Universal Entertainment Launches Governance Committee for Compliance Enhancement

In a strategic move to bolster its compliance protocols, Universal Entertainment Corp, the renowned parent company of Okada Manila, has announced the formation of a Governance Committee. This development follows a resolution passed by Universal Entertainment’s Board of Directors on September 13th, amidst a wave of leadership changes within the organization.

The impetus for this decision can be traced back to significant shifts in the company’s executive ranks, particularly following the 2017 resignation of Kazuo Okada, a former director. Under the guidance of former President and CEO Jun Fujimoto, the company has aimed to revamp its governance framework. However, Fujimoto himself resigned as Representative Director earlier this year on April 26th. His departure, precipitated by a breach of fiduciary duty related to a 2012 transaction, led to the appointment of Hajime Tokuda as the new Representative Director and President.

Universal Entertainment Corp has made it clear that the nascent Governance Committee, under Tokuda’s leadership, is poised to take assertive measures in addressing the company’s claims against Fujimoto. The committee has been tasked with evaluating whether the company’s compliance and governance approaches align with the expectations of its shareholders and stakeholders on both a domestic and international level.

The committee comprises noteworthy figures such as Masayoshi Miyanaga and Hiroshi Miyauchi serving as Outside Directors, alongside Yutaka Yazawa as a Full-time Audit & Supervisory Board Member. Their mission is not just to scrutinize existing practices but also to collaborate with external experts to thoroughly investigate the firm’s management and operational structure.

Universal Entertainment anticipates that by March 2025, the Governance Committee will have identified critical governance issues and proposed constructive measures to the Board of Directors, thereby enhancing both governance and operational efficiencies across the company. As the gaming industry continues to evolve, such initiatives underscore Universal Entertainment’s commitment to maintaining rigorous standards of governance and compliance, ensuring its operations remain robust and trustworthy.