Corporate Governance

Basic Views

Z Holdings Corporation (the Company) and its consolidated subsidiaries and affiliates (the Z Holdings Group or the Group) consider good corporate governance to be essential to enhancing corporate value over the medium to long term. For this, as stated in our Charter of Corporate Behavior, the directors, corporate officers, and employees fully understand their required roles, will maintain sound corporate governance and will practice efficient corporate activities in order to retain the trust and understanding of all stakeholders.

Corporate governance system

Z Holdings Corporation regards corporate governance as a vital function in order to enhance medium- to long-term corporate value and conducts appropriate and effective corporate management. Meanwhile, Z Holdings Corporation has converted to a company with an Audit and Supervisory Committee from June 2015, in order to establish both: a structure that encourages “aggressive governance” so that timely business decisions can be made in the Internet industry; and a structure that promotes the aim of the corporate governance code, namely “transparent, fair, timely, and decisive decision making”. As part of its ongoing effort to strengthen supervision and enhance the quality of decision-making, Z Holdings Corporation appointed four of the ten directors from independent outside director candidates upon the Business Integration in March 2021, with a view to ensuring supervision and decision-making from objective and diverse points of view.

Board of Directors

The Board of Directors is responsible for corporate management policies, management strategy, business planning, the acquisition and liquidation of important assets, decision making regarding important organization and personnel matters, and the supervision of the business execution of the Representative Director.
The Board of Directors is constituted by the following members and is chaired by the President and Representative Director. In order to ensure supervision and decision-making from objective and diverse points of view, four out of the ten directors are independent outside directors. In nominating the director candidates, the Board of Directors receives the proposals from the Nominating and Remuneration Committee of which two thirds is constituted by independent outside directors, takes the performance, experience, knowledge, popularity, etc. in and out of this Company of the candidates into account to resolve the appropriate candidates, and proposes the candidates to the shareholders meeting.

Titles/names
President and Representative Director, Co-CEO (Co-Chief Executive Officer): Kentaro Kawabe
Representative Director, Co-CEO (Co-Chief Executive Officer): Takeshi Idezawa
Director, GCPO (Group Chief Product Officer): Jungho Shin
Director, Senior Managing Corporate Officer: Takao Ozawa
Director, Senior Managing Corporate Officer: Jun Masuda
Director, Senior Managing Corporate Officer, GCSO (Group Chief Synergy Officer): Taku Oketani
Outside Director (Independent Director), Full-time Audit and Supervisory Committee Member: Yoshio Usumi
Outside Director (Independent Director), Audit and Supervisory Committee Member: Maiko Hasumi
Outside Director (Independent Director), Audit and Supervisory Committee Member: Tadashi Kunihiro
Outside Director (Independent Director), Audit and Supervisory Committee Member: Rehito Hatoyama

Audit and Supervisory Committee

The Audit and Supervisory Committee is responsible for auditing and supervising the entirety of the company’s business activities, including the appropriateness of policy, planning, and procedures; effective business implementation; and compliance to laws and regulations through the perusal of important final decision documents, etc., the inspection of subsidiary companies, and so on. Furthermore, the Audit and Supervisory Committee receives reports on the auditing methods and results from the account auditors and internal audit methods and results from the division in charge of internal audit. Based on these activities, the Audit and Supervisory Committee regularly presents its opinions as an Audit and Supervisory Committee to the directors who are not Audit and Supervisory Committee members.
The Audit and Supervisory Committee is composed of four members, Yoshio Usumi, Maiko Hasumi, Tadashi Kunihiro, and Rehito Hatoyama, who are all independent outside directors, and is chaired by Yoshio Usumi.
In addition to the nomination standard of the Company’s directors, the Company has set having social credibility as the criteria for the nomination of outside directors, and the independent standards set by Tokyo Stock Exchange, Inc. are used as the Company’s independence standards.
Furthermore, in light of the Group’s situation, Audit and Supervisory Committee members include persons with broad management experience such as management, corporate planning, finance, etc., as well as a lawyer with a high level of expertise in governance and other areas. The Audit and Supervisory Committee members and the accounting auditors hold meetings, periodically and when necessary, to collaborate on the proper execution of audits.

Nominating and Remuneration Committee

The Company establishes a voluntary Nominating and Remuneration Committee for the purposes of proposing to the Board of Directors, the nomination of Representative Director, directors and others, and deciding the remunerations, etc. of directors (excluding those serving on the Audit and Supervisory Committee).
The Nominating and Remuneration Committee consists of six members, and is chaired by Yoshio Usumi, who is an independent outside director and a full-time member of the Audit and Supervisory Committee. The Nominating and Remuneration Committee also consists of: Rehito Hatoyama, Maiko Hasumi, and Tadashi Kunihiro, who are independent outside directors serving on the Audit and Supervisory Committee; Kentaro Kawabe, President and Representative Director, Co-CEO; and Takeshi Idezawa, Representative Director, Co-CEO.
Based on the Regulation for the Nominating and Remuneration Committee determined by the Board of Directors, the Nominating and Remuneration Committee makes proposals, etc. to the Board of Directors on all matters related to the agenda of the shareholders meeting on the appointment and removal of the representative director, and election and dismissal of directors. In the future, it plans to propose and implement a succession plan of the representative director. Furthermore, based on the Regulations of Remunerations for Directors, the Committee determines the amount of base remunerations and bonuses of the directors (excluding those serving on the Audit and Supervisory Committee) and makes proposals, etc. on non-monetary remunerations such as stock options and restricted stocks to the Board of Directors.

