To reinforce its governance system, the Company transitioned to a “company with committees” structure (it is currently a company with nominating committees) in June 2008, and appointed four independent outside directors.
Initially, the chairs of the nominating and audit committees were internal directors, but in 2012, independent outside directors were appointed to head all of the committees, including the compensation committee. From 2013, an independent outside director was also appointed to be the chairman of the board to clearly separate oversight and execution and enhance management transparency. Furthermore, in 2015, the Company formulated the NSG Group Corporate Governance Guideline, which detailed the fundamental thinking of the Company’s governance system and its framework.