S u s t a in a b ilit y

S u s t a in a b ilit y

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
measures from a medium- to long-term perspective.

C S R P r o m o t io n S y s t e m
1

R e la t io n s h ip s w it h M a jo r S t a k e h o ld e r s
2

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

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.
1
2
8

CSR Promotion System
73

G e n e r a l M e e t in g o f S h a r e h o ld e r s

N o m in a t io n a n d
C o m p e n s a t io n
A d v is o r y C o m m it t e e
A d v is o r y C o m m it t e e
C o m p lia n c e
C o m m it t e e

B o a rd o f
D ir e c t o r s

4
6

A u d it &S u p e r v is o r y B o a r d

5

E x e c u t iv e
C o m m it t e e

1Project Partners

5

Contractors

6

Local Communities

We seek to coexist with local communities as a good corporate citizen throughrespectful dialogues.

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

2

C S R C o m m it t e e
C o rp o ra te H S E
C o m m it t e e

C S R P r o m o t io n
C o u n c il

We engage in day-to-day regular communication with contractors to carry out
construction and operation with maximum consideration for safety and theenvironment.

Customers

3

We contribute to the growth and development of our customers by providing a stable and efﬁcient energy supply and delivering safety, peace of mind and efﬁciency.

In f o r m a t io n S e c u r it y
C o m m it t e e
IN P E X V a lu e A s s u r a n c e
S y s t e m C o m m it t e e
4

Shareholders and Investors

We strive for highly transparent information disclosure and aim to increase corporate value by meeting the expectations ofshareholders and investors.

30

INPEX CORPORATION Annual Report 2017

NGOs

We strive to build a network of NGOs inwide-ranging ﬁelds including environment, human rights, and social contribution and seek to create partnerships tosolve environmental and social problems.

Employees

7

We provide opportunities for employees
to grow into professionals who can thrivein an international business environment
through wide-ranging work experienceand interaction with people from diverse
backgrounds in a global corporation.

8

Oil- and Gas-Producing Countries

We develop long-term relationships
based on mutual trust with oil- andgas-producing countries and contributeto mutual development by serving as abridge between the producing countries
and other countries, including Japan.

M a t e r ia l C S R Is s u e s A d d r e s s e d b y t h e C o m p a n y3

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 as important issues on apriority basis in a bid to gain the trust of all stakeholders. In May 2015, we reviewed the overall
initiatives conducted over the three-year period
for each of the ﬁve Material CSR Issues identiﬁed
three years earlier. At the same time, we reexamined the Material CSR Issues in light of suchfactors as events that affect our business activities accompanying progress in our main projects
and changes in the concerns of shareholders.
We then reidentiﬁed our Material CSR Issues andadded “Governance” as a sixth area of concern.
In addition, actions that we should prioritize
for each theme are deﬁned as “important issues”
and are incorporated into our PDCA cycle so that
improvements are made on an ongoing basis.
Incorporating the perspectives from the Sustainable Development Goals (SDGs)* into the existing issues, in ﬁscal 2017 we implemented the four
steps on the right and conducted a review of theimportant issues.

Process for Setting Out Important Issues

STEP

1

Ascertaining Current
Situation/Gap Analysis

STEP

2

Stakeholder Dialogue

STEP

We conducted a questionnaire survey in February
2017 to conﬁrm stakeholders’ expectations/concerns with regard to the issues that we should be
addressing.

3

Based on the results of the stakeholder questionnaire survey, we evaluated social issues along twoaxes, the degree of their importance to stakeholders and to the Company’s management.

4

Advisory Committee member Ms. Kaori Kuroda
conducted reviews of the qualitative information on
the importance to stakeholders and to the Company’s management as well as of the matrix.

Prioritizing of Issues

STEP

Referring to our own policies, GRI standards, theSDGs, SRI/research organization evaluation items,
etc., we extracted social issues to consider. In
extracting the issues, we gave consideration to theboundaries and the content of the dialogue withstakeholders.

Management Review*The 17 goals set as action plans for people, the Earth and prosperity at theUnited Nations Sustainable Development Summit in September 2015.

Level of importance to stakeholders

High-priority areas

Development and production of oil/natural gas
Building of governance framework
Building of risk management system
Respect for human rights
Observance of laws and regulations
as well as compliance with
anti-bribery/corruption (ABC)
measures
Implementation of social/environmental impact assessments
in procurement
Prevention of major disasters
Ensuring occupational healthand safety

Conservation of biodiversity andefﬁcient use of water resources
Impact assessments on local
communities/indigenous people,
implementation of measures tomitigate any impact
Contribution to local economy
Promotion of renewable energy
business
Promotion of environment-friendly
natural gas development
Response to climate change issues
Human resource development andfair appraisals
Promotion of diversity

5
Sustainability & Governance

Level of importance to Company management(Necessity/degree of urgency to strengthen organization)

INPEX Important Issues

In this section of Annual Report 2017, we outline the progress made in the ﬁscal year ended March 2017
and the plans for the ﬁscal year ending March 2018 for each of the important issues in the Material CSR
Issues. For more speciﬁc efforts of each theme, please see Sustainability Report 2017.
Sustainability Reportr 2017rt
INPEX publishes its Sustainability Report annually to keep its stakeholders informed of its CSR
initiatives and activities. To
T help our stakeholders efﬁciently
efﬁ
f ciently and effectivelyfﬁ
eff
f ectively understand the value
ffthat our Company creates, we have strategically compartmentalized the reporting media andprepared the Sustainability Report 2017 in printed booklet, PDF and online formats on the basisof the Material CSR Issues.
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 201731