Governance Committee

The Company establishes a Governance Committee, a special committee, as an advisory body to the Board of Directors. The Governance Committee is composed of four independent outside directors, Tadashi Kunihiro, Yoshio Usumi, Maiko Hasumi, and Rehito Hatoyama and is chaired by Tadashi Kunihiro.
The Governance Committee strengthens the supervisory function of the Board of Directors, and will discuss important matters on the Group’s governance, etc. to further improve corporate governance and protect the Company’s minority shareholders. Specific matters discussed include matters related to the Group's governance, matters related to important transactions and activities such as mergers and acquisitions, and matters related to important transactions and activities that conflict with the interests of the parent company and minority shareholders.

Internal Audit Office

Reporting directly to the president, the Internal Audit Office oversees the development and implementation of internal audit systems throughout the Z Holdings Group in addition to providing Groupwide systems evaluations and improvement guidance with the goal of ensuring that business operations are appropriate and executed effectively and efficiently. The Internal Audit Office carries out its various audit-related activities in cooperation with audited departments and subsidiaries.

Management team (corporate officers) remit

The Board of Directors makes decisions regarding the Company's management policies, management strategies, business plans, acquisition and disposal of important assets, and important organizational and personnel matters, and supervises the execution of duties by the Representative Director. Specifically, items such as high value investments and loans, and the acquisition or liquidation of high value assets are within the purview of items to be resolved by the Board of Directors. Decisions regarding other individual business matters are, as a rule, to be handled by the management staff in accordance with the Regulations of the Board of Directors Meetings.

Effectiveness of Board of Directors

After each Board of Directors meeting, etc., the Company asks directors, including those serving on the Audit and Supervisory Committee, for their opinions on the operation of the meeting. The opinions are shared with other directors, and are used to improve the operation of the secretariat and to enhance the effectiveness of the next and subsequent meetings of the Board of Directors.
In addition, the Company conducts interviews with directors serving on the Audit and Supervisory Committee* once a year on a regular basis, in order to analyze and evaluate the effectiveness of the Board of Directors. The effectiveness of the Board of Directors was referred to the Board of Directors again this fiscal year. As a result, it was confirmed that effectiveness of the Board is generally secured. In particular, in this fiscal year, the Company was commended for its thoroughness and improvement in the rules regarding the timing of prior distribution of Board of Directors meeting materials, which was an issue in the previous fiscal year. With regard to the scope of items to be discussed, which was recognized as an issue in the previous fiscal year, some improvements were made in the reporting of financial information, etc. However, we will continue to work on further improvements.
*The interviews have not been held with the directors serving on the Audit and Supervisory Committee who assumed office on March 1, 2021.

Board policies and procedures in the appointment and dismissal of the senior management and the nomination of director candidates

The suitable person for director candidate is nominated by the Board of Directors. The criteria which are taken into consideration include performance, experience, knowledge, popularity, etc. in the Company or in other companies. If a director, etc. falls under the reasons for dismissal as prescribed in the internal regulations, the Board of Directors can resolve the dismissal of the director, etc. in question. A voluntary Nominating and Remuneration Committee comprised of the four independent outside directors serving on the Audit and Supervisory Committee and two internal directors, chaired by an independent outside director, will discuss and propose the nomination of director candidates and dismissal of directors, etc. to the Board of Directors.
Especially in the nomination process, the Nominating and Remuneration Committee pays heed to prevent membership from gravitating towards all members having similar characteristics, in order to preserve diversity within the Board of Directors.

Nomination of directors and Audit and Supervisory Committee members

Kentaro Kawabe
Since joining the Company in 2000, Kentaro Kawabe has served with distinction for 20 years in important positions in the Company including manager of the Company’s core services such as Yahoo! JAPAN News and Chief Operating Officer (COO), contributing to the growth of the Company. In addition, he has achieved the business integration with LINE Corporation, and has built a structure that enables the creation of a great future. The Company has renominated him as a director candidate so that he can lead the growth of the Company even further, continue to strengthen the governance structure of the overall Z Holdings Group including that of Yahoo Japan Corporation, and lead the rapid creation of synergies for the Z Holdings Group.

