Transition to a "Committee System"
Following official approval given at the ordinary general shareholders' meeting held on June 23, 2004, the Daiwa Securities Group Inc. has executed a transition to a "committee system" of corporate governance with three committees.
The objectives for the transition to a committee system are followings:
- 1.An increase in the number of outside board members and the establishment of three committees; the Nominating, Audit and Compensation Committees. These committees will enhance the supervisory function of the Board and increase transparency of management.
- 2.Doubling as an executive officer of Daiwa Securities Group Inc. as well as a main officer of other Group companies will enhance the effectiveness and efficiency of segment strategies derived from Group strategies.
- 3.The transfer of authority from the Board to the Group Executive Officers will increase the flexibility of the decision-making process.