Sustained Innovation and Creativity - Toyota Industries Corporation

progress in globalizing its business, Toyota Industries is activelypromoting globalization as it accelerates overseas localproduction in its other businesses as well. Crucial to sustainingthis globalization will be the cultivation of global-orientedpersonnel who have specialized knowledge and technicalskills to handle the transfer of production know-how suchas TPS—a source of Toyota Industries’ competitiveness—to overseas production bases and who can execute theirduties within different cultural environments. In the MaterialsHandling Equipment Segment, in particular, we aim for the effective utilization of humanresources by placing the right people in the right jobs regardless of their nationalities.Employees strive to perfect their skills at theTechnical Training CenterEarning Greater Trust of StakeholdersDeeply committed to strengthening our bonds of trust with shareholders and other stakeholders,Toyota Industries is proactively bolstering its corporate governance to fi rmly establish a structurethat facilitates effi cient and highly transparent management. As part of these efforts, to respondquickly and fl exibly to changes in the management environment and accelerate future-orientedreforms, we recently adopted our unique Managing Offi cer System. In addition to a streamlinedBoard of Directors for quicker decision-making, managing offi cers assume greater responsibilityfor business operations, thereby contributing to the realization of a more effi cient managementstructure that enables the further enhancement of operational-based management. At thesame time, we are also implementing thorough compliance measures. Moreover, as a goodcorporate citizen, we will work to earn the further trust of society by earnestly undertakingenvironmental and social contribution activities.Sustained Innovation and CreativityAs I mentioned at the outset of my message, in November 2006 Toyota Industries willcommemorate its 80th anniversary. Toyota Industries’ founder, Sakichi Toyoda, aspired to be aninventor who would contribute to society, and subsequently established Toyota Industries tocommercialize automatic looms, which he invented after numerous trials and errors. His foundingspirit—sustained innovation and creativity, a venture spirit as well as a belief in contributing tosociety—hasn’t lost its luster even after 80 years. Toyota Industries continues to carry on this spiritto write a new history through sustained innovation and creativity.In closing, I ask our shareholders for your continued understanding and support.August 2006Tetsuro ToyodaPresidentToyota Industries Corporation Annual Report 200613