S u s t a in a b ilit y

M a t e r ia l C S R Is s u e R e s u lt s a n d G o a ls
Material CSR Issue

Related Sustainability Development Goals (SDGs)

GovernanceImportant Issues
Build up a governanceframework

Build up a risk management
systemManagement Advisory Committee

Compliance

Respect human rights

Observe laws and regulations
as well as comply with anti-bribery/corruption (ABC) measures
General view of training session

HSE

Implement social/environmental
impact assessments in procurement

Prevent major disasters

2016 HSE CEO Forum attendees

Ensure occupational healthand safety

Conserve biodiversity andefﬁciently use water resources

Local
Communities

Conduct impact assessments
on local communities/indigenous
people, implement measures
to mitigate any impact
Contribute to local economy

Students selected as scholarshipstudents under the Larrakia
scholarship system by the
Ichthys LNG project

Addressing
ClimateChangePromote renewable energy
businesses

First unit of the Sarrula
Geothermal IPP Project

Promote environmentfriendly natural gas development

Respond to climate change
issuesEmployees

Develop human resourcesand ensure fair appraisals
Promote diversity

Recruitment/training team
*1 Business Continuity Plan : For important business not to be brought to a halt even in the event of a disaster, a plan to select business tasks to be continued andpreparations for a system to enable business continuity.
*2 Business Continuity Management : Management activities from normal times to implement education/training and conduct ongoing improvements to decide, maintain/update BCP and ingrain initiatives

32

INPEX CORPORATION Annual Report 2017

Fiscal 2016 Results

Fiscal 2017 Goals

Evaluated effectiveness of Board meetings as a whole and disclosed summary ofevaluation results, clariﬁcation of items to be improved on a priority basis andresponses to them
Established the Nomination/Remuneration Advisory Committee

Continue to evaluate and improve eff
f ectiveness of Board meetings as a wholeff(establishment of a PDCA cycle)
Promote smooth operation of the Nomination/Remuneration Advisory Committ
t ee
tt

Reviewed HQ BCP*1 for earthquakes and provided relevant education and training

Promote, educate and train HQ BCM*2 for earthquakes

Strengthened efforts toward more advanced human rights management, including UK
Modern Slavery Act 2015 statement disclosure

Strengthen eff
f orts toward more advanced human rights management including
ff
putting in place a human rights policy
Implement human rights training (target participation rate: 90%)

Implemented ABC-related risk assessment at two overseas ofﬁces
Revised ABC Guidelines, created and commenced operation of their procedures
Promoted global compliance activities through collaboration with Jakarta ofﬁce anddepartment in charge of compliance at Perth ofﬁce

Continue to implement ABC-related risk assessments at overseas ofﬁ
f ces
fﬁ
Vigorously promote awareness toward and an understanding of ABC regulations andstrengthen operation (implement training and other measures)
Upgrade and expand global compliance systems

Participated in the United Nations Global Compact network of Japan’s Supply Chain
Working Group, contributed to creation of cross-industry supplier self-evaluationquestionnaire
Implemented risk assessments covering major service/construction contractor
candidates in Japan (eight ABC-related risk reviews; 30 HSE evaluations)
Implemented risk assessments covering major service construction contractor
candidates in Australia and Indonesia (ABC-related risk assessments, HSE evaluations)Continue to participate in the United Nations Global Compact network of Japan’s Supply
Chain Working Group
Implement cross-industry supplier self-evaluation questionnaires to domestic major
suppliers/ contractors
Continue risk assessments covering major suppliers/contractors

Revised environmental safety policy and HSE management system regulations
As planned, conducted corporate HSE audits and reviews and undertook management
HSE site visits
Reported HSE risk management information to management meetings, continued tocreate safety cases
Performed Level 3 emergency response training exercises as planned a total of four times

Improve HSE management systems
Implement education and training for all employees
Improve HSE assurance/governance levels
Strengthen HSE risk management processes
Implement more practical levels of emergency response training

Implemented HSE technical support in Japan and overseas and shared HSE lessons
learned from construction work in various places at HSE forums
Maintained a lost-time injury frequency (LTIF)*3 of 0.11, and a total recordable injury rate
(TRIR)*4 of 0.97

Promote HSE technical support and strengthen onsite HSE management capabilities
Maintain incident reduction targets: LT
L IF 0.12; TRIR 0.81 or lessEstablished the Environmental Management Working Group

Collect environmental risk information
Strengthen environmental management

Japan

Provided information on the operational status and safety initiatives at
Naoetsu LNG Base through local brieﬁngs and newsletters

Maintain good dialogue through ongoing interaction with stakeholders, including
brieﬁngs for local communities and publishing of newsletters

Australia

Engaged in dialogue with more than 230 stakeholders
Held meetings on six occasions with the INPEX Larrakia Advisory Committee

Reduce the impact on the local community in the transition from the construction of theIchthys LNG Project to the operations phase, maintain good relations with stakeholders

GlobalINPEX Group social investment planned expenditures: ¥1.34 billion

INPEX Group social investment planned expenditures: ¥1.64 billion

Australia

Implemented 39 regional support programs

Maintain the number of indigenous employees at 1% of directly hired employees

Ichthys
LNG
Project*5

More than 8,700 Northern Territory local residents engaged in construction work
Placed contract orders with more than 1,100 Northern Territory-based local companies
Contributed more than A$1.7 billion to the Australian domestic economy
Engaged more than 1,200 indigenous people in construction work
Placed contract orders worth more than A$1.5 billion with 61 indigenous companies

