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Notice Concerning Change to Advisors System

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As the company transitions to a complete elimination of open-ended advisory appointments, the following measures will be implemented with completion targeted by the end of the next (2021) Medium-Term Business Plan.

The decision to terminate the current system of advisory positions was reached after internal reviews, Nomination and Remuneration Meetings, and deliberations by the Board of Directors.

Transitional Measures for Termination of the Current System of Advisory Positions

  • Executives with experience serving as company Chairman or President will be commissioned to a position as Senior Executive Advisor or Executive Corporate Advisor for a fixed tenure. Appointments to Senior Executive Advisor shall be limited to one officer at any given time.
  • After retirement from the position of Senior Executive Advisor or Executive Corporate Advisor, the officer will be commissioned as Honorary Advisor.
  • An Honorary Advisor shall in principle be appointed for a period of two years, on a non-standing basis and without remuneration.

Following completion of the transitional measures, executives with experience serving as company Chairman or President shall not be commissioned as a Senior Executive Advisor or Executive Corporate Advisor, but only as an Honorary Advisory (in principle, for a period of two years, on a non-standing basis and without remuneration).

Treatment of Current Senior Executive and Executive Corporate Advisors

  • Kentaro Aikawa, Nobuyuki Masuda and Takashi Nishioka shall, effective the date in June 2019 on which the Annual General Meeting of Shareholders ends, retire from their respective positions and be newly commissioned to serve as Honorary Advisors for a period of two years.
  • Kazuo Tsukuda, in view of his outside assignment relative to company and elsewhere, shall, effective the same date as just noted, retire from his position as Senior Executive Advisor and be commissioned to serve as Executive Corporate Advisor for a period of two years, followed by a two-year tenure as Honorary Advisor.

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