statutory auditors are now paid a consolidated fixed compensation amount only. This takes into accountefforts to further bolster corporate governance.
Compensation Paid to Directors and Statutory Auditors(Year ended March 31, 2014)

Director classification

8th Ordinary General Meeting of Shareholders held on June 25, 2014［2］Executive Committee andExecutive Officer System［3］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. This share possesses influence on certain major corporate decisions. 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. For our company, the issuance of the Class A
Stock to the Minister of Economy, Trade and Industry is an effective
countermeasure to prevent outside control over the business of
our company or against hostile takeovers for speculative purposes.

Total amount ofcompensation paid bytype of compensation(¥ million)
Basic
compensation

Bonus

Number of
directors andstatutory
auditors
eligiblefor basiccompensation(person)Directors(excluding outside directors)

485

388

97

11

Statutory Auditors(excluding outside auditors)

26

26

­

1

Outside Directors andOutside Auditors

90

90

­

9

Notes: 1. The Company does not maintain a stock option plan.
2. The Company does not maintain an 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, 2014.
4. In addition to the amounts of compensation paid presented in the table, an amount totaling ¥0.9 million was paid by a subsidiary company as compensation to an outside director
or auditor of the Company for the year ended March 31, 2014.

［5］Accounting Audit and6

Auditor Compensation

Sustainability & Governance

From the perspective of increasing the speed of decision making related to the execution of business, we have establishedan Executive Committee with attendance by full-time directors
and managing executive officers. The meetings are held weekly
and as necessary. 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.

Totalamount ofcompensation
paid(¥ million)

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 compensation
paid to the CPAs is determined in total based on the audit planand the number of auditing dates, after obtaining approval fromthe Board of Auditors.
Compensation Paid to the CPAs and Related Parties(Year ended March 31, 2014)

Name of the CPA firm

Ernst & Young ShinNihon LLC

Names of the CPAs

Kazuhiko Umemura, Satoshi Takahashi

Accounting audit
members

18 CPAs and 32 others

Compensation forauditing services¥221 million (INPEX: ¥146 million;
Consolidated subsidiaries: ¥75 million)

Compensation for
non-auditing services¥9 million (INPEX: ¥5 million;
Consolidated subsidiaries: ¥4 million)

INPEX CORPORATION Annual Report 2014071

GovernanceMonitoring of Management by
Outside Directors and Auditors［1］Outside Directors
Regarding the appointment of outside directors, we believe that it
is important to comprehensively consider a variety of factors. These
factors include the validity of business decisions and considerationof their efficacy, professionalism and objectiveness in the oversightfunction in addition to the perspective of independence.
Our Company ’s five outside directors possess broad knowledge and many years of experience as managers in such fields
as the resource/energy industry, finance and legal matters. Also,
four of the outside directors are shareholders of the Company
and serve as director or advisors of companies that conductbusiness in the same field. Therefore, we recognize the importance of paying special attention to the possibility of competition and other conflicts of interest. In response, we collect written
pledges from outside directors in order to ensure conformancewith the Companies Act when taking a proper response towardnoncompetition, the prevention of information leakage and theimplementation of appropriate measures toward transactions
with a conflict of interest. These written pledges are the same as
those submitted by internal appointees.

［2］Outside Auditors
When appointing outside auditors, we believe that it is important to comprehensively consider factors such as independence,
efficacy in the oversight function and professionalism.
Four of the five auditors are outside auditors who possessrich knowledge and experience in our Company’s business, aswell as in fields such as finance and accounting, and utilize thesequalities when performing auditing activities for our Company.
One of the outside auditors also holds the position of advisor at
Japan Petroleum Exploration Co., Ltd. (JAPEX), a company thatengages in the same type of business as the Company.

［3］Independence ofOutside Directors and Auditors

All of our Company’s outside directors (5) and outside auditors(4) satisfy the requirements* for independent directors and are
therefore designated as independent directors.
*It has been confirmed that the outside directors /auditors do not fall under theconditions stipulated in the Ordinance for Enforcement of the Securities Listings
Regulations, Article 211, Item 4, Sub-Item 5, and Article 226, Item 4, Sub-Item 5.
Furthermore, it has been confirmed that there is no risk of a conflict of interest withordinary shareholders.