Decide on/execute long-term local contribution strategy for operations phase of project
Set targets for direct hiring of indigenous people in operations phase of project
Set targets for subcontractor’s direct hiring of indigenous people in operations phase of
project
Execute and review strategies relating to procurement from indigenous companies(to end of 2018)
Ensure stable operation of solar power plant
Start commercial operations of second and third units at Sarulla geothermal power
generation project, Indonesia
Promote Geothermal Power Generation Business in Japan
Promote all types of R&D for new energy/renewable energy

Expanded pipeline network to total length of approximately 1,500 km by starting serviceof Toyama LineStarted supply of natural gas along Toyama Line (Nihonkaigas Co., Ltd., Nissan Chemical
Industries, Ltd.’s Toyama Plant, and Asahi Soft Drinks Co., Ltd.’s Hokuriku Plant)

While expanding volume, continue supplies of natural gas through safe operation ofdomestic gas ﬁelds, Naoetsu LNG terminal, approximately 1,500 km pipeline network,
expansion of supply volume
Promote natural gas use proposal activities

Revised position paper regarding climate change issues
Held GHG management workshop

Introduce, administration and management of internal carbon prices
Examine scenarios toward low-carbon society
Hold workshops to promote climate change countermeasures

Continued measures to instill INPEX Values (conducted internal questionnaire survey
regarding INPEX Values, in-house sharing of practical cases of value: Case study
collection/Intranet release of handbook)Continue holding global HR meetings
Continue measures to instill INPEX Values (publish additional practical INPEX Values
case studies)

Carried feature articles on the advancement of women in internal newsletters
Actively employed females, foreign nationals, and persons with disabilities
Installed barrier-free consultation points of contact

Promote general employer action plan based on Act of Promotion of Women’sParticipation and Advancement in the Workplace
Continue to promote diversity (promote hiring of females, foreign nationals, and persons
with disabilities)

Sustainability & Governance

Maintained stable operation of solar power plant
Started commercial operations of ﬁrst unit at Sarulla geothermal power generation
project, Indonesia
Conducted drilling surveys at Amemasudake area of Hokkaido Prefecture and Oyasu in
Akita Prefecture as well as in the area around Mt. Bandaisan in Fukushima Prefecture;
performed fumarolic testing at two wells in Amemasudake area
Promoted R&D of artiﬁcial photosynthetic process, etc.

5

*3 LTIF : Frequency of fatal accidents and lost-time injuries per million working hours*4 TRIR : Frequency of fatal accidents, lost-time injuries, lost work days, occupational accidents requiring medical procedures per million working hours*5 Both cumulative totals from the start of the Ichthys LNG Project development in 2012 to the end of 2016

INPEX CORPORATION Annual Report 201733

G o v e rn a n c e

C o rp o ra te G o v e rn a n c e(A s o f J u n e 2 8 , 2 0 1 7 )To achieve sustainable growth and increase corporate value over the medium tolong term, 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.

O v e r v ie wo f th e C o rp o ra te G o v e rn a n c e S tru c tu re

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 six of its 15-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 Members
Directors
Number of directors as stipulated by
the Articles of Incorporation ............................ up to 16
Number of directors(number of outside directors) ................................ 15 (6)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.. 10(6 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

ReportNomination andCompensation
Advisory Committee

Proposal/
Advice/Report

Coordinate

Board of Directors
6 Outside Directors

Coordinate

Advisory Committee
ReportAppoint/Dismiss Compensation
limit setup

Audit & Supervisory
Board (Member)

Appoint/
Dismiss

Coordinate

Audit & Supervisory
Board MembersʼﬁAccounting audit

ReportCompliance Committee

Business Operation
SystemReportCoordinate
Appoint/
Dismiss/
Supervise

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

Appoint/
Dismiss/
Supervise

INPEX CORPORATION Annual Report 2017

Independent
Auditors
ReportPresident & CEO

Coordinate

Audit Unit

ﬁ
Divisions and Subsidiaries

34

Accounting
auditInternal audit

D ir e c t o r s a n d t h e B o a r d o f D ir e c t o r s
1

The responsibilities of the Board of Directors shall be to fully
exercise its supervisory function, secure fairness and transparency in management, and ensure sustainable growthand increase corporate value over the medium to long term
through implementation of effective corporate governance,with recognition of its ﬁduciary responsibility to shareholders.
The Company’s Board of Directors comprises 15 members, six of whom are outside directors. In addition to a monthly
meeting, the Board of Directors meets as necessary in order
to discuss and determine matters concerning management
strategy, important business execution, and also supervises theexecution 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 respond to changes
in the Company’s operating environment in a timely mannerand to further clarify management responsibilities.

E x e c u t iv e C o m m it t e e a n d
E x e c u t iv e O ﬃ c e r S y s t e m
2

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, exible 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.

F o r m u la t io n o f C o r p o r a t e
G o v e r n a n c e G u id e lin e s
34

C la s s A S t o c k

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)

D ir e c t o r C o m p e n s a t io n
5

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 re ect 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 forthe year ended March 31, 2017. 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 amountonly. This takes into account efforts to further bolster corporate governance.
Compensation Paid to Directors andAudit & Supervisory Board Members (Year ended March 31, 2017)

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)

354

298

55

12

27

27

-

1

96

96

-

11

Notes: 1. The Company does not adopt a stock option plan. 2. The Company does not maintainan accrued retirement beneﬁts plan. 3. The bonus amount is the amount resolved at theOrdinary General Meeting of Shareholders held on June 27, 2017.

