Corporate Governance

Principles

Sumitomo’s Business Philosophy and the Sumitomo Corporation Group’s Management Principles form the backbone of the corporate ethics and represent the foundation underpinning SPE’s corporate governance.

Efforts to build a better corporate governance system following these principles help the Company achieve sustainable growth, enhance corporate value over the medium to long term, and fulfill its mission as a good corporate citizen, as well as benefits the interests all stakeholders. For this reason, Summit Pharmaceuticals Europe S.r.l. continuously work to further enhance and improve its corporate governance adhering to Sumitomo Corporation Group core management principles that guide its actions and decisions:

1. To achieve prosperity and realise dreams through sound business activities.
2. To place prime importance on integrity and sound management with utmost respect for the
   individual.
3. To foster a corporate culture full of vitality and conducive to innovation.

Moreover SPE is committed to follow Sumitomo Corporation Group’s Activities Guidelines to operate with the highest standards in its business practices:

1. To act with honesty and sincerity on the basis of Sumitomo’s business philosophy and in keeping with the Management Principles.
2. To comply with laws and regulations while maintaining the highest ethical standards.
3. To set high value and transparency and openness.
4. To attach great importance to protecting the global environment.
5. To contribute to society as a good corporate citizen.
6. To achieve teamwork and integrated corporate strength through active communication.
7. To set clear objectives and achieve them with enthusiasm.

SPE also embraced the Group’s Mission Statement that is to be a global organisation that constantly stays a step ahead in dealing with change, creates new value and contributes broadly to society.

Internal audit

Sumitomo Corporation’s Internal Audit Department reports directly to the President and Chief Executive Officer. This independent organization is responsible for monitoring the operations of the Group and auditing its organizations and operating companies. In addition to providing internal audit results directly to the President and Chief Executive Officer on a monthly basis, periodic reports are also submitted to the Board of Directors and the Audit & Supervisory Board. The Department conducts comprehensive audits on all aspects of internal control, including asset and risk management, compliance, and business operations. It assesses the effectiveness and adequacy of the internal controls of auditees, considering the significance of inherent risks. Simultaneously, it offers appropriate advice for improvements and facilitates the enhancement and maintenance of internal controls on the auditee’s initiative, thereby contributing to the overall improvement of governance and internal controls within the Sumitomo Corporation Group.

SPE follows Sumitomo Corporation Group internal rules and compliance system and is audited regularly by Internal Audit Department.

Promoting maximization of corporate value based on the Group Management Policy

The Sumitomo Corporation Group consists of more than 800 in around 80 countries and regions. These Companies are the source of the Group’s strength: their business domains fall under a wide range of industrial fields, and many of them are industry leaders. 
The Group Companies respect the Sumitomo Corporation Group’s Corporate Mission Statement and management strategies and engage in Jiritsu management.

SPE shares the values set forth in the Sumitomo Corporation Group’s Corporate Mission Statement. This allows SPE to swiftly and appropriately respond to industry structural transformation and trends surrounding sustainability and to grow into future earnings pillars, thereby further solidifying the Group’s business portfolio and maximizing corporate value.