［4］Board of Auditors and Statutory Auditors
INPEX has adopted a statutory auditor system. The Board of Auditors is composed of five auditors, including four outside auditors.
In addition to attending meetings of the Board of Directors and the Executive Committee, the statutory auditors review
the execution of business duties by directors and executive officers through reports given by and hearings for related departments. Furthermore, the statutory auditors meet on a regularand as needed basis with the Independent Auditors, and receive

Outside Directors

Kazuo Wakasugi

Yoshiyuki Kagawa

Seiji Kato

Rentaro Tonoike

Director (Outside)

Director (Outside)

Director (Outside)

Director (Outside)

Kazuo WakasugiYears of service as Director: 8 years, No. of shares owned: - shares
April 1953

June 2007

June 1984

June 2012

Joined Ministry of International Trade and Industry(currently Ministry of Economy, Trade and Industry)Vice-Minister for International Affairs, Ministry ofInternational Trade and Industry
September 1986 Advisor to Long-Term Credit Bank of Japan, Ltd.
(currently Shinsei Bank, Ltd.)
June 1993
Representative Director, Executive Vice President of
Mitsubishi Electric Corporation
May 1995
Advisor to Japan Petroleum Exploration Co., Ltd.
(“JAPEX”)
June 1995
Representative Director, President of JAPEX
June 1996
Director of Indonesia Petroleum, Ltd.
(INPEX Corporation)
June 2001
Representative Director, Chairman of JAPEX
April 2006
Director of INPEX Holdings Inc.
(currently the Company) (incumbent)
May 2007Counsellor of JAPEX
June 2013
Advisor of JAPEX (incumbent)

Yoshiyuki Kagawa
Years of service as Director: 7 years, No. of shares owned: - shares
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

072

June 2006

INPEX CORPORATION Annual Report 2014

Exploration Co., Ltd.
Representative Director, President, CEO and CCO of
Mitsui Oil Exploration Co., Ltd.
Director of INPEX Holdings Inc.
(currently the Company) (incumbent)
Senior Advisor of Mitsui Oil Exploration Co., Ltd.
(incumbent)

April 2006
April 2008

Seiji Kato
Years of service as Director: 4 years, No. of shares owned: - shares
April 1971
July 1997
April 2003
April 2006
April 2007
April 2008
June 2010
June 2011

Joined Mitsubishi Corporation
General Manager of LNG Business Department of
Mitsubishi Corporation
Senior Vice President, Division COO of Natural Gas
Business Division of Mitsubishi Corporation
Senior Vice President, Division COO of Natural Gas
Business Division B of Mitsubishi Corporation
Executive Vice President, Group COO of
Energy Business Group of Mitsubishi Corporation
Executive Vice President, Group CEO of
Energy Business Group of Mitsubishi Corporation
Director of the Company (incumbent)
Corporate Adviser of Mitsubishi Corporation(incumbent)

Rentaro Tonoike
Years of service as Director: 2 years, No. of shares owned: - shares
April 1978
April 2000
October 2003

Joined Nippon Mining Co., Ltd.
General Manager of Planning & Coordination Dept.,
Metal Division of Nippon Mining & Metals Co., Ltd.
General Manager (Group Companies Coordination) ofApril 2009

June 2012
June 2012

Yasuhiko Okada
Director (Outside)
Planning & Coordination Dept. of Nippon Mining &Metals Co., Ltd.
Executive Officer, General Manager(Planning & Coordination) of Planning & Coordination
Dept. of Nippon Mining & Metals Co., Ltd.
Executive Officer, General Manager(Planning & Coordination) of Planning & Coordination
Dept.; General Manager of Coordination Dept., Metals
Group; General Manager of Planning Dept., Copper
Division, Metals Group of Nippon Mining & Metals
Co., Ltd.
General Manager (Planning & Coordination) of
Planning & Coordination Dept.; General Manager of
Coordination Dept., Metals Group; General Manager
on Special Assignment, Copper Division, Metals Groupof Nippon Mining & Metals Co., Ltd., Department 1 of
JX Holdings, Inc.
Director of the Company (incumbent)
Director, Senior Vice President and Executive Officer of
JX Holdings, Inc. (incumbent)

Yasuhiko Okada
Years of service as Director: 2 years, No. of shares owned: - shares
April 1966
July 1994
May 1995
July 1999
June 2003
January 2012
June 2012

Joined Ministry of FinanceDirector-General for the Tokyo Regional Taxation
BureauSecretary-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; Partnerof Kitahama Partners (Tokyo Office) (incumbent)
Director of the Company (incumbent)reports from the Independent Auditors regarding audits. They
also conduct regular meetings with the internal audit department (Audit Unit) to receive reports regarding internal audits andthe evaluation of internal controls.
To strengthen the function of the statutory auditors andensure viable corporate governance, ancillary staff are appointed

to support statutory auditors. Steps are also taken to form partnerships between the statutory auditors, the Audit Unit and the
independent auditors. Moreover, we have constructed a system
to strengthen the monitoring function through periodic meetings
with representative directors and directors.