6

5
Sustainability & Governance

The mission of the Company is to provide a stable and efﬁcient supply of energy to our customers by exploring anddeveloping oil and natural gas resources throughout theworld. Through its business, we aim to become an integrated
energy company, that contributes to the community andmakes it more livable and prosperous. Based on this mission,in order to achieve sustainable growth and increase corporate value over the medium to long term, the Company fulﬁlls
its social responsibilities in cooperation with its shareholders
and other stakeholders, and works to enhance its corporate
governance for 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 role isassured. Furthermore, we expect positive results in terms ofexternal negotiation and credits as a national agship company
efﬁciently contributing to the stable supply of energy in Japan.

A c c o u n t in g A u d it a n d
A u d it o r C o m p e n s a t io n

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, 2017)

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

Ernst & Young ShinNihon LLC
Kazuhiko Umemura, Toru Kimura,Takeshi Yoshida
23 CPAs and 34 others¥257 million ( INPEX: ¥165 million;
Consolidated subsidiaries: ¥92 million)

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

INPEX CORPORATION Annual Report 201735

G o v e rn a n c e

M o n it o r in g o f M a n a g e m e n t b y O u t s id e D ir e c t o r s
a n d A u d it & S u p e r v is o r y B o a r d M e m b e r s
In d e p e n d e n c e o f O u t s id e D ir e c t o r s a n d
O u t s id e A u d it &S u p e r v is o r y B o a r d M e m b e r s
3

O u t s id e D ir e c t o r s
1Regarding 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 six outside directors possess broad knowledge and many years of experience as managers in suchﬁelds as the resource/energy industry, ﬁnance and legal matters. Also, three of the outside directors are shareholders of
the Company and serve as advisors of companies that conduct business in the same ﬁeld. Therefore, we recognize theimportance of paying special attention to the possibility ofcompetition and other con icts of interest. In response, wecollect 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 con ict of interest. These
written pledges are the same as those submitted by internal
appointees.

O u t s id e A u d it &S u p e r v is o r y B o a r d M e m b e r s
2

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.

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 foroutside 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 independenceof outside directors, including major shareholders and business
partners that do not fall within the scope of these standards.

4

A u d it &S u p e r v is o r y B o a r d a n d
A u d it &S u p e r v is o r y B o a r d M e m b e r s

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

Outside directors
Outside Audit &Supervisory Board members

36

Independent
director/auditors

Significant concurrently held positions

Reason for appointment

Attendance at board meetings for the year
ended March 31, 2017

Yasuhiko
Okada

Senior Partner of Kitahama Partners(Tokyo Ofﬁce)

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 17/17

Hiroshi
Sato
Isao
Matsushita
Jun
Yanai
Norinao
Iio

Advisor of Japan Petroleum Exploration
Co., Ltd. (JAPEX)

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

Board of Directors meetings 17/17

Senior Executive Advisor of
JXTG Holdings, Inc.

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

Board of Directors meetings 11/12

Advisor of Mitsubishi Corporation

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

Board of Directors meetings 12/12―

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

AtsukoNishimura―

To utilize in our company’s management her extensive knowledge ofinternational affairs created through her abundant experience as a
diplomat as well as her insight into the resources and energy business―

Hideyuki
ToyamaKoji
Sumiya―Possesses extensive experience and knowledge in finance, as well as
professional knowledge and experience as an attorney

Board of Directors meetings 17/17
Audit & Supervisory Board meetings 17/17―

Possesses extensive experience and knowledge in financial matters

Board of Directors meetings 17/17
Audit & Supervisory Board meetings 17/17

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

Board of Directors meetings 17/17
Audit & Supervisory Board meetings 17/17

MichiroYamashita

Managing Executive Ofﬁcer in charge ofTo utilize in our company’s auditing procedures his rich experience in the
Finance & Accounting Department of Japan oil and gas development industry, as well as his knowledge in financial
Petroleum Exploration Co., Ltd. (JAPEX)
and accounting matters, in addition to accounting experience

Name

INPEX CORPORATION Annual Report 2017

Board of Directors meetings 16/17
Audit & Supervisory Board meetings 15/17

In t e r n a l C o m m it t e e s
To further enhance the efﬁcacy ofthe corporate governance function,
INPEX has set up 1 the Nomination
and Compensation Advisory Comthe Advisory Committee,
mittee, 2
3 the Compliance Committee and 4
the CSR Committee. In addition, theCompany maintains 5 the Corporate
the Information
HSE Committee, 6
Security Committee and 7 the INPEX
Value Assurance System Committee toappropriately manage risks associatedwith business operations.

Board of Directors

Executive 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.

5

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.

The Nomination and Compensation
Advisory Committee was established in
January 2017 with the aim of strengthening the functional independence andobjectivity as well as accountability of theBoard of Directors in connection with thenomination of and compensation paid to
directors.

Advisory Committee
2

CSR Committee
4

Nomination andCompensation Advisory
Committee
1

6Information Security
Committee

The Advisory Committee was establishedin October 2012 with the aim of enhancing corporate value and the corporate
governance function. Comprising external experts in a broad spectrum of ﬁelds,
the committee provides the Board of
Directors with multifaceted and objective
advice and recommendations across awide range of areas. Areas of discussion
and advice include international politicaland economic conditions, an outlook ofenergy conditions and ways in which tobolster corporate governance.

