Nomura Holdings, Inc.
Nomura Report 2015
Nomura at 90 Years. The Road Ahead
N
o
m
u
r
a
R
e
p
o
r
t
2
0
1
5
N
o
m
u
r
a
H
o
l
d
i
n
g
s
,
I
n
c
.
Editorial Policy
In FY2012/13, we began publishing the Nomura Report, an
integrated version of our annual report and our citizenship report,
which detailed our CSR initiatives. We hope that this integrated
report helps readers gain a broader understanding of our activities
to support sustainable development and aim to grow and develop
together with our stakeholders, including our shareholders and
customers, as Asia’s global investment bank.
Contents
Nomura at 90 Years. The Road Ahead
The 90-Year History of Nomura Group ..................... 2
Nomura Group’s Business Model ............................ 4
Nomura Today in Figures.......................................... 5
Financial and Non-Financial Highlights
(US GAAP) .............................................................. 6
Report Period
April 1, 2014 to March 31, 2015
(Some content may be outside this time frame.)
Nomura’s Ideas: Looking to the
Coming 100th Anniversary
Previous Report
August 2014
Next Report
July 2016
Entities Covered
Nomura Holdings, Inc. and its major subsidiaries and affiliates
http://www.nomuraholdings.com/company/group
Numerical data are presented alongside information on the scope
of companies covered.
Reference Guidelines
• Sustainability Reporting Guidelines of the Global Reporting
Initiative (GRI)
This report contains information regarding the standard
disclosure items contained in the fourth edition of the GRI
Sustainability Reporting Guidelines. Please access the following
Message from the CEO ............................................ 8
Special Feature COO and Regional CEO
Roundtable .......................................... 13
Message from the CFO ............................................ 18
Nomura’s Ability to Get Things Done
Review of Operations ............................................... 20
Company Segments .............................................. 20
Retail ..................................................................... 22
Asset Management ............................................... 26
Wholesale .............................................................. 30
Special Feature Global Research ............................... 34
URL on our corporate website for our GRI Guidelines Index.
System for Supporting Corporate Value
http://www.nomuraholdings.com/csr/gri/
• Environmental Reporting Guidelines (2012 Version) of Japan’s
Ministry of the Environment
• Charter of Corporate Behavior of Keidanren
External Recognition
Nomura’s CSR initiatives and its ESG (Environment, Social, and
Governance) information disclosure practices have been widely
recognized outside the Company. Nomura Holdings has been
selected for inclusion in the Dow Jones Sustainability Indices, the
FTSE4Good Index, and, as of January 2015, the Morningstar Socially
Responsible Investment Index (MS-SRI), all of which are socially
responsible investment (SRI) indexes.
Involvement in External ESG Initiatives
• The United Nations Global Compact
• Principles for Responsible Investment (UN PRI)
• CDP
Corporate Governance ............................................. 36
Outside Director’s Interview ................................... 40
Directors ................................................................ 42
Executive Officers and
Senior Managing Directors ................................... 44
Compliance .............................................................. 45
Risk Management .................................................... 48
CSR Management .................................................... 52
Contributing to Sound and
Sustainable Capital Markets .................................. 54
Nurturing Human Resources
with a Respect for Diversity.................................... 56
Special Feature Nurturing Human Resources ..............
Taking on Global Challenges ............... 59
Our Community : Dialogue with Stakeholders .......... 60
Our Environment ...................................................... 62
Data Section
Seven-Year Financial Summary (US GAAP) ............. 64
CSR Key Facts ......................................................... 66
Independent Assurance ........................................... 71
• Principles for Financial Action towards a Sustainable Society
Global Network ......................................................... 72
(Principles for Financial Action for the 21st Century)
• Climate Bonds Initiative
• Green Bond Principles
• CSR Asia
Nomura Securities Domestic Network ..................... 73
Corporate Data ......................................................... 74
Website Information ................................................. 75
Nomura at 90 Years.
The Road Ahead
The Founder’s Principle: “Putting the Customer First”
This year, Nomura Group will mark the 90th year since its establishment. Starting business
in 1925 with less than 90 employees, Nomura Group today has grown to become the
largest securities company in Japan with a total of about 29,000 executives and employees
in Japan and the rest of the world and about ¥109 trillion in client assets. Over the years,
Nomura has remained faithful to the principle of its founder. One of the tenets of this
philosophy “Putting the Customer First” evolved to become “Prospering Together with Our
Clients” and finally to today’s “Placing Our Clients at the Heart of Everything We Do.” With
this principle, Nomura will continue to respond to changes in the operating environment and
take up the challenge of reforming itself.
Founder’s Tokushichi Nomura
Our research-oriented culture—
“Osaka Nomura Business News”
1
Nomura Report 2015Nomura at 90 Years. The Road Ahead
The 90-Year History of Nomura Group
The driving force for Nomura Group’s growth has been our continued devotion to responding to society’s needs, which, in
At present, Nomura is taking initiatives to create new value and services to share with its stakeholders, drawing on
turn, is founded on a basic belief we have held since our establishment, “Placing Our Clients at the Heart of Everything We
core skills in finance and its network covering more than 30 countries. Nomura is also continuing to innovate and
Do.”
take up new challenges to consolidate its position as Asia’s global investment bank.
1925–
1960–
1980–
2000–
Supported Japan’s securities market at
the dawn of its development
Provided fund-raising support for the era of
high economic growth in Japan
Offering products and services in response to
Japan’s “financial Big Bang”
Promoting the transition from deposits to
investments
From Asia
to the world:
Moving together
with our
customers and
the market
1925 The head office of
Nomura Securities at about
the time of its founding
1980 Pamphlets advertising “Medium-Term
Japanese Government Bond Fund”
2001 Nomura Holdings listed its shares on the
New York Stock Exchange
1969 U.S. subsidiary
Nomura Securities
International (NSI)
1927 Staff of the new representative
office in New York
1972 Nomura Europe N.V. in the
Netherlands
1925
The Securities Department of Osaka Nomura Bank split
off into a separate company: Nomura Securities Co., Ltd.
1927
Representative office in New York
1949
Became a full member of the Tokyo Stock Exchange
1953
Head office moved to the Nihonbashi Nomura Building
1959
Founded the Nomura Securities Investment Trust Co.,
Ltd.
1961
Nomura Securities listed its shares on the Tokyo Stock
Exchange, Osaka Securities Exchange, and Nagoya
Stock Exchange
1967
Established Nomura International (Hong Kong) Limited
1969
Established U.S. subsidiary Nomura Securities
International, Inc. (NSI)
1972
Established its first subsidiary in Europe, Nomura
Europe N.V., in the Netherlands
Major Issue of New Companies’ Stocks Marks
the First Step toward Recovery
Nomura Securities was established in 1925, and, following
World War II, developed as the leading presence in Japan’s
securities transactions. The opportunity for this development
came from 1947 to 1948 when Japan’s electric power
distribution companies (today’s electric power generation
companies), banks, and textile companies made stock
issues to raise funds. At that time, Nomura exerted its efforts
in underwriting and selling these issues. This provided a
foothold for Nomura to build its present position as it
contributed to the first steps toward Japan’s postwar
recovery.
Nomura Expands Globally, Opening a Series of
Overseas Subsidiaries
Nomura’s overseas business activities date back to the
opening of a representative office in New York in 1927, only
two years after its founding. In the postwar period, Nomura’s
international business activities recommenced in 1953, and
it was active as a partner to Japanese companies that were
raising funds overseas. In 1969, Nomura Securities
International, Inc. (NSI) was established in the United States.
Subsequently, Nomura has grown to become one of the
world’s leading securities companies.
1985 Tokyo Stock Exchange
2012 Nomura Securities trading floor
1980
Began sales of the “Medium-Term Japanese
Government Bond Fund”
1981
Established Nomura Investment Management Co., Ltd.
Established U.K. subsidiary Nomura International
Limited (NIL)
1993
Established The Nomura Trust and Banking Co., Ltd.
1997
The Nomura Securities Investment Trust and Nomura
Investment Management merged to form Nomura Asset
Management Co., Ltd.
2001
Separation of roles of Nomura Holdings and Nomura
Securities with the transition to a holding company
structure
Nomura Holdings listed its shares on the New York
Stock Exchange
2008
Absorbed the personnel of Lehman Brothers Asia Pacific
and Lehman’s European and Middle Eastern divisions
2009
Two public offerings by Nomura Holdings
2014
Client assets reached ¥100 trillion
Moving toward Comprehensive Financial
Business Operations
Nomura has expanded its portfolio of activities to become a
comprehensive financial services company. This has
included the establishment of Nomura Investment
Management Co., Ltd., The Nomura Trust and Banking Co.,
Ltd., and other companies. Nomura has also expanded its
offerings of products and services in response to Japan’s
financial Big Bang. Also, to contribute to the globalization of
its corporate customers, Nomura has established overseas
subsidiaries. In all of these activities, Nomura Group has
always been quick to respond to the increasingly diverse
financial needs of its customers.
Transitioning to a Holding Company Structure
and Strengthening Corporate Governance
Nomura Holdings, Inc., the holding company for Nomura
Group of companies, was formed in 2001, and on this
occasion, Nomura introduced a system of appointing
Outside Directors. Beginning in 2003, Nomura adopted a
corporate governance system separating the oversight of
management from the conduct of business operations and
became a “Company with Three Committees.” Under this
system, Nomura has substantially strengthened the function
of supervising management and increasing management
transparency.
Principal Economic and
Social Developments
P 1920 Early development of Japan’s securities transactions
P
1960 Period of rapid
economic growth
P
1970 Period of stable
economic growth
P 1980 Bubble era
P 1990 Post-bubble era
P 2000 Era of structural reforms
1920
Japanese Government Bond (JGB) market began operations
separately from the Tokyo Stock Exchange
1944
Operation of the fixed exchange rate system began
1952
Japan joins the IMF
1964
Tokyo Olympics
1965
First issues of deficit
finance bonds by the
Japanese government in
the postwar period
1970
Osaka Expo ’70
1973
Tr a n s i t i o n t o f l o a t i n g
exchange rates
First oil crisis
1979
Second oil crisis
1985
Plaza Accord
1989
Berlin Wall torn down
Nikkei stock price average
peaking at ¥38,915.87
1995
G r e a t H a n s h i n - A w a j i
Earthquake
1997
Asian currency crisis
Hong Kong returned to
China
1999
Bank of Japan’s zero
interest rate policy
2001
September 11 attacks
2002
Euro notes and coins began
to circulate
2007
World financial crisis
P
2010 Era of revitalization
in Japan
2011
Great East Japan Earthquake
2013
M o n e t a r y e a s i n g p o l i c y
adopted under “Abenomics”
2
3
Nomura Report 2015Nomura at 90 Years. The Road Ahead
Nomura Group’s Business Model
Nomura Today in Figures
The mother market of Nomura Group is in Asia, including Japan, and it offers financial services through its
global network. With three main segments—Retail, Asset Management, and Wholesale—Nomura Group
offers high-value-added services to its clients in Japan and the rest of the world through an international
network that covers more than 30 countries.
Wholesale
Asset Management
Global Markets
Global development of sales and trading in bonds,
stocks, foreign exchange, and derivatives businesses
for institutional investors in Japan and overseas
• Strong client base
• Product syndication capabilities drawing on
sophisticated financial technology
Investment Banking
Development of services that include underwriting of
bonds and stocks, M&A advisory, and offering
solutions tailored to client needs
• Top-level syndication and execution capabilities
• Strong network
The
Community
Nomura’s asset management business, centered
around Nomura Asset Management Co., Ltd., is
global in scope. Individual investors and institutional
investors in Japan and overseas entrust the
management of their assets to Nomura, and
Nomura responds through investment advisory,
investment trust, and other related services globally.
• Japan’s largest asset management company
• Offering creative products
• High-quality portfolio management capabilities
• Supported by Nomura Group systems
Nomura
Personnel
Wholesale
Clients
Asset
Management
Stockholders
and
Investors
Retail
Nomura offers a broad range of financial services to
its individual and corporate customers through its
159 branches and other offices in Japan, its call
centers, and its Internet services. Also holds Wealth
Management business in Japan and Asia.
• Sophisticated consulting capabilities
• Abundant lineup of products
Retail
Environment
Contributing to
Sound and
Sustainable
Capital Markets
Nomura Group’s Material CSR Issues
Risk
Management
Nurturing Human
Resources with a
Respect for
Diversity
Dialogue with
Stakeholders
Corporate
Governance
Compliance
Economic
development in
Asia and emerging
countries
Social Issues Influencing
Nomura Group
Declining birthrate
in Japan and
demographic aging
of the population
Climate change
and other
environment
problems
Development
of regional
societies and
the community
Global financial
regulatory
environment
Total Client Assets:
¥109 trillion
One of Nomura’s missions is to promote the proper flow
of funds and contribute to economic growth. As of
March 31, 2015, Nomura’s total client assets amounted
to ¥109.5 trillion. This was twice the size of the balance
of client assets of ¥54.6 trillion of the next largest
company.
Nomura Group Executives
and Employees Are
Citizens of
More than 70 Countries
Nomura Securities opened its first overseas office in
New York in March 1927. Today, executives and
employees working in Nomura Group are citizens of
more than 70 countries. The goal of the Group is to
create a corporate culture where staff with diversified
backgrounds can mutually respect each other’s values
and work together.
680,000
Persons
Nomura Group has worked to spread
knowledge and understanding of
finance and economics since the
1990s. The number of persons who
have attended educational programs,
including sponsored lectures at
universities, off-site lectures by
Nomura staff for primary, junior, and
high school students, and seminars
for instructors and adult members,
numbered 680,000 as of March 31,
2015. Thus far, about 23,000 Nomura
management and staff served as
guest lecturers.
From 84 Employees to
28,672
Nomura Securities spun off from the Osaka Nomura Bank in 1925
with 84 employees. Now approaching the 90th anniversary of its
founding, Nomura Group in Japan and the rest of the world has
28,672 (as of March 31, 2015) personnel.
Number of
Nomura Securities
Branches in Japan: 159
Nomura Securities has 159 branches
nationwide in Japan. In FY2014/15, Nomura
held 3,233 seminars on Nippon Individual
Savings Accounts (NISA), which provide tax
exemption on investments by individuals. As
of April 30, 2015, Nomura held 1,595
thousand NISA accounts.
44%
of Nomura Executives and
Employees Work outside Japan
In recent years, the number of Nomura personnel
working outside Japan has increased sharply, and, as of
March 31, 2015, of 28,672 executives and employees at
that time, 44% were in positions overseas (9% in the
Americas, 12% in Europe, and 23% in Asia-Pacific).
Nomura is molding this organization to be a company
where a diversity of values is respected, and staff can
collaborate across divisions and geographical regions.
23%
12%
9%
56%
Japan
EMEA
Americas
Asia-Pacific
4
5
Nomura Report 2015Nomura at 90 Years. The Road Ahead Financial and Non-Financial Highlights (US GAAP)
For the fiscal years beginning April 1 and ending March 31 of the following year
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
Billions of yen
Major management indicators
Major financial data
Net revenue
Income before income taxes
Net income*1
Total assets
Shareholders’ equity*2
Short-term unsecured debt
Long-term unsecured debt
Total risk-weighted assets*3
1,130.7
1,535.9
1,813.6
1,557.1
1,604.2
93.3
28.7
85.0
11.6
237.7
107.2
361.6
213.6
346.8
224.8
36,693.0
2,082.8
35,697.3
2,107.2
37,942.4
2,294.4
43,520.3
2,513.7
41,783.2
2,707.8
2,634.3
6,466.9
3,009.1
6,373.0
2,293.3
6,457.3
2,969.3
6,218.6
2,557.0
6,509.4
11,629.5
14,681.0
17,546.7
17,425.9
18,926.0
*1 Net income attributable to Nomura Holdings, Inc. shareholders
*2 Total Nomura Holdings, Inc. shareholders’ equity
*3 Figures for FY2010/11 were based on Basel II capital adequacy standards. Figures for FY2011/12 were prepared under Basel 2.5, and figures for FY2012/13 through FY2014/15
were prepared under Basel III standards.
Per share data
Net income—diluted
Shareholders’ equity
Cash dividends
Income (loss) before income taxes by region
Japan
Americas
Europe
Asia-Pacific
Sub-total
Consolidated
7.86
578.40
8.0
148.8
4.4
(43.6)
(16.3)
(55.5)
93.3
3.14
575.20
6.0
214.1
(24.6)
(91.5)
(12.9)
(129.1)
85.0
28.37
618.27
8.0
55.81
676.15
17.0
317.2
25.7
(93.1)
(12.1)
(79.4)
237.7
386.3
29.5
(48.9)
(5.2)
(24.7)
361.6
Yen
60.03
752.40
19.0
Billions of yen
363.2
(27.6)
(23.5)
34.6
(16.4)
346.8
* Region information is based on US GAAP. Revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not
used for business management purposes.
ROE
Gross leverage (times)
Leverage after adjustments (times)*1
Consolidated capital adequacy ratio*2
Tier 1 ratio*2
1.4
17.6
10.3
22.2
16.4
0.6
16.9
10.4
16.5
14.2
4.9
16.5
10.4
13.9
11.9
8.9
17.3
10.4
15.6
13.2
%
8.6
15.4
9.3
14.9
12.9
*1 Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity.
*2 Figures for FY2010/11 were based on Basel II capital adequacy standards. Figures for FY2011/12 were prepared under Basel 2.5, and figures for FY2012/13 through FY2014/15
were prepared under Basel III standards.
Number of employees
Total
Japan
Americas
Europe
Asia-Pacific
Members of the Board
Board of Directors
Outside Directors
Non-Japanese Directors
Female Directors
Number of women in
managerial positions
Total
Japan
Americas
Europe
Asia-Pacific
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
26,871
14,918
2,348
4,353
5,252
34,395
21,609
2,420
4,014
6,352
27,956
16,030
2,271
3,618
6,037
27,670
16,037
2,281
3,461
5,891
People
28,672
15,973
2,449
3,485
6,765
Unit
June 30, 2011
June 30, 2012
June 30, 2013
June 30, 2014
June 30, 2015
People
People
%
People
%
People
%
14
8
57
4
29
1
7
11
7
64
3
27
1
9
11
6
54
3
27
1
9
11
6
54
3
27
1
9
12
7
58
3
25
1
8
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
898
173
159
317
249
1,064
1,055
1,031
205
243
325
291
219
234
315
287
218
234
290
289
People
1,234
236
250
311
437
Number of employees
Number of women in
managerial positions worldwide
(People)
40,000
30,000
20,000
10,000
0
(People)
1,500
1,000
500
0
Net revenue
(Billions of yen)
2,000
1,500
1,000
500
0
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
Segment income (loss)
before income taxes
(Billions of yen)
Total assets
(Trillions of yen)
Income (loss) before income taxes
by region
(Billions of yen)
400
300
200
100
0
-100
50
40
30
20
10
0
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
500
400
300
200
100
0
-100
-200
L Retail L Asset Management
L Wholesale L Other
L Retail L Asset Management
L Wholesale L Other
6
L Japan L Americas L Europe L Asia-Pacific
L Japan L Americas L Europe L Asia-Pacific
L Japan L Americas L Europe L Asia-Pacific
7
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
Nomura Report 2015Nomura at 90 Years. The Road Ahead
Message from the CEO
Review of FY2014/15
Long-Term Management Vision
Each of our businesses had a solid year in FY2014/15.
In August last year, we announced a long-term
Retail made progress in transforming its business
management vision for 2020 in order to respond to the
model. Retail client assets, one of our key performance
evolving market conditions and changing client needs
indicators, grew to ¥109.5 trillion, beating our target of
while aiming for further sustained growth. We raised our
¥100 trillion one year ahead of schedule.
EPS target from ¥50 to ¥100 and aim to achieve that
Asset Management enhanced its investment
level consistently. The initiatives underpinning this vision
management expertise and reported ongoing inflows
will pave the way to establishing a solid position as Asia’s
both in Japan and overseas with assets under
global investment bank.
management reaching a record high.
As part of our long-term management vision, we
Amid challenging market conditions, our Wholesale
announced a new slogan Vision C&C to express how we
business saw improved profitability and franchise growth.
see the current changing environment as a chance to
High-profile mandates in Investment Banking and robust
change ourselves and continue to grow.
performance in Global Markets in AEJ drove overall
performance.
As a result of this momentum, we reported stronger
revenues and income year on year, with net income of
¥224.8 billion at the highest level in nine years. Earnings
per share (EPS)* was ¥60, above our FY2015/16 target
of ¥50 set in 2012 for the second straight year.
* Net income per share
We continue to transform as we aim for
sustainable growth based on our philosophy of
“placing our clients at the heart of everything we do.”
8
9
Nomura’s Ideas: Looking to the Coming 100th AnniversaryNomura Report 2015 Message from the CEO
To meet the needs of these investors, we are stepping
up our consulting services tailored to the specific
Diverse Talent
In 1941, we became the first Japanese securities firm
to start offering investment trusts. And in 1961, we
requirements of each client. In April this year, The
Our people are the key to realizing our long-term
arranged the first ADR issuance by a Japanese company.
Nomura Trust and Banking started offering inheritance-
management vision.
Over the years, we have achieved many firsts in terms of
related services, and we established Nomura Institute of
We are a diverse firm with about 29,000 people from
products, services, and transactions. The environment
Estate Planning. These are just some of the steps we are
over 70 nationalities working in more than 30 countries.
we operate in has changed constantly, and we have
taking to build up our platform for the estate planning
To meet the increasingly diverse needs of our clients, our
continued to survive for 90 years thanks to our
business. We aim to expand this business by fully
diverse workforce by age, gender, and nationality must
determination to take on new challenges and the intent
leveraging our new platform and taking a consulting-
make full use of their various backgrounds to continue to
focus of Nomura people to “place our clients at the heart
based sales approach to meet our clients’ needs.
create new added value.
of everything we do.”
Addressing Challenges
The second challenge we face is further improving the
At Nomura, all employees have the opportunity to take
The needs of society and our clients are transforming
profitability of our international business.
on new challenges to realize their full potential. We
faster than we think. If we don’t move swiftly and
We face two main challenges on the road to achieving
International clients are increasingly looking to Nomura
believe people become responsive to change by gaining
respond accordingly, we won’t be valued by society or
our long-term management vision.
as some of our peers are reviewing their business models
experience and overcoming individual challenges.
our clients. As such, in our 90th year, we are transforming
The first challenge is to transform our business model
in light of new financial regulations around the world.
in Japan. Economic conditions aimed at overcoming
In response, we will focus on boosting the profitability
deflation are currently taking hold in Japan thanks to
of our international franchise. To do so, we will leverage
Abenomics. We expect this positive momentum to
our global network and invest resources in products
continue at least until 2020 when the Tokyo Olympic and
where we have a competitive advantage to deliver high-
Paralympic Games are held. Historically, when
value-added services to our clients while also managing
economies shift from deflation to inflation, there is often
costs stringently.
an associated shift by investors away from savings and
In EMEA, we are continuing to deepen our client
into investments. Japan has over ¥1,700 trillion in
franchise while controlling costs. In the Americas, the
personal financial assets, the majority of which are held
world’s largest fee pool, we will look at how to expand
by senior citizens over 65. We expect these assets to
our current footprint. AEJ offers medium- to long-term
start being transferred to the next generation in various
economic growth. We are laying the foundation to tap
Nomura at 90 Years. The Road Ahead
investment bank.
ourselves and taking on new challenges.
As we head towards our centenary, we remain focused
on establishing a solid presence as Asia’s global
This year we are celebrating our 90th anniversary. In
1925, Nomura Securities was spun off from Osaka
Nomura Bank. We were a latecomer to the Tokyo market,
and our most-important mission at the time was to gain
client recognition by responding accurately to their
needs. Each Nomura employee committed to give their
all for our clients and remain positive no matter how
difficult the environment became. That is the Nomura
Group CEO
Koji Nagai
forms, including as real assets such as real estate.
into this growth by planting the seeds for our Retail and
DNA.
This trend from savings to investment combined with
Wholesale integrated business model through alliances
the significant needs around inheritance, and retail
and other measures with local financial institutions.
investors in Japan are becoming increasingly interested in
managing their assets.
10
11
Nomura’s Ideas: Looking to the Coming 100th AnniversaryNomura Report 2015
Introducing New Members of the Advisory Board
Nomura Holdings formed its Advisory Board in 2001 to act as a consulting body to its Executive Management Board, which is the
decision-making body for the conduct of business activities.
Nomura’s Outside Directors draw on their professional knowledge and oversee the conduct of business activities from an
external perspective. On the other hand, the members of the Advisory Board, who have been selected from among persons
outside Nomura Group with outstanding insight into business management, provide advice and suggestions for the development
of Nomura’s business activities from an overall perspective. In FY2015/16, Nomura welcomed four new members, with outstanding
qualifications, to its Advisory Board from other parts of Asia. These new members are not only familiar with conditions in their
respective countries, but also have depth of insight from a global perspective. They will provide both detailed advice on business
development appropriate to the conditions in various countries and offer advice related to establishing Nomura’s solid position as
Asia’s global investment bank.
