Ricoh 2003 Annual Report Download - page 7

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5
addition, we established operations within the Software Research and Development Group. We
also decided to m ake Tohoku Ricoh Co., Ltd., a wholly owned subsidiary in keeping with efforts
to reinforce Group development and design capabilities so we can integrate our strategies while
delivering cost-competitive offerings.
Change extended to corporate governance in the year under review. This is in keeping with
our conviction that we m ust deliver value not just through our products and services but also
through our com m itment to the interests of shareholders and the com m unities in which we
operate.
In recent years, for exam ple, we introduced an executive officer system that transfers
authority to divisions. We now have a board of 16 directors, including two external officials, to
handle m ajor decisions on Group m anagem ent. Four auditors, including two external ones,
now oversee com pliance and institute independent internal checks through our auditing office.
During fiscal 2003, we established the Corporate Social Responsibility Division to coordinate
activities worldwide. The Division also cooperates with other internal bodies that handle envi-
ronm ental, information security, and compliance issues.
PURSUING GREATER VALUE
Our drive to becom e the world’s No. 1 product engineering company entails providing new
value through our custom er-oriented m anagem ent. Also key is our commitm ent to technologi-
cal innovations that sim plify digital networking, delivering ease of use and superior productivi-
ty. Environm ental management rem ains central to our mission, and we aim to contribute even
more to the resolution of environmental m issions without com prom ising profitability. A com -
plementary objective is to slash expenses so we can achieve a low-cost, highly com petitive m an-
agem ent structure that lets us operate even more efficiently in
deflationary environm ents.
We anticipate higher revenues and earnings in fiscal 2004, and
invite you to monitor progress through our investor relations website
( www.ricoh.com /ir/) .
As always, we deeply appreciate your support and encouragem ent,
and look forward to a great fiscal 2004.
June 26, 2003
Sincerely,
Hiroshi Ham ada
Chairm an
Masam itsu Sakurai
President, Chief Executive Officer and Chief Operating Officer