Corporate Governance Overview

Having adopted a Company with Committees structure, we have established a governance system in which the Board of Directors, led by outside directors, supervises the executive divisions. We also have three legally mandated committees—the Nomination Committee, Compensation Committee, and Audit Committee—all chaired by outside directors.These committees engage in fair and active discussions aimed at strengthening the Group’s governance. They also actively and assertively share the status of execution at Board of Directors meetings in order to enhance the soundness and transparency of governance.

The Company utilized the business segment system, the Group Chief Officer system, and the executive officer system, under the general oversight of the Group CEO, for its business operation system to enable agile and flexible decision-making and business execution as well as ensuring the clarity of authority and responsibility.

Organizational structure	Company with committees, such as Nomination Committee
Number of Directors	11, of which 9 are Outside Directors ・Percentage of non-executive directors: 90.9% (10 out of 11) ・Percentage of outside director: 81.8% (9 out of 11)

Member of the Board , Nomination Committee , Audit Committee and Compensation Committee

Name	Title	Board of Directors	Nomination Committee	Audit Committee	Compensation Committee
Mikio Okumura	Group CEO Director President and Representative Executive Officer	○	-	-	-
Satoshi Kasai	Director	○	-	○	-
Scott Trevor Davis	Director*	○	○ (Committee Chair)	-	○
Kazuhiro Higashi	Director*	○ (Chairman)	○	-	○ (Committee Chair)
Isao Endo	Director*	○	○	-	○
Takashi Nawa	Director*	○	○	-	○
Meyumi Yamada	Director*	○	○	-	○
Misuzu Shibata	Director*	○	-	○ (Committee Chair)	-
Kumi Ito	Director*	○	-	○	-
Masayuki Waga	Director*	○	-	○	-
Tooru Kajikawa	Director*	○	-	○	-

* Outside Director as set forth in Article 2 (XV) of the Companies Act.

Executive Officers and Senior Vice Presidents

Executive officers shall make decision and perform duties with respect to the matters delegated from the Board of Directors. Senior Vice Presidents execute business following a partial delegation of business execution authority from Executive Officers.

Management Structure of Corporate Governance (As of April 1, 2024)

Management Structure of Corporate Governance

Management Structure of Corporate Governance(54KB)

Appointment of Directors , Executive Officers and Senior Vice Presidents

Directors shall be appointed at the General Shareholders Meeting based on the selection by the Nomination Committee. Executive officers and Senior Vice Presidents shall be appointed at the General Shareholders Meeting based on the selection by the Nomination Committee. Additionally, the company formulated the “Policies for Appointment of Directors and Executive Officers” and disclosed it to public.

The “Policies for Appointment of Directors and Executive Officers” is stipulated in chapter 5 of the Corporate Governance Policy.

Number of Independent Directors

9 Outside Directors

All Outside Directors are independent as defined by the Financial Instruments and Exchange Act.
Standards regarding Independence of Outside Directors is disclosed in the Corporate Governance Report.

Decisions regarding compensation, etc.

The Company formulated the “Policies on Decisions regarding Compensation for Directors and Executive Officers” according to the decision by the Compensation Committee and disclosed it to public.

The “Policies on Decisions regarding Compensation for Directors and Executive Officers” is stipulated in chapter 7 of the Corporate Governance Policy.

FY2022: Record of meetings of the Board of Directors, Nomination 　Committee, Audit Committee and Compensation Committee

From April 2022 to March 2023

Board of Directors meetings	Held 14 times Attendance: 100%
Nomination Committee	Held 10 times Attendance: 100%
Audit Committee	Held 13 times Attendance: 97.6%
Compensation Committee	Held 11 times Attendance: 100%

For details of the attendance of each director, please refer to the link below.

Biography of Management Team

Corporate Governance Policy