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.

7

INPEX Value Assurance
System Committee

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.

Compliance Committee
3

The Compliance Committee was established in April 2006 with the aim of promoting compliance initiatives across theentire Group. The committee formulates
fundamental compliance policies applicable to the Group, deliberates on important matters and manages the manner inwhich compliance is practiced.

In f o r m a t io n D is c lo s u r e a n d A c t iv it ie s f o r
t h e B e n e ﬁ t o f S h a r e h o ld e r s a n d In v e s t o r s
5tutional 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 February 2017
and stock information.

INPEX CORPORATION Annual Report 2017

Sustainability & Governance

INPEX undertakes the early delivery of convocation notices for
its general meeting of shareholders to ensure that shareholders
have sufﬁcient time to consider agenda items at each Ordinary
General Meeting of Shareholders. The Convocation Notice for
INPEX ’s 11th Ordinary General Meeting of Shareholders held in
June 2017 was posted on the Company’s Web site more than
three weeks prior to the meeting on May 29, 2017. The Convocation Notice itself was dispatched on June 5, 2017. To facilitate
the exercise of voting rights, INPEX implemented the exercise
of voting rights via the Internet. The Company also adopted aplatform 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 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-37

D ir e c t o r s , A u d it S u p e r v is o r y B o a r d M e m b e r s a n d
E x e c u t iv e O ﬃ c e r s(As of June 28, 20177)

Toshiaki Kitamura
President & CEO
Years of service as Director: 7 years, Number of shares owned: 31,700 shares

Masaharu Sano

Masahiro Murayama

Seiya Ito

Years of service as Director: 11 years, Number of shares owned: 26,900 shares

Years of service as Director: 8 years, Number of shares owned: 23,200 shares

Years of service as Director: 11 years, Number of shares owned: 20,100 shares

Shunichiro Sugaya

Takahiko Ikeda

Yoshikazu Kurasawa

Years of service as Director: 8 years, Number of shares owned: 20,700 shares

Years of service as Director: 8 years, Number of shares owned: 27,000 shares

Years of service as Director: 5 years, Number of shares owned: 17,400 shares

Director, Senior Executive Vice President

Director, Managing Executive Ofﬁcer

Director, Senior Managing Executive Ofﬁcer

Director, Managing Executive Ofﬁcer

Kimihisa Kittaka

38

Director, Senior Managing Executive Ofﬁcer

Director, Managing Executive Ofﬁcer

Nobuharu Sase

Director, Managing Executive Ofﬁcer

Director, Managing Executive Ofﬁcer

Years of service as Director: 1 year, Number of shares owned: 6,300 shares

Years of service as Director: 1 year, Number of shares owned: 23,800 shares

INPEX CORPORATION Annual Report 2017

Yasuhiko Okada

Hiroshi Sato

Isao Matsushita

Jun Yanai

Norinao Iio

Atsuko Nishimura

Years of service as Director: 5 years,
Number of shares owned: - share

Years of service as Director: 2 years,
Number of shares owned: - share

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

Years of service as Director: 1 year,
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

Kazuo Yamamoto

Hideyuki Toyama

Koji SumiyaYears of service as Audit & Supervisory
Board Member: 2 years,
Number of shares owned: 9,000 shares

Years of service as Audit & Supervisory Board
Member: 2 years,
Number of shares owned: - share

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

Director (Outside)

Director (Outside)

Audit & Supervisory
Board Member

Director (Outside)

Audit & Supervisory
Board Member (Outside)

Director (Outside)

Director (Outside)*

Audit & Supervisory
Board Member (Outside)

Director (Outside)*

Masaru Funai

Michiro Yamashita

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

Years of service as Audit & Supervisory
Board Member: 2 years,
Number of shares owned: - share

Audit & Supervisory
Board Member(Outside)

Audit & Supervisory
Board Member(Outside)

Directors and Audit & Supervisory Board Members
President & CEO

Toshiaki Kitamura（1）

Director (Outside)

Yasuhiko Okada

（2）
（4）

Director

Masaharu Sano（1）

Director (Outside)

Hiroshi Sato

（2）
（4）

Director

Masahiro Murayama（1）

Director (Outside)

Isao Matsushita

（2）
（4）

Director

Seiya Ito（1）

Director (Outside)

Jun Yanai（2）（4）

Director

Shunichiro Sugaya（1）

Director (Outside)

Norinao Iio*

（2）
（4）

Director

Takahiko Ikeda（1）

Director (Outside)

Atsuko Nishimura*

（2）
（4）

Director

Yoshikazu Kurasawa（1）

Audit & Supervisory Board Member

Kazuo Yamamoto

Director

Kimihisa Kittaka（1）

Audit & Supervisory Board Member (Outside)

Hideyuki Toyama

（3）
（4）

Director

Nobuharu Sase

（1）

Audit & Supervisory Board Member (Outside)

Koji Sumiya

（3）
（4）

Audit & Supervisory Board Member (Outside)

Masaru Funai

（3）
（4）

Audit & Supervisory Board Member (Outside)

Michiro Yamashita

（3）
（4）

President & CEO
Senior Executive Vice President

Toshiaki Kitamura
Masaharu Sano

Senior Vice President, Chief Technical Executive,
In charge of HSE and Compliance of the Company

