PASSION FOR THE BEST
Group Management System

Group Management System

<Officers>
Directors (Members of the Board)
Chairman of the Board Takashi Hibino
  Seiji Nakata
Toshihiro Matsui
Kazuo Takahashi
Keiko Tashiro
Koichi Matsushita
Mikita Komatsu
Morimasa Matsuda
Outside Director Keiichi Tadaki
Outside Director Tadashi Onodera
Outside Director Michiaki Ogasawara
Outside Director Hirotaka Takeuchi
Outside Director Ikuo Nishikawa
Outside Director Eriko Kawai

Committee Members
Nominating Committee (7), Audit Committee (5) and Compensation Committee (5)

Nominating Committee Chairman Tadashi Onodera
Takashi Hibino
Seiji Nakata
Keiichi Tadaki
Michiaki Ogasawara
Hirotaka Takeuchi
Eriko Kawai
Audit Committee Chairman Keiichi Tadaki
Morimasa Matsuda
Michiaki Ogasawara
Ikuo Nishikawa
Eriko Kawai
Compensation Committee Chairman Hirotaka Takeuchi
Takashi Hibino
Seiji Nakata
Tadashi Onodera
Ikuo Nishikawa

Corporate Executive Officers (15)

Name Concurrent post
President and CEO Seiji Nakata Member of the Board, Daiwa Securities Group Inc.
President, Daiwa Securities Co. Ltd.
Deputy President and COO Toshihiro Matsui Member of the Board, Daiwa Securities Group Inc.
Deputy President, Daiwa Securities Co. Ltd.
Deputy President Kazuo Takahashi Member of the Board, Daiwa Securities Group Inc.
Deputy President, Daiwa Securities Co. Ltd.
Deputy President Keiko Tashiro Member of the Board, Daiwa Securities Group Inc.
Deputy President, Daiwa Securities Co. Ltd.
Deputy President Koichi Matsushita Member of the Board, Daiwa Securities Group Inc.
President, Daiwa Asset Management Co. Ltd.
Deputy President Yoriyuki Kusaki President, Daiwa Institute of Research Holdings Ltd.
President, Daiwa Institute of Research Ltd.
President, Daiwa Institute of Research Business Innovation Ltd.
Senior Executive Managing Director Mikita Komatsu Member of the Board, Daiwa Securities Group Inc.
Senior Executive Managing Director, Daiwa Securities Co. Ltd.
Senior Executive Managing Director and CIO Masahisa Nakagawa Senior Executive Managing Director, Daiwa Securities Co. Ltd.
Senior Executive Managing Director Shinsuke Niizuma Senior Executive Managing Director, Daiwa Securities Co. Ltd.
Senior Executive Managing Director Akihiko Ogino Senior Executive Managing Director, Daiwa Securities Co. Ltd.
Executive Managing Director, CRO and CDO Junichi Arihara Executive Managing Director, Daiwa Securities Co. Ltd.
Executive Managing Director Yoshifumi Otsuka Executive Managing Director, Daiwa Securities Co. Ltd.
Executive Managing Director Kana Shirakawa Executive Managing Director, Daiwa Securities Co. Ltd.
Senior Managing Director and CFO Eiji Sato Senior Managing Director, Daiwa Securities Co. Ltd.
Senior Managing Director Takashi Hibino Chairman of the Board, Daiwa Securities Group Inc.
Chairman of the Board, Daiwa Securities Co. Ltd.

Executive Officers (10)

Name Concurrent post
Senior Executive Managing Director Shinji Kawakami Representative Senior Executive Managing Director, Daiwa Securities Co. Ltd.
Senior Executive Managing Director Hironori Oka Chairman of the Board, Daiwa Capital Markets Hong Kong Limited
Chairman of the Board, Daiwa Capital Markets Singapore Limited
Executive Managing Director Takayuki Sawano Chairman of the Board, Daiwa Capital Markets America Holdings Inc.
Executive Managing Director Hideki Araki Deputy President, Daiwa Investment Management Inc.
Deputy President, Daiwa Capital Holdings Co., Ltd.
President, Daiwa PI Partners Co. Ltd.
President, Daiwa Securities SMBC Principal Investments Co. Ltd.
Executive Managing Director Tomoyuki Murase Senior Managing Director, Daiwa Securities Co. Ltd.
Executive Managing Director Shiko Yanagisawa Chairman of the Board, Daiwa Capital Markets Europe Limited
Senior Managing Director Yukiko Takeuchi Senior Managing Director, Daiwa Securities Co. Ltd.
Senior Managing Director Sachiko Hanaoka  
Senior Managing Director Naoki Suzuki President, Daiwa Capital Markets America Holdings Inc.
Senior Managing Director Atsushi Itaya Senior Managing Director, Daiwa Securities Co. Ltd.


<Committees>
The Board of Directors
Headed by a Chairman, the Board of Director, will hold meetings at least once every three months. The authority of the Board is delegated to the Group Senior Managing Directors to maximum extent possible in order to strengthen the Group's operational control function. The Board will decide on basic management policies, matters needed for performance of the Audit Committee, and matters related to dividing the duties of the Senior Managing Directors and the decision-making process.
The number of the outside directors currently stands at 6.

Nominating Committee
The committee will mainly consider matters related to the election and resignation of Group Senior Managing Directors (Members of the Board) to be put to the Ordinary General Meeting of Shareholders. Five out of seven committee members are Outside Directors and one of Outside Directors serves as Chairman.

Audit Committee
The committee engages in the following businesses: inspecting the execution of duties of the Group Senior Managing Directors and Members of the Board, auditing business report and financial documents, and creating accountant's report. Four out of five committee members are Outside Directors and one of Outside Directors serves as Chairman.

Compensation Committee
This committee is responsible for policies for deciding compensation and the compensation received by the Group Senior Managing Directors and Members of the Board. Three out of five committee members are Outside Directors and one of Outside Directors serves as Chairman.

Executive Management Committee
Committee members are all Group Senior Managing Directors. Meetings are held in principle once in a month.
The committee analyzes and defines Group business strategies, management tasks and important financial matters.

Group Risk Management Committee
The committee has the following duties: accurately understanding Group's risk management system and risk conditions as well as analyzing and deciding details of policies and measures on risk management.

Disclosure Committee
This committee matters related to the disclosure of critical Group information in order to ensure the adequacy of disclosure. The committee holds meetings on a quarterly basis between the end of each quarter and the day the relevant quarterly results are announced, and when a meeting is deemed necessary. The CFO shall serve as the committee chairman.

Group IT Strategy Committee
The committee has the following duties: formulating original IT investment plans within the Group, allocating of system administration resources and the restructuring of system departments in the Group, evaluating and monitoring IT investment in the Group companies, and analyzing the execution of cross-company system development.

Overseas Management Committee
This committee is held once in principle every month, and has the following duties: analyzing and deciding matters relating to management control of overseas subsidiaries and others.

Group Internal Audit Committee
The committee is held once in principle every 3 months, and has the following duties: analyzing and deciding matters relating to developing internal audit system and examining internal controls for Group's business.
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