Mr. Goh Chok Tong
(Singapore)
Mr. Sofjan Wanandi
(Indonesia)
Mr. Deepak Parekh
(India)
Mr. Kan Trakulhoon
(Thailand)
Emeritus Senior Minister of Singapore
Prime Minister of Singapore from 1990 to 2004 and Senior Minister from 2004 to 2011. He has been
Emeritus Senior Minister of Singapore and Senior Advisor to the Monetary Authority of Singapore
since 2011.
Senior Advisor to the Vice President of Indonesia
Former Chairman of APINDO (Indonesian Employers Association) and founder of the Santini Group.
He has been Senior Advisor to the Vice President of Indonesia since November 2014.
Chairman of HDFC Group
Chairman of HDFC since 1993. He has successively filled roles on various high-powered economic
groups, government-appointed advisory committees, and task forces.
President and CEO of SCG
President and CEO of SCG since 2006. Established in 1913, SCG is one of Thailand’s most-
reputable industrial conglomerates. He was recently awarded the 2014 Deming Distinguished
Service Award for Dissemination and Promotion (Overseas).
From left: Mr. Deepak Parekh, Mr. Goh Chok Tong, Group CEO Koji Nagai, Group COO Atsushi Yoshikawa, Mr. Sofjan Wanandi, Mr. Kan Trakulhoon
12
Special
Feature
COO and Regional CEO Roundtable
Establishing dominant position
as Asia’s global investment bank through
closer cross-divisional and cross-regional collaboration.
Front row: Group COO Atsushi Yoshikawa,
Back row from left: Regional CEO, Asia ex-Japan, Minoru Shinohara (at the time of the roundtable, currently, Executive Chairman, EMEA), Regional CEO, EMEA, Jonathan Lewis,
Regional CEO, Americas, David Findlay
Improving profitability
Atsushi Yoshikawa, COO:
our Wholesale business. Third, reallocating management
resources. In Wholesale, we focused on improving
profitability by implementing an additional $1 billion of
When I took over as President and Group COO and
cost cuts to lower our break-even point while deploying
Wholesale CEO in August 2012, we faced a challenging
resources to areas where we have a competitive
market environment. We had already taken out $1.2 billion
advantage. These initiatives, coupled with contributions
in costs to combat the decline in global fee pools, but our
from Retail and Asset Management and spurred on by a
cost base still remained high. Our earnings per share
global stock market rally and yen depreciation, helped us
(EPS) was languishing in single digits. We had to take
beat our FY2015/16 EPS target two years in a row.
swift action. We set a management target of achieving
We still need to work on improving the profitability of
EPS of ¥50 by the year ending March 2016, our 90th
our international franchise. That said, our client base in
anniversary. We had to be responsive to the changing
Global Markets and Investment Banking has grown
environment and the evolving needs of our clients. We
significantly, and we have diversified our revenue streams
had to become flexible enough to continue transforming
and spread risk. Today, I’d like to take a look back at
ourselves under our Fit for the Future program.
what each region has focused on and the results they
We focused on three initiatives. First, enhancing our
have achieved.
domestic business. Second, improving the profitability of
N
o
m
u
r
a
’
s
I
d
e
a
s
:
L
o
o
k
n
g
i
t
o
t
h
e
C
o
m
n
g
i
1
0
0
t
h
A
n
n
v
e
r
s
a
r
y
i
13
Nomura Report 2015
Special
Feature
COO and Regional CEO Roundtable
Our philosophy of “Placing
Our Clients at the Heart of
Everything We Do,” which is
born out of our founder’s
principles, is alive and well
around the world, underpinning
our interactions with clients.
and Nomura Corporate Research and Asset Management
Markets divisions ever closer. Second, we have
(NCRAM) successfully grew assets under management
reorganized the Financial Institutions Group, assigning
from institutional investors.
dedicated account champions who collaborate across
Minoru Shinohara, AEJ:
products, divisions, and regions to best serve our clients.
Finally, we continue to build upon our strengths,
One unique feature of our Asia business is that besides
connecting markets east and west and delivering the
institutional clients we have a significant Wealth
firm’s global products and services to our European
Management business. Wealth Management is
clients.
continuing to grow as we offer high-net-worth clients in
Asia global products from our Wholesale business, such
Atsushi Yoshikawa, COO:
as FX, fixed income, and equities products.
When working with clients, we keep a close eye on
The Taiwanese asset management firm we acquired
changing market structures and client needs in order to
from ING Group in April 2014 and Capital Nomura
deliver high-quality services backed by controlled risk
Securities, the listed securities firm in Thailand that
taking to also ensure we deliver added value for our
became a subsidiary in June 2014, both delivered solid
stakeholders.
performances and supported the overall performance of
AEJ. We now aim to step up collaboration between these
businesses and our Wholesale business.
Achieving our long-term vision target
Atsushi Yoshikawa, COO:
Group COO, Atsushi Yoshikawa
Minoru Shinohara, AEJ:
designed to mitigate the impact of market volatility.
Jonathan Lewis, EMEA:
We achieved our FY2015/16 target of EPS of ¥50 for two
In Asia ex-Japan (AEJ), last year we had our most-
Significant revenue initiatives, such as strategically
Delivering value to our stakeholders by addressing
consecutive years. So, we decided to set out our
profitable year since the global financial crisis. This was
building upon our Moody’s upgrade, have enabled us to
revenues and costs, positioning the European business
direction for the longer term. With that in mind, in August
due to three key drivers. First, we played to our strengths
strengthen our client-driven franchise model and onboard
on a sustainably profitable footing, continues to be our
last year, we announced our long-term vision, which sets
focusing on Fixed Income products, such as FX, Rates,
new accounts in areas that require creditworthiness,
priority.
a new target of EPS of ¥100 by 2020.
and Credit, while also ensuring close collaboration
such as the derivatives business, deepening our
Examples of initiatives being taken include our
To reach that target, it is critical that we improve the
among our Research, Trading, Sales, and Structuring
relationships with real money accounts across EMEA.
origination-led growth strategy, which brings the best-in-
profitability of our international business. I’d like to ask
teams. Second, we saw results from cross-border
Closely managing the rate of our expense growth while
class abilities of our Investment Banking and Global
each of you to briefly discuss your regional strategy.
collaboration. We acted as financial advisor on some ¥1
looking for new sources of revenues has been imperative,
trillion-plus M&A transactions that were the result of close
and we remain dedicated to controlling costs, which
cross-border collaboration. In January, ITOCHU
continue to decline. Action is being taken in areas without
Corporation and Charoen Pokphand Group, Thailand’s
a competitive advantage, insufficient scale or with poor
largest conglomerate, announced an investment in CITIC
returns against financial resources. Underperforming
Limited, China’s largest state-owned conglomerate.
businesses continue to be scrutinized.
Third, we stepped up cross-divisional collaboration to
deliver high-value-added services to our clients.
David Findlay, Americas:
In the Americas, we didn’t acquire the Lehman
Jonathan Lewis, EMEA:
businesses so we have been building our platform
In EMEA, we also made progress in improving
organically since 2009. We have significantly increased
profitability. We were quick to perceive changes in the
our client business and expanded our range of products.
market and successfully diversified away from our
This has helped us increase revenues each year. The
dependence on the Credit business by further developing
build-out of our Fixed Income and Equities franchises is
our Foreign Exchange and Emerging Markets’ franchise,
largely complete, and last year we made selective hires in
to build out a more-balanced core operating model,
Investment Banking. Instinet’s revenues have increased,
We will emphasize our agency
businesses relying on our client
advisory skills to assist them to
prosper in difficult markets.
Regional CEO, Americas, David Findlay
14
15
Nomura’s Ideas: Looking to the Coming 100th AnniversaryNomura Report 2015 Special
Feature
COO and Regional CEO Roundtable
Minoru Shinohara, AEJ:
a granular level are analyzed in terms of both absolute
Countries in Asia are at different stages of development
profitability and returns on resources.
and market structures differ greatly. So, we have to
correctly understand the difference of our clients and
David Findlay, Americas:
their individual needs. Fixed Income, Equities, Investment
In the past, the Americas business relied heavily on
Banking, and Wealth Management have to work together
Securitized Products, but we are now consistently
to deliver high-value-added solutions to our clients.
coordinating the growth of our revenue streams and
As Asia’s global investment bank, we aim to provide
diversifying where necessary. We are doing so because
Asian products to our global client base and global
we believe that sufficient diversification will address risks
products to our clients in Asia. Roughly half of our
arising from rapidly changing market segment conditions.
business is cross-border, and we want to increase that
As we head towards 2020, we aim to further develop
further. At the same time, we recognize the importance of
each of our revenue drivers to ensure consistency in
upholding the highest ethical standards and stringent risk
earnings. That requires us to further enhance our client
management.
franchise and grow our client businesses. Moody’s credit
rating upgrade improved the position of our credit ratings
We are building long-term
relationships of trust with clients
based on a philosophy of “Asian
spirit, global skills.”
The road to our 100th anniversary in 2025
Jonathan Lewis, EMEA:
in relation to our competitors and some of our European
Minoru Shinohara, AEJ:
Regional CEO, Asia ex-Japan, Minoru Shinohara (at the time of the
roundtable, currently, Executive Chairman, EMEA)
to maintain balance with diversified business models,
different revenue and profit streams, tailored risk
management, and a thoughtful and responsive approach
A sustainably profitable foundation in EMEA is crucial to
and U.S. peers have been scaling back or exiting certain
We consider Asia including Japan as our home market.
to different regulatory environments.
achieving our ¥100 EPS target. In a challenging market
businesses due to regulatory requirements. That means
We have a geographic advantage in the region and build
To better serve our clients, we will emphasize our
environment, we are looking to continue to grow our
we are well positioned to win business from clients who
long-term relationships of trust with clients based on a
agency businesses, relying less on our balance sheets
business in areas of competitive strength, such as
are looking to diversify the counterparties they transact
philosophy of “Asian spirit, global skills.” We leverage our
and more on our client advisory skills to assist them to
financing by European financial institutions aimed at
with.
global platform to high-value-added solutions and
prosper in difficult markets. While it is impossible to do
enhancing capital levels, multi-product M&A transactions,
In Investment Banking, we have selectively increased
services to our Asian clients.
everything at once, we are focused on planning for the
and underwriting bond issuances by government entities.
the number of bankers and increased per capita
We will witness the internationalization of Japanese
future, and our long-term goals are crystal clear. We
We also endeavor to optimize our cost base in line with
productivity. These actions have more than tripled
institutional and retail investors. Investing abroad,
believe we are on the right path to achieve them.
the revenue opportunity and reduce volatility to protect us
revenues over the past four years, while headcount has
whether in Asia, Europe, or the United States, will be the
from down-side risk. Over the past three years, we have
increased by about 1.7 times. Looking ahead, we aim to
order of the day. I am confident we will be a strong driver
Atsushi Yoshikawa, COO:
taken significant costs out of the region, and we remain
continue to build on this momentum and deliver further
and supporter of these trends and am solidly optimistic
Thank you all for your time today. It was evident from
committed to further efficiencies. Individual businesses at
value to the Group.
about the coming decade.
your responses that our philosophy of “Placing Our
Nomura’s European franchise
is critical to our east-west
strategy.
Regional CEO, EMEA, Jonathan Lewis
16
Clients at the Heart of Everything We Do,” which is born
Jonathan Lewis, EMEA:
out of our founder’s principles, is alive and well around
Last year, Nomura celebrated its 50th anniversary of
the world, underpinning our interactions with clients.
being in Europe. Despite the Eurozone’s political
To further improve the profitability of our international
challenges, Nomura’s European franchise is critical to our
business, the regional management team must work
east-west strategy. Our mission is to position the
even closer with the business line heads to take our
European business on a profitable stand-alone basis and
matrix management approach to the next level. By
to increase cross-border flows further. We must develop
ensuring closer cross-divisional and cross-regional
a culture which ensures top-quality service for our clients,
collaboration, we will be able to better understand the
attracts talented employees, and delivers the best of
increasingly complex and sophisticated needs of our
Nomura to all our internal and external stakeholders.
clients and provide them with the value-added products
and services they are looking for.
David Findlay, Americas:
We have embarked on an integrated expansion program
requiring skillful execution. We understand that we need
17
Nomura’s Ideas: Looking to the Coming 100th AnniversaryNomura Report 2015
Message from the CFO
Building on our strengths
as a global financial
services group by allocating
resources efficiently in
line with changes in the
operating environment
and further developing
our dialogue with
stakeholders.
Unsecured debt
(Billions of yen)
10,000
8,000
6,000
4,000
2,000
0
Shigesuke Kashiwagi
Chief Financial Officer
Gross leverage
(%)
20
(Times)
20
16
16
12
12
8
4
0
8
4
0
Total risk-weighted assets
and Tier 1 ratio*
(Billions of yen)
20,000
16,000
12,000
8,000
4,000
0
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
L Long-term unsecured debt
L Short-term unsecured debt
L L L Total risk-weighted assets (left scale)
L P R Tier 1 ratio (right scale)
18
* Figures for FY2010/11 were based on Basel II capital
adequacy standards. Figures for FY2011/12 were
prepared under Basel 2.5, and figures for FY2012/13,
FY2013/14, and FY2014/15 were prepared under
Basel III standards.
Robust Financial Position,
Revenue Growth
As of March 31, 2015, we had total assets of ¥41.8
trillion and shareholders’ equity of ¥2.7 trillion. Our gross
leverage was 15.4 times. Our Tier 1 ratio under Basel III
was 12.9%, or 12.4% on a fully loaded 2019 basis,
which places us among the industry leaders.
The liability side of our balance sheet is dominated by
long-term debt, and we have diversified our sources of
funding, in terms of products, markets, and currencies.
With a high-quality liquidity portfolio of ¥6.1 trillion as of
the end of March 2015, we are positioned to continue
operations for one year without the need for additional
unsecured funding or selling assets, even under stressed
market conditions.
This robust financial position is a major competitive
strength that benefits our clients by allowing us to deliver
the best products and services tailored to their diverse
requirements. In FY2014/15, Moody’s Investors Service
upgraded Nomura Securities’ long-term credit rating to
A3. This has enabled us to expand our client business
and the scope of our transactions. Our decisions to
conduct reviews of business performance and link
compensation to performance have had a clearly positive
impact in increasing the profitability of our overseas
operations.
Shareholder Returns
To date, one of our indicators for shareholder returns has
been a full-year consolidated payout ratio of 30%. To
increase transparency of dividend payments, we will
apply this indicator on a semi-annual basis from this fiscal
year. We will determine dividends taking into account
regulatory trends in Japan and overseas, our
consolidated performance, and other factors. For the
fiscal year ended March 2015, we declared a dividend of
¥19 per share, ¥2 per share higher than in the previous
fiscal year. In addition, we conducted a share buyback
program as part of our efforts to raise capital efficiency
and ensure a flexible capital management policy. Looking
ahead, to move toward our EPS target for 2020 of ¥100
in net income per share, we will continue to invest in
businesses with strong earnings and growth potential
and deliver appropriate returns for our shareholders,
taking into account our share price and regulatory capital
requirements.
Dialogue with Stakeholders
An increasing number of investors have indicated their
intention to accept the “Principles for Responsible
Institutional Investors” contained in Japan’s Stewardship
Code. Progress is being made toward creating an
environment where investors can contribute to fostering
investee companies’ corporate value in the medium-to-
long term based on in-depth knowledge and high-quality
dialogue. To formulate and implement our financial
strategies from a broader perspective, we will work to
enhance communication with a range of stakeholders,
including shareholders, business partners, rating
agencies, financial regulatory authorities around the
world, ESG research organizations*, and others.
* Organizations that conduct research and provide information to investors and others
on the performance of corporations in the areas of ESG (Environment, Social, and
Governance).
19
Nomura’s Ideas: Looking to the Coming 100th AnniversaryNomura Report 2015 Company Segments
L Retail
Nomura offers high-quality investment information and a diverse
range of financial products and consulting services through its
head office and its nationwide branch network, “Nomura Net &
Call” call centers, Internet websites, and other media to meet the
increasingly diverse and sophisticated needs of its individual and
corporate customers. Nomura also develops Wealth Management
Business in Japan and Asia.
L Asset Management
With Nomura Asset Management as its core, Nomura’s asset
management business operations are global in scope and they
provide both products and services.
• Assets under management: ¥39.3 trillion (as of March 31, 2015)
• Investment trusts business: Offers a wide lineup of products to
meet diverse clients’ needs through a broad range of channels,
L Wholesale
Wholesale comprises Global Markets and Investment Banking,
which provide a wide spectrum of services to such customers as
domestic and overseas industrial corporations, government
organizations, and financial institutions.
• Global Markets: Provides research; syndication, sales, and trading
in various financial products; and other services on a global scale
mainly to domestic and overseas institutional investors.
• Number of offices: 159 (including head office and branches)
• Retail client assets: ¥109.5 trillion
(As of March 31, 2015)
such as securities companies (including Nomura Securities),
commercial banks, post offices, and insurance companies.
• Investment advisory and overseas business: Provides high-
quality products and asset management services to a broad
spectrum of institutional investors, including pension funds in
Japan and overseas, government organizations, central banks,
commercial banks, and insurance companies.
• Investment Banking: Provides various investment banking
services, including underwriting services for bonds, equities,
and other securities; proposals for risk solutions; and M&A
advisory services to a wide range of clients in Japan and
overseas.
Value Creation Flow: Placing Our Clients at the Heart of Everything We Do
External Environment
L Retail
L Asset Management
L Wholesale
Income before
income taxes
¥161.8 billion
16% decrease
year on year
Income before
income taxes
¥32.1 billion
18% increase
year on year
Income before
income taxes
¥82.2 billion
26% decrease
year on year
(Billions of yen)
(Billions of yen)
(Billions of yen)
(Billions of yen)
(Billions of yen)
(Billions of yen)
600
400
200
0
240
100
40
800
160
80
75
50
25
30
600
20
400
10
200
0
0
0
0
150
100
50
0
-50
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
L L Net revenue (after interest expense) (left scale) L L Non-interest expenses (left scale)
L Income before income taxes (right scale)
Nomura Group Competitiveness
Ending deflation
Aging society
Economic growth in Asia
Regulatory trends
Financial Capital
Intellectual Capital
Human Capital
Social-Related Capital
Toward realizing our long-term
management vision
1
2
Reforming our business model
in Retail Division
More stable earnings base
overseas
Measures to implement
• Further development of consulting sales
• Expansion of services to meet clients’ needs
(Inheritance matters, real estate, business succession)
• Strengthening of asset management capabilities, expansion
of sales channels
• Optimization of the business portfolio
• Collaboration among divisions and regions
• Thorough penetration of risk culture
CHANCE
CHANGE
“We turn changes in the operating environment into
business chances by boldly changing ourselves.”
Achievement of
EPS of ¥100
by 2020
Contribution toward
affluent society
and sustainable
economic
development
20
21
Review of Operationsp. 22p. 26p. 30Nomura’s Ability to Get Things DoneNomura Report 2015 Retail
Highlights
Retail Business Model
Income before income taxes
¥161.8 billion
Retail client assets
¥109.5 trillion
Number of offices
159
(including head
office and branches)
All accounts held at
securities companies in Japan
(As of March 31, 2015)
Source: Japan Securities Dealers Association website
Nomura Securities
23%
5,294 thousand
accounts
22,807
thousand accounts
Clients
Channels
Individual investors
Government agencies
Regional financial institutions
Legal entities
Educational institutions
159 branches and offices located nationwide
Call centers
Internet websites
Our Products and Services
Our Strengths
Our Focus
Equities
Bonds
Investment trusts
Insurance
Real estate (agency services)
M&A advisory
Inheritance and business
succession related services
Sophisticated consulting services
Enhancing in-depth identification
closely tailored to client needs
of customer needs
Strong product and service delivery
capabilities in collaboration with our
Expanding recurring revenue from
increasing client assets
Wholesale Division
Market Environment and
Results in FY2014/15
During FY2014/15, the domestic economy got off to a slow
start along with concerns about the slowing U.S. and
Chinese economies and the slump due to the increase in
Japan’s consumption tax rate to 8%. Thereafter, positive
expectations rose from a number of factors, including the
prospects for an early increase in interest rates in the
United States and expectations of monetary easing in
Europe. These developments brought a rising trend in
Japanese stock markets, which was reinforced by
additional monetary easing by the Bank of Japan in
October 2014 and reports that the Government Pension
Investment Fund would expand its investments in domestic
equities. As a result, markets became increasingly active.
Amid this operating environment, Retail reported ¥476.5
billion in net revenue and income before income taxes of
¥161.8 billion, the third-highest level since Nomura began
to disclose financial data by operating segment in
FY2001/02.
As to Nomura’s client base, the number of accounts with
balances increased about 110,000 over the previous fiscal
year, thus bringing the total as of March 31, 2015, to 5.29
million. Client assets rose ¥17.8 trillion, to ¥109.5 trillion
over the previous fiscal year.
Retail client assets
(Trillions of yen)
109.5
91.7
83.8
70.6
72.0
Other*2
Overseas mutual
funds
Bond investment
trusts
Stock investment
trusts
Domestic bonds*1
Foreign
currency bonds
Equities
120
90
60
30
0
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
*1 Includes CBs and warrants
*2 Includes variable annuity insurance
Accounts with balances
(Thousands)
5,500
5,294
5,182
5,000
4,936
5,063
4,985
4,500
4,000
0
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
Toshio Morita
Retail CEO
The Retail Division conducts transactions in a diverse
range of financial products and offers other services
through its network of 159 locations and Nomura Net &
Call (Internet-based platform and call centers) in Japan.
As of March 31, 2015, Nomura held 5.29 million client
accounts with balances, which represented 23% of
securities accounts in Japan, and had client assets of
¥109.5 trillion.
Along with the time changing, the environment around
our clients is undergoing major change. As clients’ needs
become increasingly complex and urgent, Nomura gives
responsive attention to the views and requirements of
clients with its enhanced lineup of services and products.
We will expand our business by meeting the needs of
clients made apparent through our sincere interviews.
22
23
Review of OperationsNomura’s Ability to Get Things DoneNomura Report 2015
Retail
To give in-depth responses to clients’ concerns and needs,
Nomura is working to “win greater trust among clients”
and “expand business activities.”
As a result of the aging of the population and changes
in the tax system in Japan, clients’ ideas about their
assets have become more diverse. It is, therefore,
becoming increasingly necessary to ask individual clients
about the composition of their families, their personal
plans going forward, and other matters to provide them
with detailed consulting services.
To offer appropriate advice, we make use of our Asset
Design Services, which provide simulations of individual
clients’ life plans. In addition, we make use of our Asset
Portfolio Reports, which grip and analyze all the assets of
our clients, including those held by other institutions, to
provide periodic follow-up advice on asset management.
Next, we interview our clients to determine their financial
needs and risk tolerance, and, through the use of a wrap
account (Nomura Separately Management Accounts
(SMAs) and the Nomura Fund Wrap) that can handle
various types of assets, we offer suggestions for
medium- to long-term diversified asset portfolios. Also,
drawing on Nomura research, we may suggest
expansion of the portfolio to include foreign assets to
meet global investment needs.
Approach to Nippon Individual Savings Accounts
(NISA)
Japan’s NISA system (tax-exempt accounts for
investment by individuals), which was introduced in
January 2014, encourages the proper flow of funds and
contributes to the realization of an affluent society.
Nomura has maintained its position as the leading
provider of these accounts with 1.52 million applications
Consultation at sales branch
Interview response form for developing
customer investment strategies
24
from the start of the NISA system. For customers with
scarce experience in investing, Nomura suggests its
“Fund Ruito,” which enables customers to make regular
purchases through these accounts in predetermined
amounts. Through these and other services, Nomura will
continue to contribute to asset formation through NISA.
Making More Fundamental Business
Model Reforms
Beginning in August 2012, the Retail Division took
initiatives to reform its business model to respond to
changing customer needs more accurately. Under these
reforms, Nomura has established two basic objectives.
The first is to “winning greater trust among clients,” and
the second is “expanding business activities.” Numerical
targets include increasing client assets to ¥150 trillion by
FY2019/20 and boosting recurring revenues (revenues
linked to assets, such as fees from investment trusts) to
cover 50% of operating costs. At present, Nomura is
launching a range of new products and services and
working to structure the necessary platforms with the aim
of making more fundamental reforms in its business
model.
Expansion in Inheritance-Related Services
Beginning in April 2014, Nomura began to offer an “Asset
Succession Anshin (Reassurance) Pack,” a service to
provide comprehensive support to customers for
considering and taking action regarding inheritance
matters. This service comprises an “Asset Succession
Anshin (Reassurance) Report,” which is prepared under
the supervision of a tax accounting company, and a “Last
Will and Testament Kit,” which provides assistance in
preparing wills. For customers desiring more-detailed
advice, Nomura also provides introductions to tax
accountants and others.
On April 1, 2015, Nomura Holdings established
Nomura Institute of Estate Planning, as a wholly owned
subsidiary. This new company conducts surveys and
research on asset and business succession and seeks to
disseminate information through reports and publications
as well as provide consulting services to customers.
Accompanying the establishment of Nomura Institute
of Estate Planning, on the same day, under the Nomura
brand, we began to offer services related to inheritance
matters, including inheritance trusts, estate settlement
services, and support for asset succession planning
through the Nomura Trust and Banking Co., Ltd.