Outside Directors/Outside Auditors: Concurrently Held Positions and Reason for Appointment
Independent
director

Significant concurrently
held positions

Reason for appointment

Attendance at board meetings forthe year ended March 31, 2014

Kazuo Wakasugi

Advisor for Japan Petroleum Exploration Co.,
Ltd., a major shareholder in our company

To utilize in our company’s management his rich experienceand broad knowledge as a business executive

Board of Directors meetings 14/15

Yoshiyuki Kagawa

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

To utilize in our company’s management his rich experienceand broad knowledge as a business executive

Board of Directors meetings 14/15

Seiji Kato

Corporate Advisor of Mitsubishi Corporation,a shareholder in our company

To utilize in our company’s management his rich experienceand broad knowledge in the resources/energy industry

Board of Directors meetings 14/15

Rentaro Tonoike

Director, Senior Vice President and Executive
Officer of JX Holdings, Inc., a major shareholder in our company

To utilize in our company’s management his rich experienceand broad knowledge in the resources/energy industry

Board of Directors meetings 15/15

Yasuhiko Okada

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 15/15

Haruhito Totsune―

Possesses rich knowledge and experience in financial fields

Board of Directors meetings 14/15
Board of Auditors meetings 13/14

Koji Sumiya―

To utilize in our company’s auditing procedures
his knowledge of finance

Board of Directors meetings 15/15
Board of Auditors meetings 14/14

Hiroshi Sato

Advisor of Japan Petroleum Exploration Co.,
Ltd., a major shareholder in our company

To utilize in our company’s auditing procedures his rich experience and broad knowledge in the oil development industry,
as well as his accounting-related knowledge

Board of Directors meetings 11/15
Board of Auditors meetings 10/14

Masaru Funai―

To utilize in our company’s auditing procedures his richexperience and broad knowledge in the energy industry, as
well as his accounting-related knowledge

Board of Directors meetings 15/15
Board of Auditors meetings 14/14

Outside auditors

Outside directors

Name

Statutory Auditors

Yoshitsugu Takai

Haruhito Totsune

Koji Sumiya

Hiroshi Sato

Masaru Funai

Statutory Auditor

Statutory Auditor (Outside)

Statutory Auditor (Outside)

Statutory Auditor (Outside)

Statutory Auditor (Outside)

Yoshitsugu Takai
Years of service as Statutory Auditor: 3 years,
No. of shares owned: 17,200 shares

March 2001
March 2002
March 2005
October 2008
June 2011

Joined Teikoku Oil Co., Ltd.
General Manager, Corporate Management Department
and LNG Project Department of Teikoku Oil Co., Ltd.
Senior General Manager, Corporate Management
Department and LNG Project Department of Teikoku
Oil Co., Ltd.
Director, General Manager, Accounting & Finance
Department of Teikoku Oil Co., Ltd.
Managing Director of Teikoku Oil Co., Ltd.
Senior Vice President, Logistics & IMT Division of theCompany
Statutory Auditor of the Company (incumbent)

Haruhito Totsune

April 2002
October 2005
October 2007
October 2008
May 2010
June 2010

Hiroshi Sato
April 1970
June 1999

July 1969
July 1995
July 1997
July 1998

June 2002

August 2004
June 2006
June 2007

Koji SumiyaYears of service as Statutory Auditor: 4 years,
No. of shares owned: 7,400 shares

April 1998
April 2000
April 2001
April 2002
April 2003
April 2005

June 2005

Years of service as Auditor: 8 years, No. of shares owned: - shares

Years of service as Statutory Auditor: 7 years,
No. of shares owned: 13,600 shares
Joined Ministry of Finance
Deputy Director-General of Financial Bureau
Director General of Japan Mint
Senior Executive Director of Japan FinanceCorporation for Small and Medium Enterprise
Corporate Advisor of KPMG AZSA & Co.
(currently KPMG AZSA LLC)
Statutory Auditor of INPEX Corporation
Statutory Auditor of INPEX Holdings Inc.
(currently the Company) (incumbent)

Joined The Export-Import Bank of Japan
Director General, International Finance Department I ofJapan Bank for International Cooperation
Director General, Policy Planning and Coordination
Department of Japan Bank for International Cooperation
Resident Executive Director, Osaka Branch of Japan
Bank for International Cooperation
Senior Executive Director of Japan Bank for International Cooperation
Managing Executive Officer of Japan Bank for International Cooperation, Japan Finance Corporation
Retired from Japan Bank for International Cooperation,
Japan Finance Corporation
Statutory Auditor of the Company (incumbent)

