Sustainability

Sustainability
INPEX aims to further enhance its reputation as a company essential
to society 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 ourexistence and business. Each year, we take steps to evaluate theprogress of our CSR activities and to push forward all appropriate
measures from a medium- to long-term perspective.

Material CSR Issue

Compliance

Comply with laws and social
norms (including human rights)

1. Material CSR Issues
As a global energy company that aims
to constantly expand its upstream operations, in April 2012 the Company identiﬁed material CSR issues that it would
tackle on a priority basis in a bid togain the trust of all stakeholders. INPEX
revised its existing material CSR issues
and added corporate governance tobring the total number of issues to six
for the year ended March 31, 2015.
From the year ending March 31, 2016,

2. CSR Activity Road Map

For the continuous enhancement of CSR
activities, we have established a medium-term action plan called the CSR road
map. Phase 3 of the CSR road map cov-

the Company will work to enhance its
CSR management in line with its revisedmaterial CSR issues.
In this section of the annual report
2015, we provide details of the Material
CSR issues and the progress of these forthe year ended March 31, 2015, as well
as explain our plans from the year ending March 31, 2016. Please refer to theCompany’s Sustainability Report 2015
for details of speciﬁc initiatives by issue.

ers the period that coincides with thestart of production at the Ichthys LNG
Project. It is during this phase that weplan to engage in CSR on a global scale.

HSE Initiatives

Practice safety management andenvironmental protection withrespect to operations

Community
Contribution

Build trust and contribute to local
communities (including education)

Establish the Foundation of
the CSR Promotion System

Launch organizations to promote CSR,
revise the CSR Policy, set out the material
CSR issues and participate ininternational initiatives(UNGC and EITI)

Promote CSR on a Global Scale
Deepen CSR Initiatives
with PDCA

Ensure that the PDCA cycle is ﬁrmly entrenchedthroughout the Group, promote activities that are uniqueto the Group, engage in global-level reporting andenhance corporate value through these and 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 2015
INPEX publishes its Sustainability Report annually to keep its stakeholders informed of its CSR initiatives and activities. To help our stakeholders efﬁciently and effectively understand the value that our Company
creates, we have prepared different types of reports in 2015 (a digest
edition, a full edition and a Web edition) responding to various needs,
based on the material CSR issues speciﬁed in 2012 as our guide.
Readers can access and order each of these reports via the Company’s CSR Web site.
} www.inpex.co.jp/english/csr/

038

INPEX CORPORATION Annual Report 2015

Employee Development
Develop and utilize humanresources as a global company

An overview of the material CSR issues, vision, results for the year ended March 31, 2015,
and plans for the year ending March 31, 2016, are presented brieﬂy as follows.

Overview of the Key CSR Issues• Observe international and social norms
that include laws, regulations and otherrules related to human rights

Put in place a Reconciliation Action Plan (RAP) asa part of efforts to promote cooperation with
the indigenous people of Australia (June 2015)• Reduce the environmental impact ofdaily operations, take steps to mitigate
environmental risks and engage in activities that help to conserve biodiversity• Ensure safety across every facet of business activities

Ichthys HSE CEO forum•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)

Vision• Go beyond simply complying withlaws and regulations to being properly attentive to various social norms
including those of where we operate• Ensure that directors and employees
take the initiative and engage in activities that reﬂect high ethical standards
to win the trust of society• Ensure the safety of all employees andrelated parties including contractors,
and conduct operations without allowing major accidents• Make every effort to minimize environmental impact beyond legal andregulatory requirements, and conduct operations while being attentive
to environmental risks such as those
posed by leakages and biodiversity• Conduct business in a manner that
contributes to the societal growthof the communities within which theCompany operates while respecting
local cultures and customs, etc.

Social contribution in local communities

5• Engage in operations while taking into
consideration the impact on climatechange• 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 andpractical application of renewable energy
and fossil fuel technologies (including
technologies that separate, capture andstore CO2 (CCS), as well as technologies
to generate methane); promote the CO2
offset program (including forest protection and the planting of trees)
GHG Management working group• Employ talented people, treat them withrespect and assign them to positions towhich they are suited without discrimination on the basis of culture, national origin,
creed, race, gender or age• Actively develop and utilize humanresources suited to the conduct ofoperations globally• Achieve a proper balance between
business growth and employee satisfaction

Diversity workshop in Australia

INPEX CORPORATION Annual Report 2015039

Sustainability

Material CSR Issues (Continued)
Major Activity Fields Results for the Year Ended March 2015

040

•Strengthen Compliance;
Respect Human Rights, etc.