Executive Ofﬁcer

Noboru Himata

Vice President, Finance & Accounting
General Manager, Finance Unit

Executive Ofﬁcer

Hajime Kawai

Vice President, Masela Project

Senior Managing Executive Ofﬁcer Masahiro Murayama Senior Vice President, Finance & Accounting

Executive Ofﬁcer

Arihiro Kezuka

Vice President, Ichthys Project

Senior Managing Executive Ofﬁcer Seiya Ito

Senior Vice President, Ichthys Project

Executive Ofﬁcer

Yoshiro Ishii

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

Executive Ofﬁcer

Toshiya Oshita

Vice President, Technical Headquarters

Executive Ofﬁcer

Hideki Iwashita

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

Executive Ofﬁcer

Tetsuo Yonezawa

General Manager, HSE Unit

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

Nobusuke Shimada

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

Kazuyoshi Miura

Vice President, Domestic Energy Supply & Marketing
General Manager, Gas Marketing UnitManaging Executive Ofﬁcer

Shunichiro Sugaya

Senior Vice President, Masela ProjectManaging Executive Ofﬁcer

Takahiko Ikeda

Senior Vice President, Technical Headquarters

Managing Executive Ofﬁcer

Yoshikazu Kurasawa

Senior Vice President, New Ventures

Managing Executive Ofﬁcer

Kimihisa Kittaka

Senior Vice President,
Corporate Strategy & PlanningManaging Executive Ofﬁcer

Nobuharu Sase

Senior Vice President, General Administration

Managing Executive Ofﬁcer

Shuhei Miyamoto

Senior Vice President, the Americas & Africa

Managing Executive Ofﬁcer

Kenji Kawano

Senior Vice President, Asia & Australasia

Executive Ofﬁcer

Managing Executive Ofﬁcer

Yasuhisa Kanehara

Senior Vice President, Eurasia & the Middle East

Executive Ofﬁcer

Managing Executive Ofﬁcer

Hiroshi Fujii

Vice President, Eurasia & the Middle EastManaging Executive Ofﬁcer

Shigeharu Yajima

Senior Vice President, Global Energy Marketing

Managing Executive Ofﬁcer

Vice President, Domestic Energy Supply
Yoshinori Yamamoto &SeniorMarketingManaging Executive Ofﬁcer

Kimiya Hirayama

Senior Vice President, Domestic Exploration &Production

Managing Executive Ofﬁcer

Takashi Kubo

Senior Vice President, Logistics & IMTManaging Executive Ofﬁcer

Atsushi Sakamoto

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

5
Sustainability & Governance

Executive Officers* Newly appointed Directors(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 201739

Toshiaki Kitamura
April 1972
July 2002
July 2003
June 2004
July 2006
November 2007
August 2009
June 2010

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
Director-General for Manufacturing Industries Bureau, Ministry of
Economy, Trade and Industry
Director-General for Trade Policy Bureau, Ministry of Economy,
Trade and Industry
Vice-Minister for International Affairs, Ministry of Economy, Tradeand Industry
Advisor to Tokio Marine & Nichido Fire Insurance Co., Ltd.
Senior Executive Vice President of the Company
Representative Director, President & CEO of the Company(incumbent)

Masaharu Sano
April 1974
April 2000
March 2001
March 2002
March 2005
April 2006
October 2008
June 2012
June 2015
June 2016
April 2017

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 Headquarters of theCompany
Director, Senior Executive Vice President, Senior Vice President ofTechnical Headquarters, in charge of HSE of the Company
Director, Senior Executive Vice President, Senior Vice President ofTechnical Headquarters, in charge of HSE & Compliance of theCompany
Director, Senior Executive Vice President, Chief TechnicalExecutive, in charge of HSE and Compliance of the Company(incumbent)

Masahiro Murayama
April 1976
June 1999
June 2001
April 2002
December 2002
October 2003
April 2004
October 2004
April 2005
April 2008
May 2009
June 2009
June 2016

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.
General Manager of Corporate Banking Department No. 2 of The
Industrial Bank of Japan, Ltd.
General Manager of Corporate Banking Division No. 9 of Head
Ofﬁce of Mizuho Corporate Bank, Ltd. (currently Mizuho Bank,
Ltd.)
General Manager of Syndicated Finance Structuring Division No.
1 of Mizuho Corporate Bank, Ltd.
General Manager of Syndicated Finance Distribution Division No.
1 of Mizuho Corporate Bank, Ltd.
Executive Ofﬁcer, General Manager of Syndicated FinanceDistribution Division No. 1 of Mizuho Corporate Bank, Ltd.
Executive Ofﬁcer, General Manager of Loan Trading Division ofMizuho Corporate Bank, Ltd.
Managing Executive Ofﬁcer, in charge of corporate banking ofMizuho Corporate Bank, Ltd.
Director, Deputy President of Mizuho Securities Co., Ltd.
Advisor to the Company
Director, Managing Executive Ofﬁcer, Senior Vice President of
Finance & Accounting of the Company
Director, Senior Managing Executive Ofﬁcer, Senior Vice
President of Finance & Accounting of the Company (incumbent)

Seiya Ito
April 1977
April 2002
June 2003
November 2004
September 2005
April 2006