June 2005
April 2006
June 2006
June 2007
June 2010
June 2014

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
Statutory Auditor (part-time) of INPEX Holdings Inc.
(currently the Company) (incumbent)
Managing Director & Executive Officer of JAPEX
Senior Managing Director & Executive Officer of JAPEX
Executive Vice President & Executive Officer of JAPEX
Advisor of JAPEX (incumbent)

Masaru Funai
Years of service as Auditor: 4 years, No. of shares owned: - shares
April 1972

Joined Marubeni Corporation

April 2007

April 2009

April 2010
June 2010
April 2011

6

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 theBoard, Executive Corporate Officer, General Affairs
Department, Human Resources Department, Risk
Management Department and Legal Department ofMarubeni 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 of Marubeni Corporation
Senior Executive Vice President, Member of theBoard, Senior Operating Officer, Audit Department ofMarubeni Corporation
Statutory Auditor (part-time) of the Company (incumbent)
Senior Consultant of Marubeni Corporation

INPEX CORPORATION Annual Report 2014

Sustainability & Governance

April 1974
March 1999

April 1976
April 2001073

GovernanceInternal Committees
To further enhance the efficacy of the corporate governance function, INPEX has set up 1
the Advisory Committee to provide advice tothe Board of Directors. With the aim of putting
in place a structure and systems that allow the
Executive Committee to execute the operationsof the Company, INPEX established 2 the CSR
Committee and 3 the Compliance Committee.
Completing this system of committees, the Company maintains 4 the Corporate HSE Committee and 5 the Information Security Committee.

1 Advisory Committee
Board of Directors

Proposal/
Advice/ReportExecutive Committee

The Advisory Committee was established in October 2012 with the aimof enhancing corporate value andthe corporate governance function.
Comprised of external experts in a
broad spectrum of fields, the committee provides the Board of Directors with multifaceted and objective advice and recommendations
across a wide range of areas. Areasof discussion and advice include
international political and economic
conditions, an outlook of energy
conditions and ways in which tobolster corporate governance. (Thecommittee met twice during theyear ended March 31, 2014.)

ReportThe Advisory Committee deliberating on an important matter.

2 CSR Committee
In April 2012, INPEX established
the CSR Committee with the aims
of better fulfilling its corporatesocial responsibility and promoting activities that contribute to
the sustainable development ofsociety. The committee puts inplace fundamental policies andformulates important measuresdesigned to promote CSR. (Thecommittee met three times during
the year ended March 31, 2014.)

3 Compliance

4 Corporate HSE

5 Information Security

The Compliance Committee wasestablished in April 2006 with theaim of promoting compliance initiatives across the entire Group.
The committee formulates fundamental compliance policies applicable to the Group, deliberates
on important matters, and manages the manner in which compliance is practiced. (The committee
met four times during the year
ended March 31, 2014.)

In accordance with the HSE Management System, the Corporate
HSE Committee was established in
October 2007 to promote health,safety and environment (HSE) initiatives. In addition to formulating
corporate HSE policies and priority
targets for each period, the committee advances HSE activities
across the organization. (The committee met nine times during theyear ended March 31, 2014.)

The Information Security Committee was established in November
2007 to consider and determine allappropriate measures necessary tomaintain, manage and strengthen
information security. The committee also takes steps to address any
incident relating to information
security and to put in place preventive measures. (The committee
met three times during the year
ended March 31, 2014.)

Committee

Committee

Committee

Information Disclosure and Activities for
the Benefit of Shareholders and Investors
INPEX undertakes the early delivery of convocation notices for its general meeting of shareholders in an effort
to ensure that each meeting is conducted in a lively manner. Convocation notices for the Company’s 8th Ordinary General Meeting of Shareholders held in June 2014 were dispatched on June 3, 2014–more than three
weeks before the event. 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 and English, 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 a variety 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 foranalysts and institutional 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
more than five overseas IR road shows covering such regions as Europe, North America and Asia. Furthermore,
INPEX strives to participate 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 with recent news releases, every
effort is made to disclose pertinent information on the Company’s performance and financial position, as wellas trends in crude oil prices, foreign currency exchange rates, the Company’s share price and stock information.