•Published and distributed the Code of Conduct Guidance;
held brieﬁngs for personnel in charge of promoting compliance•Put in place and enforced Anti-bribery and Anti-corruption (ABC) Guidelines; conducted in-house training•Introduced the ABC due diligence program covering contract and purchasing processes in Australia•Conducted ABC training for all employees in Australia•Put in place and enforced an ABC Policy; conducted training for employees in Indonesia•Participation in CSR training (e-learning) including human rights by 94% of employees in Japan•Run Global Compact Japan network working group meetings as the managing company•Participated in IPIECA working group meetings•Disclosed payment information to EITI member countries•Strengthen Environmental
Management; Maintain Safety
and Protect Biodiversity•Took steps to secure third-party veriﬁcation of environmental performance data in Japan(GHG emissions, energy use, water consumption and wastewater discharged)•Implemented various environmental management plans for the Ichthys LNG Project•Completed HSE audits at subsidiaries in Malaysia, Venezuela, and Suriname•Revised HSE Risk Management Guidelines; took steps to promote and explain to operating organizations•Achieved the ﬁscal 2014 incidence index targets: LTIF: 0.15; TRIR: 1.24
•Conducted HSE forums between contractors with respect to the Ichthys LNG Project•Participated in the Biodiversity and Eco System Working Group run jointly by IOGP/IPIECA•Conducted an environmental monitoring program for the Ichthys LNG Project•Conducted an ocean environmental impact study for the Naoetsu LNG Terminal•Conducted a ﬁeld survey for the Abadi LNG Project•Reduce the Impact of Operations
on Local Communities;
Participate in Community Eventsand Contribute to Society•Put in place a Social Impact Management Plan (SIMP) andperiodically reported the status of implementation to the Australian government•Obtained an environmental permit for the Abadi LNG Project•Implemented environmental management and monitoring plans as stipulated under environmental
approvals; submitted implementation reports to local authorities for the Abadi LNG Project•Conducted environmental and social baseline surveys based on international guidelines such as
IFC Performance Standards for the Abadi LNG Project•Provided update information for stakeholders with respect to the Ichthys LNG Project (over 100 times)•Achieved a 60% local recruitment rate for the onshore facility construction workforce for the Ichthys LNG Project•Supported over 50 community programs in Australia•Accepted 13 student interns; provided post-graduate endowments; provided student support•Address Climate Change•Established the GHG Management Working Group within the Corporate HSE Committee•Promoted Companywide activities, conducted GHG emission forecasts
and determined annual GHG-related risk management process through activities undertakenby the GHG Management Working Group•Newly constructed INPEX Mega Solar Joetsu, a solar power generation facility•Concluded a participation agreement in the geothermal power generation business in Sarulla, Indonesia•Undertook investments of ¥870 million relating to strengthen renewable energy initiatives and R&D for new
technology•Recruit and Train a Global
Workforce; Promote Diversity•Put in place the INPEX Values; conducted brieﬁngs at business sites•Established the Global HR / Diversity & Inclusion Group within the Company’s head ofﬁce•Put into effect the Global Mobility Guidelines; applied persons hired in Australia at business sites in other countries(track record: 4 assignments)•Conducted various training programs under the Company’s training structure and systems (group training
for newly recruited employees, training for general staff, management training, and specialized skills training)•Results for training of young and mid-level engineering personnel: cumulative total of 7 persons trained at
project sites in Japan and 20 persons trained at overseas ofﬁces and project sites•Hired 3 foreign new graduates; hired 8 foreign mid-career employees; hired 5 foreign contract employees;
percentage of persons with disabilities to total employees: 2.05%•Conducted equal employment opportunity (EEO) and cross-cultural awareness training in Australia•Took steps to reﬂect the results of the employee engagement survey to improve the workplace environment

