Nomura Holdings, Inc. | Business Execution

Business Execution Framework

The Board of Directors has broadly delegated decision-making authority for business execution functions to the Executive Officers to ensure that they can execute business with speed and efficiency. Furthermore, among the matters of business delegated to the Executive Officers by resolutions adopted by the Board of Directors, certain important matters must be deliberated and decided by specific management bodies within the Company, including the Executive Management Board, the Group Integrated Risk Management Committee, and the Internal Controls Committee. These management bodies report to the Board of Directors on the status of their deliberations at least once every three months.

Executive Management Board

This Board is chaired by the Group Chief Executive Officer ("Group CEO") and also consists of the Executive Officers and other persons designated by the Group CEO. The Executive Management Board deliberates and determines management strategies, business plans, budgets, allocation of management resources, and other important matters related to the management of the Nomura Group.

Group Integrated Risk Management Committee

This committee is chaired by the Group CEO and also consists of the Group COO, Division Heads, Chief Risk Officer, Chief Financial Officer (CFO), Chief Legal Officer (CLO), Co-CRO and other persons designated by the Group CEO. The Executive Management Board has delegated authority to the Group Integrated Risk Committee to deliberate and determine important matters concerning enterprise risk management of the Nomura Group.

Internal Controls Committee

This committee is chaired by the Group CEO, any person(s) designated by the Group CEO, an Audit Committee member elected by the Audit Committee, and a Director elected by the Board of Directors. The Internal Controls Committee deliberates and decides upon maintenance and assessment of internal controls with respect to the Nomura Group's business, and matters related to promotion of proper corporate behavior throughout the Nomura Group.

In order to further bolster the Company's business execution framework for financial operations that are becoming increasingly sophisticated and specialized, the Company utilizes a system whereby the Executive Officers delegate a part of their authority for business execution decisions to Senior Managing Directors, who focus on individual business and operations.