074

INPEX CORPORATION Annual Report 20141

2

About the Advisory Committee

Committee Members

INPEX has appointed five directors from outside the Company
in a bid to enhance the transparency of its management. At thesame time, the Advisory Committee was established in October 2012. This committee, which comprises experts across awide range of fields, provides advice and recommendations
to the Board of Directors. The advice and recommendations
from domestic and overseas experts cover a broad spectrumof important issues relevant to the Company’s management.
These issues include political and economic conditions inJapan and abroad, conditions associated with energy andimportant CSR matters. By incorporating this input from theAdvisory Committee, the Company is taking positive steps toenhance its corporate value and corporate governance while
better fulfilling its goal of engaging in responsible management as a global company identified under its medium- tolong-term vision.

The Advisory Committee is made up of four experts, the Company’s three representative directors and the Senior Vice President of the Corporate Strategy & Planning Division.

Meetings
The Advisory Committee meets twice each year. Together with
the inaugural meeting in December 2012, the committee has met
a total of four times since its inception. Each meeting lasts 2–3
hours. The committee provides a forum for experts to engage inlively discussions with the Company’s directors.

Deliberations Undertaken over the Past Year
During the third and fourth meetings held in December 2013
and June 2014, respectively, external members gave the following presentations.
Committee member

Content of presentation

Ms. Kaori Kuroda

Current trends in CSR management

Dr. Tsutomu Toichi

Current situation and challenges for LNG procurement

Dr. Kent E. Calder

Prospects for U.S.-Russia Relations: A View from Washington

Dr. Masayuki Yamauchi

The Middle East, China and Japan ̶ Energy and Sea Lanes

After the presentations, committee members and the Company’s directors discussed a variety of issues focusing mainly on
the following items. The comments and advice put forward will
be reflected in the Company’s future management.
Advisory Committee members in attendance (front row from the left)

Dr. Masayuki Yamauchi Dr. Tsutomu Toichi
Professor Emeritus,
The University of Tokyo

Ms. Kaori Kuroda Dr. Kent Eyring Calder

Senior Adviser for
Executive Director,
Research, The Institute CSO Networkof Energy Economics, Foundation
Japan

Professor, Johns Hopkins
University; Director, theEdwin O. Reischauer Center
for East Asian Studies

Participants from INPEX (back row from the left)

Seiji YuiToshiaki Kitamura

Naoki Kuroda

Masatoshi Sugioka

Senior Vice President of Corporate
Strategy & Planning Division

President & CEO

ChairmanVice Chairman• The importance of completing all necessary steps in the conduct of the Group ‘s various
projects including due diligence with respect to human rights and harmonious coexistencewith the local community• Trends surrounding the effective conduct of LNG sales contracts in the context of nationalenergy policies• A review of issues relating to circumstances surrounding Ukraine in light of the political
dynamics between the United States and Russia, as well as the history of NATO, European
Union, and Eastern Europe expansion• Future U.S. and Chinese energy security policies toward the Middle East taking into
consideration the long-term review of the structure of energy supply and demand due to theemergence of the shale revolution and China’s growing presence

Internal System for Timely Disclosure

6
Sustainability & Governance

Board of Directors/
Executive Committee
Deliberation/Report on disclosure details
Authorization fordisclosure

President & CEO
Report3

Corporate Information Handling Officer

Deliberation/
Authorization ofurgent information for disclosure(Senior Vice President,
Corporate Strategy & Planning Division)

Disclosure based on organizational decision making(Audit Unit)

Internal
audit

1: Financial results presentation for the year ended March 31, 2014,
held on May 12, 2014
2: The Company’s IR booth at an IR fair for individual investors heldin August 2013
3: Toshiaki Kitamura, President & CEO, at an IR presentation meeting for individual investors in February 2014
4: IR tool package (available by mail in Japan and overseas)

Disclosure(Corporate Communications Unit)

Consultation/Confirmation

4

ReportIn charge of timely disclosure

Tokyo Stock Exchange,
Web Site,
Mass Media, etc.

ReportDivisions/Subsidiaries
Information including details of the Company’s disclosure policy and IR activities is posted on
the IR Web site (www.inpex.co.jp/english/ir/index.html).

INPEX CORPORATION Annual Report 2014075

Board of Directors(As of June 26, 2014)

1. Naoki Kuroda Chairman

2. Masatoshi Sugioka Vice Chairman

Years of service as Director: 8 years, No. of shares owned: 29,300 shares

Years of service as Director: 8 years, No. of shares owned: 31,300 shares

April 1963

April 1968
April 1994

Joined Ministry of International Trade and Industry(currently Ministry of Economy, Trade and Industry)
June 1992
Director-General for the Agency of Natural Resources
and Energy
August 1993
Advisor to Bank of Tokyo Ltd. / Advisor to Mitsui Marine
Insurance, Ltd. (currently Bank of Tokyo-Mitsubishi UFJ,
Ltd. / Mitsui Sumitomo Insurance Co., Ltd.)
August 1995
Advisor to Sumitomo Corporation
June 1996
Managing Executive Director of Sumitomo Corporation
June 1999
Director of Indonesia Petroleum, Ltd.
(INPEX Corporation)
April 2001
Representative Director, Executive Vice President of
Sumitomo Corporation
August 2004
Senior Advisor to Sumitomo Corporation
September 2004 Representative Director, Executive Senior Vice
President of INPEX Corporation
June 2005
Representative Director, President of
INPEX Corporation
April 2006
Representative Director, President of INPEX Holdings
Inc. (currently the Company)
June 2010
Representative Director, Chairman of the Company(incumbent)