INPEX CORPORATION Annual Report 2015

Plans for the Year Ending March 2016

Aboriginal Cultural Awareness Training in Australia

Coral monitoring at Darwin Harbour

Sponsored course at
the Hitotsubashi University Graduate School•Promote global compliance (put in place and support compliance systems at each overseas ofﬁces);
strengthen collaboration between the head ofﬁce and overseas ofﬁces•Continue to provide ABC training•Strengthen ABC due diligence processes in Australia•Continue to conduct ABC training in Australia•Put in place detailed administration and management rules regarding
ABC Policies and ensure widespread awareness within the workplace in Indonesia•Continue to participate in the Global Compact, EITI and IPIECA•Expand the boundaries and scope of third-party verification of HSE performance data
•Continue to monitor the impact of construction work on environment at the Ichthys LNG Project•Achieve a compliance rate of 90% or higher with respect to the requirements
stipulated under the Corporate HSE Procedures; reinforce HSE audits in order tofirmly entrench HSEMS administration and management•Draw up emergency response plans on the basis of the worst-case scenarios fora variety of emergencies and crises•Promote HSE activities with contractors to eliminate incidents acrossthe Company as a whole (targets: LTIF: 0.20; TRIR: less than 0.85)•Undertake a cross-organizational HSE support project; lift the level of HSE leadership•Continue to participate in the Biodiversity and Eco System Working Group jointly run
by IOGP/IPIECA•Continue biodiversity conservation monitoring•Commence drawing up impact assessment and action plans for the Abadi LNG Project•Monitor the status of SIMP implementation•Commence drawing up the environmental and social impact assessment (ESIA) andenvironmental and social action plans (ESAPs) based on international guidelines
such as the IFC Performance Standards•Continue to provide information to stakeholders on the Ichthys LNG Project•Continue to support local businesses and employment through the Ichthys LNG Project•Continue to support community programs•Continue to offer summer internships to undergraduates andpost-graduates majoring in the sciences•Continue to provide post-graduate endowments

5
Sustainability & Governance•Introduce a series of processes for management climate change risk of the entire Group•Continue to promote the commercialization of renewable and other energies• Work toward realizing commercial viability of the geothermal power generation projectin Sarulla, Indonesia•Continue to engage in business investments to strengthen renewable energy initiatives
INPEX Mega Solar Joetsu

Diversity workshop in Australia•Build a globally common human resource platform•Ensure the widespread penetration and entrenched use of the INPEX Values;
foster shared values among employees•Promote personnel transfers between bases in Japan and overseas•Continue to conduct various training programs under the Company’s training structureand systems•Continue to improve awareness toward technological capability andstrengthen training initiatives•Continue to promote diversity (promote the employment of women, non-Japanese citizens, and the disabled)•Continue training aimed at promoting diversity•Continue to conduct employee engagement surveys to build a better workplace

INPEX CORPORATION Annual Report 2015041

GovernanceCorporate Governance(As of July 1, 2015)

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.

Overview of the Corporate Governance Structure

Overview of the Corporate
Governance Structure

INPEX has adopted an Audit & Supervisory Board Member 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, the Company has introduced
an Executive Ofﬁcer System to pursue the management with agility and efﬁciency. INPEX
frequently engages in negotiations with the governments of oil-producing countries andoverseas oil companies. This necessarily requires internal directors and executive ofﬁcers
that have both a sound knowledge 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
to ensure 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 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. Moreover, four of the Company’s ﬁve Audit &Supervisory Board members are also appointed from external sources. In addition to putting in place a Audit & Supervisory Board, INPEX has set up the Secretariat of Audit &Supervisory Board Member and deployed dedicated Secretariat staff and is reinforcing
collaboration between Audit & Supervisory Board members and the Audit Unit, as well as
independent auditors.

Organizational structure ....................................................
Company with Audit & Supervisory Board Member
Directors
Number of directors as stipulated by
the Articles of Incorporation ............................ up to 16
Number of directors(number of outside directors) ................................15 (5)Term of ofﬁce .............................................................. 1 year
Audit & Supervisory Board members
Number of Audit & Supervisory Board members
as stipulated by the Articles ofIncorporation ...................................................up to 5
Number of Audit & Supervisory Board members(number of outside Audit & Supervisory
Board members) ................................................ 5 (4)Term of ofﬁce.................................................. 4 years
Number of independent directors and auditors ...9(5 outside directors,
4 outside Audit & Supervisory Board members)
Rights plan and other measures to protect
against a takeover ............................................ None
Other ........................ Issuance of a Class A Stock to
the Minister of Economy, Trade and Industry

Corporate Governance Framework(Diagram)

General Meeting of Shareholders
Appoint/Dismiss
Compensation limit setup

Proposal/Advice/
ReportAppoint/Dismiss
Compensation limit setup
Coordinate

Audit

Audit &
Supervisory Board

Board of Directors

Appoint/
Dismiss

Independent
Auditors（Member）

ReportAdvisory
Committee

Compliance
Committee

Business Operation
SystemReportAccounting
audit

ReportCoordinate

Executive
Committee
CSR Committee
Corporate HSE
Committee
Information Security
Committee

Secretariat ofAudit & Supervisory
Board Member

Appoint/
Dismiss/
Supervise

President & CEO

INPEX Value Assurance
System Committee

Appoint/
Dismiss/
Supervise

ReportAudit Unit

Accounting
audit

Executive Officers
Divisions and Subsidiaries

042

INPEX CORPORATION Annual Report 2015

Coordinate

Internal audit

[1] Directors and the Board of Directors

The Company’s Board of Directors comprises 15 members,
ﬁve of whom are outside directors. In addition to a monthly
meeting, the Board of Directors meets as necessary in order
to discuss and 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 respond to changes in the Company’s operating
environment in a timely manner and to further clarify management responsibilities.

