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Pantos Launches New Junior BoardApr. 02, 2010

Logistics Sector Learning Lessons from Toyota Recalls

Pantos Logistics Launches New Junior Board,
Reinforces Risk Management Functions

Pantos Logistics (Yeo Sung-koo, CEO), Koreas largest logistics company, launched a new concept junior board (youth board of directors) in a move to reinforce its risk management functions.

Pantos Logisticsnew junior board differs from the conventional junior board, which focused on campaigns to change perceptions and increase awareness, volunteer activities, the improvement of corporate welfare programs, and teamwork and friendship building at the company. Instead, the new board is set to participate in the process for making key managerial decisions, and play a leadership role in discovering problems and presenting solutions. Moreover, the new junior board will be operated as an official in-house organization. Accordingly, the board will select staff members with creativity from among the employees, ranging from junior staff to managers at various divisions, and grant them appointment letters to allocate official duties.

The junior board will hold regular and extraordinary meetings, which will be presided over by its board chairman. It will discuss agendas, including the presentation of diverse problems and suggested policies aimed at the development of the company, adopt decisions, make resolutions, and report them to top management. The board has been named the "TOP Board," which symbolizes the spirit of TOP, which is the companys managerial philosophy, and the spirit of excellence.

Pantos Logistics launched the junior board in a bid to make improvements by learning lessons from the recent massive recalls by Toyota Motor. Pantos Logistics judges that the Japanese automaker failed to sense "latent elements of a crisis hidden behind its stellar success,"and voices raising concern over elements of a crisis were not effectively communicated at Toyota due to its ostensibly overwhelming success and unchecked strides, which in turn resulted in the massive recalls. As such, Pantos Logistics plans to proactively reflect decisions made by the junior board in company management.

A Pantos Logistics official said, "We will seek to construct a future-oriented system at the junior board by ensuring that innovative and creative ideas suggested by young staff members lead to the generation of diverse scenarios and simulations, so as to discover weakness and address problems as part of our risk management efforts."

The junior board started operation in earnest through the awarding of appointment letters on April 1.

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