Seminars Offering Advisory Services
Nomura has been holding seminars on such themes as
inheritance, donations, and wrap accounts that are of
strong interest to its customers since February 2014.
These Advisory Service Seminars are also combined with
individual consulting sessions. Thus far, these seminars
have been held about 12,000 times nationwide and have
been attended by about 100,000 customers.
Initiatives Aiming at an Increase
in Customer Satisfaction
Beginning with the fiscal year ended March 31, 2011, the
Retail Division has convened its once-a-month Customer
Satisfaction Improvement Liaison Committee with
members including the CEO of the Retail Division and
other directors of the division. In meetings of this
committee, issues communicated via Nomura’s customer
advisory office, the call centers, and websites, including
complaints, opinions, and requests, are given
consideration, and initiatives are taken to make
improvements in products, services, systems, and other
aspects of Nomura’s activities. In addition, customer
satisfaction surveys about each salesperson responsible
for Retail activities were conducted for the third time in
February 2015. Assessments and opinions received from
customers are shared internally, and we work to increase
customer satisfaction.
In addition, the Branch Customer Satisfaction Survey,
conducted by branches among their customers, was
implemented during the fiscal year under review with
38,492 persons as respondents (Details on results of the
survey may be found on page 66.). Management, the
head office, and branches share information on issues
raised by the survey and consider ways of making
improvements and offering higher-quality services.
Response to a Broad Range of Needs
To respond to the increasingly broad range of customer
needs, Nomura has begun to expand its business
activities into new fields. In November 2014, to make
introductions of customers to real estate companies,
Nomura established the Real Estate Operations
Department. In addition, to respond to rising needs for
services related to business succession, the number of
personnel in M&A-related departments has been
increased, and the number of M&A intermediary cases
has steadily increased.
Asset Design Tool installed on salespersons’ tablet PCs
N o m u r a a t 9 0 Y e a r s . T h e R o a d A h e a d
Further Development of High-Net-Worth Business in Asia
As Nomura has worked toward its objective of being “Asia’s global investment bank,” within
the Retail Division, Asia Wealth Management exists to provide services to high-net-worth
customers in Asia. The Wealth Management business has provided Japanese top-level fund
management and administration services comprehensively in major Asian countries beginning
in the 1960s when Nomura began to establish overseas entities.
Nomura Group will focus sharply on identifying the needs of its clients based on its principle
of “Placing Our Clients at the Heart of Everything We Do,” and develop and offer solutions
needed by each of the clients.
Looking to the years ahead, we will work to build a strong brand not only in Japan but also in
all regions of Asia.
Nomura Wealth Management Office in the
Marina Bay Financial Centre in Singapore
25
Review of OperationsNomura’s Ability to Get Things DoneNomura Report 2015
Asset Management
Highlights
Asset Management Business Model
Income before income taxes
¥32.1 billion
Assets under management
¥39.3 trillion
Share of ETFs in Japan
Source: The Investment Trusts Association, Japan
47.9%
Share of public investment trust
market in Japan
(As of March 31, 2015)
Source: The Investment Trusts Association, Japan
Nomura Asset
Management
24.0%
* Japan’s Stewardship Code specifies the responsibilities of institutional
investors to enhance the medium- to long-term investment return for
their clients and beneficiaries by improving and fostering the investee
companies’ corporate value and sustainable growth through
constructive engagement, or purposeful dialogue, based on in-depth
knowledge of the companies and their business environment.
Clients
Channels
Individual investors
Domestic and overseas pension funds,
Governments and central banks, and
Institutional investors, etc.
Domestic investment trusts:
Securities companies, banks,
Japan Post Bank, insurance
companies, and other
intermediary sales companies
Domestic investment advisory:
Direct sale of services to
pension funds, institutional
investors, etc.
Overseas business: Intermediary
sales companies and direct
sales of services to pension
funds, institutional investors,
etc.
Our Products
Our Strengths
Our Focus
Domestic equities and bonds
Asian equities and bonds
Global equities and bonds
Balanced funds
Absolute profit type
investments
Sophisticated in-house asset
management and research, multi-
manager fund management systems
Capabilities for global product
development and supply
Capabilities for providing passive/
ETF investments
Further improving fund performance
Strengthening capabilities for
providing product matching
customer needs
Establishing a highly transparent
corporate governance structure
Assets under management*
(Trillions of yen)
39.3
30.8
27.9
24.7
24.6
40
30
20
10
0
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
* Net after deduction duplications from total assets under
management of companies that belong to the Asset
Management Division
Market Environment and
Results in FY2014/15
The investment environment continued to improve as the
Bank of Japan’s bold quantitative easing policy continued
and expectations of economic recovery ran high in Japan
and overseas. As of March 31, 2015, the overall balance of
funds in publicly offered investment trusts was about ¥97
trillion, an increase of about 21% over the previous fiscal
year-end.
In the Asset Management Division, net revenue after the
deduction of interest expense in FY2014/15 was ¥92.4
billion, representing a gain of 15% over a year earlier, and
income before income taxes was ¥32.1 billion, 18% above
the prior year. Total assets under management at fiscal
year-end were the highest in Nomura’s history, ¥39.3
trillion, an increase of ¥8.5 trillion over the previous fiscal
year-end.
In the investment trust business, we offered new funds
to meet customer needs and worked to expand the
balance invested in existing funds. Investor funds flowed
into investment trusts placing their resources in
infrastructure-related equities, global high dividend yield
stocks, and funds aiming for overall return by capital gain,
income gain, and foreign exchange gains in FY2014/15.
Among ETFs (Exchange-Traded Funds), in addition to
conventional index-linked investments, differentiated funds,
such as ETFs linked to the JPX-Nikkei Index 400 and the
Nikkei Average Leveraged Index, also drew attention. As a
result, the balance of assets under management in ETFs as
of March 31, 2015 amounted to ¥6.2 trillion.
Kunio Watanabe
Asset Management CEO
Nomura’s Asset Management Division aims to provide
optimal performance for its clients to help them reach their
investment objectives. To this end, we provide a wide
range of differentiated investment products, and work to
improve our capabilities for proposing products and
services that respond to changing asset management
needs of individual customers. While the asset
management industry is expected to expand in the
medium term, many asset management methods are
being developed, and competition is becoming more
intense. Our objective is to win the trust of the world’s
investors by enhancing our management and proposal
development capabilities as a differentiated asset
management company in Asia.
In addition, by following Japan’s Stewardship Code*,
which provides rules for investors, we encourage proper
corporate governance functions at investee companies
and expand investment returns for beneficiaries through
increasing the corporate value of investee companies. In
parallel with this, we want to contribute to the proper
formation and development of securities markets.
26
27
Review of OperationsNomura’s Ability to Get Things DoneNomura Report 2015
Asset Management
To respond to the increasingly diverse needs of our clients,
we have assembled a lineup of differentiated products and
proactively offer investment recommendations. In addition, as an
asset management company, we are strengthening our corporate
governance structure to better fulfill our fiduciary responsibilities.
In the investment advisory business, assets held in
management trusts investing in Japanese equities, high-
yield bonds, and other instruments increased mainly by
institutional investors in Europe, the Americas, and Asia
except Japan. In addition, we began to accept funds in
management trusts from Central America and South
America. Also, the balance of funds investing in
Japanese stocks and U.S. high-yield bonds that have
received UCITS certification (For further information,
please refer to the column article “UCITS Driving
Overseas Business” of this report on page 29.) increased
not only from investors in Europe but also from elsewhere
in Asia, including Singapore, South Korea, and Taiwan,
as we expanded our channels for attracting investments
from these areas. As a consequence, the overall balance
of assets in the investment advisory business expanded.
We also took initiatives to expand into new business
domains. In April 2014, we acquired the asset
management business of the ING Group in Taiwan
(currently, Nomura Asset Management Taiwan Ltd.) and
began a full-scale entry into the asset management
business in Taiwan. In addition, in June 2014, we
established an office in Dubai with the objective of
strengthening our presence in the Middle East. Also, in
August, we concluded an alliance with Bridge Capital,
which provides hedge fund incubation services, and in
September, we formed a joint venture to manage private
equity funds in China (Nomura China Asset Management
Co., Ltd.).
Meeting Customer Needs
To deepen the understanding of features of investment
trusts, their inherent risk, and other related matters, as
well as to gain a better understanding of customer
needs, Nomura holds annually about 8,000 seminars and
study group meetings for individual investors and partner
companies acting as intermediaries in the sale of
investment trusts. These are held in Nomura branches
nationwide in Japan and in other sales channels for
securities, such as other securities companies, banks,
and Japan Post Bank. In addition, to respond to inquiries
from individual investors and intermediary partners
regarding investment trusts, we provide a dedicated
telephone support service free of charge. The opinions
and requests obtained through this channel are shared
with related departments and used in developing
products as well in further raising service quality.
To meet the various needs of regional financial
institutions increasing from the recent monetary easing,
we are not only developing products that respond to risk
and return requirements of individual clients but also
actively proposing high-value-added solution services.
Responsible Investing Initiatives
Nomura Asset Management is a signatory institution to
the United Nations Principles for Responsible Investment,
and, when conducting its activities, takes account of
social responsibility. We are also taking initiatives to
address issues relating to the environment, social, and
governance (ESG), and our internal Responsible
Investment Committee meets twice a year in principle for
discussing these issues. In May 2014, we gave notice of
its acceptance of Japan’s Stewardship Code, which was
prepared by Japan’s Financial Services Agency. As a
responsible institutional investor, we aim to encourage
investee companies to strengthen their governance
structures to achieve sustainable growth and increase
investment returns to beneficiaries in the medium term.
Moreover, to maintain its own corporate governance
structure, Nomura Asset Management appointed two
outside directors in June 2015 who are independent of
Nomura management and principal shareholders.
28
Future Activities
Offering Differentiated Products
with High Performance
Nomura’s Asset Management Division offers products
that are differentiated while also delivering highly
competitive investment performance and aims to
propose investments that meet customer needs. In
addition to assisting clients in investing in Japanese and
other Asian equities, where we have extensive experience
and a proven track record, we offer investments in high-
yield bonds that require a high level of professional skills
and absolute profit type investments. We also offer
fundamentals-based index investing (also known as
“smart beta indexed” investments) and investments in
ETFs that offer low cost and high liquidity. We are
continuing to work to expand our lineup of differentiated
investment products.
Favorable Support from the Regulatory Side
In Japan, the asset management business is also
benefiting from support from the regulatory environment.
The Nippon Individual Savings Account (NISA) program,
which was introduced in January 2014, provides tax
exemption on investments by individuals. Plans now call
for raising the upper limit on these accounts and
establishing a “Junior NISA” program for much younger
generations. In addition, as a result of revisions in defined
contribution pension plans, government workers and
housewives will be allowed to place funds in these
pension accounts. These regulatory developments,
reflecting governmental support, are expected to boost
the growth of the asset management business. To
respond to these expectations, Nomura is working to
further improve its asset management and proposal
delivery capabilities, respond to the full range of
customers’ asset management needs, and, thereby, fully
meet its fiduciary responsibilities.
Investment stock selection committee meeting
Morningstar “Fund of the Year 2014” award ceremony
N o m u r a a t 9 0 Y e a r s . T h e R o a d A h e a d
UCITS Driving Overseas Business
UCITS stands for “Undertakings for Collective Investment in Transferable Securities” and is a
general term referring to funds that meet the criteria established in European Union Directives
that aim to allow collective investment schemes that have been approved and authorized in
one EU country to operate freely throughout the EU. UCITS is part of a “basic investment trust
framework” focused on the EU, but has also been adopted in countries in Asia and Latin
America. This is a very convenient arrangement for marketing and developing global
investment funds. As of March 31, 2015, Nomura Asset Management had a total of 22 funds,
including 17 funds based in Ireland and 5 in Germany, and these are registered and sold in 19
countries around the world. The balance of assets in these funds as of March-end 2015 was
about ¥860 billion. In particular, the balance of assets invested in Japan equity, high-yield
bond, and certain other funds that are highly competitive is expanding and is expected to drive
the growth of Nomura’s overseas business activities.
Prospectus for UCITS-certified fund
29
Review of OperationsNomura’s Ability to Get Things DoneNomura Report 2015
Wholesale
Highlights
Wholesale Business Model
Income before income taxes
¥82.2 billion
Share of global fee pool
Source: Nomura
3.2%
Standing in the Japan ECM
League Table
(April 1, 2014 to March 31, 2015)
Source: Thomson Reuters
1st (Share: 38.2%)
Japan-Asia Related M&A
Deals Advisory
(January 1 to December 31, 2014)
Source: Thomson Reuters
Share:
30.8%
Tetsu Ozaki
Wholesale CEO
To reach Nomura Group’s target of ¥100 in earnings per
share ahead of plan, Wholesale is working to expand its
market share and increase productivity as quickly as
possible.
In capital markets, interest rates in the industrialized
world are at lower levels than at any time in the past, and
liquidity has markedly declined. The needs of capital
market clients are expanding and becoming more diverse.
Accordingly, Nomura Group is responding by devoting its
fullest energies to benefit its clients by drawing on its
management resources nimbly and managing risk
appropriately.
Under our policy of “DELIVERING TOGETHER,” we
provide the most-appropriate solutions to clients by
working across our divisions and from country to country
to ensure that the quality and flexibility of the services we
offer to clients are best in class. We are also putting even
greater emphasis on our principle, “Placing Our Clients at
the Heart of Everything We Do.”
30
League Table
Standing
1st
FY2014/15 Wholesale net revenues by region
(Billions of yen)
250
231.5
AEJ**
EMEA*
Americas
Japan
200
188.9
190.6
178.9
150
100
50
0
1Q
2Q
3Q
4Q
* EMEA=Europe, Middle East, and Africa
** AEJ=Asia except Japan
Clients
Channel
Financial institutions
Institutional investors
Industrial corporations
Governments and Government agencies
Network covering more than 30 countries
Our Services
Our Strengths
Our Focus
Underwriting of bonds and stocks
Dominant presence in Japan
M&A advisory
Global client base
Syndication of financial products,
provision of liquidity
Proposals for investment,
high-level execution
Asia’s global investment bank
Offering solutions that match
customer needs and regional
characteristics
Strengthening cross-divisional
and cross-regional collaboration
Connecting Markets East & West
Wholesale
Market Environment and
Results in FY2014/15
In Wholesale, while market conditions were tough, net
revenues were strong at ¥789.9 billion, 3% higher than in the
previous fiscal year. By geographical area, performance in
Japan and Asia except Japan was favorable, and we are
consolidating a strong position as a global financial services
group based in Asia. In the Americas and Europe, results
were influenced by the especially unstable market conditions
in October 2014, and results in the third quarter left much to
be desired. In addition to reviewing our business portfolio
with the aim of better matching client needs and Nomura
Group’s strengths, net revenues recovered in the fourth
quarter, aided by improvement in the operating environment.
Notwithstanding, costs rose because of the weaker yen, and
income before income taxes amounted to ¥82.2 billion, 26%
lower than in the previous fiscal year.
Looking Forward
In Wholesale, to diversify and expand sources of revenues, we
are reallocating our management resources optimally toward
our areas of competitive strength, while watching changes in
the macro and regulatory environment. In fiscal 2015/16 and
beyond, we intend to respond to the anticipated needs by
offering even higher-value-added products and services, as
we build on our greatly improved credit rating.
Head of Global Markets Steven Ashley (right)
Kentaro Okuda (center)
Head of Investment Banking
James DeNaut (right)
Joint International Head of Investment Banking
Head of Investment Banking, Americas
Charles Pitts-Tucker (left)
Joint International Head of Investment Banking
Head of Investment Banking, EMEA
31
Review of OperationsNomura’s Ability to Get Things DoneNomura Report 2015
Wholesale
“DELIVERING TOGETHER”
Working together across divisions and regions,
we are committed to being highly proactive and offering
optimal solutions.
Global Markets
Looking Forward
Market Environment and
Results in FY2014/15
FY2014/15 started on a relatively favorable note with
signs of recovery in the U.S. and turnaround in the
Eurozone economies, but the momentum waned from
heightened geopolitical risks, divergence in monetary
policies of central banks, and concerns about persistent
low inflation. In global financial markets, liquidity declined
markedly due to sudden changes in the market
environment and the effects of regulatory tightening. This
resulted in periods of market dislocations, such as the
sharp fluctuations in both equity and bond markets in
October 2014. In this environment, investors took shelter
in safe-haven assets, as evidenced by negative yields on
government bonds of certain developed countries.
Amidst this macroeconomic and market backdrop,
Nomura’s Fixed Income business remained relatively
steady. This performance was supported by growth in
Japan and Asia, continued expansion of our client
franchise, tight risk controls, and Nomura’s diversified
business model, offset by market-driven declines in
EMEA and the United States. As a result, revenues
amounted to ¥407.2 billion, an ¥8.9 billion increase from
the previous fiscal year.
Despite the macroeconomic challenges, the Equities
markets globally continued to rally driven by abundant
liquidity supplied by central banks and a persistently low
rates environment. In our Equities business, client
volumes were robust as trading and Prime Services held
strong. As a result, revenues amounted to ¥276.2 billion,
a ¥24.8 billion increase from the previous fiscal year. Even
as the downward pressure on commissions continues
and regulatory changes lead to increased uncertainty, our
Japan Equities business remains the cornerstone and
driver of our franchise.
With the global economy heading toward recovery led by
the United States, and changes in the regulatory
environment and market structure now priced in, we
expect a gradual turnaround in the global markets over
the coming years. However, increased geopolitical risk, a
trend toward competitive currency devaluation against a
background of diverging central bank monetary policies,
and other factors are likely to continue to weigh on
market sentiment in the foreseeable future.
Global Markets remains committed to providing market
insights, investment ideas, market access, and liquidity to
clients throughout market cycles. In our endeavor to be
an industry innovator and thought leader, we will offer
cutting-edge products and services, including our
integrated Global Markets offerings, our leading agency
execution platform Instinet, and our global research. In all
regions and businesses, we will implement strict capital
management measures and shift to business models that
are not so much dependent on leveraging our balance
sheet. We will also draw on our recent credit rating
upgrade to further deepen relationships with clients and
generate higher returns on our resources for our
shareholders.
Investment Banking
Market Environment and
Results in FY2014/15
Gross revenues in Investment Banking in FY2014/15
amounted to ¥193.8 billion. As the financial needs of our
clients became increasingly diversified and globalized, we
encouraged cross-divisional and cross-regional
collaboration and were successful in providing global
fund-raising, M&A advisory, related acquisition finance,
and a wide range of other financial services, including
foreign exchange and interest rate related solutions.
32
In Japan, Nomura acted as bookrunner for Softbank’s
retail bond issue, which was the largest bond
underwriting deal in Japan during FY2014/15, and on all
the major equity issues amounting to ¥100 billion or more
during the fiscal year. Highlights included the global
public offering of Mitsui Fudosan and the global IPO of
Recruit Holdings. We also advised ITOCHU on its
acquisition of shares of CITIC of China jointly with
Charoen Pokphand Group of Thailand, which was the
largest deal spanning Japan and other countries in Asia.
Our market share in the ECM, DCM, and M&A league
tables increased from the previous fiscal year.
Overseas, Nomura played major roles in many deals
and continued to add to its record of major
accomplishments especially in the Americas where we
have expanded our business base. These included large
deals worth over ¥1 trillion such as advising Talisman
Energy of Canada on its acquisition by Spanish company
Repsol, which was a cross-border deal spanning Europe
and the Americas, and the acquisition of U.S. company
PetSmart by the consortium led by U.K. company BC
Partners. We also played major roles in many fund-raising
deals. In Europe, we effectively identified the needs of
financial institutions to help them navigate regulatory
changes, and underwrote a number of deals including
the Samurai bond issue of Rabobank of the Netherlands
and the rights offering of Banco Popolare Societa
Cooperativa Scarl of Italy. We also underwrote the IPO of
Dalian Wanda Commercial Properties of China, which
was the largest deal in the Hong Kong market in 2014,
and the IPO of the NN Group, which was the second-
largest Continental European IPO in 2014. We continue
to build on our strengths in Financial Sponsors, with a
number of multi-product deals, including acting as
advisor to GIC on the acquisition of a stake in RAC and
providing related financing.
Looking Forward
We are strengthening our global investment banking
capabilities by promoting cross-divisional and cross-
regional collaboration. We are working to enhance
profitability by offering clients value-added solutions.
M&A Advisory
In addition to Japanese cross-border M&A deals, we are
focusing on securing global mandates following our
continued platform build-out in the Americas. Progress
continues to be made in providing M&A financing, along
with foreign exchange and interest rate solutions, as we
meet the increasingly diverse needs of our clients.
Global Fund-Raising
We will continue to identify the increasingly diverse
funding requirements of our client base, expanding our
fund-raising business through the use of our global
platform. This will include equity and bond underwriting
as well as other services in an expanding range of
currencies and markets.
N o m u r a a t 9 0 Y e a r s . T h e R o a d A h e a d
Social Contribution Bonds
In September 2014, and January and March 2015, Nomura underwrote and sold World Bank Bond to
the individual investor market. We also underwrote Global U.S. dollar denominated World Bank Bond
in April 2015 and supported the fund-raising activity to terminate world poverty. The raised fund will
be employed for supporting education, providing for disaster measures, promoting gender equality,
and other uses that will facilitate sustainable development. The syndication and sale of World Bank
Bond were made possible through the collaboration of Nomura’s Wholesale and Retail divisions,
including overseas offices. These divisions worked together to design these foreign currency
denominated bonds to attract the interest of a range of investors preparing marketing materials to
communicate the value the World Bank offers not only in economic but also in social terms. Looking
ahead, Nomura divisions will continue to collaborate to offer investment products that meet the asset
management needs of customers and contribute to the solution of social issues such as Food
Security Bond and Education Support Bond from AfDB, and Water Bond and Clean Energy Bond from
ADB.
World Bank logo
33
Review of OperationsNomura’s Ability to Get Things DoneNomura Report 2015
Special
Feature
Global Research
The history of Nomura’s research activities dates back to 1906, when it became
the first company in Japan to establish a research department. At that time,
Nomura published its Osaka Nomura Business News for its customers, and this
became the first example of an information service of its kind in Japan. In
subsequent years, Nomura further developed and substantially expanded its
research activities, and consolidated the base for its strong reputation in research.
Today, Nomura has about 400 research personnel stationed in 15 countries and
regions around the world, and they collaborate in covering politics, economics,
foreign exchange, interest rates, equities, credit, quantitative strategies, and other
areas. As the foundation for its securities business, the strength of Nomura’s
global research lies in its detailed, in-depth analyses and forward-looking insights.
Nomura provides timely information based on this research to assist its clients in
making investment judgments.
Leading Global Money Flows
The scope of Nomura’s research is exceptionally broad,
covering the GDP of 40 countries and regions, 31
currencies, and stocks of companies included in the
world’s major stock price indexes in Japan, the Americas,
Europe, and Asia except Japan. The breadth of this
research allows us to cover 90% of global economic and
financial indicators.
Our research on currency markets enables us to give
advice on timely investment strategies and play a role in
leading money flows from Japan to the world, and flows
from the world into Japan and Asia except Japan.
In our equity research, our research professionals now
cover 290 stocks in the United States, focusing on such
major sectors as Finance, Technology, Consumer Goods
and Services, and the Internet. We also cover just under
1,200 stocks in Asia including Japan as well as over 400
stocks in Europe. The findings of our macroeconomic
and individual stock research are also used to inform
Japanese individual investors who are diversifying their
portfolios globally.
In-Depth Equity and
Macroeconomic Research
The strengths of Nomura’s equity research are its ability
to make investment judgments and recommendations on
core themes based on exchanges of opinions among
sector specialists in the Nomura global network. For
example, our research on automated automobile driving
systems based on autonomously controlled robotic
systems requires fusion of in-depth understanding of the
automobile and technology sectors. Our research in this
area is the product of collaboration among our specialists
in the automobile and electronic components sectors as
well as analysts with insight into technology in peripheral
industries, and has won a high appraisal from our
customers.
Our macroeconomic analyses enable us to provide
timely forecasts of upcoming changes and future
directions based on economic data and market trends.
At the same time, we deepen our analyses by taking a
long-term perspective. For example, last year, as a new
government administration emerged in India with
Narendra Modi as prime minister, economists, strategists,
and equity analysts in charge of Japan and India
collaborated to issue Asia Special Report: Abenomics x
Modinomics = Greater opportunities for Japan and India.
This report forecast bold reforms, including market-
opening measures and has won a high appraisal. In
addition, in the latter half of last year, when prices of
crude oil and other commodities declined sharply, there
were concerns about the slowing of growth in the
emerging economies, mainly in Asia. Nomura analyzed
investment opportunities by character of each region and
issued a timely report, which was read widely by our
clients: Special Report on Emerging Countries: The
impact of commodity prices on EM.
Covering 90%
of global economic
and financial
indicators
No.1 in
the Nikkei Veritas
ranking of analysts
and economists
following Japanese
bonds and currency
Ranked
No. 2 in
Japanese equity
research by
Institutional Investor
Offering a Broad Range of Investment
Strategies and Indexes
Offering High-Quality Research in Line
with Global Trends (ESG)
Principally in Europe and the United States, investment
styles that take account of environment, social, and
corporate governance (ESG) issues are taking hold. In
Japan also, under Prime Minister Shinzo Abe’s growth
strategy, which includes moving forward with corporate
governance reforms, non-financial information, including
ESG disclosure, is drawing the attention of companies
and investors. This is because of the impact these ESG
issues may have on attaining sustainable growth and
increasing corporate value in the medium-to-long term. In
this area also, Nomura plans to continue to offer value-
added information to investors by issuing reports on ESG
themes and the development of related equity indexes.
