Governance | Measures for Reinforcing Governance

In 2001, when we adopted a holding company structure and listed on the New York Stock Exchange (NYSE), we introduced Outside Directors and established an Internal Controls Committee, a Compensation Committee (the majority of the members of which are Outside Directors), and an Advisory Board of distinguished persons from outside the Company.

We have also diversified the Board of Directors in terms of the backgrounds of members and made efforts to improve management transparency by such means as further improving our information disclosure system.

In 2003, we further strengthened and increased the transparency of our oversight function and expedited Nomura Group's management process by adopting the "Company with Committees, etc." structure (now the "Company with Three Board Committees" structure), a governance structure under which management oversight and business execution functions are clearly separated.

The Company's corporate governance system is very similar to the corporate governance standard stipulated in the NYSE's Corporate Governance Guide for listed companies and we judge that it is the optimal institutional design for us at this point in time.

Code of Ethics of Nomura Group

Nomura's initiatives to bolster corporate governance

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