Corporate Governance "Initiatives since Fiscal Year Ended March 31, 2022"

Assesment on the Effectiveness of the Board of Directors

Each year, we conduct a questionnaire to evaluate the effectiveness of the Board of Directors, identify current conditions and issues, and formulate action plans to implement a cycle of improvement.

Expansion of Public Information about Corporate Governance

We are taking steps to expand the corporate governance-related information we publish on our website and other media, in parallel with the cycle of evaluating the effectiveness of the Board of Directors, so that we can meet requirements based on revisions to the Corporate Governance Code.
 In addition to the formulation of a basic policy in FY2019 that outlines our basic approach to corporate governance, in FY2021 we identified the skills possessed by our officers, including directors and Audit & Supervisory Board members, and published them as a skills matrix.
 In FY2022, we clarified the company՚s approach to intellectual property and human resources, including Intellectual Property Policy, Intellectual Property Strategy, Human Resource Development Policy, and Internal Environment Improvement Policy. We also made efforts to enhance the information we deliver globally, including timely disclosure of information, disclosure of our articles of incorporation in English, and English translation of our corporate governance report that we have continued.

Initiatives for Smooth and Effective Operation of the Board of Directors

Based on the results of the effectiveness evaluation questionnaire, we are advancing a number of initiatives aimed at smooth and highly effective operation of the Board of Directors. In FY2020, the Board of Directors՚ meeting materials were distributed early to allow sufficient time to review meeting content in advance. We also provided outside directors with opportunities to receive advance explanations of agenda items. In addition, we worked actively to have objective opinions fed back to management. For example, we provided outside directors with opportunities to participate in important company meetings and events. In FY2021, we involved outside directors in constructive dialogues with shareholders and investors.

Results of Assessment and Issues in FY2022

In this analysis and evaluation, we found relative improvements in the evaluation results, which are attributed to various improvements that we have achieved in our action plans. With this analysis, we have confirmed that the Board of Directors is totally working effectively by fulfilling its role and responsibilities. However, as we have also recognized that there are some open issues that the Board of Directors is supposed to resolve, such as ensuring diversity in the core members of the Board of Directors, discussions on policies for human resource development and internal environment development which are carried forward from the last fiscal year, and actions to enhance discussions on management strategies to set agendas necessary for business decisions to be made by the Board of Directors, we have compiled a new action plan for the Board of Directors in the fiscal year 2023 at the Board of Directors meeting held on March 2023 and steadily implemented the action plan since April 2023. We will also continue efforts to improve the effectiveness of the Board of Directors in the future.

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