In our quantitative strategy research, based on
quantitative analyses, we respond to the needs of our
clients for investment strategy proposals and prepare
benchmark indexes for pension fund managers.
“Nomura-BPI” and “Russell/Nomura Japan Equity
Indexes,” in particular, are widely used by institutional
investors, including public pension funds, as benchmark
indexes for domestic bonds and stocks.
In April 2014, the “Russell/Nomura Prime Index” was
newly adopted by Japan’s Government Pension
Investment Fund (GPIF) for passive management. Other
indexes Nomura provides include the “Russell/Nomura
Fundamental Prime Index” and the “Nomura Japan
Equity High Dividend 70,” which are smart beta indexes
that use a non-market cap weighted method. In addition,
Nomura offers many other indexes that include the
“Nomura Agri Business Index,” which comprises equities
related to the agriculture, forestry, and fisheries industries;
and the “NOMURA Crude Oil Long Index,” which follows
trends in the crude oil futures market. Nomura is
continuing to develop new indexes to respond in a timely
fashion to investor needs in constantly changing markets.
Research reports
34
35
Nomura’s Ability to Get Things DoneNomura Report 2015
Corporate Governance
Fundamental Approach
Nomura Holdings recognizes that the enhancement of
corporate governance is one of the most-important
issues in terms of achieving management’s goal of
enhancing corporate value by deepening society’s trust in
the firm and increasing the satisfaction, beginning with
clients, of stakeholders. The basic thinking concerning
the governance of Nomura Holdings is as set forth below.
Board of Directors
In order to achieve effective oversight of business
execution functions from multiple perspectives, we place
importance on diversity within the Board of Directors.
Each Director has a diverse background in terms of
nationality, gender, professional experience, etc., and by
utilizing their extensive experience in their respective
fields, such as business manager, legal/accounting
professional, and public servant, the Directors assist with
the determination of important managerial matters and
oversee business execution.
• Nomura Holdings has strengthened the supervisory function by
separating management’s supervisory and executive functions and
has adopted the “Company with Three Committees” structure, a
highly transparent governance structure, which has the following
three committees: the Nomination, Compensation, and Audit
committees, each made up of a majority of Outside Directors.
• The Board of Directors will have a sufficient number of members/
composition that enables active discussion from diverse perspectives
and will supervise effectively. A Director who does not concurrently
serve as an Executive Officer will serve as the chairman and, as a
general rule, the majority of the Board of Directors will be Outside
Directors meeting the “Independence Criteria for Outside Directors”
established by the Company. Business execution decisions will be
made flexibly and efficiently by Executive Officers to whom authority
has been delegated by the Board of Directors.
• The Nomination Committee will, referencing the opinions of external
evaluation institutions and others, strive to assess talented
individuals and will decide on candidates for the office of Director
based on certain election standards. For the election of candidates
for the office of Outside Director, in addition to corporate
management experience and expertise in law and accounting,
diversity, including nationality and gender, will be considered.
• The Compensation Committee, in deciding the compensation of
Directors and Executive Officers, will, on the basis of the general
rule of paying compensation commensurate with business
performance, seek to enhance objectivity and transparency
based on analysis performed by external evaluation institutions
and others. Moreover, by utilizing deferred compensation, such
as equity-related compensation with a certain exercise limitation
period, the interests of the Directors and Executive Officers will
be matched with the interests of shareholders, and long-term
incentives will be increased. However, business performance-
based bonuses and equity-based compensation will not be
provided to Outside Directors.
• The Audit Committee will include at least one member who is a
financial expert, and transparency will be increased by having an
Outside Director serve as chairman. To raise the effectiveness of
legality/adequacy audits performed by the Audit Committee, a
full-time Director who does not concurrently serve as an
Executive Officer from within the Company, who is well-versed in
the affairs of the Company, will be a member of the Audit
Committee or an Audit Mission Director, and a full-time support
organization will be put in place.
• Regarding the internal controls system, it will be developed
based on resolutions adopted by the Board of Directors, and the
effectiveness/adequacy of the system will be secured through
activities such as audits by the Audit Committee and activities of
the Internal Audit Department that is independent from business
execution. With a focus on the Internal Controls Committee in
which both Audit Committee members and business execution
managers participate, Nomura Holdings will strive to strengthen/
enhance the internal controls system.
• Regarding risk management, high standards are constantly
pursued, and the Group Integrated Risk Management Committee
has been put in place to heighten management effectiveness
and will appropriately submit reports/recommendations to the
Board of Directors.
• Regarding matters concerning a company’s social responsibility
beginning with compliance, the Code of Ethics of Nomura Group
has been established as the rules of conduct that all Directors,
officers, and employees of Nomura Group must comply with,
and Nomura Group will strive to carry out its responsibilities to all
stakeholders.
Measures for Reinforcing Governance
Although Japan’s Corporate Governance Code went into
effect in June 2015, we had already been moving forward
with a number of initiatives to reinforce our corporate
governance prior to this.
In 2001, when we adopted a holding company structure
and listed on the New York Stock Exchange (NYSE), we
installed Outside Directors and established an Internal
Controls Committee, a Compensation Committee (the
majority of the members are Outside Directors), and an
Advisory Board of distinguished persons from outside the
Company, and further improved our information disclosure
system.
Beginning in 2003, we further strengthened and
increased the transparency of our oversight functions and
expedited Nomura Group’s decision-making process by
adopting the governance structure under which
management oversight and business execution functions
a re c l e a r l y s e p a r a t e d ( “ C o m p a n y w i t h T h re e
Committees”).
In addition, in 2004, we established the “Code of
Ethics of Nomura Group,” which specifies matters to be
observed by each Director, officer, and employee of
Nomura Group with respect to corporate governance
and corporate social responsibility, and are making a
thoroughgoing effort in this regard.
Moreover, our Code of Ethics is in line with the
Universal Declaration of Human Rights and the OECD
Guidelines for Multinational Enterprises. Please see our
website for further information on the Code of Ethics of
Nomura Group.
Code of Ethics of Nomura Group.
http://www.nomuraholdings.com/company/basic/
ethics.html
Management Structure
Shareholders’ Meeting
Board of Directors
Nomination Committee
Audit Committee
Compensation Committee
• Three Directors, including two Outside Directors
• Determines the details of proposals on the election and dismissal of Directors for submission to a
meeting of shareholders in accordance with a set criteria for character, insight, experience, and
independence
• Directors concurrently serving as Executive Officers are not members.
• Four Directors, including three Outside Directors
• Audits the execution of duties by the Directors and Executive Officers, prepares audit reports, and
determines details of proposals regarding the election, dismissal, and non-reelection of the Independent
Auditor for submission to a meeting of shareholders
• All committee members satisfy requirements for independent Directors as defined in the Sarbanes-
Oxley Act of 2002.
• Three Directors, including two Outside Directors
• Determines policy with respect to the particulars of compensation for each Director and Executive
Officer, as well as the individual compensation
• Directors concurrently serving as Executive Officers are not members.
Group CEO
Executive Management
Board
Advisory Board
Deliberates on and determines important management
formation of our management strategy matters, such
as the management strategy for Nomura Group,
business plans, budgets, and allocation of
management resources
Established as a consulting body to the
Executive Management Board, with the
aim to bring an external perspective to
the formation of our management
strategy
Group Integrated Risk
Management Committee
Deliberates on and determines important matters concerning the integrated risk management
of Nomura Group
Internal Controls
Committee
Deliberates on and determines matters concerning the establishment and assessment of internal
control of Nomura Group and promoting proper corporate behavior
A p p o i n t m e n t o f I n d e p e n d e n t O u t s i d e D i r e c t o r s
Nomura Group is continuing to take initiatives to reinforce its corporate governance. As part of this, by adopting the
“Company with Three Committees” structure, a structure which has the following three committees: the Nomination,
Compensation, and Audit committees, not only at Nomura Holdings but also at other major subsidiaries in Japan and
by appointing independent Outside Directors, Nomura Group has strengthened management oversight functions and
enhanced management transparency while expediting the decision-making processes.
This year, Nomura Holdings welcomed Mr. Hiroshi Kimura, former President and CEO and Representative Director of
Japan Tobacco Inc., as Outside Director, thus bringing the number of Outside Directors to 7 out of a total of 12
Directors.
At Nomura Securities, a major securities subsidiary of Nomura Holdings, in addition to Messrs. Masahiro Sakane,
Takao Kusakari, Tsuguoki Fujinuma, and Toshinori Kanemoto, each an Outside Director of Nomura Holdings, Mr.
Toshiaki Hiwatari, former Attorney General, and Mr. Motoki Ozaki, former Chairman of Kao Corporation, joined the
Board as Outside Directors in 2012 and in 2015, respectively.
At Nomura Asset Management, which is an asset management subsidiary, Mr. Rikio Nagahama, former President &
CEO of DIAM Co., Ltd., and Ms. Akiko Kimura, Attorney at Law, Of Counsel, Anderson Mori & Tomotsune, both joined
as Outside Directors this year.
Nomura Group will continue to work to further strengthen management oversight functions and enhance
management transparency with an emphasis on external perspectives.
36
37
WEBSystem for Supporting Corporate ValueNomura Report 2015
Corporate Governance
Additionally, 7 of the 12 Directors making up our Board
of Directors are Outside Directors, and based on
supervision with an emphasis on the exter nal
perspective, we are aspiring to put in practice
management with a high level of transparency. We
emphasize the independence of Outside Directors from
Nomura Group, and in order to maintain such
independence, we have established the “Independence
Criteria for Outside Directors.” As none of the Outside
Directors fall under the categories for which
independence is considered suspect, and since none of
the Outside Directors have any conflicts of interests with
the shareholders, we have reported that each of the
seven Outside Directors are independent Directors in our
submission to the Tokyo Stock Exchange. Please see our
website for more information on the Independence
Criteria for Outside Directors.
Independence Criteria for Outside Directors.
http://www.nomuraholdings.com/investor/cg/data/
criteria.pdf
Board of Directors (As of June 24, 2015)
Outside Directors
Non-Japanese Directors
Female Directors
58% (7 of 12)
25% (3 of 12)
8% (1 of 12)
Nomura Group’s Internal Controls
Business Execution
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. Among the matters
delegated to the Executive Officers by resolutions
adopted by the Board of Directors, the most-important
matters of business 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 are
required to report to the Board of Directors on the status
of their deliberations at least once every three months.
In order to further bolster our business execution
framework for financial operations that are becoming
increasingly sophisticated and specialized, we utilize 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.
Internal Controls
We are committed to strengthening and improving our
internal controls system to promote proper corporate
behavior throughout Nomura Group, from the viewpoints
of ensuring management transparency and efficiency,
complying with laws and regulations, controlling risks,
ensuring the reliability of business and financial reports,
Internal Controls Committee
Agrees on IA’s audit
plan, human resources,
and budget
Audit Committee
• Deliberates on and determines matters concerning the maintenance
and assessment of internal controls and promoting proper corporate
behavior
• Made up of the Group CEO, the Group COO, two Audit Committee
members, and persons appointed by the Group CEO
Report
concurrently serving as an Executive Officer
• Consists of three Outside Directors and one Director not
• Internal audit plan and
Report
budget approval
• Appointment and
dismissal of IA head
Report
Internal audit
Assists the Audit
Committee with
its report duties
Office of Audit Committee
Internal Audit (IA)
Management
Business
Risk
Management
Compliance
and fostering the timely and appropriate disclosure of
information. Furthermore, in order to ensure effective and
adequate internal controls, the Group Internal Audit
Department, which is independent from the business
execution functions, and other similar audit sections
placed in major subsidiaries conduct internal audits of the
Company and its subsidiaries. The implementation status
of internal audits is also reported to the Board of
Directors and the Audit Committee.
In addition, to strengthen the independence of the
internal audit sections from the business execution
functions, implementation plans and the formulation of
the budget of the Internal Audit Divisions, as well as the
election and dismissal of the Head of the Internal Audit
Division require the consent of the Audit Committee.
Audit Committee members may recommend changes to
the implementation plan, etc., to Executive Officers.
Compensation for Directors
and Executive Officers
As Nomura has adopted the “Company with Three
Committees” structure, the Compensation Committee
has prepared and approved the Compensation Policy of
Nomura Group and Compensation Policy for Directors
and Executive Officers of Nomura Holdings, Inc.
Compensation Policy of Nomura Group
To enable us to achieve sustainable growth, realize a
long-term increase in shareholder value, deliver added
value to our clients, compete in the global market, and
enhance our reputation, Nomura has developed the
Compensation Policy of Nomura Group applicable to
regular employees, including senior management. The
policy is broadly divided into six key themes.
1. Align with Nomura values and strategies
2. Reflect firm, division, and individual performance
3. Establish appropriate performance measurement with a
focus on risk
4. Align employee and shareholder interests
5. Establish appropriate compensation structures
6. Ensure robust governance and control processes
Please refer to our corporate website.
http://www.nomuraholdings.com/investor/cg/
compensation.html
Compensation Policy for Directors
and Executive Officers of Nomura Holdings, Inc.
The compensation of Directors and Executive Officers
comprises base salary, an annual bonus, and a long-term
incentive plan. The Compensation Committee has
approved the following matters related to compensation
of Directors and Executive Officers:
1. Base Salary
Base salary is determined based on factors such as
professional background, career history, responsibilities,
and compensation standards of related business fields. A
portion of base salary may be paid in the form of equity-
based compensation with a certain non-exercise period
to ensure that the interests of Directors and Executive
Officers are closely aligned with those of shareholders.
2. Annual Bonus
Annual bonuses of Directors and Executive Officers are
determined by taking into account both quantitative and
qualitative factors. Quantitative factors include
performance of the Group and the division results, while
qualitative factors include achievement of individual goals
and subjective assessment of individual contributions.
Depending on the level of bonus payment, a portion of
payment in cash may be deferred. In addition, a portion
of deferred bonus may be paid in equity-based
compensation with a certain non-exercise period in lieu of
cash. Such deferred bonus may be unpaid or forfeited
under specific circumstances.
3. Long-Term Incentive Plans
Long-term incentive plans may be awarded to Directors
and Executive Officers, depending on their individual
responsibilities and performance. Payments under long-
term incentive plans are made when a certain degree of
achievements is accomplished. Payments are made in
equity-linked awards with appropriate vesting periods to
ensure that medium- to long-term interests of Directors
and Executive Officers are closely aligned with those of
shareholders.
Please refer to Form 20-F.
http://www.nomuraholdings.com/investor/library/
sec/
38
39
WEBWEBWEBSystem for Supporting Corporate ValueNomura Report 2015
Corporate Governance
Outside Director’s Interview
The reality is that you express your views,
opinions, and queries on all matters
you deemed fit to raise.
Outside Director
Michael Lim Choo San
Mr. Lim is Chairman of Nomura Singapore Limited, the Audit Committee of Nomura Asia ex-Japan, and Outside
Director of Nomura Holdings, Inc.
A Chartered Accountant by profession, Mr. Lim was the Executive Chairman of PricewaterhouseCoopers
Singapore, a position he held since 1999 until his retirement at the end of 2003. Prior to that, he was the
Managing Partner of Price Waterhouse Singapore since 1992.
Mr. Lim is currently also the Chairman of the Land Transport Authority of Singapore, the Singapore
Accountancy Commission, and the Singapore Accounting Standards Council.
Q1 What are your main areas of expertise, and how do
you see your mission as an Outside Director?
First, I trust that I have been invited to the Nomura Board
based on my background and experience, which are
largely in the areas of finance, accounting, auditing,
corporate governance, and regulatory work.
As an Outside Director, I believe my focus is to fulfill my
fiduciary responsibilities as set out by legislation. There is
an expectation that, with my background, my likely focus
will be on matters I am experienced in. While this is likely
the case, the reality is that you express your views,
opinions, and queries on all matters you deemed fit to
raise.
The combination of Outside Directors with differing
backgrounds and skill sets, therefore, allows a variety of
focus areas to be addressed at Board meetings, and I
believe this to be so at Nomura.
Q2 Japan is taking steps to strengthen corporate
governance, such as introducing the Stewardship Code
last year. How would you rate corporate governance at
Nomura? Could you also comment, in general, on the
appropriate number of governance committees?
I see no reason why corporate governance in Japan
cannot be benchmarked against practices elsewhere in
the world, and be further progressed from what are
prescribed by codes. As an example, many boards
evaluate their performance yearly, including an evaluation
of members’ performance. The recommendations and
comments received, while confidential, are discussed
and acted upon based on consensus. I have seen some
fairly common comments relating to the desire for more
discussion on strategy and succession planning.
Indeed, many board members welcome such
evaluations as they provide formal avenues for feedback
and discussion, all done to improve corporate
governance.
As to the number of board committees, this would vary
among boards depending on their needs. I believe many
countries prescribe a minimum of three (audit,
nomination, and remuneration) but allowing other
committees such as risk, CSR, and capital investment.
Q3 Nomura is celebrating its 90th anniversary in 2015.
Heading toward our 100th anniversary, what do you think
will be important for Nomura to increase its corporate
value?
My view is that Japan is moving in the right direction as
regards its new Stewardship Code, which was released
in February 2014. The more communication you have
with your shareholders and other stakeholders, the better
it is for the company and society overall. I also look
forward to the finalization of Japan’s proposed Corporate
Governance Code, which is the internal control guidance
for listed companies.
I come from a small country, Singapore, where long-term
planning has become second nature to most institutions,
especially government-related entities. Long-term
planning entails vision, mission, strategy, and corporate
values, which are set and reviewed at regular intervals.
I am impressed that the principles established by
Nomura’s founder of placing the customer first, thinking
globally, emphasizing research, and promoting teamwork
have been so well thought out that today they have
withstood the test of time. The emphasis on commitment
to clients, society, and ethics is critical in this day and age
and should continue to guide Nomura’s culture of ethical
responsibility.
Nomura has made progress internationally and has the
opportunity to do more. I am convinced that we can do
more cross-border and cross-functional transactions. As
a small illustration of a recent successful cross-functional
activity, the Wealth Management business in Singapore
has become a growing contributor to the Fixed Income
business through active forex transactions executed for
Wealth Management clients. Coming from the ASEAN
region, I feel that we have yet to capture enough of the
opportunities regarding cross-border transactions
between ASEAN countries and between these countries
and Japan and other Asian countries.
Q4 Asia is expected to grow faster than Europe and
the United States, but it is a highly competitive region.
What are your thoughts on Nomura’s strategy of
establishing a dominant position as Asia’s global
investment bank?
I am pleased that you used the term “Asia’s global
investment bank.” Being the largest investment bank
headquartered in Asia, it has and will continue to be more
focused on Asia. This becomes more compelling as you
look forward in the coming years to Asia’s expected
growth in GDP.
As a global investment bank, you have the capacity to
tap into this growth especially on deal flows within Asia
as well as flows between Asian and American and
European corporations. And by deal flows, I am referring
not only to M&A activities but also debt and equity
instruments.
Given this outlook, Nomura welcomed Asian leaders
from India, Indonesia, Singapore, and Thailand to its
Advisory Board, including Mr. Goh Chok Tong, former
Prime Minister of Singapore.
Q5 Nomura integrated its annual report and CSR
report in 2012, issuing the Nomura Report to introduce
the Company’s economic and social value. The
Singapore Exchange also has requested the disclosure of
non-financial information. What are your thoughts on
corporate disclosure in integrated reports?
I am encouraged that Nomura has adopted integrated
reporting as I feel that this is the way forward in annual
reports. The Singapore Accountancy Commission, which
I chair, has been working with the International Integrated
Reporting Council (IIRC) to pave the way for more
Singapore listed entities to adopt integrated reporting.
While integrated reporting may have started with the
desire to integrate corporate sustainability reporting
(CSR) with financial reporting, the direction it is now
taking is towards a report by a corporation of how it
creates values, its strategy, opportunities and risks, its
business model, and governance and performance -
giving stakeholders a holistic view.
Given that integrated reporting is principle based with
no defined format, I believe that Nomura’s integrated
report represents a move in the right direction.
40
41
System for Supporting Corporate ValueNomura Report 2015
Corporate Governance
Directors
(As of June 25, 2015)
Nobuyuki Koga
Chairman of the Board of Directors, Chairman of the Nomination Committee,
Chairman of the Compensation Committee
Apr. 1974
Jun. 1995
Apr. 1999
Jun. 2000
Oct. 2001
Apr. 2003
Joined the Company
Director of the Company
Managing Director of the Company
Director and Deputy President of the Company
Director and Deputy President of the Company
(concurrently Director and Deputy President
of Nomura Securities Co., Ltd.)
Director and President of the Company (concurrently
Director and President of Nomura Securities Co., Ltd.)
Jun. 2003
Apr. 2008
Jun. 2008
Jun. 2011
Director, President & CEO of the Company (concurrently
Director and Executive Officer and President of Nomura
Securities Co., Ltd.)
Director and Representative Executive Officer of the
Company (concurrently Director and Chairman of
Nomura Securities Co., Ltd.)
Director and Chairman of Nomura Securities Co., Ltd.
Director and Chairman of the Company (concurrently
Director and Chairman of Nomura Securities Co., Ltd.)
(Current)
Mr. Koga, who has held a number of significant positions, including Director and President of Nomura Holdings and Director and President of
Nomura Securities, and currently holds the positions of Vice Chairman of Nippon Keidanren (Japan Business Federation) and Vice Chairman of
the Japan Securities Dealers Association, is well-versed not only in the business of Nomura Group but also in the customs of the securities
industry, and contributes to the smooth operation of the meeting of the Board of Directors, acting as a chairman.
Masahiro Sakane
Outside Director, Member of the Nomination Committee, Member of the Compensation
Committee, Former Representative Director and President of Komatsu Ltd.
Apr. 1963
Jun. 2001
Jun. 2003
Jun. 2007
Joined Komatsu Ltd.
Representative Director and President of Komatsu Ltd.
Representative Director and President & CEO of
Komatsu Ltd.
Representative Director and Chairman of Komatsu Ltd.
Jun. 2008
Jun. 2010
Apr. 2013
Jun. 2013
Outside Director of the Company (Current)
Director and Chairman of Komatsu Ltd.
Director and Councilor of Komatsu Ltd.
Councilor of Komatsu Ltd. (Current)
Mr. Sakane has held a number of significant positions, including Representative Director and President of Komatsu Ltd. and Vice Chairman of
Nippon Keidanren (Japan Business Federation), and his achievements and insights have been evaluated highly both within and outside of the
Company. Applying his extensive experience with respect to management, Mr. Sakane contributes to the Company as an Outside Director.
Takao Kusakari
Outside Director, Member of the Nomination Committee, Member of the Compensation
Committee, Former President of NYK Line
Joined Nippon Yusen Kabushiki Kaisha (NYK Line)
Apr. 1964
Aug. 1999 President of NYK Line
Apr. 2002
Apr. 2004
Apr. 2006
President, Corporate Officer of NYK Line
Chairman, Corporate Officer of NYK Line
Chairman, Chairman Corporate Officer of NYK Line
Director and Corporate Advisor of NYK Line
Apr. 2009
Jun. 2010 Corporate Advisor of NYK Line
Jun. 2011
Apr. 2015 Senior Advisor (Current)
Outside Director of the Company (Current)
Mr. Kusakari has held a number of significant positions, including President of NYK Line and Vice Chairman of Nippon Keidanren (Japan
Business Federation), and his achievements and insights have been evaluated highly both within and outside of the Company. Applying his
extensive experience with respect to management, Mr. Kusakari contributes to the Company as an Outside Director.
Tsuguoki Fujinuma Outside Director, Chairman of the Audit Committee, Certified Public Accountant, Former
Chairman and President of the Japanese Institute of Certified Public Accountants
Joined Horie Morita Accounting Firm
Joined Arthur & Young Accounting Firm
Apr. 1969
Jun. 1970
Nov. 1974 Registered as a Certified Public Accountant
May 1991
Jun. 1993
Managing Partner of Asahi Shinwa Accounting Firm
Managing Partner of Ota Showa & Co. (Ernst & Young
ShinNihon (currently, Ernst & Young ShinNihon LLC))
May 2000
Jul. 2004
Jun. 2007
Jul. 2007
Jun. 2008
President of the International Federation of Accountants
Chairman and President of the Japanese Institute of
Certified Public Accountants
Retired from Ernst & Young ShinNihon
Advisor of the Japanese Institute of Certified Public
Accountants (Current)
Outside Director of the Company (Current)
Mr. Fujinuma has held a number of significant positions, including President of the International Federation of Accountants, and his
achievements and insights have been evaluated highly both within and outside of the Company. He is well-versed in international accounting
systems and applying his high degree of expertise corresponding to a Sarbanes-Oxley Act of 2002 financial expert and extensive experience,
Mr. Fujinuma contributes to the Company as an Outside Director.