July 2006
October 2008
June 2016

Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
General Manager of Corporate Planning &Management Department of INPEX Corporation
Director, General Manager of Corporate Planning &Management Department of INPEX Corporation
Director, General Manager of Corporate Planning &Management Department and Public Affairs
Department of INPEX Corporation
Director, Assistant Senior General Manager of Corporate Strategy& Administration Division, General Manager of Corporate Strategy & Planning Unit and Public Affairs Unit of INPEX Corporation
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)
Director, Deputy Senior General Manager of Oceania & America
Project Division of INPEX Corporation
Director, Managing Executive Ofﬁcer, Senior Vice
President of Ichthys Project of the Company
Director, Senior Managing Executive Ofﬁcer, Senior Vice
President of Ichthys Project of the Company (incumbent)

Shunichiro Sugaya
April 1976
April 1997
June 2001
June 2002
September 2005
June 2007
October 2008

Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
General Manager of Development Department ofIndonesia Petroleum, Ltd.
Director, General Manager of Development
Department of INPEX Corporation
Director, Coordinator in charge of Development Department of
INPEX Corporation
Director, Senior General Manager of Asia Project
Division, Assistant Senior General Manager ofTechnology and HSE Division of INPEX Corporation
Managing Director, Senior General Manager of Asia Project
Division of INPEX Corporation
Director, Managing Executive Ofﬁcer, Senior Vice
President of Masela Project of the Company (incumbent)

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

June 2007
October 2008
June 2014
April 2017

October 2008
June 2011
June 2012

INPEX CORPORATION Annual Report 2017

June 2001
September 2004
June 2008
April 2012
April 2014

June 2017

October 2007
July 2008
November 2010
June 2011
June 2012

June 2016

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
Director-General for Kyushu Bureau of Ministry of
Economy, Trade and Industry
Joined the Company and assumed the post of Senior
Coordinator of Business Development & Legal Unit, Corporate
Strategy & Planning Division
General Manager of Corporate Strategy & Planning Unit, and of
Corporate Communications Unit, Corporate Strategy & Planning
Division of the Company
Executive Ofﬁcer, Vice President of Corporate Strategy &Planning Division, General Manager of Corporate Strategy& Planning Unit, and Corporate Communication Unit of theCompany
Director, Managing Executive Ofﬁcer, Senior Vice Presidentof Corporate Strategy & Planning Division of the Company(incumbent)

Nobuharu Sase
April 1981
September 2005
April 2006
October 2008
June 2010
June 2016

Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
General Manager of Secretary Unit, Corporate Strategy &Administration Division of INPEX Corporation
General Manager of Secretary Unit, General
Administration Division of INPEX Holdings Inc.
(currently the Company)
Assistant Senior General Manager of General Administration
Division, General Manager of Secretary Unit of the Company
Executive Ofﬁcer, Vice President of Oil & Gas Business Division
No.1, General Manager of Oil Marketing Unit of the Company
Director, Managing Executive Ofﬁcer, Senior Vice President ofGeneral Administration Division of the Company (incumbent)

April 1978
March 2002
August 2003
March 2004
March 2005
April 2006
October 2008
November 2010
June 2011
June 2015

April 1975
July 2001
July 2003
July 2005
October 2006
November 2012
January 2013
April 2013

July 1999
June 2003
January 2012
June 2012

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

Joined Japan Petroleum Exploration Co., Ltd. (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)

Isao Matsushita
April 1970
April 2001
September 2002
June 2003
April 2004
June 2004
April 2005
June 2006
April 2010
July 2010
June 2012
June 2015
June 2016
April 2017

Joined Nihon Kogyo Co., Ltd.
Executive Ofﬁcer, Assistant to General Manager of Corporate
Planning Department and Principal of Corporate Planning
Department (in charge of Finance) of Japan Energy Corporation
Member of the Board of Nippon Mining Holdings, Inc.,in charge of Finance Group
Executive Board Member of Nippon Mining Holdings, Inc.
Executive Vice President, in charge of Supply and Demand
Department, Logistics Department and Crude Material
Department of Japan Energy Corporation
Member of the Board, Executive Vice President of Japan Energy
Corporation
Member of the Board, Senior Executive Vice President of Japan
Energy Corporation
President and Representative Director of Japan Energy
Corporation
Member of the Board of JX Holdings, Inc. (part-time)
Executive Vice President, Assistant to President 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.
Director (outside) of the Company (incumbent)
Senior Executive Advisor of JXTG Holdings, Inc. (incumbent)

Jun Yanai
April 1973
May 2001
April 2004
April 2005
April 2008
April 2011
April 2013
June 2013
April 2014
June 2016
June 2016

Joined Mitsubishi Corporation
Senior Assistant to Group CEO of Energy Business Group of
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 Business Groupof Mitsubishi Corporation
Executive Vice President, Group CEO of Energy Business Groupof Mitsubishi Corporation
Member of the Board, Executive Vice President, Group CEO of
Energy Business Group of Mitsubishi Corporation
Member of the Board, Senior Executive Vice President, GroupCEO of Energy Business Group of Mitsubishi Corporation
Member of the Board, Senior Executive Vice President, GroupCEO of Energy Business Group, Chief Compliance Ofﬁcer of
Mitsubishi Corporation
Advisor of Mitsubishi Corporation (incumbent)
Director (Outside) of the Company (incumbent)

