Abalance Corporation was established in April 2000 as an IT company that develops and operates Internet services, but now we have transformed our business and business model into a comprehensive green energy company such as solar power generation and wind power generation.
With the United Nations adoption of the 2030 Agenda for Sustainable Development, which sets forth the Sustainable Development Goals (SDGs), renewable energy is becoming increasingly important as an energy source to achieve a sustainable low-carbon society. Japan has set a target of 22% to 24% of renewable energy introduction by 2030, and the spread of green energy, which is global environment friendly, and is required more than ever. Our group Green Energy Business is highly rated to achieve a decarbonized society.
In order for our group to achieve sound development over the medium to long term, we must incorporate ESG perspectives into our management and fulfill our responsibilities as a listed company's mission. To that end, we need to balance our green energy business, construction machinery sales business, and IT business, and strive for optimal collaboration to maximize corporate value, and contribute to the sustainable growth of society in our own way.
In November 2018, we changed our market from the Mothers market to the Second Section of the Tokyo Stock Exchange and then to the Standard, but we are still in the process of growth. We will continue to take steady steps to contribute to a sustainable decarbonized society through the further spread and promotion of green energy. We would greatly appreciate your support.
Abalance Corporation strongly recognizes the social responsibility that the Group should fulfill for all stakeholders, including clients, shareholders, employees, and other business partners, and fulfilling it is the highest management goal. We believe that this will lead to an improvement in our corporate value. We view corporate governance as a means to achieve this goal, comprehensively judge both management efficiency and compliance, and build a transparent and sound corporate governance system.
The Board of Directors consists of seven members, including four outside directors. We make decisions and supervises business execution from a broad perspective, and meets regularly once a month and as needed. In addition to grasping the status and performance progress of each group business, we are also working to strengthen corporate governance. Three corporate auditors also attend meetings of the Board of Directors and audit the execution of operations by the Board of Directors.
Abalance Corporation have adopted a board of auditors system, which consists of one full-time outside auditor and two part-time outside auditors. All of the members have abundant knowledge of finance and accounting, and working experience as directors and corporate auditors at other companies. The Audit & Supervisory Board meets monthly, and each Audit & Supervisory Board Member attends meetings of the Board of Directors and other important meetings in accordance with the annual audit plan formulated each fiscal year.
In addition, auditors exchange information and opinions with the head of the Internal Audit Office and accounting auditors to comprehensively confirm accounting audits and business audits, etc., and efficiently and rationally monitor the status of business execution by directors. We work to increase the effectiveness of our supervision.
On September 20, 2017, Abalance Corporation newly established the Internal Audit Office as an independent department under the direct control of the Representative Director. Based on internal audit regulations, the head of the Internal Audit Office is responsible for conducting internal audits of each department. The Internal Audit Office consists of 2-3 people, the head of the Internal Audit Office and 1-2 employees who do not belong to the audited department. In accordance with the annual audit plan formulated each fiscal year, we investigate whether the operations under the jurisdiction of each department are properly and effectively conducted in accordance with laws and regulations, the Articles of Incorporation, internal regulations, and various handling guidelines. They report the results to the representative director and we use the results to provide appropriate guidance, prevent fraud and errors in the company, provide accurate management information, protect assets, improve business activities, and contribute to the enhancement of management efficiency. In addition, by reporting the results of business audits to the Board of Corporate Auditors and the Accounting Auditor, we strive to cooperate with the Corporate Auditors and the Accounting Auditor in an effort to eliminate illegality and improve efficiency in the execution of business.
Abalance Corporation has concluded an audit contract with Asuka Audit Corporation for audits based on the Financial Instruments and Exchange Act, and Aska Audit Corporation expresses its opinion on financial statements from an independent standpoint as an auditor. The certified public accountants who executed operations during the fiscal year under review are as follows.
Name of certified public accountant who executed the business
Engagement partners: Shuji Imai, Kouji Sato
※The number of years of continuous audit is omitted because all of them have been working with us within 7 years.