Toshinori Kanemoto
Outside Director, Member of the Audit Committee, Attorney-at-Law, Of-Counsel,
City-Yuwa Partners, Former President of ICPO-INTERPOL
Apr. 1968
Apr. 1992
Joined National Police Agency
Kumamoto Prefecture Police Headquarters, Director
General
Aug. 1995 Director General of the International Affairs Department,
Apr. 2001
Jan. 2007
Director of Cabinet Intelligence, Cabinet Secretariat,
Government of Japan
Registered as Attorney-at-Law (Dai-ichi Tokyo Bar
Association)
National Police Agency
President of ICPO-INTERPOL
Oct. 1996
Aug. 2000 President, National Police Academy
Feb. 2007 Of-Counsel, City-Yuwa Partners (Current)
Outside Director of the Company (Current)
Jun. 2011
Mr. Kanemoto has held a number of significant positions, including President of ICPO-INTERPOL, and his achievements and insights have
been evaluated highly both within and outside of the Company. Applying his sophisticated expertise and extensive experience as a currently
active attorney, Mr. Kanemoto contributes to the Company as an Outside Director.
Hiroshi Kimura
Outside Director, Member of the Audit Committee, Former President and CEO and
Representative Director of Japan Tobacco Inc.
Apr. 1976
Jun. 1999
Jun. 2001
Jun. 2005
Joined Japan Tobacco and Salt Public Corporation
(currently, Japan Tobacco Inc.)
Director of Japan Tobacco Inc.
Resigned as Director of Japan Tobacco Inc.
Director of Japan Tobacco Inc.
Jun. 2006
Jun. 2012
Jun. 2014
Jun. 2015
President and CEO and Representative Director of Japan
Tobacco Inc.
Chairman of the Board of Japan Tobacco Inc.
Special Advisor of Japan Tobacco Inc. (Current)
Outside Director of Nomura Holdings, Inc. (Current)
Mr. Kimura has held a number of significant positions, including President, CEO and Representative Director of Japan Tobacco Inc., and his
achievements and insights have been evaluated highly both within and outside the Company. Applying his extensive experience with respect to
management, Mr. Kimura contributes to the Company as an Outside Director.
Hiroyuki Suzuki
Member of the Audit Committee
Joined the Company
Apr. 1982
Senior Managing Director of Nomura Securities Co., Ltd.
Apr. 2005
Oct. 2008
Senior Managing Director of the Company
Dec. 2008 Senior Managing Director of Nomura Securities Co., Ltd.
Apr. 2009
Senior Corporate Managing Director of Nomura
Securities Co., Ltd.
Jun. 2010
Apr. 2011
Apr. 2013
Jun. 2013
Senior Corporate Managing Director of the Company
(concurrently Executive Managing Director and Senior
Corporate Managing Director of Nomura Securities Co., Ltd.)
Senior Corporate Managing Director of the Company
(concurrently Executive Vice President of Nomura
Securities Co., Ltd.)
Advisor of the Company
Director of the Company (Current)
Mr. Suzuki has held a number of significant positions, including Senior Corporate Managing Director of the Company and Executive Vice
President of Nomura Securities Co., Ltd. He is well-versed in the business of Nomura Group, and as a full-time member of the Audit
Committee, Mr. Suzuki contributes to more-effective audits by the Audit Committee.
Dame Clara Furse Outside Director, Former Chief Executive of the London Stock Exchange Group
Feb. 1983 Joined Phillips & Drew (currently UBS)
Jun. 1990
Non-Executive Director of the London International
Financial Futures Exchange (“LIFFE”)
Deputy Chairman of LIFFE
Group Chief Executive of Credit Lyonnais Rouse
Jun. 1997
May 1998
Jan. 2001
Jun. 2010
Apr. 2013
Chief Executive of the London Stock Exchange Group
Outside Director of the Company (Current)
External Member of the Bank of England’s Financial
Policy Committee (Current)
Dame Clara Furse has held a number of significant positions, including Chief Executive of the London Stock Exchange Group, and she was
also made Dame Commander of the Order of the British Empire. Her achievements and insights have been evaluated highly both within and
outside of the Company. Applying her global and extensive experience with respect to financial businesses, Dame Clara Furse contributes to
the Company as an Outside Director.
Michael Lim Choo San
Outside Director, Former Executive Chairman of PricewaterhouseCoopers, Singapore
Aug. 1972 Joined Price Waterhouse, Singapore
Jan. 1992
Oct. 1998
Managing Partner of Price Waterhouse, Singapore
Member of the Singapore Public Service Commission
(Current)
Executive Chairman of PricewaterhouseCoopers,
Singapore
Jul. 1999
Sept. 2002 Chairman of the Land Transport Authority of Singapore
(Current)
Sept. 2004 Independent Director of Olan International Limited
(Current)
Outside Director of the Company (Current)
Jun. 2011
Nov. 2011 Chairman of the Accounting Standards Council,
Apr. 2013
Singapore (Current)
Chairman of the Singapore Accountancy Commission
(Current)
Mr. Lim has held a number of significant positions, including Executive Chairman of PricewaterhouseCoopers (Singapore) and was also
awarded with national honors by the Government of Singapore three times. His achievements and insights have been evaluated highly both
within and outside of the Company. Applying his global and extensive experience and his high degree of expertise with respect to international
accounting systems, Mr. Lim contributes to the Company as an Outside Director.
David Benson
Feb. 1997 Joined Nomura International plc
Jul. 1999
Mar. 2005
Aug. 2007 Resigned from Nomura International plc
Nov. 2008 Chief Risk Officer (“CRO”), Senior Managing Director of
Head of Risk Management, Nomura International plc
Chief Operating Officer (“COO”) of Nomura International plc
Jan. 2011
Apr. 2011
Jun. 2011
Senior Managing Director of the Company, Vice
Chairman, Risk and Regulatory Affairs
Vice Chairman of the Company (Senior Managing
Director)
Director of the Company (Current)
the Company
Mr. Benson has held a number of significant positions, including Vice Chairman (Senior Managing Director) and Chief Risk Officer (CRO) of the Company.
Applying his experience and expertise, Mr. Benson contributes to strengthen the oversight functions of the Board of Directors in relation to risk management.
Koji Nagai
Representative Executive Officer, Group CEO
Apr. 1981
Apr. 2003
Jun. 2003
Apr. 2007
Oct. 2008
Apr. 2009
Apr. 2011
Joined the Company
Director of Nomura Securities Co., Ltd.
Senior Managing Director of Nomura Securities Co., Ltd.
Executive Managing Director of Nomura Securities Co., Ltd.
Senior Corporate Managing Director of Nomura
Securities Co., Ltd.
Executive Managing Director and Executive Vice
President of Nomura Securities Co., Ltd.
Co-COO and Deputy President of Nomura Securities
Co., Ltd.
Apr. 2012
Senior Managing Director of the Company (concurrently
Director and President of Nomura Securities Co., Ltd.)
Aug. 2012 Representative Executive Officer & Group CEO of the
Jun. 2013
Company (concurrently Director and President of
Nomura Securities Co., Ltd.)
Director, Representative Executive Officer & Group CEO
of the Company (concurrently Director and President of
Nomura Securities Co., Ltd.) (Current)
Mr. Nagai has held a number of significant positions, including Director and President of Nomura Securities Co., Ltd. By having Mr. Nagai, who
serves as Representative Executive Officer & Group CEO of the Company, the Board of Directors will be able to easily understand the business
execution status and internal affairs of the Company, and he contributes to more-effective oversight functions of the Board.
Atsushi Yoshikawa Representative Executive Officer, Group COO
Apr. 1978
Jun. 2000
Oct. 2001
Jun. 2003
Apr. 2004
Apr. 2005
Apr. 2006
Apr. 2008
Joined the Company
Director of the Company
Director of Nomura Securities Co., Ltd.
Senior Managing Director of Nomura Securities Co., Ltd.
Senior Managing Director of the Company (concurrently
Executive Managing Director of Nomura Asset
Management Co., Ltd.)
Senior Managing Director of the Company (concurrently
Executive Vice President of Nomura Asset Management
Co., Ltd.)
Executive Vice President of Nomura Asset Management
Co., Ltd.
Director and President of Nomura Asset Management
Co., Ltd.
Oct. 2008
Jun. 2011
Executive Managing Director of the Company
(concurrently Director, President & CEO of Nomura Asset
Management Co., Ltd.)
Executive Vice President of the Company (concurrently
CEO and President of Nomura Holding America Inc.)
Jun. 2013
Aug. 2012 Representative Executive Officer & Group COO of the
Company (concurrently Chairman of Nomura Holding
America Inc.)
Director, Representative Executive Officer & Group COO
of the Company (concurrently Chairman of Nomura
Holding America Inc.)
Director, Representative Executive Officer & Group COO of
the Company (concurrently Director and Representative
Executive Officer of Nomura Securities Co., Ltd.,
Chairman of Nomura Holding America Inc.) (Current)
Apr. 2014
42
Mr. Yoshikawa has held a number of significant positions, including CEO of the holding company in the Americas region and a securities
subsidiary. By having Mr. Yoshikawa, who serves as Representative Executive Officer and Group COO of the Company, the Board of Directors
will be able to easily understand the business execution status and internal affairs of the Company, and he contributes to more-effective
oversight functions of the Board.
43
System for Supporting Corporate ValueNomura Report 2015 Corporate Governance
Executive Officers and Senior Managing Directors
(As of June 1, 2015)
Compliance
Group CEO
President and Group COO
Retail
Retail CEO
Asset Management
Asset Management CEO
Wholesale
Wholesale CEO
Global Markets
Co-Head of Global Markets
Head of Global Markets
Investment Banking
Head of Investment Banking
Head of Global Markets, EMEA
Americas
EMEA
AEJ
Banking
Regional CEO, Americas
Regional Co-CEO, Americas
Executive Chairman, EMEA
Regional CEO, EMEA
Regional CEO, Asia ex-Japan
Banking
Chief of Staff
Chief Financial Officer (CFO)
Koji Nagai
Atsushi Yoshikawa
Toshio Morita
Kunio Watanabe
Tetsu Ozaki
Steven Ashley
Yasuo Kashiwagi
Yutaka Nakajima
Kentaro Okuda
David Findlay
Toshiya Hasegawa
Minoru Shinohara
Jonathan Lewis
Toshiyasu Iiyama
Chie Toriumi
Shoichi Nagamatsu
Shigesuke Kashiwagi
Deputy Chief of Staff, Head of Group Compliance
Hisato Miyashita
Chief Risk Officer (CRO)
Deputy CRO
Group CAO (Wholesale IT, Global Operations,
Facility Management)
Corporate
CIO
Co-CIO
Chief Legal Officer (CLO)
Group Strategy & Executive Office
Group Corporate Communications
Global Head of Human Resources
Lewis O’Donald
Yuji Nakata
Paul Spanswick
Masahide Nakamura
Naohiro Sako
Yasushi Takayama
Yo Akatsuka
Hajime Ikeda
Kenji Kimura
Chairman, AEJ and Wealth Management, Asia
Hiromasa Yamazaki
Internal Audit
Asia Strategy (China)
Asia Strategy (China)
Group Internal Audit
Toshihiro Iwasaki
Noriaki Miyano
Junko Nakagawa
Nomura Group companies
a Group Compliance Department that provides support.
A Wholesale Compliance Head has also been designated
to strengthen our internal controls in response to global
business expansion.
Compliance Officers who report on compliance-related
issues under the direction of the Group Compliance
Head are also assigned to each Group company,
including overseas offices, to develop and maintain their
respective compliance structures.
Nomura Securities’ Compliance Structure
In addition to Group-wide initiatives, Nomura Securities
has established a Compliance Program as a detailed
action plan, and put into place a compliance framework
based on this program.
A Compliance Committee chaired by the President
oversees Company-wide initiatives and is in charge of
establishing and deliberating on important issues related
to internal controls. In addition, the Company has
established the post of Internal Administration Supervisor
to monitor compliance issues and set up the Compliance
Division.
Fundamental Approach
Compliance is a top management priority for Nomura
Group, and the Code of Ethics of Nomura Group
represents our fundamental policy on compliance. Once
each year, the management and employees of the Group
pledge to abide by the rules stated in this code. Also,
Nomura Securities conducts an ethics training course
once a year for management and employees. This
course is intended to give all employees a substantially
heightened understanding of workplace ethics through
the exchange of views by employees and other means.
Our management and employees always set their
challenges related to professional ethics and compliance
as part of the issues they plan to address determined at
the outset of each fiscal year. If problems are found, the
assessor provides proper guidance and reflects
evaluation results in their pay scale.
Compliance Framework
We have appointed a Group Compliance Head to
oversee compliance for the Group as a whole along with
Compliance Framework
Nomura Holdings
Board of Directors
Audit Committee
Executive Management Board
Group Compliance Head
Direction
Report
Wholesale Compliance Head
Direction
Report
Group Compliance Department
Direction
Report
Compliance Officers
Direction
Report
Departments
44
45
System for Supporting Corporate ValueNomura Report 2015 Compliance
The Compliance Division strengthens and improves
legal and regulatory compliance as well as the internal
controls system by formulating internal rules and
disseminating them throughout the Company. It also
monitors the status of compliance with respect to these
rules in each department and branch office. Should any
problems arise, the division takes remedial action, such
as increasing awareness of the rules or revising them as
needed.
Legal Compliance and Reporting
of Violations
In all Group companies and departments, Nomura Group
insists on compliance with laws and regulations and
endeavors to prevent the occurrence of activities that
may be construed as illegal by structuring the necessary
administrative systems. In the event that such issues
arise, they are reported in full to management-level
officers without delay, and organizations and systems are
structured to respond appropriately.
When actions that may impair trust in the capital
markets and major violations of legal regulations occur
that may have a major impact on the Company’s
reputation and financial position, after due investigation
and confirmation, related information is made available on
the Company website.
Compliance Hotline
Employees in Japan who have become aware of
potential legal or regulatory violations are able to report
their concerns to persons designated by Nomura
Holdings, including Outside Directors and outside legal
counsel, through the Compliance Hotline (persons
reporting have the option of remaining anonymous). In
FY2014/15, there were 18 calls received via the
Compliance Hotline, and the status of related matters
was confirmed, and appropriate measures were
processed.
Compliance Training
We conduct comprehensive compliance training for all
Executive Officers and employees on topics such as the
prevention of money laundering and insider trading,
firewall regulations, and guidelines for managing
customer information.
Nomura Securities’ Primary Initiatives
• Training for sales officers, internal controls officers, and
employees of internal controls departments, as well as
quality improvement training for securities sales
representatives
• Training for branch managers, general administration
managers, new employees, newly appointed personnel, and
others, aimed at increasing knowledge and deepening the
understanding of compliance
• Supplementary compliance education and drills during
various training sessions and meetings
• Training for Compliance Officers
• Monthly Compliance Hour* at branch offices and
departments
* To ensure that each and every employee throughout the Company understands the
need for full compliance, training sessions are held once a month in the branches
and offices of Nomura Securities.
Offering High-Quality Financial Services
Nomura Securities seeks to enhance the quality of
financial products and services offered to customers
under the Guidelines for Financial Instruments Business
Supervision. Some of its initiatives include rigorous
screening of account openings and securities
underwriting practices as well as the provision of
accurate and easy-to-understand information.
Nomura Securities’ Primary Initiatives
• Appointing officers to oversee internal controls, compliance,
etc., and developing systems to ensure compliance and the
appropriateness of operations
• Thoroughly screening account openings and conducting
proper examinations when underwriting securities
• Carefully reviewing product details and taking action to
provide accurate and comprehensive information
• Conducting sales and solicitation activities in compliance
with the Financial Instruments and Exchange Act and laws
and regulations governing each operation with an overall
understanding of the customer’s knowledge of financial
instruments and financial status
• Structuring systems that establish guidelines for sales to
senior customers and requiring compliance with these
guidelines
• Ensuring thorough compliance with laws, regulations, and
internal rules through compliance training
Fair Financial Business Practices
Nomura Group works to ensure fair business practices
that are fully complied with by all management and
employees as regards the prohibition of transactions with
anti-social forces and also in reference to guidelines
related to gifts to and entertainment of public officials and
private-sector groups. These guidelines reply both to
instances of responses where Nomura personnel are the
recipients and to cases where they are the providers of
such benefits and also prevents acceptance or giving of
bribes.
Nomura Securities’ Primary Initiatives
• Protocols for preventing money laundering, including the
identification and reporting of suspicious transactions
• Protocols for eliminating all transactions associated with
anti-social forces or activities in violation of applicable laws,
such as not allowing anti-social forces to participate in
trading with Nomura Securities
• Managing conflicts of interest and insider information from a
global perspective by concentrating information in the
Group Compliance Department of Nomura Holdings
Protection of Customer Assets
In accord with various legal regulations, Nomura
Securities has structured arrangements that allow for the
separate administration of assets. Accordingly, the assets
of customers and those of Nomura Securities itself,
including deposits and securities, are properly
administered separately.
Note that Nomura Securities requests Ernst & Young
ShinNihon LLC to examine the status of its separate
administration of customer assets in accord with criteria
in effect under relevant laws in the United States. As of
March 31, 2015, Nomura Securities was in compliance
with all material aspects of these criteria as regards the
separate administration of customer assets and received
a report certifying its compliance.
Information Security
Nomura Group Information Security Policy is the basic
document governing the effective protection of clients’
personal information and other information assets of the
Group. Customer-related personal information is handled
under stringent standards set out in Nomura Group
Privacy Policy and other information security related
rules, and in full compliance with personal information-
related laws and regulations.
Customer Protection and Information
Security
Please refer to Nomura Group Privacy Policy.
http://www.nomuraholdings.com/policy/privacy.html
Under various legal regulations, including the Financial
Instruments and Exchange Act and Personal Information
Protection Act, Nomura Securities works to properly
protect customers’ assets and information.
R e c o v e r i n g T r u s t
Following the series of insider trading incidents related to public offerings in 2012, Nomura Securities announced
business improvement measures on June 29 in 2012, and these have been fully implemented. Going forward, to
ensure that our efforts are maintained and sustained, Nomura Securities will take the necessary measures to prevent
this incident from having an effect on its reputation and, by implementing fully adequate improvement measures with
the cooperation of all management and staff, will work to prevent a recurrence and recover public trust. Nomura is also
working to substantially reinforce and improve its internal controls systems.
46
47
WEBSystem for Supporting Corporate ValueNomura Report 2015 Risk Management
Fundamental Approach
The business activities of Nomura Group are exposed to
various risks such as market risk* 1, credit risk* 2,
operational risk*3, model risk*4, and other risks caused by
external factors.
We are working to further upgrade and strengthen our
risk management systems, and we position the
appropriate management of these risks as a
management issue with the highest priority.
Risk Management Systems
Nomura Group has prepared its Risk Appetite Statement.
This statement sets forth the content of risks that the
Group can undertake, and it takes account of the
Group’s business strategy and business targets,
including the amount of capital and liquidity required
under regulations, and the business environment. The
Risk Appetite Statement is proposed by the Chief Risk
Officer (CRO) and the Chief Financial Officer (CFO), and
submitted for final approval to the Executive Management
Board. The statement covers all types of risk that the
Group is exposed to, including capital adequacy and
balance sheet measures, liquidity risk, market and credit
risk, operational risk, and model risk. With a basic policy
of controlling risks that arise in the course of operations
within the limits of the Group’s risk appetite, the Executive
Management Board or the Group Integrated Risk
Management Committee,*5 which has been delegated
responsibility by the Executive Management Board, is
responsible for deliberating and determining important
matters pertaining to risk management.
*1 Market risk: Risk of losses arising from fluctuations in values of financial assets and
debt due to fluctuations in interest rates, foreign exchange rates, and securities
prices
*2 Credit risk: Risk of losses arising from the decrease of asset values (including off-
balance sheet items) due to deterioration in creditworthiness or default of an obligor
or counterparty
*3 Operational risk: Risk of losses arising from inadequate or failed internal processes,
people, and systems or from external events
*4 Model risk: Risk of losses arising from errors in the model or from illicit or
inappropriate use of the model
*5 The Group Integrated Risk Management Committee is chaired by the Group CEO
and comprised of the Group COO, business division CEOs, the Chief Risk Officer,
the Chief Financial Officer, the Chief Legal Officer, the Deputy CRO, and other
members appointed by the chairman.
Risk Management Structure
Board of Directors
Internal Controls Committee
Executive Management Board
Report
Group Integrated Risk
Management Committee
Group Internal Audit
Department
CFO
CRO
• Market risk management
• Credit risk management
• Operational risk management
• Other
Audit
Risk Management Departments
Report
Check
Individual Business Units
Stress Tests
Nomura Group periodically conducts stress tests to
calculate the size of losses and the volume of risk that
may emerge for the Group as a whole under
assumptions of extremely difficult economic conditions.
The results of these stress tests are reported to the
Group Integrated Risk Management Committee. In these
tests covering the Group as a whole, risks that cannot be
fully calculated by the most-sophisticated and precise
risk models are taken into account, and the results are a
substantially better measure of the sufficiency of the
Group’s capital for maintaining financial soundness.
In addition, among inherent risks of businesses and
transactions at the detailed business and trading desk
level, there may be risks that are difficult to ascertain with
existing risk models. Therefore, stress scenarios are
developed to focus on and capture these risks and
determine the size of potential losses under these various
scenarios. As a result of conducting these tests based on
stress scenarios, Nomura is able to supplement
information developed by risk models and obtain valuable
information on the impact on its income of specific stress
scenarios.
Risk Management in New Businesses Transactions
Nomura Group has established a strict approval process
for new products and new individual transactions.
Decisions on whether to provide these new products and
individual transactions are made after a review that
covers all perspectives, including reputational risk, legal
risk, accounting risk, and financial risk.
Internal Controls
Moreover, to increase the effectiveness of internal
controls, including the risk management systems, the
Internal Audit Department, which is independent from
business lines, conducts audits and makes assessments
and then makes recommendations and proposals.
Please refer to Form 20-F.
http://www.nomuraholdings.com/investor/library/ar/
Ensuring Financial Soundness
and Transparency
Responding to Increasingly Sophisticated
Financial Regulation
To respond to higher-level financial regulations under
Basel III, Nomura Group has applied its own internal
models for measuring general market risk, specific risk,
incremental risk, and comprehensive risk with the aim of
more accurately calculating increasingly complex and
diverse risks. To measure the amounts corresponding to
counterparty transactions, the Group applies the
expected exposure method. These sophisticated risk
measurement methods apply cutting-edge risk
management methodologies and are supported by large-
scale computer systems that process the vast volumes
of data related to risk management on a daily basis. In
addition, in order for Nomura to be in compliance with
the strict regulatory gover nance requirements,
independently from the Risk Methodology Group, which
is responsible for risk model development, Nomura’s
Model Verification Group conducts periodic verifications
to ensure that the models are functioning properly.
Risk measurement data, which has been quantified in
the exacting processes previously described, is used in
computing the Group’s capital adequacy ratio, thus
ensuring a high degree of reliability and transparency
regarding the soundness of Nomura Group’s financial
position.
Enhancing and Strengthening
Risk Management Systems
Nomura Group is always working to further enhance and
strengthen risk management systems from a full range of
perspectives. To give a specific example, in addition to
the credit risk management methods applied thus far to
counterparties in derivative transactions, Nomura has
introduced a “single name limit” approach that sets an
overall limit on risks arising from issuers of bonds,
equities, and other securities as well as on
counterparties, while also identifying groups of bond
issuers from a comprehensive perspective. In addition,
Nomura is also structuring a system to identify and
manage so-called “wrong course risk” which arises when
there is a strong correlation between deterioration in the
performance of a customer and the size of credit
extended to that party.
48
49
WEBSystem for Supporting Corporate ValueNomura Report 2015
Risk Management
Business Resilience*
From the perspective of providing benefits to customers
and ensuring the stability of business processes, Nomura
takes a wide range of measures. Nomura is working to
maintain and strengthen its systems for dealing with
emergencies, such as natural disasters, system outages,
and attacks.
* Ability of an organization to anticipate, prepare for, and respond and adopt to
incremental change and sudden disruptions in order to survive and prosper.
Crisis Management
Nomura Group has established the Crisis Management
Committee, comprised of crisis management officers of
each Group company worldwide, to address any crisis
that may occur. Chaired by an Executive Officer
nominated by the Group CEO, this committee has
established a system for managing crises and ensuring
business continuity in the event of an emergency.
Under the crisis management system, the Crisis
Management Committee reports to the Board of
Directors regarding matters related to crisis management.
In addition, this committee’s secretariat regularly
conducts employee safety verification drills, disaster
prevention drills, and business continuity drills, in order to
be fully prepared to check the status of all Nomura
employees during an emergency. As part of these efforts,
the secretariat is also tasked with fostering greater
awareness of crisis management as well as maintaining
and strengthening our ability to respond to emergencies.
This system and these measures are stipulated in
Nomura Group Crisis Management Policy. This policy
covers a wide range of risks facing the Company,
including natural disasters, fires, serious crimes
committed against the Company or its Executive Officers
and employees, system interruptions, transmittable
diseases, and the leakage of information assets. We have
delegated significant authority to crisis management
officers to ensure they can promptly make decisions
on-site should a crisis occur. The above policy dictates
that crisis management officers be able to take the most-
appropriate actions necessary to ensure people’s safety
and minimize the spread of damage.
