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Succession Plan and Training

Succession Plan for President and CEO

The Company considers that the selection of succession candidates for the President and CEO and the development of the succession plan requires the cooperation of the incumbent and the Nomination & Remuneration Advisory Committee.
The President and CEO and the Nomination & Remuneration Advisory Committee formulate the succession plan based on the Company’s business environment upon sufficient discussions regarding the qualities required of a President and CEO from a medium-to-long-term perspective and policies for the selection of a successor and his or her training, etc. The progress of the formulated succession plan is regularly reported to the Nomination & Remuneration Advisory Committee, which monitors its status of implementation.
Regarding selection of specific candidates for the President and CEO, the Nomination & Remuneration Advisory Committee receives full reports from the President and CEO on the specific nomination for successor from various perspectives. The Nomination and Remuneration Advisory Committee members themselves meet and exchange opinions with candidates, evaluating them from an independent perspective as well as the Company’s management issues. Since the Nomination & Remuneration Advisory Committee performs certain important functions of the Board of Directors, the Board respects the committee’s judgement. Furthermore, when actually selecting the President and CEO’s successor, the Nomination & Remuneration Advisory Committee deliberates fully on matters such as the final candidate and their selection process, prior to reporting its opinion. The Board of Directors accords this report the utmost respect in passing a resolution regarding the selection.
In 2019, the Board of Directors approved the extension of the term of office of current President and CEO Uotani, as well as the framework of a concrete succession plan, etc. In 2020, we commenced the execution of the succession plan and reported its progress to the Nomination & Remuneration Advisory Committee and the Audit & Supervisory Board.

Succession and Training for Directors, Audit & Supervisory Board Members, and Executive Officers

The Company believes that it is important to have succession plans not only for the President and CEO but also for external directors and external Audit & Supervisory Board members, who play key roles in supervising business management. Matters regarding the succession plans, such as the term of office, clear criteria for successor candidates, and further strengthening of diversity, are subject to the review by the Nomination & Remuneration Advisory Committee.
The Company also believes that in addition to appointing personnel having credentials required to serve as directors, Audit & Supervisory Board members, or executive officers, it is important to provide them with necessary training and information. Therefore, the Company provides candidates for new directors and new Audit & Supervisory Board members with training regarding legal and statutory authorities and obligations, etc. In addition, when a new external director or external Audit & Supervisory Board member is scheduled to come on board, the Company provides training regarding the industry it operates in, its history, business overview, strategy, etc.
Furthermore, to cultivate the next generation of management, executive officer candidates are provided with training programs to nurture their leadership abilities and management expertise required for top management.

 

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