Norinao Iio
June 1973
April 2001
April 2005
April 2008

August 2009
April 2010
April 2011
June 2011
June 2017

Joined Mitsui & Co., Ltd.
General manager, Natural gas Second Division Tokyo Head
Ofﬁce, Mitsui & Co., Ltd.
Managing Ofﬁcer, Chief Operating Ofﬁcer, Energy Business Unit,
Mitsui & Co., Ltd.
Executive Managing Ofﬁcer, Chief Operating Ofﬁcer, Europe
Middle East and Africa Unit, Mitsui & Co., Ltd.
Senior Executive Managing Ofﬁcer, Chief Operating Ofﬁcer,
Europe Middle East and Africa Unit, Mitsui & Co., Ltd.
Representative Director, Senior Executive Managing Ofﬁcer,
Mitsui & Co., Ltd.
Representative Director, Senior Executive Managing Ofﬁcer,
Mitsui & Co., Ltd.
Representative Director, Senior Executive Managing Ofﬁcer,
Mitsui & Co., Ltd.
Director, Mitsui & Co., Ltd.
Counselor, Mitsui & Co., Ltd.
Director (Outside) of the Company (incumbent)

Joined Teikoku Oil Co., Ltd.
General Manager of Petroleum Products Marketing Department,
Marketing Division of Teikoku Oil Co., Ltd.
General Manager of Petroleum Products Marketing Department
and Power Business Department, Marketing Division of Teikoku
Oil Co., Ltd.
Senior General Manager, General Manager of Petroleum
Products Marketing Department and Power Business
Department, Marketing Division of Teikoku Oil Co., Ltd.
Director, General Manager of Technical Planning Department
and Deputy General Manager of LNG Planning Ofﬁce of Teikoku
Oil Co., Ltd.
General Manager of Technology Planning Unit, Technology
Division of INPEX Holdings Inc. (currently the Company)
Executive Ofﬁcer, Assistant to General Manager of Technical
Division, General Manager of Technical Planning Unit of theCompany
Executive Ofﬁcer, Assistant to General Manager of Technical
Division, General Manager of Technical Infrastructure Unit of theCompany
Managing Executive Ofﬁcer, General Manager of Logistics & IMTDivision of the Company
Audit & Supervisory Board Member (full-time) of the Company(incumbent)

Hideyuki Toyama

April 1966
July 1994
May 1995

Joined Ministry of FinanceDirector-General for the Tokyo Regional Taxation Bureau
Secretary-General of Executive Bureau, Securities and Exchange
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)

Joined Ministry of Foreign Affairs
Director, First Africa Division, Middle Eastern and African Affairs
BureauCounselor/Minister, Permanent Mission of Japan to the United
Nations
Minister, Embassy of Japan in Belgium
Professor, School of Law, Tohoku University
Administrative Vice President, Japan Foundation
Senior Councilor, Japan Oil, Gas and Metals National
Corporation
Ambassador Extraordinary and Plenipotentiary to the Grand
Duchy of Luxembourg
Ambassador Extraordinary and Plenipotentiary in charge of
Women, Human Rights and Humanitarian Affairs
Director (Outside) of the Company (incumbent)

Kazuo Yamamoto

Yasuhiko Okada

October 2008

April 2006

August 1999

April 1981

June 2009

September 2005

Atsuko Nishimura
April 1979
June 1995

July 2016

April 1982
February 2004

Joined Japan National Oil Corporation
Deputy General Manager of Planning & New Ventures
Department of INPEX Corporation
General Manager of Planning & New Ventures
Department of INPEX Corporation
General Manager of Business Development and Legal Unit,
General Administration & Corporate
Planning Division of INPEX Corporation
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 of Business Development
and Legal Unit of the Company
Managing Executive Ofﬁcer, Vice President ofCorporate Strategy & Planning of the Company
Director, Managing Executive Ofﬁcer, Senior Vice President of
New Ventures of the Company (incumbent)

Kimihisa Kittaka

Yoshikazu Kurasawa

April 2005

40

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 OilCo., 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 President ofDomestic Projects of the Company
Director, Managing Executive Ofﬁcer, Senior Vice President of
Gas Supply & Infrastructure of the Company
Director, Managing Executive Ofﬁcer, Senior Vice President ofTechnical Headquarters of the Company (incumbent)

June 2007

June 2015

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)
Director-General of the Fourth Department, CLB
Director-General of the Third Department, CLB
Advisor, Aioi Nissay Dowa Insurance Co., Ltd.
Registered as attorney-at-law (incumbent)
Visiting Professor, Graduate School of Public Policy, University ofTokyo (incumbent)
Audit & Supervisory Board Member (full-time) of the Company(incumbent)

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 Bankfor International Cooperation)
Director General, International Finance Department I of Japan
Bank for International Cooperation (Currently Japan Bank forInternational Cooperation)
Director General, Policy Planning and Coordination Department
of Japan Bank for International Cooperation
Resident Executive Director, Osaka Branch of Japan Bank forInternational Cooperation
Senior Executive Director of Japan Bank for International
Cooperation
Managing Executive Ofﬁcer of Japan Bank for International
Cooperation, Japan Finance Corporation (Currently Japan Bankfor International Cooperation)
Retired from Japan Bank for International Cooperation, Japan
Finance Corporation
Audit & Supervisory Board Member (full-time) of the Company(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 of Marubeni
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 ofMarubeni 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 of Marubeni 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

Michiro Yamashita
April 1982
June 2005
April 2010
June 2011
July 2012
June 2013
June 2014
June 2015
June 2016
June 2017

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 of Finance& Accounting Department of JAPEX
Executive Ofﬁcer in charge of Finance & Accounting Departmentof 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 JAPEXManaging Executive Ofﬁcer in charge of Finance & Accounting
Department of JAPEX（incumbent)