With regard to the series of quality issues that arose in the Mitsubishi Materials Group, as a result of which we caused our customers, shareholders, and other stakeholders enormous trouble and concern, we conducted safety confirmations with our customers' cooperation and have confirmed that there are no issues in terms of major safety matters with any of our customers.
Since the occurrence of these issues, the Mitsubishi Materials Group has been working enthusiastically to prevent the recurrence of the quality issues and enhance our group governance. To enhance our group governance, we have implemented a range of measures with an awareness of improving communication in terms of both quantity and quality, enhancing the governance structure and awareness, and appropriate resource allocation. I think that with regard to governance, what we should aim for is to become an organization that is capable of solving problems autonomously. While I feel that the initiatives we took last year enabled us to get slightly closer to what we are aiming for, there remain many aspects needing improvement. In order to put our stakeholders' minds at ease and earn their trust, I will continue to stand at the forefront as top management to ensure that all officers and employees of the Mitsubishi Materials Group join forces to take further initiatives.
At the 94th Ordinary General Meeting of Shareholders that was held on June 21 this year, the Articles of Incorporation were partially amended, and as a result, Mitsubishi Materials Corporation transitioned from a Company with an Audit & Supervisory Board to a Company with a Nomination Committee. Reflecting this transition, we aim to achieve the following three targets.
The environment surrounding us and people's values are changing rapidly at present. This means that we will not keep pace with the times unless we work quickly. Our lack of promptness has been pointed out in our response to the quality issues that were revealed in the year before last. On the other hand, if we are preoccupied with speed, the quality of our decision-making will decline, resulting in rough-and-ready decisions. This must be avoided. We will make decisions more quickly by transferring the authority to the CEO and executive officers, while the Board of Directors will concentrate on the supervision of business execution, thereby enhancing the governance functions. We will thus aim to build a better corporate governance structure with achievement the above three targets.
In response to this transition, the Board of Directors will take time for deliberations on the company's guiding principles, management strategies, risks, business opportunities, and similar agenda items. It has been decided that of those agenda items, the basic management policy for each fiscal year, as well as the medium- and long-term management strategies, will also be subject to resolutions at the Board of Directors' meetings.
Our basic management policy for FY2019 is as follows.
At the Mitsubishi Materials Group, we have established our Vision based on our Corporate Philosophy of "For People, Society, and the Earth." Our Vision is "We will become the leading business group committed to creating a sustainable world through materials innovation, with use of our unique and distinctive technologies, for People, Society and the Earth." Looking ten years ahead, we have set "optimization of business portfolio", "comprehensive efforts to increase business competitiveness", and "creation of new products and businesses" as pillars of our medium- and long-term group-wide policy.
In the long history of our company, which extends over 148 years since its foundation, we have faced numerous changes in social and economic conditions and challenging issues. We have overcome these situations through our utmost efforts and a willingness to take on challenges. We consider that breaking the status quo and creating new values through continuous efforts to meet the demands of the times while solving social issues is essential for the Mitsubishi Materials Group to achieve sustainable growth going forward.
We would appreciate your continued support and cooperation.