March 1995
March 1996
March 1999
March 2002
March 2005
April 2006
October 2008
June 2010

3. Toshiaki Kitamura President & CEO
Years of service as Director: 4 years, No. of shares owned: 19,000 shares
April 1972

Joined Ministry of International Trade and Industry(currently Ministry of Economy, Trade and Industry)
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 Adviser to Tokio Marine & Nichido Fire Insurance Co.,Ltd.
April 2008
Visiting Professor of Waseda University Graduate
SchoolAugust 2009
Executive Vice President of the Company
June 2010
Representative Director, President & CEO of theCompany (incumbent)
July 2002

1

2

3

4

5

6

7 8 9 10 11

Joined Teikoku Oil Co., Ltd.
General Manager of Engineering Department of
Teikoku Oil Co., Ltd.
Senior General Manager of Teikoku Oil Co., Ltd.
Director of Teikoku Oil Co., Ltd.
Managing Director of Teikoku Oil Co., Ltd.
Senior Managing Director of Teikoku Oil Co., Ltd.
Representative Director, President of Teikoku Oil Co.,
Ltd.
Representative Director of INPEX Holdings Inc.
(currently the Company)
Representative Director, Chief Technical Executive, incharge of HSE and Compliance of the Company
Representative Director, Vice Chairman, Chief
Technical Executive, in charge of HSE and Complianceof the Company (incumbent)

4. Seiji Yui

Director, Senior Executive Vice President
Years of service as Director: 8 years, No. of shares owned: 16,600 shares
April 1975
Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
September 1999 General Manager of Jakarta Office of INPEXCorporation
June 2000
Director, General Manager of Jakarta Office of INPEXCorporation
March 2003
Director, Coordinator of Exploration Department 1 andExploration Department 2 of INPEX Corporation
June 2003
Managing Director of INPEX Corporation
April 2004
Managing Director of Japan Oil Development Co., Ltd.
March 2006
Representative Director, Managing Director of JapanOil Development Co., Ltd.
April 2006
Director, Deputy Senior General Manager of Corporate
Strategy & Planning Division and Technology Divisionof INPEX Holdings Inc. (currently the Company)
March 2007
Managing Director, Senior General Manager ofTechnology and HSE Division, in charge of Oceania &America projects of INPEX Holdings Inc.
June 2007
Managing Director, Senior General Manager ofTechnology and HSE Division and Oceania & America
Project Division of INPEX Holdings Inc.
October 2008 Director, Senior Managing Executive Officer, SeniorVice President of Asia & Australasia of the Company
June 2012
Director, Senior Managing Executive Officer, SeniorVice President of Corporate Strategy & Planning
Division of the Company
June 2014
Director, Senior Executive Vice President, Senior Vice
President of Corporate Strategy & Planning Division of
the Company (incumbent)

5. Masaharu Sano

Director, Senior Managing Executive Officer
Years of service as Director: 8 years, No. of shares owned: 18,400 shares
April 1974
April 2000
March 2001
March 2001
March 2002
March 2005
April 2006
October 2008

076

INPEX CORPORATION Annual Report 2014

Joined Teikoku Oil Co., Ltd.
General Manager of Technical Planning Department of
Teikoku Oil Co., Ltd.
Senior General Manager of Teikoku Oil Co., Ltd.
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 OilCo., 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, SeniorVice President of The Americas & Africa Project
Division of the Company

June 2012

Director, Senior Managing Executive Officer, SeniorVice President of Technical Division of the Company(incumbent)

6. Shunichiro Sugaya

Director, Managing Executive Officer
Years of service as Director: 5 years, No. of shares owned: 14,400 shares
April 1976
April 1997

7. Masahiro Murayama
Director, Managing Executive Officer
Years of service as Director: 5 years, No. of shares owned: 13,700 shares
April 1976

