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Mitsubishi group is a group of Japanese Independent multinational companies from all walks of life. Its total income is about 1.4% of Japan's GDP.
It has a long history. Its predecessor was founded by yataro Iwasaki in 1870 as a unified company of Mitsubishi zaibatsu. Until 1947, it was dissolved during the Japanese occupation after the Second World War. The top three members of the company continue to share Mitsubishi's brand, trademark and heritage. Although group companies participate in limited business cooperation, most notably through the monthly "Friday meeting" executive meeting, they are officially independent and not under common control. The group's three main companies are Tokyo Mitsubishi UFJ Bank (Japan's largest bank), Mitsubishi Corporation (an integrated trading company) and Mitsubishi Heavy Industries (a diversified manufacturing company).
Mitsubishi group is composed of about 40 independent companies and has no controlling parent company. Each of the Mitsubishi companies owns a majority (but usually not control) of the shares in other companies.
29 of the group companies attended the Friday meeting, which was a luncheon for the top management on the second Friday of each month. The organization began its tradition of monthly executive meetings in 1952. Over time, the meetings became a place for policy coordination among group companies. By the 1990s, however, this practice, especially for non Japanese investors, had been criticized as a possible violation of antitrust laws. Since 1993, Friday meetings have been officially held as social events, not for the purpose of discussing or coordinating business strategies. Nevertheless, Friday's meeting is still a venue for informal cooperation and coordination among group companies, most notably the rescue of Mitsubishi in the mid-2000s.
In addition to the Friday meeting, the general affairs director of the group company will hold a meeting on the third Monday of each month, and the legal and Intellectual Property Department of the group company will hold a trademark policy coordination meeting on the first Friday of each month.