[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 Audit & Supervisory
Board members consists solely of a ﬁxed monthly compensation, which is determined through consultation between the
Audit & Supervisory Board members.
The table below shows the amount of compensation paid
to directors and Audit & Supervisory Board members for theyear ended March 31, 2015. From the year ended March 31,
2014, the bonus component paid to outside directors and Audit& Supervisory Board members has been abolished. Outside
directors and Audit & Supervisory Board members are now paid
a consolidated ﬁxed compensation amount only. This takes into
account efforts to further bolster corporate governance.
Compensation Paid to Directors andAudit & Supervisory Board Members (Year ended March 31, 2015)

9th Ordinary General Meeting of Shareholders held on June 24, 2015[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. 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 Stockby the Minister of Economy, Trade and Industry is an effective
countermeasure to prevent a speculative acquisition or an
attempt at management controlled by foreign capital, while
not unreasonably impeding the efﬁciency of management forthe stable supply of energy as a core company for Japan’s oil& gas E&P. Furthermore, we expect positive results in terms ofexternal negotiation and credits as a national ﬂagship company
efﬁciently contributing to the stable supply of energy in Japan.
} See pp. 90­91 for Business Risks (8. Class A Stock)(persons)

Directors (excluding
outside directors)

460

392

68

11

Audit & Supervisory Board
Members (excluding
outside Audit & Supervisory
Board members)

27

27

-

1

Outside Directors andOutside Audit & Supervisory
Board members

96

96

-

9

Notes: 1. The Company does not adopt 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 todirectors for the year ended March 31, 2015.

5[5] Accounting Audit andAuditor Compensation

Sustainability & Governance

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

Director classification

Number of
Total amount of
directors
compensation paid by
Total
and Audit &type of compensation
amount ofSupervisory(¥
million)compensation
Board members
paideligible for basic
Basic(¥ million)
Bonus compensationcompensation

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, 2015)

Name of the CPA ﬁrm
Names of the CPAs

Ernst & Young ShinNihon LLC

Kazuhiko Umemura, Satoshi Takahashi

Accounting audit members 13 CPAs and 27 others
Compensation forauditing services¥235 million (INPEX: ¥158 million;

Compensation for
non-auditing services¥31 million (INPEX: ¥15 million;
Consolidated subsidiaries: ¥16 million)

Consolidated subsidiaries: ¥77 million)

INPEX CORPORATION Annual Report 2015043

GovernanceMonitoring of Management by Outside Directors
and Audit & Supervisory Board Members[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 consideration of their efﬁcacy, professionalism and objectiveness in theoversight function 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, fourof the outside directors are shareholders of the Company andserve as directors or advisors of companies that conduct businessin the same ﬁeld. Therefore, we recognize the importance of paying special attention to the possibility of competition and otherconﬂicts of interest. In response, we collect written pledges fromoutside directors in order to ensure conformance with the Companies Act when taking a proper response toward noncompetition, the prevention of information leakage and the implementation of appropriate measures toward transactions with a conﬂict ofinterest. These written pledges are the same as those submitted
by internal appointees.

[2] Outside Audit &Supervisory Board Members

When appointing outside Audit & Supervisory Board members,
we believe that it is important to comprehensively consider factors such as independence, efﬁcacy in the oversight function andprofessionalism.
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 the same
type of business as the Company.

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

INPEX does not have its own requirements regarding indepen-

dence when appointing outside directors and outside Audit &Supervisory Board members, however, it refers to the requirements* of independent directors/auditors as deﬁned in Article
436, Item 2, Sub-Item 1, of the Securities Listings Regulations for
the Tokyo Stock Exchange. The Company reports on its relationships with independent directors/auditors, sets minimal criteriawith respect to transactions and has submitted notiﬁcations that
all nine of its outside directors (5) and Audit & Supervisory Board
members (4) are independent directors/auditors.

*It has been conﬁrmed that the outside directors/Audit & Supervisory Board members
do not fall under the conditions 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 ofinterest with ordinary shareholders.

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

INPEX has adopted an Audit & Supervisory Board Members system. The Audit & Supervisory Board is composed of ﬁve Audit &Supervisory Board members, four of which come from outside.
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 function of the Audit & Supervisory
Board and ensure viable corporate governance, steps havebeen taken to set up the Secretariat of Audit & Supervisory
Board Member and to deploy dedicated Secretariat 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 to strengthen themonitoring function through periodic meetings with representative directors and directors.