Joined The Industrial Bank of Japan, Ltd.
(currently Mizuho Bank, Ltd., etc.)
June 1999
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. 2 of The Industrial Bank of Japan, Ltd.
April 2002
General Manager of Corporate Banking Division No. 9
of Head Office of Mizuho Bank, Ltd. (currently Mizuho
Bank, Ltd.)
December 2002 General Manager of Syndicated Finance Structuring
Division No. 1 of Mizuho Bank, Ltd.
October 2003 General Manager of Syndicated Finance Distribution
Division No. 1 of Mizuho Bank, Ltd.
April 2004
Executive Officer, General Manager of SyndicatedFinance Distribution Division No. 1 of Mizuho Bank, Ltd.
October 2004 Executive Officer, General Manager of Loan Trading
Division of Mizuho Bank, Ltd.
April 2005
Managing Executive Officer, in charge of corporatebanking of Mizuho Bank, Ltd.
April 2008
Director, Deputy President of Mizuho Securities Co., Ltd.
April 2009
Council of Mizuho Securities Co., Ltd.
May 2009
Advisor to the Company
June 2009
Director, Managing Executive Officer, Senior Vice
President of Finance & Accounting of the Company(incumbent)Years of service as Director: 8 years, No. of shares owned: 13,700 shares
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 ofCorporate Strategy & Administration Division, General
Manager of Corporate Strategy & Planning Unit andPublic Affairs Unit of INPEX Corporation
April 2006
Director, Assistant Senior General Manager ofCorporate Strategy & Administration Division, General
Manager of Corporate Strategy & Planning Unit of
INPEX Corporation
April 2006
Director, Assistant Senior General Manager of Corporate Strategy & Planning Division 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 (incumbent)

9. Wataru Tanaka
Director, Managing Executive Officer
Years of service as Director: 5 years, No. of shares owned: 23,000 shares
April 1977
June 2000
June 2003
June 2004
October 2004
February 2007
April 2007
October 2008
June 2009
June 2011

Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
General Manager of Planning & New Ventures
Department of INPEX Corporation
Director, General Manager of Planning & New Ventures
Department of INPEX Corporation
Director, Coordinator in charge of the Middle East andCaspian Sea regions of INPEX Corporation
Director, Deputy General Manager of Tehran Office of
INPEX Corporation
Director, Coordinator in charge of Middle East projectsof INPEX Corporation
Director, Assistant Senior General Manager of General
Administration and Corporate Planning Division of
INPEX Corporation
Managing Executive Officer, Deputy Senior General
Manager of General Administration Division of theCompany
Director, Managing Executive Officer, Senior Vice
President of General Administration of the Company
Director, Managing Executive Officer, Senior Vice
President of General Administration Division(incumbent) and Corporate Strategy & Planning
Division of the Company

10. Takahiko Ikeda

Director, Managing Executive Officer
Years of service as Director: 5 years, No. of shares owned: 20,500 shares
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 Teikoku Oil Co., Ltd.
Director 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
President of Domestic Projects of the Company
Director, Managing Executive Officer, Senior Vice
President of Gas Supply & Infrastructure Division of theCompany (incumbent)

6

11. Yoshikazu Kurasawa
Director, Managing Executive Officer

Sustainability & Governance

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 and Coordinator in
charge of Asia region / technology and HSE of INPEXCorporation
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)

8. Seiya Ito Director, Managing Executive Officer

Years of service as Director: 2 years, No. of shares owned: 9,500 shares
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
April 2006
General Manager of Overseas Project Planning and
Administration Unit, Corporate Strategy &Administration Division of INPEX Holdings Inc.
(currently the Company)
June 2007
Executive Officer, General Manager of Business
Development and Legal Unit, General Administration &Corporate Planning Division of INPEX Corporation
October 2008 Executive Officer, Assistant Senior General Manager ofCorporate Strategy & Planning, General Manager ofBusiness Development and Legal Unit of the Company
June 2011
Managing Executive Officer, Vice President ofCorporate Strategy & Planning of the Company
June 2012
Director, Managing Executive Officer, Senior Vice
President of New Ventures Division of the Company(incumbent)

INPEX CORPORATION Annual Report 2014077

Directors and Auditors
A C

ChairmanNaoki Kuroda

Director (Outside)

A C C H

Vice Chairman

Masatoshi Sugioka

Director (Outside)

A C

President & CEO

Toshiaki Kitamura(1)

A C C H I

Director

Seiji Yui

(1)

C H I

Director

Masaharu Sano

(1)

C H

Director

Shunichiro Sugaya(1)

Statutory Auditor (Outside)

C H

Director

Masahiro Murayama(1)

Statutory Auditor (Outside)

C H

Director

Seiya Ito(2) (4)(1)

