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## Corporate Governance Committee S y stem 

In 1999, Daiwa Securities Group Inc. became the first listed company in Japan to adopt a holding company structure. In 2004, the Group introduced a Committee System of corporate governance with three major committees that report to the Board—the Nominating Committee, Audit Committee and Compensation Committee. It also increased the number of outside directors, and established a clear separation between the oversight functions of the Board and the execution functions of corporate executive officers. 

## Committee Members 

## Nominating Committee 

Shigeharu Suzuki (Chairman) 

Takashi Hibino 

Ryuji Yasuda 

Nobuko Matsubara 

Keiichi Tadaki 

Kensuke Itoh 

## Audit Committee 

Koichi Uno (Chairman) 

Toshihiko Onishi 

Nobuko Matsubara 

Keiichi Tadaki 

## Compensation Committee 

Shigeharu Suzuki (Chairman) 

Takashi Hibino 

Ryuji Yasuda 

Koichi Uno 

Kensuke Itoh 

<img src='content_image/139270.jpg'>

Toshihiko Onishi 

Member of the Board 

<img src='content_image/139276.jpg'>

Ryuji Yasuda 

Outside Director (Member of the Board) 

<img src='content_image/139275.jpg'>

Ryuji Yasuda is currently a Professor of Hitotsubashi University’s Graduate School of International Corpo- rate Strategy. Before that, he was a partner at various prominent consulting firms. The Company has drawn on Mr. Yasuda’s specialized knowledge and experience in management strategy nurtured throughout his career for management advice. His term as a director of the Board is nine years. 