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

Outside directors

Hiroshi Sato
Yoshiyuki
KagawaSeiji Kato
Hiroji Adachi

Outside Audit & Supervisory
Board members

Yasuhiko
Okada

044

Independent
Signiﬁcant concurrently
directors/auditors held positions

Advisor for Japan Petroleum
Exploration Co., Ltd., a major
shareholder in our company
Senior Advisor of Mitsui Oil
Exploration Co., Ltd., a major
shareholder in our company
Corporate Advisor of Mitsubishi
Corporation, a shareholder in ourcompany
Director, Senior Vice President of JX
Holdings, Inc., a major shareholder inour company
Partner of Kitahama Partners

Hideyuki
Toyama―Koji Sumiya―

MichiroYamashita

Executive Ofﬁcer, in charge of Finance& Accounting Dept. of Japan Petroleum Exploration Co., Ltd., a major
shareholder in our company

Masaru Funai―

INPEX CORPORATION Annual Report 2015

Reason for appointment

Attendance at board meetings forthe year ended March 31, 2015

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

Board of Directors meetings 13/15
Audit & Supervisory Board meetings 12/12

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

Board of Directors meetings 15/15

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

Board of Directors meetings 15/15

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

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

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

Possesses extensive experience and knowledge in financial
matters

Board of Directors meetings 15/15
Audit & Supervisory Board meetings 12/12

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

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 15/15
Audit & Supervisory Board meetings 12/12

Internal Committees
To further enhance the efﬁcacy of the corporate governance function, INPEX has
set up 1 the Advisory Committee, 2 theCompliance Committee and 3 the CSR
Committee. In addition, the Company
maintains 4 the Corporate HSE Committee, 5 the Information Security Committee and 6 the INPEX Value Assurance System Committee to appropriately manage
risks associated with business operations.

3 CSR Committee

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

4 Corporate HSE

Committee

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

1 Advisory Committee
Board of Directors

Executive Committee

5 Information Security

Committee

The Advisory Committee was establishedin October 2012 with the aim of enhancing corporate value and the 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 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 andto put in place preventive measures.

6 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.

The Advisory Committee deliberating on an important matter

2 Compliance Committee

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 importantmatters and manages the manner in which
compliance is practiced.

Information Disclosure and Activities for
the Beneﬁt of Shareholders and Investors

5

biannual meetings on its ﬁnancial results for analysts and institutional investors. Video archives of these ﬁnancial results presentations are provided on the Company’s IR Web site together with asimultaneous interpretation in English. In general, INPEX undertakes 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 withrecent news releases, every
effort is made to disclose
pertinent information on the
Company’s
performanceand ﬁnancial position, as wellas trends in crude oil prices,foreign currency exchange
rates, the Company’s shareprice and stock information. Toshiaki Kitamura, President & CEO, at an IR presentation

Sustainability & Governance

INPEX undertakes the early delivery of convocation notices for its
general meeting of shareholders in an effort to ensure that shareholders have sufﬁcient time to consider agenda items tabled
for resolution at each Ordinary General Meeting of Shareholders. The Convocation Notice for INPEX’s 9th Ordinary General
Meeting of Shareholders held in June 2015 was posted on the
Company’s Web site more than three weeks prior to the meetingon May 29, 2015. The Convocation Notice itself was dispatchedon June 2, 2015. 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 otherrelated 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

meeting for individual investors in March 2015

INPEX CORPORATION Annual Report 2015045

Board of Directors(As of June 24, 2015)

Naoki Kuroda Chairman

Toshiaki Kitamura President & CEO

April 1963

April 1972

Years of service as Director: 9 years, Number of shares owned: 32,700 shares

Years of service as Director: 5 years, Number of shares owned: 22,400 shares

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 InsuranceCo., 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 theCompany)
June 2010
Representative Director, Chairman of the Company (incumbent)

Joined Ministry of International Trade and Industry (currently Ministry of
Economy, Trade and Industry)
Director-General for Trade and Economic Cooperation Bureau, Ministryof 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 andIndustry
July 2006
Vice-Minister for International Affairs, Ministry of Economy, Trade andIndustry
November 2007 Adviser to Tokio Marine & Nichido Fire Insurance Co., Ltd.
April 2008
Visiting Professor of Waseda University Graduate School
August 2009
Senior Executive Vice President of the Company
June 2010
Representative Director, President & CEO of the Company (incumbent)
July 2002

Directors and Audit & Supervisory Board Members
A C
A C

ChairmanNaoki Kuroda
President & CEO Toshiaki Kitamura(1)

A C C H I

Director

Seiji Yui

(1)

Masaharu Sano(1)

C C H I VA Director
C H

Director

Shunichiro Sugaya

(1)

C I

Director

Masahiro Murayama

(1)