Statutory Auditor (Outside)

Kazuo Wakasugi
Yoshiyuki Kagawa
Seiji Kato
Rentaro Tonoike
Yasuhiko Okada
Yoshitsugu Takai
Haruhito Totsune
Koji Sumiya
Hiroshi Sato
Masaru Funai(3) (4)

Director (Outside)
Director (Outside)
Director (Outside)
Statutory Auditor(2) (4)(2) (4)(2) (4)(2) (4)(3) (4)(3) (4)(3) (4)C C H I

Director

Wataru Tanaka(1)

Statutory Auditor (Outside)

C H

Director

Takahiko Ikeda

(1)

C H I

Director

Yoshikazu Kurasawa(1)(1) Concurrently hold the position of executive officer(2) Outside directors as defined in Article 2, Item 15, of the Companies Act(3) Outside auditors 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

Executive Officers
A C

President & CEO

Toshiaki Kitamura

A C C H I

Senior Executive Vice President

Seiji Yui

Senior Vice President of Corporate Strategy & Planning Division

C H I

Senior Managing Executive Officer

Masaharu Sano

Senior Vice President of Technical Division

C H

Managing Executive Officer

Shunichiro Sugaya

Senior Vice President of Masela Project Division

I

Managing Executive Officer

Masahiro Murayama

Senior Vice President of Finance & Accounting Division

C H

Managing Executive Officer

Seiya Ito

Senior Vice President of Ichthys Project DivisionC C H IManaging Executive Officer

Wataru Tanaka

Senior Vice President of General Administration Division

C H

Managing Executive Officer

Takahiko Ikeda

Senior Vice President of Gas Supply & Infrastructure DivisionC H IManaging Executive Officer

Yoshikazu Kurasawa

Senior Vice President of New Ventures Division

C I

Managing Executive Officer

Kazuo Yamamoto

Senior Vice President of Logistics & IMT Division

C H

Managing Executive Officer

Shuhei Miyamoto

Senior Vice President of America & Africa Project Division

C H

Managing Executive Officer

Kenji Kawano

Senior Vice President of Asia, Oceania & Offshore Japan Project Division

C H

Managing Executive Officer

Yasuhisa Kanehara

Senior Vice President of Eurasia & Middle East Project Division

C

Managing Executive Officer

Hiroshi Fujii

Vice President of Eurasia & Middle East Project Division

C

Managing Executive Officer

Shigeharu Yajima

Senior Vice President of Oil & Gas Business Division 1

C

Managing Executive Officer

Yoshinori Yamamoto

Senior Vice President of Oil & Gas Business Division 2

C HManaging Executive Officer

Kimiya Hirayama

Senior Vice President of Domestic Project Division

Executive Officer

Noboru Himata

Vice President of Finance & Accounting Division, General Manager of Finance Unit

Executive Officer

Takashi Kubo

Vice President of Logistics & IMT Division, General Manager of Logistics & Insurance Unit

Executive Officer

Toshihiko Fukasawa

Vice President of Domestic Project Division, General Manager of Planning & Coordination Administration Unit

Executive Officer

Hirohisa Ota

Vice President of Masela Project Division, General Manager of Technical Unit

Executive Officer

Hajime Kawai

Vice President of Masela Project Division, Vice President of Strategy & Coordination, Jakarta Office

Executive Officer

Atsushi Sakamoto

Vice President of Ichthys Project Division, Project Director of Onshore Technical Coordination, Perth Office

Executive Officer

Arihiro Kezuka

Vice President of Ichthys Project Division, General Manager of Technical Unit

Executive Officer

Nobuharu Sase

Vice President of Oil & Gas Business Division 1, General Manager of Oil Marketing Unit

Executive Officer

Tetsuro Tochikawa

Vice President of Technical Division, General Manager of Technical Planning Unit

Executive Officer

Yoshiro Ishii

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

Executive Officer

Toshiya Oshita

Vice President of Technical Division, General Manager of Technical Resources Unit

Executive Officer

Kimihisa Kittaka

Vice President of Corporate Strategy & Planning Division, General Manager of Corporate Strategy & Planning Unit,
General Manager of Corporate Communications Unit

Executive Officer

Hideki Iwashita

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

Executive Officer

Tetsuo Yonezawa

General Manager of HSE Unit

Executive Officer

Hiroshi Nakamura

Vice President of General Administration Division, General Manager of Human Resources Unit

Member of Internal Committees (} Please refer to p. 74 for details.)
A Advisory Committee C CSR Committee C Compliance Committee H Corporate HSE Committee I Information Security Committee

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INPEX CORPORATION Annual Report 2014