Board Evaluation

All directors and members of the Audit & Supervisory Board analyzed and evaluated the effectiveness of the Board of Directors, and resolved the evaluation results at a meeting of the Board of Directors. The assessment results from the Board meeting held from January to December 2019 are as set forth below.

Analysis and Evaluation Method

Evaluation method This evaluation was conducted via a written survey, with each of the respondents
identified. Following a discussion on the aggregate results, the Board of
Directors, evaluated its effectiveness, clarified issues and adopted measures for
the future.
Assessment items
  1. Roles and responsibilities of the Board of Directors
  2. Collaboration with members of Audit & Supervisory Board and external
    directors
  3. Composition of the Board of Directors
  4. Operation of the Board of Directors
  5. Contributions of individual Directors and members of the Audit & Supervisory Board
  6. Dialogue with shareholders
Evaluation period From January to December 2019

Evaluation Results

According to the evaluation results, the average self-evaluation of all directors and members of the Audit & Supervisory Board was generally good in all six areas, indicating that the effectiveness of the Board of Directors is ensured. The area of "contributions of individual directors and members of the Audit & Supervisory Board" was highly evaluated with less variance of evaluation among inside directors, external directors and members of the Audit & Supervisory Board. On the other hand, among "roles and responsibilities of the Board of Directors," certain items related to deepening discussion and providing specific goals on business strategies and involvement in the environment and society were evaluated relatively lower than other items. The issue and measures to be addressed in the fiscal year ending March 2021 were resolved to improve such evaluation.

Issue

Identification of specific themes and deepening of discussion are necessary for creating long-term corporate value.

Measures

We will provide occasions for considering value creation stories based on integrated thinking and the utilization of managerial resources for realizing those stories with executive officers, senior general managers and other positions who will take responsibility for the Company's future management, and discuss the results at the Board of Directors.