C H

Director

Seiya Ito

(1)

C C H I

Director

Wataru Tanaka

(1)

C H

Director

Takahiko Ikeda

(1)

C H I

Director

Yoshikazu Kurasawa(1)

Director (Outside)

Hiroshi Sato*

Director (Outside)

Seiji Kato

Director (Outside)

Yoshiyuki Kagawa

Director (Outside)

Hiroji Adachi*

Director (Outside)

Audit & Supervisory Board Member

Audit & Supervisory Board Member (Outside)(2) (4)(2) (4)(2) (4)

Yasuhiko Okada(2) (4)

Hideyuki Toyama*(3) (4)

Kazuo Yamamoto*

Audit & Supervisory Board Member (Outside)

Koji Sumiya

Audit & Supervisory Board Member (Outside)

Masaru Funai

Audit & Supervisory Board Member (Outside)(2) (4)

Michiro Yamashita*(3) (4)(3) (4)(3) (4)

Executive Officers
A C

President & CEO Toshiaki Kitamura

A C C H I

Senior Executive
Vice President

Seiji Yui

Senior Managing
C C H I VA Executive Ofﬁcer Masaharu Sano

C H
C I
C H
C C H I
C H
C H I
C H
C H
C H
C
C
C H
C I

Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer
Managing
Executive Ofﬁcer

Shunichiro Sugaya

Executive Ofﬁcer Hajime Kawai
Executive Ofﬁcer Atsushi Sakamoto
Executive Ofﬁcer Arihiro Kezuka

Senior Vice President, Masela Project
Senior Vice President,

Masahiro Murayama Finance & Accounting
Seiya Ito

Senior Vice President, Ichthys Project

Wataru Tanaka

Senior Vice President,
General Administration

Executive Ofﬁcer Nobuharu Sase
VA

Executive Ofﬁcer Tetsuro Tochikawa
Executive Ofﬁcer Yoshiro Ishii

VA

Executive Ofﬁcer Toshiya Oshita

Takahiko Ikeda

Senior Vice President,
Gas Supply & Infrastructure

Yoshikazu Kurasawa

Senior Vice President, New Ventures

Shuhei Miyamoto

Senior Vice President,
the Americas & Africa

Kenji Kawano

Senior Vice President, Asia & Australasia

Executive Ofﬁcer Hiroshi Nakamura

Yasuhisa Kanehara

Senior Vice President,
Eurasia & Middle East

Executive Ofﬁcer Tsuyoshi Watanabe

Hiroshi Fujii

Vice President, Eurasia & Middle East

Shigeharu Yajima

Senior Vice President, Oil & Gas Business
Senior Vice President,

Yoshinori Yamamoto Domestic Oil & Gas Business
Kimiya Hirayama

Senior Vice President, Domestic Project

Takashi Kubo

Senior Vice President, Logistics & IMT

Executive Officer Noboru Himata

046

Executive Officer Hirohisa Ota

Senior Vice President,
Corporate Strategy & Planning In chargeof Compliance of the Company
Senior Vice President,
Technical Headquarters In charge of HSEof the Company

INPEX CORPORATION Annual Report 2015

Vice President,
Finance & Accounting
General Manager, Finance Unit

Executive Ofﬁcer Kimihisa Kittaka
Executive Ofﬁcer Hideki Iwashita
VA

Executive Ofﬁcer Tetsuo Yonezawa

Vice President, Masela Project
General Manager, Technical Unit
Vice President, Masela ProjectVice President Commercial, Jakarta Ofﬁce
Vice President, Ichthys Project
Director, Onshore Project, Perth Ofﬁce
Vice President, Ichthys Project
General Manager, Technical Unit
Vice President, Oil & Gas Business
General Manager, Oil Marketing Unit
Vice President, Technical Headquarters
General Manager, Technical Planning & Coordination
Vice President, Corporate Strategy & Planning
General Manager, New Business Planning Unit
Vice President, Technical Headquarters
General Manager, Technical Resources Unit
Vice President, Corporate Strategy & Planning
General Manager of Corporate Strategy & Planning Unit
General Manager, Corporate Communications Unit
Vice President, Ichthys Project
Director, Commercial Coordination, Perth Ofﬁce
General Manager, HSE Unit
Vice President, General Administration
General Manager, Human Resources Unit
Vice President, General Administration
General Manager, General Administration Unit

