Olympus Corp. is planning to double the number of outside directors to constitute as much as half of its board to help reinforce oversight of management, sources said Thursday.
The step is a response to the current board's failure to prevent the coverup of massive investment losses, a scheme that certain board members, including former Chairman and President Tsuyoshi Kikukawa, actually orchestrated, the sources said.
Olympus' board has 11 members, including three outside directors. But the camera and medical equipment maker plans to add five or six outside members who have no ties to the company and who are well-versed in corporate governance and compliance issues, including lawyers and financial industry executives. (Japan Times)
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