Strengthening Systems for Dealing
with Major Earthquake Disasters
Nomura Group is using the lessons learned at the time of
the Great East Japan Earthquake to develop systems
toward natural and other disasters. Moreover, in view of
the release of studies by Japan’s Central Disaster
Prevention Council in 2013, regarding the impact of
earthquakes that might occur directly beneath the Tokyo
metropolitan area and along the Nankai Trough off the
coast of Nagoya, we reviewed our disaster risk scenarios
to take account of the impact of such major earthquakes.
Key issues identified were how to deal with these
disasters and how to secure business continuity, and, as
part of addressing these issues, we are working to
strengthen and upgrade our collaboration with Nomura
Group companies in Japan and overseas.
In FY2014/15, we focused efforts on the following
initiatives.
1. Strengthening systems for business continuity
• Upgraded and strengthened capabilities of backup offices
• Appointed persons to be in charge of evacuation and taking
shelter in times of emergencies
• Improved emergency telecommunication systems
2. Continued to implement practice drills and training
sessions
• Drills to establish an emergency headquarters function
• Performed drills to verify the safety of employees
• Performed drills in accordance with the business continuity
plan (BCP)
• Provided training for initial response in the event of a major
earthquake such as a direct quake beneath the Tokyo
metropolitan area
• Implemented training sessions for countermeasures for the
possible Nankai Trough Earthquake at branch offices
3. Strengthened collaboration between Group companies in
Japan and overseas
• Expanded collaboration among Group companies in Japan
• Enhanced information sharing with overseas Group
companies
4. Business continuity plan
• Revised the BCP as the capabilities of backup offices were
strengthened
• Prepared a BCP focusing on a possible earthquake directly
beneath the Tokyo metropolitan area
5. Other initiatives
• Maintenance of supplies of water, food, and other items at the
head office and branch offices
• Allocated additional supplies to backup offices
• Provided additional supplies to branch offices located in areas
likely to be damaged by a tsunami following the Nankai
Trough Earthquake that experts think may occur
Cyber security
To accommodate the diverse needs of its clients,
Nomura Group provides a wide range of its services over
the Internet. These services use the latest, most-
advanced encryption technologies to ensure that
important client information is always safeguarded.
In recent years, cyber attacks have been on the
increase, and their methods are more sophisticated and
artful to disrupt systems and steal customer data by
gaining improper access through the Internet.
To deal with cyber attacks, Nomura is taking further
measures to enhance system security, and, by forming a
specialized unit, is working to strengthen its
organizational response. Nomura is also endeavoring to
further improve the capabilities of its management and
employees to handle cyber attacks through training and
practice drills.
System Security Measures
In addition to previously existing measures, including
putting firewalls in place and installing antivirus software,
Nomura is strengthening its system surveillance
capabilities and introducing security systems to improve
detecting and handling capabilities for these incidents.
Formation of the CSIRTs
Nomura Group and its major companies have formed the
Computer Security Incident Response Teams (CSIRTs).
Nomura shares information through CSIRTs within the
Group as well as with external organizations such as the
Financial Information Sharing and Analysis Center (ISAC*)
to prevent computer-security related damage before it
occurs, and, when threats to security arise, to respond
quickly.
* Financial ISAC: An organization set up by Japanese financial institutions to share
information with regard to cyber security.
Management and Employee Training
In many cases, the entrances of cyber attacks are
“targeted attacks” against management and employees.
Nomura provides training and practice drills toward these
attacks. Going forward, Nomura will work to raise the
capabilities of management and employees through
offering these kinds of training and opportunities for
practice drills.
Social and Environmental
Risk Management
We believe that considering the social and environmental
risks that may arise from various transactions is key to
managing our reputational risk. As such, in executing our
business operations, we focus on these risks in the same
way we are careful about legal compliance. For example,
for equity underwriting businesses, we review and
confirm the issuer’s awareness of any associated
potential risks to society and the environment and that
the issuer has taken appropriate steps to address such
risks, including the disclosure of information about those
risks. Impact on the environment and society as well as
financial condition, operating results, and other aspects
are included in the overall guidelines applied by relevant
departments during the assessment process as vital
items that must be confirmed when taking on
underwriting deals.
Assessment process
Assessment of transaction
• Regulations
• Environmental
and social issues
Decision
50
51
System for Supporting Corporate ValueNomura Report 2015
CSR Management
Fundamental Approach
Nomura Group actively engages in initiatives to address
social issues to fulfill its social responsibilities as a
corporate citizen. The Group believes that promoting and
managing corporate social responsibility (CSR) activities
properly is an important factor to maintain and to
increase its corporate value. The basic policy concerning
CSR is set forth in the Code of Ethics of Nomura Group
and its Basic Management Policy, and the CSR
Committee is responsible for the appropriate
management of these activities.
In March 2010, the Group formulated “For Future
Generations” as a fundamental guideline to be shared
among all of our Executive Officers and employees
globally for its approach to CSR.
Please refer to the Code of Ethics of Nomura Group.
http://www.nomuraholdings.com/company/basic/
ethics.html
Please refer to “For Future Generations,” our corporate
citizenship.
http://www.nomuraholdings.com/csr/group/
Framework for Promoting CSR Activities
The CSR Committee has been formed as the
management-level decision-making entity for promoting
Groupwide CSR programs. Chaired by the chairperson
appointed by the Group CEO, the committee comprises
seven Executive Officers, including the chairperson. The
responsibilities of the committee include formulating
policies for CSR initiatives as well as approving and
monitoring progress of these activities. The activities of
the committee are reported to the Board of Directors and
the Executive Management Board accordingly. During
FY2014/15, the CSR Committee held two meetings.
In Nomura Group, CSR activities are conducted
comprehensively in collaboration with Group offices and
companies in Japan, AEJ, EMEA, and the Americas. In
addition, the various CSR activities that are conducted by
the Group are accurately communicated and disclosed
through the Nomura Report and its website with the aim
of raising the corporate value of Nomura Group.
Identification of Material CSR Issues
In 2014, Nomura Group reassessed its material CSR
issues using the method outlined below. In analyzing and
assessing issues, we took account of the opinions of
third parties, conducted hearings across internal
departments, and, based on the confirmations by the
CSR Committee, specified the Group’s material issues.
We sorted out the Group’s issues based on analyses
for external elements, including the GRI Guidelines
(Version 4), criteria for information disclosure on
sustainability such as those of the Sustainability
A c c o u n t i n g S t a n d a rd B o a rd ( S A S B ) , J a p a n ’s
Stewardship Code, and also based on analysis for
internal elements such as the Code of Ethics of Nomura
Group, and our fundamental approach to CSR. Then, we
assessed materiality of the selected issues with two
criteria: “stakeholders’ materiality” and “the Group’s
materiality.” We comparatively scored each issue based
on evaluation of SRI (socially responsible investing)
institutions in Japan and overseas to figure out
stakeholders’ materiality. To figure out the Group’s
materiality, we prioritized issues based on the Group’s
Basic Management Policy and the Code of Ethics of
Nomura Group as well as based on hearings conducted
across internal departments. We formed a “materiality
matrix” regarding issues figured out and identified issues
that were of high importance to both stakeholders and
the Group as the material CSR issues.
CSR Framework
Board of Directors
Executive Management Board
Report
Approvals
CSR Committee
Report
Approvals
Japan
EMEA
Americas
Secretariat: Corporate Citizenship
Department
Cooperation
AEJ
Identification of Material CSR Issues in Nomura Group
Customers
Shareholders
Investors
Employees
Impact on stakeholders
Communities
Government
organizations
NGOs and NPOs
Economic and
business groups
• Key non-financial indicators, such as GRI and SASB
• Dialogue with socially responsible investing (SRI) organizations
• Trends among financial institutions
Contributing to sound
and sustainable
capital markets
Nurturing human
resources with
respect for diversity
Place Clients
at the Heart of
Everything We Do
Dialogue with
stakeholders
Corporate
governance
Compliance
Risk management
• Contribute to economic growth and social development
• Drawing on the capabilities of personnel and respect
for diversity
• Maintaining the spirit of putting the customer first, etc.
Bases of Nomura Group
Founder’s spirit
Code of Ethics
Basic management policy
Material CSR Issues
Categories
Issues
Pages
Categories
Issues
Pages
Strengthening corporate governance
Offering high-quality financial services
Corporate
governance
CSR management
Legal compliance and reporting of
violations
Fair financial business practices
Compliance
Preventing bribery
Risk
management
Preventing money laundering
Enhancing and strengthening risk
management systems
Ensuring financial soundness and
transparency
Business resilience
Social and environmental risk
management
Contributing to
sound and
sustainable
capital markets
Products and services responding to
environmental and social issues
Customer protection and information
security
Improving financial literacy
Nurturing human resources
Diversity and inclusion
Employee-friendly work environment
Respecting human rights
Global CSR initiatives
Communication with stakeholders
Nurturing human
resources with a
respect for
diversity
Our community:
Dialogue with
stakeholders
52
53
WEBWEBP36P52P46P47P47P47P49P49P50P51P54P54P54P54P56P56P57P58P60P60System for Supporting Corporate ValueNomura Report 2015
Contributing to Sound and Sustainable Capital Markets
Fundamental Approach
One of the highest-priority issues for Nomura Group is
contributing to sound and sustainable capital markets.
The Group is listening intently to the opinions of its
customers and the market, offering high-value-added
solutions to its customers through financial and capital
markets, and providing high-quality financial services.
Moreover, Nomura is taking active initiatives to contribute
to society, principally through providing opportunities for
financial and economic education.
Offering High-Quality Financial Services
Nomura Group is working to offer high-quality and
appropriate financial services to contribute to economic
growth and social development as Asia’s global
investment bank.
For further details, please refer to the following sections
of this report.
• Retail Division: Pages 22 to 25
• Asset Management Division: Pages 26 to 29
• Wholesale Division: Pages 30 to 33
• Compliance: Page 45 to 47
Products and Services Responding
to Environmental and Social Issues
Nomura Group, through its products and services based
on customer needs, facilitates appropriate flows of funds,
and believes its role in society as a financial services
company is to contribute to economic growth and
sustainable development of society. Through dialogue
with its stakeholders, Nomura endeavors to develop and
offer financial services that contribute to the solution of
social issues around the world. The world today faces
many social issues that demand solutions, such as global
warming and obtaining sufficient water resources and
food. To help provide these solutions, Nomura Group
acts as a conduit for financial resources by meeting the
funding needs of projects that promote solutions to these
issues by acting as a channel for funds from investors
who want to contribute to society. From 2010 information
on Nomura’s record of accomplishments related to social
contribution bonds in FY2014/15 may be found on page
33 in the column article “Social Contribution Bonds” in
the Wholesale section and on page 66 of the CSR data
section.
Customer Protection and
Information Security
In accord with various legal regulations, Nomura
Securities has structured arrangements that allow for the
separate administration of assets. Accordingly, the assets
of customers and those of Nomura Securities itself,
including deposits and securities, are properly
administered separately.
Customer-related personal information is handled
under stringent standards set out in Nomura Group
Privacy Policy and other information security related
rules, and is in full compliance with personal information-
related laws and regulations. For further information,
please refer to the Compliance section of this report on
page 47.
Improving Financial Literacy
Knowledge and understanding of finance and economics
are important for leading self-reliant, secured, and
prosperous lives. We trust that having each and every
citizen improve their financial literacy leads to promoting
the development of sound capital markets and
appropriate flows of funds.
Our principal activities in this area have included the
distribution of textbooks, offering courses for university
students in Japan and overseas, off-site lectures by
Nomura employees for elementary, junior high school,
and high school students, special support for the Nikkei
Stock League, which has the participation of students
from the junior high to university level, and in the Nikkei
Future Investment Program with the participation of
adults. All told, more than 680,000 students have taken
part in these programs since 2000. Our sponsored
financial education lectures at universities, which began
in 2001, have been conducted annually, mainly by
financial professionals from branches of Nomura
Securities. Over this period, about 400 Group employees
have participated as lecturers, and during the 14 years of
this program, more than 200,000 university students
have attended the lectures. During FY2014/15, Nomura
prepared a publication entitled The Framework of Society
Milestones in Nomura’s Activities
1990’s~
91,479 participants
Stock education
contest “Nikkei Stock League”
Held
15 times
Junior
high schools
High schools
Universities
Finance courses for universities
Donated course: “The Roles of Capital Markets and Securities Investments”
Let’s Learn about “Living Economic Activities” from a Practical Perspective!
Held
1,548
schools
Universities
Lectures on securities for adult members of society
Provided textbooks to junior high schools nationwide
Provided textbooks to primary schools nationwide
6,898
participants
Lectures for primary school students
“Let’s Learn Classes” about foreign exchange and stocks
“Let’s Become Familiar with ‘Money’”
Held
100 times
Primary
schools
Financial education seminars for instructors
Seminars for school principals and teachers
Practical Financial and Economic Education
Held
65 times
Instructors
Actual working experience/special lectures
Cumulative participants
=
2,000
persons
=
100
persons
206,000
participants
3,675
participants
Universities
2,646
participants
Held
143 times
Lectures for junior high school students
Experiencing the role of investors: “What is investing?”
Let’s Learn about the Meaning of “Investment”
Held
78 times
Junior
high schools
3,014
participants
Lectures for high school students
Let’s Learn about Life Planning: “A Talk on Your Future and Money”
Let’s Learn about “the Future” and “Money”
Held
57 times
High schools
2,078
participants
Publication of a textbook for primary school students
The Framework of Society and the Role of Money
Let’s Learn about connections between “the Framework of Society” and “Money”
2000
2001
2004
2006
2008
2010
2011
2014
and the Role of Money for use as a textbook of finance
and economics for students in the fourth, fifth, and sixth
grades. This publication was donated to primary schools
nationwide, and, in addition, Nomura edited two
publications: An Illustrated Book on Securities
Companies and The Great Adventures of Nyanta and
Money. Through these activities, Nomura is working to
make it possible for everyone, even people in remote
areas and economically disadvantaged persons, to have
equal access to opportunities for financial and economic
education.
Similarly, for adult members of society, Nomura offers
its “Lifelong Learning Venues” program in regional
communities and workplaces. The aim of this program is
to provide participants with knowledge of finance and
securities that will enable them to live affluent “second
lives.”
54
55
System for Supporting Corporate ValueNomura Report 2015 Nurturing Human Resources with a Respect for Diversity
Fundamental Approach
Today persons of more than 70 nationalities work in
Nomura Group. Human resources development
respecting diversity is one of the most-important issues.
This diverse workforce is the Group’s greatest asset.
Nomura believes that through letting employees respect
various backgrounds and many sets of values of the
others and all the employees work harmoniously, Nomura
will be able to better satisfy a wide variety of needs of its
customers and offer more value-added services. For
each and every one of the employees to be active and
successful utilizing her/his capabilities and personal
strengths, Nomura Group provides equal opportunities.
In addition, the Code of Ethics of Nomura Group forbids
discrimination in any way at all on the basis of nationality,
ethnic origin, race, gender, age, religion, beliefs, social
standing, gender preference, gender identity, physical
impairments, or other criteria in case of hiring, evaluation,
and determining remuneration. From FY2015/16, to
enhance the development of human resources, Nomura
Group appointed a new Senior Managing Director
dedicated to HR development.
Personnel Development
The Retail Division encourages the personal growth of its
employees through various educational programs that
create a basis of necessary abilities and action
requirements to develop capabilities for independent
thinking, acting, and delivering results. The Group
provides training for the first three years of employment
and training at given career milestones (new hires,
appointment, and promotion). Training for managerial-
level personnel, in addition to instruction in developing
leadership skills, also provides the specific knowledge
and skills required while also reinforcing personal qualities
and strengthening compliance awareness.
The Wholesale Division offers training to personnel to
meet the standards needed to enable them to become
leaders in the Group’s global operations and to satisfy the
needs of the division. Training aims to develop especially
personnel who have capabilities for taking action and
developing creative solutions. Specifically, training
programs offer a selection of courses aimed at developing
individual abilities and identifying personnel with leadership
potential as well as mentoring programs that are offered
selectively to develop the next generation of leaders.
Furthermore, we have Company-wide training programs
aimed at raising the awareness of workplace ethics,
programs to support employees in obtaining licenses or
other certifications, and similar support for training that will
56
assist personnel in attaining their career objectives. We are
also helping to build internal networks by enabling
employees from different divisions and geographic regions
to take part in the same training programs.
Diversity and Inclusion at Nomura
Our aim for Diversity and Inclusion at Nomura is simple—
it is essential that we encourage various points of view
and ways of thinking among our people to win the trust
of increasingly diverse and complex needs of clients and
to offer highly value-added services to them.
Nomura’s three autonomously operated employee
networks provide a range of information that supports the
work-life management of female employees and promotes
understanding of diverse cultures as well as LGBT* issues.
In addition, through the planning and holding of related
events, the networks provide opportunities for interchange
internal and external to the Company. Also, by including
training on diversity management in all managerial-level
courses, Nomura is promoting the reform of the
awareness of middle managers, and is placing emphasis
on developing corporate cultures where a diversity of
human resources can contribute actively.
* LGBT: Lesbian, gay, bisexual, transgender, and other gender minorities
n In No m ur a ”
n x their care e r s
WIN
e
m
o
W
“
e
m
o
W
=
M
ultic
Health, c
Lif
e
hild
&
r
e
L
F
&
a
a
m
i
l
y
r
i
F
n
g
,
s
e
n
i
o
r
c
a
r
e
Diversity
& Inclusion
Using a diversity of
ideas and points of
view to increase
competitiveness
ultural, cross-gen e r a t i o
MCV
ulticultur a l
M
n
al, L G BTA
e
V a l u
Supporting Women through Their Career
Nomura offers opportunities for a wide range of activities
to support female employees. In addition to introducing
systems that go beyond minimum legal requirements,
Nomura has adopted an employment system that allows
general career type B Employees (who are not subject to
relocation to other regions) to relocate (For further details,
refer to page 58) and to switch to category A (employees
who can be relocated) and vice versa.
To support women’s career development, Nomura
provides a variety of training and mentoring programs
along with their career stages, namely, for “Continuous
Employment,” for “Stepping Up,” and for “Rising Higher.”
These initiatives are designed to create an environment
where female employees feel motivated to work to the best
of their abilities. Nomura has set a quantitative target to
have 550 female managers in Nomura Securities by 2020.
Nomura Group will further enhance its approaches for
women’s career growth and development.
The Keidanren (Japan Business Federation)
established the Planning Sub-Committee of the
Committee on Gender Diversity, where Junko Nakagawa,
an Executive Officer of Nomura Holdings, chairs the sub-
committee. In line with Keidanren’s “Action Plan for
W o m e n ’s A c t i v i t i e s : E n h a n c i n g C o r p o r a t e
Competitiveness and Achieving Sustainable Economic
Growth,*1” which was prepared in July 2014, Nomura
posted a voluntary action plan on the Keidanren
website* 2 regarding the appointment of women as
Directors and to other managerial positions.
*1 https://www.keidanren.or.jp/en/policy/2014/029.html
*2 https://www.keidanren.or.jp/policy/woman/ap12461.html
Staff members of the “Women In Nomura (WIN)”
Employment of Handicapped Persons
Nomura Group offers a wide range of employment
opportunities for the handicapped. To motivate handicapped
personnel, their assignments are decided flexibly through
ongoing discussions with the workplaces where they will be
assigned, and, by placing them in positions suited to their
capabilities, Nomura encourages them to be autonomous in
their work and aims to provide them with a stable work life.
At Nomura Securities, each year, employment opportunities
offered to handicapped persons exceed the legal
requirements, and handicapped persons are contributing
actively in a wide range of departments.
N o m u r a a t 9 0 . T h e R o a d A h e a d
Promotion of Diversity and Inclusion
Employee-Friendly Work Environments
We support working conditions that allow each employee to
fully concentrate on his or her work in a healthy condition, with
both good physical and mental health. We have shifted our
emphasis to early discovery and intervention. Our
occupational health physicians periodically visit our worksites
for health monitoring and conduct face-to-face interviews with
supervising managers. Improvement measures are being
introduced to departments where many employees work long
hours, and employees who work such extended hours are
recommended to consult with and receive the guidance of
physicians. Based on the Industrial Safety and Health Act,
Nomura Group has formed a Health Committee, which meets
once a month. This committee discusses issues related to the
status of the workplace environment and health and gives its
attention to preventing all employees, including temporary and
contract workers, from injuring their health.
Mental Healthcare
To safeguard the mental health of employees, we provide
access to psychiatrists and an employee counseling
room staffed by a dedicated professional. We also offer
consultation services provided by medical staff at our
Health Management Center. Furthermore, we are
committed to helping employees who have overcome
mental illnesses return to the workplace.
Initiatives in FY2014/15
1. For employees who have been ill and are returning to work,
Nomura Securities prepared a return-to-work program to
assist them in continuing their jobs. This initiative aims to
create a workplace environment where employees are able
to work without anxiety by clearly showing the process for
returning to work and setting up an internal advisory service.
2. At the employees cafeteria in the head office in the
Nihonbashi district of Tokyo, Nomura Securities provides a
“Helsapo*” lunch to assist employees in keeping themselves
in good health. Nomura’s proactive firm-wide efforts to
promote employee health were highly appreciated and last
year Nomura won the “2014 Ministry of Health, Labour and
Welfare Award Given for Excellent Meal Facilities.”
* Helsapo is an abbreviation of “health support.” The Helsapo lunch is a healthy menu
designed to promote employee health. Under the “TABLE FOR TWO” program, a portion of
the price of the meal is donated to provide school meals to children in developing countries.
There are three diversity and inclusion networks within Nomura. These are WIN, or Women In Nomura, which engages,
supports, and retains women through their career development at Nomura; L&F, or Life & Family, which promotes a
culture of good health, well-being, and work-life balance; and MCV, or the multicultural value network. MCV is a
network that promotes values of diversity through cross-cultural understanding, inter-generational communication, and
support for gender minorities such as lesbian, gay, bisexual, and transgender (LGBT) individuals and the straight
“Allies” who support the LGBT community. These networks are operated on a global collaboration basis by Group
offices and offer an environment in the workplace for promoting the activities of a diversity of employees.
57
System for Supporting Corporate ValueNomura Report 2015
Nurturing Human Resources with a Respect for Diversity
Special
Feature
Nurturing Human Resources
Taking on Global Challenges
Relationships with Labor Unions
More than half of the employees of Nomura Securities are
members of the Nomura Securities Employees Union,
and Nomura Securities has standing labor agreements
with the union. To maintain sound and healthy
relationships between labor and management,
discussions are conducted with the union on a wide
range of topics, not only when changes are to be made
in various systems, such as employee welfare benefits
and personnel management, but also on day-to-day
issues, including respect for employee rights and
management issues. Through these discussions,
management and labor share views, and employees in
the workplace have the opportunity to make their views
known.
Realizing Work Practices that Allow
for Flexibility and Diversity
Reducing Long Working Hours
and Providing for Flexibility in Work Styles
Management and labor are monitoring hours that
employees work to reduce excessively long hours and,
thereby, maintain the physical and mental health of
employees and enable them to conduct work efficiently.
Specific initiatives include not only abiding by the
provisions of the Japanese Labor Standards Act but also
setting the joint management and labor objectives of
having employees leave work at the set time on
Wednesday and no later than 8 pm on other weekdays.
Also, in some departments, since the nature of the work
may require working into the night hours and on holidays,
Nomura is working to optimize total hours worked by
giving consideration to the actual conditions in each
department and having managerial staff exercise flexibility
regarding hours worked, including such measures as
adopting a work shift system and encouraging
employees to use their allotted vacation days. Moreover,
Nomura provides for flexibility in work styles to provide
employees with work security for the long term. In
specific terms, Nomura has endeavored to provide
improved arrangements that allow employees to take half
day paid vacation time, take leaves for childbirth and
rearing children, and time off for providing nursing care
for seniors and others. In fact, all of the benefits provided
by Nomura are above the legally requirement minimum.
These include leave for giving birth to children and
aftercare, leave time for rearing children, time off when a
dependent gives birth to children, time off for childrearing,
time for nursing sick children, supplements for child day
care center expenses, and time off as well as leaves for
nursing family members back to health.
Introduction of a New Job Category
and System for Changing Work Location
To provide employee-friendly workplace environments
where employees can continue to work for a longer
number of years, Nomura extended the retirement age
for the existing financial advisors in the Retail Division (“FA
Shain”) until the age of 65 and introduced a new
employee category called “FA Shoku” with the same
retirement age. Nomura made a further amendment
which allows employees, subject to permission, to work
until the age of 70. Nomura Securities expects that these
arrangements will enable employees to make better
contributions based on their sophisticated skills and
abundant experience.
Also, Nomura introduced the “Work Location Change”
regime whereby general career type B Employees may,
upon request and subject to approval, change their place
of work within the branch network and continue to work
for Nomura. General career type B Employees, who were
not supposed to transfer among different regions under
their employment contracts previously, were obliged to
leave their jobs against their wishes if, due to personal
reasons, such as marriage, transfer of their spouses, or
need to care for family members, they were required to
move out of the area where they were able to commute
to their offices. The new regime makes it possible for
such employees to continue their careers without conflict
with their personal life events. In addition, Nomura has
made more flexible the reemployment process of
ex-employees who hope to come back to Nomura.