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

Member of Internal Committees

A Advisory Committee
C Compliance Committee

C CSR Committee

H Corporate HSE Committee

I Information Security Committee

VA INPEX Value Assurance System
Committee

Seiji Yui

Masaharu Sano

Shunichiro Sugaya

Masahiro Murayama

Years of service as Director: 9 years,
Number of shares owned: 19,000 shares

Years of service as Director: 9 years,
Number of shares owned: 20,000 shares

Years of service as Director: 6 years,
Number of shares owned: 16,000 shares

Years of service as Director: 6 years,
Number of shares owned: 16,200 shares

Director, Senior Executive Vice President

Director, Senior Managing Executive Ofﬁcer

Director, Managing Executive Ofﬁcer

Director, Managing Executive Ofﬁcer

Seiya Ito

Wataru Tanaka

Takahiko Ikeda

Yoshikazu Kurasawa

Years of service as Director: 9 years,
Number of shares owned: 15,400 shares

Years of service as Director: 6 years,
Number of shares owned: 26,300 shares

Years of service as Director: 6 years,
Number of shares owned: 22,500 shares

Years of service as Director: 3 years,
Number of shares owned: 11,600 shares

Director, Managing Executive Ofﬁcer

Director, Managing Executive Ofﬁcer

Seiji Yui

Masaharu Sano
April 1974
April 2000

March 2001
March 2001
March 2002
March 2005
April 2006
October 2008
June 2012
June 2015

Joined Teikoku Oil Co., Ltd.
General Manager of Technical Planning Departmentof 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
Director, Senior Managing Executive Ofﬁcer, SeniorVice President
Director, Senior Executive Vice President, Senior Vice
President of Technical Headquarters, in charge of HSEof the Company (incumbent)

Shunichiro Sugaya
April 1976
April 1997

June 2001
June 2002

Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
General Manager of Development Department of
INPEX Corporation
Director, General Manager of Development
Department of INPEX Corporation
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)

Masahiro Murayama
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 Corporate 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)

Seiya Ito
April 1977
April 2002

Joined Indonesia Petroleum, Ltd. (INPEX Corporation)
General Manager of Corporate Planning &Management Department of INPEX Corporation
June 2003
Director, General Manager of Corporate Planning &Management Department of INPEX Corporation
November 2004 Director, General Manager of Corporate Planning &Management Department and Public Affairs
Department of INPEX Corporation
September 2005 Director, Assistant Senior General Manager 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)

Wataru Tanaka
April 1977

Joined Indonesia Petroleum, Ltd. (INPEX Corporation)

Director, Managing Executive Ofﬁcer

June 2000
June 2003
June 2004
October 2004
February 2007
April 2007
October 2008
June 2009
June 2011

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 projects of 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 Division of theCompany
Director, Managing Executive Ofﬁcer, Senior Vice
President of General Administration Division(incumbent) and Corporate Strategy & Planning
Division of the Company

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

June 2007
October 2008
June 2014

5

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 of the Company(incumbent)

Sustainability & Governance

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
and Exploration 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 Division of 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 Corporation
June 2007
Managing Director, Senior General Manager ofTechnology and HSE Division and Oceania & America
Project Division of INPEX Corporation
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)
June 2015
Director, Senior Executive Vice President, Senior Vice
President of Corporate Strategy & Planning, in chargeof Compliance of the Company (incumbent)

Director, Managing Executive Ofﬁcer

Yoshikazu Kurasawa
April 1982
February 2004

Joined Japan National Oil Corporation
Deputy General Manager of Planning & New Ventures
Department of INPEX Corporation
April 2005
General Manager of Planning & New Ventures
Department of INPEX Corporation
September 2005 General Manager of Business Development and Legal
Unit, General Administration & Corporate
Planning Division of INPEX Corporation
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
of Corporate Strategy & Planning, General Manager
of Business Development and Legal Unit of theCompany
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 of the Company (incumbent)

INPEX CORPORATION Annual Report 2015047

Hiroshi Sato

Yoshiyuki Kagawa

Seiji Kato

Hiroji Adachi

Years of service as Director: - years**(Years of service as Audit & Supervisory Board
Member: 9 years)
Number of shares owned: - shares

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

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

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

Director (Outside)

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

Director (Outside)

June 2007
Joined Japan Petroleum Exploration Co., Ltd. (JAPEX)
General Manager of Finance and Accounting
Department of JAPEX
Director, General Manager of Finance and Accounting
Department of JAPEXManaging Executive Ofﬁcer of JAPEX
Audit & Supervisory Board Member (part-time) of INPEX
Holdings Inc. (currently the Company) (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)
Director of the Company (incumbent)

April 1970
Joined Mitsui & Co., Ltd.
September 2001 Director of Mitsui Oil Exploration Co., Ltd.
October 2001 Chief Operating Ofﬁcer of Energy Business Unit,
Energy Group of Mitsui & Co., Ltd.
April 2002
Managing Ofﬁcer, Chief Operating Ofﬁcer of Energy
Business Unit, Energy Group of Mitsui & Co., Ltd.
April 2003
Executive Managing Ofﬁcer, Chief Operating
Ofﬁcer of Energy Business Unit of Mitsui & Co., Ltd.
April 2005
Representative Director, Executive Vice President of
Mitsui Oil Exploration Co., Ltd.
June 2005
Representative Director, President, CEO of Mitsui Oil
Exploration Co., Ltd.
June 2006
Representative Director, President, CEO and CCO of
Mitsui Oil Exploration Co., Ltd.

Kazuo Yamamoto

Audit & Supervisory Board Member

Years of service as Audit & Supervisory Board
Member: - years**,
Number of shares owned: 8,900 shares

Seiji Kato
April 1971
July 1997

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)

April 2003
April 2006
April 2007

June 2010
June 2011

Hiroji Adachi
April 1982
July 2004
April 2008

Yasuhiko Okada

Director (Outside)

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

June 2012

April 2008

Yoshiyuki Kagawa

Joined Nippon Oil Co., Ltd.
General Manager of Technical & Engineering Service
Department, Reﬁning Technology & Engineering
Division of Nippon Oil Corporation
Executive Ofﬁcer, General Manager of Technical &Engineering Service Department, Reﬁning Technology& Engineering Division of Nippon Oil Corporation

July 2010

June 2012
June 2014
June 2015
June 2015

Director (Outside)

Years of service as Director: 3 years,
Number of shares owned: - shares

Executive Ofﬁcer, General Manager of Technical &Engineering Service Department, Reﬁning Technology& Engineering Division of JX Nippon Oil & Energy
Corporation
Senior Vice President and Executive Ofﬁcer, General
Manager of Mizushima Reﬁnery of JX Nippon Oil &Energy Corporation
Senior Vice President and Executive Ofﬁcer, General
Manager of Corporate Planning Dept. I of JX Holdings,
Inc.
Director, Senior Vice President, in charge of Corporate
Planning Dept. I & Corporate Planning Dept. II of JX
Holdings, Inc. (incumbent)
Director of the Company (incumbent)

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

Joined Ministry of FinanceDirector-General for the Tokyo Regional Taxation
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)

Hideyuki Toyama

Koji Sumiya

Michiro Yamashita

Masaru Funai

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

Years of service as Audit & Supervisory
Board Member: 5 years,
Number of shares owned: 7,600 shares

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

Years of service as Audit & Supervisory
Board Member: 5 years,
Number of shares owned: - shares

Audit & Supervisory
Board Member (Outside)

Kazuo Yamamoto
April 1978
March 2002

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

Hideyuki Toyama
April 1975
July 2001

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

048

Director (Outside)

INPEX CORPORATION Annual Report 2015

Audit & Supervisory
Board Member (Outside)

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

Audit & Supervisory
Board Member (Outside)

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

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

June 2005

April 2007

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

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 chargeof Finance & Accounting Department of JAPEX
Executive Ofﬁcer in charge of Finance & Accounting
Department of JAPEX (incumbent)
Audit & Supervisory Board Member (part-time) of theCompany (incumbent)

April 2009

April 2010
June 2010
April 2011

Audit & Supervisory
Board Member (Outside)

Joined Marubeni Corporation
General Manager, Corporate Planning & Coordination
Department of Marubeni Corporation
Executive Vice President and CFO of Marubeni America
Corporation
Executive Vice President, CFO and CAO of Marubeni
America Corporation
General Manager, Risk Management Department ofMarubeni Corporation
Corporate Vice President, General Manager, Corporate
Planning & Coordination Department of Marubeni
Corporation
Corporate Senior Vice President, CIO, Executive
Corporate Ofﬁcer, Human Resources Department,
Information Strategy Department and Risk Management Department of Marubeni Corporation
Corporate Senior Vice President, Member of the Board,
CIO, Executive Corporate Ofﬁcer, Human Resources
Department, Information Strategy Department and Risk
Management Department of Marubeni Corporation
Corporate Executive Vice President, Member of 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
Audit & Supervisory Board Member (part-time) of theCompany (incumbent)
Senior Consultant of Marubeni Corporation** Appointed in June 2015

Financial &Corporate Information
9-Year Financial Information

050

Message from the Senior Vice President,
Finance & Accounting

052

Background Information: Oil and Gas
Accounting Policies and Treatment

053

Management’s Discussion and Analysis ofFinancial Condition and Results of Operations

056

Consolidated Financial Statements/
Notes to Consolidated Financial Statements

062

Independent Auditor’s Report

081

Subsidiaries and Afﬁliates

082

Business Risks

084

Oil and Gas Reserves and Production Volume092

Corporate Information

095