Respecting Human Rights
We have established various mechanisms to prevent
discrimination and harassment, in accordance with the
Code of Ethics of Nomura Group. Specifically, we set up
the Nomura Group Human Rights Committee to debate
and determine human rights initiatives as well as to share
information across the Group from its secretariat. In
addition, we continue to hold human rights training for all
Nomura people, including members of the Board of
Directors, to create greater awareness about human
rights issues and make everyone aware of our
consultation contacts for these matters.
All types of consultation contacts are available both
within and outside the Company through our Sexual
Harassment/Power Harassment Hotline to help prevent
all types of harassment in the workplace. In addition, the
Human Rights Awareness Office provides similar advisory
functions for other human rights issues.
Nomura Group instituted its overseas training program in FY2013/14 to train the
personnel aiming for further sustained growth as Asia’s global investment bank.
Thus far, 33 employees have been sent to 14 countries. We believe this training
program will enable each employee to come into contact with diversified values,
encourage them to confront the challenges, and will enable them to respond to
changing client needs and offer high-value-added services.
Contributing to the Development of Agribusiness
in Japan and Vietnam
Kota Imai, dispatched to Hanoi, Vietnam
To overcome the difficulties of language barriers and the lack of
personal connections, I dived proactively into new experiences such as
living on a farm, developing new sales channels for agricultural
products, and other challenges. The results I had were to discover a
company aiming for listing its shares, to arrange for the business
matching of Vietnamese and Japanese companies, and to give a
presentation at a government sponsored agricultural conference
attended by government ministers. I believe that I could contribute to
agribusiness development by these
experiences. I felt strongly that the main
sources of successful business are
“trust” and “human relationships.” I also
think that I want to be a person who can
earn high trust regardless of different
nationalities and ethnic origins.
Shinji Momonoe
Department Head, Human Resources
Development Department
Nomura Securities
This program is a human resource development
system for employees who are in their fourth year
with Nomura Securities. Participants in the program
select the countries where they stay as well as their
research themes, and they decide self-direction in
foreign countries around the world. By giving them
the opportunity to think on their own and take action
in foreign countries whose cultures and values differ,
they will improve their language skills and get used to
global thinking. Looking to the future, we hope they
can contribute to economic
growth not only in Japan but
also in the world with our
commitment to placing our
c l i e n t s a t t h e h e a r t o f
everything we do.
Supporting the Development of an Indian
Fair Trade Company
Aiming to Create a New Korea-Japan
Relationship
Ken Matsumoto, dispatched to Mumbai, India
I encountered a fair trade company that tried to sell T-shirts
in Japan while I was doing research on poverty in India.
Although I had no particular knowledge of the apparel
industry or special connections, I continued to contact
Japanese corporations and was successful in establishing
a business relationship with one
c o m p a n y. B y c a r r y i n g o n m y
activities in Mumbai where the
culture and business environment
are completely different from Japan, I
w a s a b l e t o g e t a d e e p
understanding about economic
conditions in Mumbai.
Kota Yamanaka, dispatched to Seoul, Korea
Since I hope to contribute to the development of both Japan and
Korea, I organized job seminars for Korean students who are
seeking jobs in Japanese companies while aiming to solve Korea’s
job shortage problem. I also arranged networking events jointly
sponsored with the KOREA-JAPAN New Future Project (officially
recognized by Japan’s Ministry of Foreign Affairs) in order to
establish a new era of Japan-Korea relations beginning with young
generations by exceeding the
framework of finding a job. I would
like to continue activities for
improving relationships between
the two countries which are quite
close in business, culture, and
education.
58
59
System for Supporting Corporate ValueNomura Report 2015
Our Community : Dialogue with Stakeholders
Fundamental Approach
Global CSR Initiatives
To understand the expectations and requests of society
and reflect these in business activities and CSR activities,
we believe that dialogue with stakeholders inside and
outside the Group is important. Through continuing
communication with a broad range of stakeholders, from
customers to shareholders, the community, and
employees, we are working to contribute to finding
solutions to social and environmental issues.
Breakdown of community contribution expenditure
Other 7.7%
Disaster relief 4.7%
Human rights
and labor 1.3%
Environment 2.3%
Welfare and
health 5.8%
Total
Education 36.4%
Community
contribution 11.1%
¥1.46 billion
Science and academic
achievement 7.8%
Arts, culture, and sports
22.8%
Note: The total includes approximately ¥0.22 billion from Nomura Foundation.
In the regions around the world where Nomura Group
conducts its business activities, the basic CSR theme is
“For Future Generations.” Nomura staff work with
stakeholders in these regions and conduct activities that
aim to nurture the next generation and promote regional
revitalization in line with the needs of these regions.
Communication with Stakeholders
One of the ways Nomura Group interacts with
stakeholders is through participation in activities with
various initiatives in Japan and overseas that have the
objective of contributing to society and the environment.
Through dialogue and collaboration with stakeholders,
we carefully examine and review the activities and
information disclosure we undertake that are related to
the economy, society (human rights and labor), and
environmental issues. We also report to the CSR
Committee when needed.
G l o b a l C S R I n i t i a t i v e s
U.K.
In London, Nomura engages in activities which help make a positive impact in the local community.
These include fund-raising for our London Charity Partner and supporting disadvantaged young
people to raise aspirations, employability potential, and educational attainment. Through a developed
and focused platform, we support charitable organizations by providing financial contributions,
resources, and our time to have a significant impact on those most in need of our support.
Hong Kong
In Asia ex-Japan, employees focus on initiatives that benefit disadvantaged children and the
environment. In 2015, Nomura enhanced its contribution to the community through partnerships with
Changing Young Lives and Hong Kong Beach CleanUp (Hong Kong), MINDS (Singapore), and the
Adream Charitable Foundation (China), driven by hundreds of hours of employee volunteer time and
significant financial support, in addition to disaster relief fund-raising appeals. Newly launched this
year, Nomura offered employees the chance to expand their skills to contribute to a not-for-profit
board with a formal training program.
Powai, India
Nomura Powai’s focus is towards delivering quality education and healthcare to lesser-privileged
communities across India, as well as promoting environment conservation. Over the past year, 4,344
volunteering hours were put in by a total of 2,212 volunteers through 190 unique volunteering
initiatives, fund-raisers, and drives conducted collaboratively with our NGO Partners. Additionally,
Nomura Powai is funding many NGO programs, directly benefiting the lives of 5,425 children and
youth across India.
60
Please refer to Stakeholder Dialogue.
http://www.nomuraholdings.com/csr/dialogue/
Nomura Foundation
(Public Interest Foundation)
Dialogue with Stakeholders (Selected Examples)
Themes
External Organization
Outline
Human rights,
labor, environment,
anti-corruption
United Nations (UN)
Global Compact
Participation in the Japan network
ESG
ESG
ESG
ESG
UN Principles for
Responsible Investment
Participation in the Japan network
Principles for Financial
Action for the 21st
Century
Participation in a working group on
asset management, securities, and
investment banking businesses
Climate Bonds Initiative
Participation as a partner in
activities to promote green bonds
CSR Asia
Exchanges of opinions on ESG
issues in Asia
Environment
CDP
Promotion, as a signatory, of the
climate change and water programs
Nomura Foundation was established by Nomura Group
as a public interest foundation. Its activities include
providing assistance for research and educational
activities in the social sciences, scholarships for foreign
students majoring in the social sciences and humanities,
conducting and publishing of research on the world
economy, including macroeconomics and capital
markets, as well as supporting the nurturing of young
artists and international exchange in art and cultural
fields. In fiscal 2014, the Foundation provided various
forms of support totaling approximately ¥218 million. In
addition, the Foundation began its “Research Support for
Opening New Frontiers in Finance and Securities”
program, which has the aim of supporting research in the
fields of finance and securities. Through its activities, the
Foundation will contribute to advancing academic studies
and the world economy, cultivating the arts and culture,
fostering international talent, encouraging mutual
international understanding, and, ultimately, supporting
the progress of human society.
For further information, please access
the Foundation’s webpage:
http://www.nomurafoundation.or.jp/
Japan
To provide support for recovery following the Great East Japan Earthquake, Nomura began to offer
assistance for the “Sakura Project 3.11,” which aims to create a cherry tree park in one of the
devastated areas since 2012. Donations from Nomura employees are used to procure cherry tree
seedlings, and, thus far, a cumulative total of 750 employees have provided their time on a voluntary
basis on seven occasions to plant the seedlings and assist in cleanup activities in the area. Other
forms of assistance have included the sponsoring of sports days and other events as well as support
for career education.
Americas
Nomura works to help children study in an effort to positively impact their lifestyles. Nomura partners
with Read Ahead (formerly Everybody Wins!) in New York, to provide mentorship and literacy support
for local school-aged children. The CSR program in the Americas focuses on benefiting the younger
generation and local community. Nomura has held book drives and backpack drives to support local
students participating in the Read Ahead program.
Instinet*
Instinet CSR activities aim to reduce income disparities among young people by motivating them to
study as well as providing support for life planning. Instinet employees work in partnership with Elevate
New York to mentor New York high school students. Additionally, Instinet partners with Operation
Backpack, which provides essential school supplies to disadvantaged students for a successful
school year.
* Instinet, a Nomura subsidiary, is headquartered in New York.
61
WEBWEBSystem for Supporting Corporate ValueNomura Report 2015
Our Environment
Fundamental Approach
Environmental Management
The Code of Ethics of Nomura Group states, “Nomura
Group is committed to acting in an environmentally
responsible manner and should, therefore, approach
environmental issues positively.” Based on this
commitment, in 2009, we created both our Environmental
Statement and Environmental Policy and, with the
Environmental Activities Working Group as the core, we
are proactively working to reduce the environmental
impact of our business activities.
In Japan, we have established an environmental
management system (EMS) and are implementing
comprehensive environmental preservation activities to
deal with environmental risks and issues. Our
Environmental Activities Working Group, which is a
Group-wide organization, meets once a month to
monitor the progress of environmental preservation
activities. Also, to make sure the plan, do, check, action
(PDCA) management approach is functioning, internal
Nomura Group Environmental Management Framework
Board of Directors
Executive Management Board
Report
Approvals
CSR Committee
The Head of
Environmental Affairs
Report
Approvals
Environmental Activities
Working Group
Promotion
Nomura
Group companies
Nomura Securities
head office/
branch offices
Cooperation
Asia
Europe
Americas
Nomura Group Environmental Objectives and Progress (Japan)
FY2014/15 targets
Assessments
FY2015/16 targets
Reduce domestic Nomura Group CO2
emissions per square meter of floor space
by 20% or more from FY2009/10 levels
q
Reduction: 28.6%
Reduce CO2 emissions per square meter
of floor space of Nomura Group in Japan
by 20% or more from FY2009/10
Reduction of greenhouse
gas emissions
Increase ratio of fuel-efficient, low pollution
vehicles to 95% of the fleet
q
Switchover ratio: 98%
Shift and maintain the percentage of fuel-
efficient, low pollution vehicles of Nomura
Securities at 95%
Raise wastepaper recycling rate at
principal offices to 90%
q
Recycling ratio: 99.2%
Raise wastepaper recycling rate at
principal offices to 95%
Effective use of
resources
Among general office supplies, have green
products account for 85% of supplies
request system items
q
Purchase ratio: 87.3%
Have green products account for 85% of
supplies request system items
Reduction of
paper usage
Reduce use of copy paper bought
through supplies request system by 2%
from the previous year
T
5.2% increase year on year
Reduce use of copy paper (as measured
by the annual volume purchased) from the
previous year
Encourage electronic document delivery
service
q
Accounts accepting electronic
document delivery: 1.31 million
Encourage electronic document delivery
service
Contribution to
environment through
Nomura’s main
businesses
Increase the number of financial products
and services that help resolve social
issues
q
Pursued underwriting and sales of
green bonds to promote “social
contribution-type investments”
Increase the number of financial products
and services that help resolve social
issues
Note: For further information on environmental objectives, please access: http://www.nomuraholdings.com/jp/csr/environment/management.html
environmental audits are conducted periodically. We carry
out “checks of environmental initiatives” on a nationwide
basis in Japan and work to increase the effectiveness of
our EMS. In addition, the Head of Environmental Affairs
conducts reviews of these activities, confirms and
assesses progress toward reaching objectives, and aims
for continuing improvements. Reports are made to the
CSR Committee regarding risks and opportunities related
to environmental issues.
Our offices around the world are implementing
environmental initiatives, which include our London
headquarters building, which obtained ISO 14001
certification in 2007 following an audit performed by a
local accreditation body and has maintained its
certification to the present.
Environmental Targets
We set environmental goals for each year and closely
manage the progress of our environmental preservation
activities. Environmental goals are set for each region,
and the Environmental Activities Working Group checks
to see if these targets are met. In addition, in line with the
target to cut electricity consumption per square meter in
FY2030/31 by 20% or more from 2009, the Group is
working to conserve resources and energy.
To deepen the understanding of environmental issues
and conduct related educational programs, we have held
an annual environmental training program for all Nomura
Group employees since 2009. In FY2014/15, 92% of
employees in Japan participated in this program.
Moreover, we stream information over the Group intranet
and host events to raise the awareness of environmental
matters.
Efforts to Address Climate Change
The proper management of climate change risk and the
promotion of measures to deal with global warming will
lead to solutions to social problems and will contribute to
maintaining and increasing corporate value. Nomura
Group, as a multinational corporation with offices around
the world, is making every effort to help resolve climate
change issues through its business activities and to
reduce the impact of its business activities on the natural
environment.
We collect and disclose environmental information,
and, since FY2009/10, we have introduced third-party
assurance verifications to ensure the reliability of this
information (refer to page 71 for the third-party
verification). Moreover, Nomura participates in the
“Committee for Considering and Assessing Information
Disclosure for Encouraging Green Investments” and the
“Project for Improving the Basis for Disclosure of
Environmental Information.” Nomura also engages in
initiatives aimed at appropriate environmental information
disclosure. In each region, based on the regulations
established by local governments, we prepare plans for
dealing with global warming and submit these to the
government authorities.
Please refer to climate change.
http://www.nomuraholdings.com/csr/citizenship/
environment/climate.html
Nomura Group is working to lighten the impact of its
activities on the environment through the purchase of
green power. Our purchases of green power began
domestically in 2006, and these reached a cumulative
total of 53.76 million kWh. Beginning in 2014, we have
set a goal of continuing these purchases of green power
(from biomass power generation and other green
sources) for three years, and it will be allocated to our
principal domestic offices (located in Nihonbashi in
Tokyo, Osaka, and Nagoya). In addition, at our offices in
London and elsewhere, we make use of electric power
generated by renewable energy sources, including
hydroelectric power.
Going Paperless and
Promoting Recycling
We are making efforts to more effectively use limited
natural resources and reduce the environmental impact
of our activities and assist in the creation of a recycling-
oriented society. As part of our commitment to reducing
paper usage, we continue to digitize prospectuses,
reports, forms, and other documents.
Beginning in 2012, our initiatives have included
providing all of our sales staff with tablet devices featuring
digitized sales and marketing tools to enhance the quality
of our services and further reduce paper usage. We also
use these devices for training and internal meetings. We
are also continuing to expand the range of documents
that are distributed electronically for our Nomura Home
Trade service. During FY2014/15, 10.39 million
documents were delivered electronically.
In our offices, we are working to raise employee
awareness of the amount of paper they use as part of our
campaign to reduce paper consumption. Going forward,
we will continue to promote reductions in paper usage
and strive to raise awareness about paper usage across
the entire Group.
62
63
WEBSystem for Supporting Corporate ValueNomura Report 2015
Seven-Year Financial Summary (US GAAP)
For the fiscal years beginning April 1 and ending March 31 of the following year
Note: This financial summary is prepared solely for convenience. Readers are recommended to refer to the Form 20-F.
FY2008/09
FY2009/10
FY2010/11
FY2011/12
FY2012/13
FY2013/14
Operating Results:
Revenue:
Commission
Fees from investment banking
Asset management and portfolio service fees
Net gain (loss) on trading
Gain (loss) on private equity investments
Interest and dividends
Gain (loss) on investments in equity securities
Other
Total revenue
Interest expense
Net revenue
Non-interest expenses:
Compensation and benefits
Commissions and floor brokerage
Information processing and communications
Occupancy and related depreciation
Business development expenses
Other
Total non-interest expenses
Income (loss) before income taxes
Income tax expense (benefit)
Net income (loss)
Less: Net income (loss) attributable to noncontrolling interests
Net income (loss) attributable to NHI shareholders
Balance Sheets (Period End):
Cash and cash deposits
Loans and receivables
Collateralized agreements
Trading assets and private equity investments
Other assets
Total assets
Short-term borrowings
Payables and deposits
Collateralized financing
Trading liabilities
Other liabilities
Long-term borrowings
Total liabilities
Total NHI shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity
Cash Flows:
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
¥ 306,803
54,953
140,166
(128,339)
(54,791)
331,356
(25,500)
39,863
664,511
351,884
312,627
491,555
73,681
154,980
78,480
31,638
262,558
1,092,892
(780,265)
(70,854)
(709,411)
(1,219)
¥ (708,192)
¥ 1,422,709
1,643,007
8,412,618
11,672,612
1,686,902
¥24,837,848
¥ 1,183,374
1,242,318
10,157,954
4,752,054
467,574
5,483,028
23,286,302
1,539,396
12,150
1,551,546
¥24,837,848
¥ (712,629)
(98,905)
999,760
(81,896)
¥ 106,330
¥ 395,083
121,254
132,249
417,424
11,906
235,310
6,042
37,483
1,356,751
205,929
1,150,822
526,238
86,129
175,575
87,806
27,333
142,494
1,045,575
105,247
37,161
68,086
288
¥ 67,798
¥ 1,352,244
2,071,714
12,467,213
14,700,282
1,638,975
¥32,230,428
¥ 1,301,664
1,528,419
11,216,481
8,356,806
494,983
7,199,061
30,097,414
2,126,929
6,085
2,133,014
¥32,230,428
¥ (1,500,770)
(269,643)
2,176,530
964
¥ 407,081
¥ 405,463
107,005
143,939
336,503
19,292
346,103
(16,677)
43,864
1,385,492
254,794
1,130,698
518,993
92,088
182,918
87,843
30,153
125,448
1,037,443
93,255
61,330
31,925
3,264
¥ 28,661
¥ 2,150,453
2,227,822
15,156,318
15,241,931
1,916,466
¥36,692,990
¥ 1,167,077
2,103,608
13,686,438
8,688,998
552,316
8,402,917
34,601,354
2,082,754
8,882
2,091,636
¥36,692,990
¥ (235,090)
(423,214)
1,284,243
(26,246)
¥ 599,693
¥ 347,135
59,638
144,251
272,557
25,098
435,890
4,005
563,186
1,851,760
315,901
1,535,859
534,648
93,500
177,148
100,891
48,488
496,227
1,450,902
84,957
58,903
26,054
14,471
¥ 11,583
¥ 1,953,677
2,211,423
13,742,646
14,123,594
3,665,972
¥35,697,312
¥ 1,185,613
2,437,370
12,519,274
7,495,177
1,165,901
8,504,840
33,308,175
2,107,241
281,896
2,389,137
¥35,697,312
¥ 290,863
9,942
(844,311)
(6,314)
¥ (549,820)
¥ 359,069
62,353
141,029
367,979
8,053
394,007
38,686
708,767
2,079,943
266,312
1,813,631
547,591
91,388
179,904
91,545
49,010
616,463
1,575,901
237,730
132,039
105,691
(1,543)
¥ 107,234
¥ 1,652,752
2,629,875
14,115,257
17,124,349
2,420,206
¥37,942,439
¥ 738,445
2,413,801
15,409,383
8,491,296
978,163
7,592,368
35,623,456
2,294,371
24,612
2,318,983
¥37,942,439
¥ 549,501
(160,486)
(701,623)
47,175
¥ (265,433)
¥ 473,121
91,301
168,683
476,356
11,392
416,350
15,156
179,485
1,831,844
274,774
1,557,070
570,058
111,849
192,168
80,142
38,485
202,754
1,195,456
361,614
145,165
216,449
2,858
¥ 213,591
¥ 2,189,310
2,570,678
17,347,001
18,714,314
2,699,011
¥43,520,314
¥ 602,131
2,836,873
17,111,999
11,047,285
1,141,750
8,227,063
40,967,101
2,513,680
39,533
2,553,213
¥43,520,314
¥ 457,426
(103,195)
289,385
41,089
¥ 684,705
Millions of yen
FY2014/15
¥ 453,401
95,083
203,387
531,337
5,502
436,766
29,410
175,702
1,930,588
326,412
1,604,176
596,593
129,977
192,300
76,112
35,230
227,205
1,257,417
346,759
120,780
225,979
1,194
¥ 224,785
¥ 2,096,596
2,948,424
16,719,520
17,308,848
2,709,848
¥41,783,236
¥ 662,256
3,398,600
15,379,803
10,044,236
1,217,099
8,336,296
39,038,290
2,707,774
37,172
2,744,946
¥41,783,236
¥ (77,028)
12,337
(178,206)
68,513
¥ (174,384)
64
65
Data SectionNomura Report 2015
Unit
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
No. of groups assisted
No. of groups
200
243
274
257
264
Unit
June 30, 2011
June 30, 2012
June 30, 2013
June 30, 2014
June 30, 2015
Unit
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
Dialogue with Stakeholders
CSR Key Facts
Corporate Governance
Members of the board
Board of Directors
Outside Directors
Non-Japanese Directors
Female Directors
Officers (Executive Officers and
Senior Managing Directors)
Men
Women
Ratio of women
Board of Directors meetings
No. of times held
Average attendance rate
Client Focused
Caseload at Customer Help Desk
Department (Nomura Securities)
Total
Complaints
Inquiries
Opinions and requests
Other
No. of people
No. of people
Ratio (%)
No. of people
Ratio (%)
No. of people
Ratio (%)
14
8
57
4
29
1
7
11
7
64
3
27
1
9
11
6
54
3
27
1
9
11
6
54
3
27
1
9
12
7
58
3
25
1
8
Unit
April 1, 2011
April 1, 2012
April 1, 2013
April 1, 2014
April 1, 2015
No. of people
No. of people
%
Unit
No. of times
%
30
1
3
41
2
4
23
2
8
27
2
6
26
2
7
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
10
96
10
95
11
97
10
98
10
99
* The number of meetings of the Board of Directors and the average number of board members attending from April 2014 to March 2015
No. of cases
No. of cases
No. of cases
No. of cases
No. of cases
5,189
2,359
2,408
256
166
5,005
3,012
1,836
13
144
5,693
3,409
2,119
23
142
7,010*1
4,023*2
2,730
55
202
5,540
2,537
2,766
81
156
*1 The increase in the caseload in FY2013/14 was due to a rise in the number of incoming calls and heavy demand on telephone circuits.
*2 Of the total, 69 calls were related to the handling of customer information.
Branches that are barrier-free and
have AEDs (Nomura Securities)
Certified universally accessible
Toilets accessible in wheelchairs
Elevators accessible in wheelchairs
With steps removed from entrances and
exits (with ramps, elevators, or no steps)
With installations to mitigate entrance and
exit steps (railings or step heights reduced)
Percentage of branches equipped with
AEDs (automated external defibrillators)
Percentage of branches with personnel
designated to provide assistance to seniors
No. of branch offices
No. of branch offices
No. of branch offices
No. of branch offices
No. of branch offices
%
%
30
78
53
136
15
—
—
30
80
54
140
14
—
—
30
81
57
139
13
—
—
30
78
66
129
13
100
80
30
78
66
130
14
100
80
Unit
December 2013
August 2014
January 2015
Results for survey of customer satisfaction
at branch offices (Nomura Securities)
Extremely satisfied/satisfied
Neither satisfied nor dissatisfied
Extremely dissatisfied/dissatisfied
%
%
%
* The response rate for the survey conducted in January 2015 was 23.5%.
81.6
15.7
2.7
81.4
16.3
2.2
80.9
16.3
2.8
Social Contribution Type
Bonds (Nomura Securities)
Name of bonds issued
Number of issues
Issue proceeds
66
Unit
FY2012/13
FY2013/14
FY2014/15
ADB Clean Energy Bonds (AUD/TRY/BRL)/
Green IFC Bonds (AUD/TRY/BRL)/
ADB Clean Energy Bonds (NZD/TRY/ZAR)
9
47,966
Number
Millions of yen
ADB Clean Energy Bonds (MXN/BRL)/
AfDB Education Support Bonds (BRL)/
ADB Water Bonds (TRY/BRL)
5
53,574
World Bank Green Bonds (TRY/BRL)/AfDB
Food Safety and Security Bond (BRL)/Green
IFC Bonds (BRL)/ADB Water Bonds (BRL)
5
53,916
Community contribution
expenditures*1
Total
Education
Arts, culture, and sports
Science and academic
achievement
Community contribution
Welfare and health
Environment
Human rights and labor
Disaster relief
Other
Amount (Millions of yen)
1,400
1,235
1,348
1,323
1,457
Amount (Millions of yen)
Amount (Millions of yen)
Amount (Millions of yen)
Amount (Millions of yen)
Amount (Millions of yen)
Amount (Millions of yen)
Amount (Millions of yen)
Amount (Millions of yen)
Amount (Millions of yen)
623
71
162
138
55
25
27
121
182
582
106
83
200
49
43
3
71
103
556
81
129
199
79
47
4
88
171
604
66
117
190
39
84
20
78
129
530
333
114
161
85
34
19
68
113
Number of community development
projects implemented*1
Projects
No. of projects
173
370
423
299
405
Assistance provided to groups
that contribute to society*1
*1 These figures cover Nomura Holdings and 10 of its major subsidiaries in Japan and overseas.
Unit
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
Cumulative
total
Participants and materials in
financial and economics
education*2
Visiting classes (elementary,
junior, senior high schools,
universities, teachers)*3
Financial courses for universities
Since 2001
No. of schools
Since 2008
No. of participants
No. of schools
10
734
108
22
31
56
265
427
1,087
115
1,865
114
2,825
112
9,836
18,833
108
1,548
No. of participants
10,000
12,000
11,000
11,000
11,000
206,000
Financial courses
for the general public
Since 2003
No. of courses
630
536
444
531
566
7,134
No. of participants
28,659
27,839
21,696
23,897
24,712
365,766
Nikkei Stock League
Since 2000
Teaching material for elementary
schools (The Economics
Classroom, “The Framework of
Society and the Role of Money”*4)
Since 2008
No. of teams
No. of members
No. of schools
1,565
6,331
200
1,420
5,741
120
1,287
5,120
396
1,484
5,699
227
1,361
5,167
366
23,071
91,479
3,309
No. of copies
30,000
5,000
17,422
14,639
24,170
261,231
Teaching material for junior
high schools (The t-shirt shop)
Since 2006
No. of schools
400
180
387
215
161
4,643
No. of copies
50,000
17,200
17,326
12,162
15,380
442,068
*2 These figures cover Nomura Holdings and four of its major subsidiaries in Japan.
*3 Beginning in FY2014/15, these figures include special lectures for universities and workplace visits.
*4 In FY2014/15, a textbook for primary school students entitled “The Framework of Society and the Role of Money” was prepared and distributed.
Developing Human Resources Who Respect Diversity
FY2010/11
Unit
FY2011/12
FY2012/13
FY2013/14
FY2014/15
Education and training expenses
Total
Japan
Europe
Americas
Asia-Pacific
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Millions of yen
2,455
1,573
489
257
136
2,033
1,468
133
280
153
2,441
1,907
108
233
193
2,515
1,978
81
262
194
2,972
2,076
115
573
208
67
Data SectionNomura Report 2015
CSR Key Facts
Data for FY2014/15 items marked with
have undergone assurance verification by a third party.
Unit
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
Participation in education
and training*1
Total
Japan (Nomura Holdings,
Nomura Securities)
Europe
Americas
Asia-Pacific
Composition of employees*2
Total
Japan
Europe
Americas
Asia-Pacific
Aggregate no. of hours
Aggregate no. of participants
Aggregate no. of hours
Aggregate no. of participants
Aggregate no. of hours
Aggregate no. of participants
Aggregate no. of hours
Aggregate no. of participants
Aggregate no. of hours
Aggregate no. of participants
No. of employees
Ratio of male employees (%)
Ratio of female employees (%)
No. of employees
Ratio of male employees (%)
Ratio of female employees (%)
No. of employees
Ratio of male employees (%)
Ratio of female employees (%)
No. of employees
Ratio of male employees (%)
Ratio of female employees (%)
No. of employees
Ratio of male employees (%)
Ratio of female employees (%)
Ratio of employees by region
Total
Japan
Europe
Americas
Asia-Pacific
%
%
%
%
%
272,528
13,146
207,458
8,255
3,790
407
—
—
61,280
4,484
26,871
62
38
14,918
56
44
4,353
70
30
2,348
74
26
5,252
68
32
100
55
16
9
20
225,184
21,928
169,385
11,965
2,766
977
7,390
1,182
45,643
7,804
27,168
62
38
15,145
56
44
4,014
70
30
2,420
74
26
5,589
66
34
100
56
15
9
20
254,117
22,048
208,087
12,081
1,732
647
7,204
1,794
37,094
7,526
26,242
62
38
15,004
57
43
3,618
70
30
2,271
74
26
5,349
65
35
100
57
14
9
20
406,602
89,657
284,920
12,325
26,117
21,822
7,811
5,598
87,754
49,912
26,019
62
38
15,062
56
44
3,461
71
29
2,281
74
26
5,215
64
36
100
58
13
9
20
507,639
132,672
333,305
14,398
48,434
41,654
15,439
12,255
110,461
64,365
28,672
62
38
15,973
58
42
3,485
71
29
2,449
74
26
6,765*2
61
39
100
56
12
9
23
Composition by employment
contract (Japan)
Full-time regular employment
Part-time regular employment
Number of new hires*3
Total
Japan (Nomura Holdings,
Nomura Securities)
Europe
Americas
Asia-Pacific
No. of employees
No. of employees
14,918
788
15,145
766
15,004
606
15,062
586
15,973
740
No. of employees
Men (No. of employees)
Women (No. of employees)
Men (No. of employees)
Women (No. of employees)
Men (No. of employees)
Women (No. of employees)
Men (No. of employees)
Women (No. of employees)
3,631
548
439
754
638
3,359
573
495
663
478
1,252
1,150
2,554
446
581
307
361
859
2,920
507
522
503
418
970
2,934
482
363
389
121
382
128
718
351
*1 Participation in education and training: For Europe, Americas, and Asia-Pacific, in the Wholesale Division, the figures include the number of persons registered through the
in-house training system.
*2 Composition of employees: The figures cover Nomura Group on a consolidated basis. In FY2013/14 and prior years, some subsidiaries were not included in the scope of the
calculations.
*3 Number of new hires: In Asia-Pacific, certain subsidiaries were not covered in the data for FY2014/15. Those not covered included Capital Nomura Securities Public Company
Limited (CNS) and Nomura Asset Management Taiwan Ltd.
Please refer to standards for calculation (http://www.nomuraholdings.com/csr/data/).
68
Composition of managers
Total
Japan (Nomura Holdings,
Nomura Securities)
Europe
Americas
Asia-Pacific
Use of childcare and family
nursing care support plans*1
Pre- and post-natal leave
Childcare leave
Leave to care for sick or
injured children
Childcare time
Assistance with daycare expenses
Family nursing care leave
Reduced working hour plan for
family nursing care
Paid leave for family nursing care
Unit
Men
Women
Ratio of women (%)
Men
Women
Ratio of women (%)
Men
Women
Ratio of women (%)
Men
Women
Ratio of women (%)
Men
Women
Ratio of women (%)
No. of employees
No. of employees
No. of employees
No. of employees
No. of employees
No. of employees
No. of employees
No. of employees
Post-childcare leave reinstatement
and retention rates*1
Men (%)
Women (%)
Men (%)
Women (%)
Reinstatement rate
Retention rate
Human rights training*1
Sessions
Lecture hours
Participants
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
6,643
898
12
3,474
173
5
1,553
317
17
786
159
17
830
249
23
233
338
435
104
332
13
0
30
100
96
100
95
7,299
1,064
13
3,623
205
5
1,693
325
16
1,060
243
19
923
291
24
237
367
478
148
365
6
0
33
100
99
100
98
7,024
1,055
13
3,549
219
6
1,557
315
17
1,016
234
19
902
287
24
249
392
529
175
390
11
2
43
100
98
50
98
6,913
1,031
13
3,480
218
6
1,507
290
16
1,028
234
19
898
289
24
273
414
571
223
408
10
3
48
100
93
100
98
7,095
1,234
15
3,437
236
6
1,479
311
17
1,093
250
19
1,086
437
29
266
459
606
253
405
7
1
55
100
95
100
95
No. of sessions
Hours
No. of participants
32
14,520
13,827
20
10,509
9,823
16
14,777
14,129
28
15,648
15,220
24
15,059
14,643
Status of other personnel
and labor-related issues*1
Employee turnover rate
Number of seniors (aged 60 years
and over) rehired
Percentage of employees
with disabilities
Average number of annual paid
leave days used
Percentage of employees
with labor union memberships
Average annual salary*2
%
No. of employees
%
Days
%
Thousands of yen
*1 Data cover Nomura Securities.
*2 In Nomura Securities, there is no difference in job types by gender or region.
5
713
1.86
9.7
6
763
2.00
9.9
7
727
2.02
10.0
6
719
2.09
9.2
6
714
2.07
9.7
53.8
10,869
52.8
10,660
53.0
9,990
53.5
11,187
52.5
11,932
69
Data SectionNomura Report 2015
CSR Key Facts
Data for FY2014/15 items marked with
have undergone assurance verification by a third party.
Independent Assurance
Our Environment
GHG Emissions
Scope 1: Direct emissions*1
Scope 2: Indirect emissions*1
Scope 1, 2
Emissions per employee
Scope 3 Emissions from
employee travel*2 (Air, rail,
and automobile travel)
Energy Consumption
Direct energy consumption
(Natural gas, etc.)*4
Indirect energy consumption
(Purchased electric power)*4
Including, Green electric
purchase power*5
(Purchased cooling
and heating power)
Environmental Resource
Efficiency
Water consumption*6
Copy paper consumption*7
Amount of waste generated*8
Japan
Europe
Americas
Asia-Pacific
Japan
Europe
Americas
Asia-Pacific
Japan
Europe
Americas
Asia-Pacific
Japan
Europe
Americas
Asia-Pacific*3
Japan
Europe
Americas
Asia-Pacific
Japan
Europe
Americas
Asia-Pacific
Japan
Europe
Americas
Asia-Pacific
Japan
Europe
Americas
Asia-Pacific
Unit
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
t-CO2
MWh
MWh
MWh
MWh
MWh
MWh
MWh
MWh
MWh
MWh
MWh
MWh
MWh
Thousand m3
Thousand m3
Thousand m3
Thousand m3
Tons
Tons
FY2010/11
FY2011/12
FY2012/13
FY2013/14
FY2014/15
2,673
1,256
—
101
41,953
22,408
—
16,816
3.0
6.4
—
5.7
12,407
—
—
2,595
14,275
6,783
—
406
89,674
47,830
—
17,813
5,900
26,740
0
—
0
204
101
—
36
746
1,450
2,373
1,299
0
76
34,214
21,629
12,208
24,357
2.4
6.9
5.0
5.0
18,505
9,446
6,060
11,883
12,664
6,981
0
272
74,648
50,091
16,194
27,474
7,424
20,550
0
10,047
2,352
188
136
4
33
820
1,223
2,247
1,318
0
76
38,988
16,842
11,672
24,323
2.8
6.2
5.1
5.4
17,919
9,728
5,124
11,057
11,948
7,025
0
800
74,293
38,679
16,104
28,012
6,329
17,523
0
7,924
1,907
178
124
4
45
759
1,904
2,207
1,131
46
143
42,300
17,334
10,143
21,601
3.0
6.0
4.5
4.9
18,729
9,253
5,561
9,552
11,729
6,210
225
608
74,117
41,164
15,896
26,942
6,317
15,258
0
2,220
1,731
177
124
13
45
746
2,659
2,107
797
69
143
40,965
14,164
13,486
22,007
2.9
4.6
5.5
4.3
20,823
8,127
4,349
10,575
11,107
4,438
340
611
72,780
30,836
22,148
27,862
32,626
12,400
0
238
1,694
171
97
26
48
1,041
2,281
The scope 1, 2, and 3 classifications follow The Greenhouse Gas Protocol (GHG Protocol): http://www.ghgprotocol.org/
Please refer to standards for calculation (http://www.nomuraholdings.com/csr/data/).
The coverage by region is as follows:
Japan: The Group companies located in Japan (http://www.nomuraholdings.com/company/group/)
Europe: Offices in London, Paris, Frankfurt, Zurich, Madrid, Milan, and Luxembourg
Americas: Offices in New York and Instinet offices
Asia-Pacific: Offices in Hong Kong, Singapore, India, Dalian, and Bangkok
*1 In Asia-Pacific, totals include only the India office in FY2010/11. Beginning in FY2014/15, data for Bangkok has been included. As a result of improvements in data collection
precision, figures within Scope 1, for Japan and Europe, for FY2013/14 were revised, and within Scope 2, figures for the Americas for FY2013/14 were revised.
*2 Data for airline and long-distance railway travel in Japan and overseas include the portion purchased through specified travel agencies. Data for Asia-Pacific in FY2010/11 include
only offices in India. Among Japan, Europe, and India, Hong Kong, and Bangkok offices in Asia-Pacific, data covers the actual usage of regular automobiles.
*3 In Asia-Pacific offices, assurance-verified data compiled in FY2014/15 came to a total of 9,373 t-CO2.
*4 In Asia-Pacific offices, data included only the India office in FY2010/11. As a result of improvements in data collection precision, figures for FY2013/14 for direct energy
consumption in Japan and Europe have been revised. Also, in the Americas, data for indirect energy purchases (amount of electric power purchased) from FY2011/12 to
FY2013/14 have been revised.
*5 In FY2010/11, data applied only to Nomura Group companies in Japan. However, in addition to Nomura Group companies in Japan, in Europe, the Frankfurt and Zurich offices
were included from FY2011/12 onward. From FY2013/14, the Milan office was included, and the London office was included beginning with FY2014/15.
*6 Totals for Europe only included the London office in FY2010/11. Totals for Asia-Pacific only applied to the India office in FY2010/11 and FY2011/12. As a result of improvements in
data collection precision, figures for the Americas in FY2013/14 were revised.
*7 In Nomura Securities, goods and services purchased through designated firms by the London, India, Hong Kong, and Bangkok offices were compiled. Data for the Bangkok office
were included beginning in FY2014/15. Nomura Securities increased the scope of its data compilation.
*8 Totals include the Tokyo main offices (Nihonbashi Head Office building and the Dai-ni Edobashi Building); the Osaka Branch; the Nagoya Branch; the London, Paris, Frankfurt, and
Zurich offices; and the India office. From FY2013/14, the following were added: the Tokyo main office (Urbannet Otemachi Building), the Kyoto Branch, the Okayama Branch, and
the Hong Kong office.
70
71
Data SectionNomura Report 2015 Global Network
Nomura Securities Domestic Network
(As of June 30, 2015)
Okinawa
Naha Branch
Hokuriku
Fukui Branch
Kanazawa Branch
Niigata Branch
Toyama Branch
Kinki
Akashi Branch
Daito Branch
Gakuenmae Branch
Higashiosaka Branch
Himeji Branch
Hirakata Branch
Ibaraki Branch
Kawanishi Branch
Kishiwada Branch
Kobe Branch
Kyoto Branch
Nanba Branch
Nara Branch
Nishinomiya Branch
Okamoto Branch
Osaka Branch
Otsu Branch
Sakai Branch
Senri Branch
Takarazuka Branch
Takatsuki Branch
Tennoji Branch
Toyonaka Branch
Tsukaguchi Branch
Uehonmachi Branch
Umeda Branch
Wakayama Branch
Chugoku
Fukuyama Branch
Hiroshima Branch
Kurashiki Branch
Shikoku
Matsue Branch
Okayama Branch
Shimonoseki Branch
Tokuyama Branch
Tottori Office
Yonago Branch
Kochi Branch
Matsuyama Branch
Takamatsu Branch
Tokushima Branch
Kyushu
Fukuoka Branch
Fukuoka Branch,
Amu Plaza Hakata
Office
Kagoshima Branch
Kitakyushu Branch
Kumamoto Branch
Kurume Branch
Miyazaki Branch
Nagasaki Branch
Oita Branch
Saga Branch
Sasebo Branch
Hokkaido
Asahikawa Branch
Hakodate Branch
Kushiro Branch
Tohoku
Akita Branch
Aomori Branch
Fukushima Branch
Hachinohe Branch
Iwaki Office
Sapporo Branch
Tokachi Obihiro
Office
Koriyama Branch
Morioka Branch
Sendai Branch
Yamagata Branch
Tokyo metropolitan area
Chofu Branch
Denenchofu Branch
Fuchu Branch
Gotanda Branch
Hachioji Branch
Head Office
Ikebukuro Branch
Ikebukuro
Metropolitan Plaza
Branch
Jiyugaoka Branch
Kamata Branch
Keio Shinjuku Branch
Kanto
Aeon Mall Funabashi
Office
Aobadai Branch
Atsugi Branch
Chiba Branch
Fujisawa Branch
Funabashi Branch
Hiratsuka Branch
Ichikawa Branch
Kamakura Branch
Kashiwa Branch
Kawagoe Branch
Kawaguchi Branch
Kawasaki Branch
Kofu Branch
Chubu
Gifu Branch
Hamamatsu Branch
Kanayama Branch
Kariya Branch
Kasugai Branch
Matsumoto Branch
Kichijoji Branch
Koiwa Branch
Kokubunji Branch
Machida Branch
Mita Branch
Nakameguro Branch
Nakano Branch
Nerima Branch
Ogikubo Branch
Omori Branch
Seijo Branch
Senju Branch
Shibuya Branch
Shinbashi Branch
Shinjuku Branch
Shinjuku Nomura
Building Branch
Shinjuku-eki
Nishiguchi Branch
Tachikawa Branch
Tamagawa Branch
Tanashi Branch
Tokyo Branch
Toranomon Branch
Ueno Branch
Koshigaya Branch
Kumagaya Branch
Matsudo Branch
Mito Branch
Musashikosugi
Branch
Odawara Branch
Omiya Nishiguchi
Branch
Ota Branch
Sagamihara Branch
Saitama Branch
Saitama Branch,
Omiya Higashiguchi
Office
Shinyurigaoka
Branch
Takasaki Branch
Tama Plaza Branch
Tokorozawa Branch
Totsuka Branch
Tsukuba Branch
Tsurumi Branch
Urawa Branch
Utsunomiya Branch
Yokohama
Bashamichi Branch
Yokohama Branch
Yokosuka Branch
Nagano Branch
Nagoya Branch
Nagoya-ekimae
Branch
Numazu Branch
Okazaki Branch
Shizuoka Branch
Toyohashi Branch
Toyota Branch
Tsu Branch
Yokkaichi Branch
Europe
Nomura Group has locations in 13 countries in
Americas
In addition to nine offices in this region that
this region, with the London Office, which
provide wholesale services, Nomura has an asset
marked the 50th anniversary of its establishment
management company with the advantage in
in FY2014/15, as the core of operations. Drawing
high-yield bond investment and other companies.
on the strengths of its global network, Nomura
Nomura is concentrating its corporate resources
provides services that include underwriting and
in business fields where it can attain competitive
trading in bonds and equities as well as financial
superiority. Also, by tapping into its global
solutions, with the aim of further expanding client
network to respond to a diverse range of client
revenue and enhancing the profitability of
needs, Nomura Group is working to expand its
Nomura Group.
Number of personnel: 3,485
market share in the Americas which is home to
the largest fee pool in the world.
Number of personnel: 2,449
Asia–Pacific
This is the only major region where Nomura offers
Japan
The headquarters functions of Nomura Group,
services to retail customers in addition to its
which is expanding its business activities on a
wholesale and asset management services.
global scale, are located in Japan. Nomura’s
Tailoring its approach to specific market
strengths include the largest share of client
conditions, Nomura Group offers integrated retail
assets and sales of investment trusts. Nomura is
and wholesale services and is structuring an
also differentiated by its position as an
original business model for the region, where
independent securities company with a broad
rapid economic growth is expected.
Number of personnel: 6,765*
* Includes personnel in offshore offices in India
customer base as well as capabilities for
providing services through its global business
platform in wholesale business.
Number of personnel: 15,973
72
73
Data SectionNomura Report 2015 Corporate Data
Website Information
E Corporate Data
Company name
Nomura Holdings, Inc.
President & CEO
Koji Nagai
Date of incorporation December 25, 1925
Business description
Investment and financial services
Paid-in capital
¥594.5 billion (As of March 31, 2015)
Head office
1-9-1, Nihonbashi, Chuo-ku,
Tokyo 103-8645, Japan
Group employees
28,672 (As of March 31, 2015)
E Share Data
Common stock issued
3,822,562,601 shares (As of March 31, 2015)
Listing
The common shares of Nomura Holdings, Inc. are listed on the
Tokyo, Nagoya, and Singapore stock exchanges. The shares are
also listed on the NYSE in the form of American Depositary Shares
(ADSs) evidenced by American Depositary Receipts (ADRs). Each
ADS represents one share of common stock. (As of March 31, 2015)
Securities code
8604 (Tokyo Stock Exchange)
NMR (New York Stock Exchange)
Number of shareholders
440,233 (Unit shareholders: 417,955) (As of March 31, 2015)
Transfer agent and registrar
Mitsubishi UFJ Trust and Banking Corporation
Corporate Agency Department: +81 (3) 5391-1900
Depositary for American Depositary Receipts (ADRs)
The Bank of New York Mellon
Depositary Receipts Division: +1 (866) 680-6825
http://www.adrbnymellon.com
Ratio: 1 ADR = 1 ordinary share
Major shareholders (Top 10)*
Component ratio of shareholders
Names of shareholders
Japan Trustee Services Bank, Ltd. (Trust Account)
The Master Trust Bank of Japan, Ltd. (Trust Account)
The Bank of New York Mellon SA/NV 10
State Street Bank West Client-Treaty 505234
Japan Trustee Services Bank, Ltd. (Trust Account 5)
Japan Trustee Services Bank, Ltd. (Trust Account 1)
Japan Trustee Services Bank, Ltd. (Trust Account 7)
Japan Trustee Services Bank, Ltd. (Trust Account 6)
Japan Trustee Services Bank, Ltd. (Trust Account 3)
Japan Trustee Services Bank, Ltd. (Trust Account 2)
Number of
shares
(thousands)
148,073
145,364
49,865
46,849
41,992
41,966
41,815
41,747
41,340
41,210
Percentage
(%)
4.1
4.0
1.4
1.3
1.2
1.2
1.2
1.2
1.1
1.1
* The Company has 222,555 thousand shares of treasury stock as of March 31, 2015,
which is not included in the major shareholders list above.
* Numbers of shares less than 1,000 have been truncated. Treasury stock has been
excluded in calculating ownership percentages.
Date of record for dividend payments
Second
quarter-end
September 30 March 31
Year-end
(%)
100
80
60
40
20
0
2010/11
2011/12
2012/13
2013/14
2014/15
(Fiscal year)
L Financial Institutions L Other Legal Entities
L Foreign Legal Entities L Individuals and Others
Nomura Holdings
Nomura Securities
Long-term Short-term Long-term Short-term
BBB+
Baa1
A-
A+
AA-
A-2
—
F1
a-1
—
A-
A3
A-
A+
AA-
A-2
P-2
F1
a-1
—
E Other
Credit rating*
Standard & Poor’s
Moody’s Investors Service
Fitch Ratings
R&I
JCR
* As of June 30, 2015
74
B Nomura Holdings Website
http://www.nomura.com/
At Nomura Group, we are continuing to strive to make our corporate
website broadly accessible by eliminating difficulties people may have
in accessing information and services due to visual, hearing, speech,
or other physical impairments.
C Corporate Citizenship Site
http://www.nomuraholdings.com/csr/
C Investor Relations Site
http://www.nomuraholdings.com/investor/
Nomura Group makes available detailed information on this site
regarding its CSR activities. This site also contains application
forms for requesting guest lectures by Nomura staff on financial
and economic topics, a GRI Guidelines Index, and other CSR-
related data as well as other materials.
Provides various investor relations information for Nomura Group,
including earnings presentations, financial data, the Nomura
Report, notices for shareholders, and information pertaining to
corporate governance.
About the Company Logo
The logo of Nomura Group is based on our Company badge. This badge design is an
arrangement of an ivy leaf, which appears on the crest of the Nomura family, and the
original Nomura trade name in Japanese, yamato. The yama portion of the trade name,
which means “mountain,” was restyled in the shape of a mountain, and this combination of
symbols is immediately recognizable today as synonymous with “NOMURA.” The cover
design of this report is based on the “M” motif.
Inquiries
Nomura Holdings, Inc.
Investor Relations
Urbannet Otemachi Building, 2-2-2, Otemachi, Chiyoda-ku, Tokyo 100-8130, Japan
Tel. +81 (3) 5255-1000 (Main switchboard)
Corporate Citizenship Otemachi Nomura Building, 2-1-1, Otemachi, Chiyoda-ku, Tokyo 100-8170, Japan
Department
Tel. +81 (3) 5255-1000 (Main switchboard)
e-mail: csr@jp.nomura.com
75
Nomura Report 2015
N
o
m
u
r
a
R
e
p
o
r
t
2
0
1
5
N
o
m
u
r
a
H
o
l
d
i
n
g
s
,
I
n
c
.
This report was produced
using non VOC inks.
All electricity to print this
booklet was generated by
green energy. (800 kWh)
About the photo on the front cover
The Tokyo Nihonbashi head office
building under construction around
1955-1960
The photo was taken before the 1964 Tokyo
Olympics and before the expressway over the
bridge at Nihonbashi was built. Electric-
powered trolleys were still running in the
streets, and the milestone marking the
beginning of all roads to the rest of Japan is
visible in the center of the photograph.
Printed in Japan
Continue reading text version or see original annual report in PDF
format above