Takeshi Idezawa
Takeshi Idezawa achieved the successful rehabilitation of the management of the company formerly known as livedoor Co., Ltd., has demonstrated strong organizational control and leadership in supervising the overall management of the LINE Group, and has greatly contributed to the realization of the integration between the Company and LINE Corporation. The Company has renominated him as a director candidate so that, drawing from his expertise and experience, he can continue to strengthen the governance structure of the overall Z Holdings Group including that of LINE Corporation, and lead the rapid creation of synergies for the Z Holdings Group.

Jungho Shin
Being responsible for product strategy and overseas business for the LINE Group, Jungho Shin has assumed a leading role in the creation of innovative products, thereby driving the growth of the LINE Group. The Company has renominated him as a director candidate so that Shin, with his strong track record, can lead the product strategy of the Z Holdings Group as the Company’s Group Chief Product Officer, with the goal of propelling the dramatic growth of the Z Holdings Group.

Takao Ozawa
Since joining the Company in 2012, Takao Ozawa has grown the commerce business of the Z Holdings Group with strong leadership, such as in promoting the “e-commerce revolution”. The Company has renominated him as a director candidate so that he can lead the further growth of the Z Holdings Group, whose business is increasingly diversifying due to the integration, based on his expertise in the Internet business and commerce fields as well as abundant experience in corporate management and broad knowledge in creating new businesses as an entrepreneur.

Jun Masuda
Being responsible for the LINE Group’s overall domestic product strategy and domestic marketing strategy in Japan, Jun Masuda has promoted efforts to improve the brand value of the LINE Group and promoted swift, innovative business development. The Company has renominated him as a director candidate, based on its assessment that his substantial experience will be critical in propelling the growth of the Z Holdings Group whose business is increasingly diversifying due to the integration, and improving the Group’s overall brand value.

Taku Oketani
Taku Oketani has deep insight and broad knowledge in the commerce and marketing fields of SoftBank Corp., which is closely involved in the business operations of the Z Holdings Group. The Company has renominated him as a director candidate so that he can strongly lead the generation of synergies within the Z Holdings Group and play an important role in the collaborations with SoftBank Corp.

Yoshio Usumi
Yoshio Usumi has many years of business execution experience and track record in corporate administration. He also has abundant knowledge and track record in corporate management and corporate governance as well as deep insight in the IT business. He has served as the Company’s outside director (independent director) and Audit and Supervisory Committee member for two years since June 2019 (full-time Audit and Supervisory Committee member since June 2020), and has provided appropriate advice on the Company’s overall management and corporate functions. The Company expects that he will continue to contribute to the Company as a full-time member of the Audit and Supervisory Committee, and contribute to the improvement of the Company’s corporate governance as the Chairperson of the Audit and Supervisory Committee and the Nominating and Remuneration Committee. The Company has renominated him as an outside director candidate serving on the Audit and Supervisory Committee for these reasons.

Maiko Hasumi
Maiko Hasumi received an MBA from Stanford Graduate School of Business, and has substantial knowledge and experience in corporate management, as well as deep insight as a financial analyst, which she has accumulated from her career as a fund manager. The Company has selected her as a candidate to act as an outside director serving on the Audit and Supervisory Committee of the Company, with the expectation that she will provide useful advice and supervision concerning the Company’s management especially from an investor’s perspective.

Tadashi Kunihiro
As a lawyer, Tadashi Kunihiro has a broad range of insight in corporate crisis management and compliance systems. The Company has selected him as a candidate to act as an outside director serving on the Audit and Supervisory Committee of the Company, in light of his track record for providing, as an outside director of the former LINE Corporation before the integration, appropriate and valuable advice and recommendations, particularly with respect to the establishment of crisis management processes. Although he has not been involved in corporate management other than having served as an outside director, the Company judges him suitable to serve as an outside director for the aforementioned reasons.

Rehito Hatoyama
Rehito Hatoyama received his MBA from Harvard Business School, and is highly experienced in corporate strategy for globalization, corporate governance and innovation in the IT and entertainment industries. He has substantial insight on business expansion and business management overseas, mainly in the content and character license businesses. The Company has selected him as a candidate to act as an outside director serving on the Audit and Supervisory Committee of the Company, in light of his track record of providing appropriate and valuable advice and recommendations from a practical viewpoint as an outside director of the former LINE Corporation before the integration, cultivated through his corporate management experience.

Director and senior management remuneration

The handling of individual remunerations, etc. of directors (excluding directors serving on the Audit and Supervisory Committee; the same shall apply hereinafter, and the handling: policy regarding decisions on the details of remuneration, etc. for each individual director) is prescribed in the Regulations of Remuneration for Directors (hereinafter referred to as the "Regulations") by the resolution of the Board of Directors based on the opinions of independent outside directors. The remuneration, etc. paid to the Company’s directors is composed of base remuneration (paid regularly) and performance-based remuneration (bonus and stock-based remuneration paid at a certain time after the end of the relevant fiscal year), and the basic policy on the proportion of the two remunerations is such that the portion of the performance-based remuneration exceeds the portion of base remuneration.
However, if a director concurrently serves in another company and receives director remuneration from that company, based on the details of the said remuneration and responsibilities the director has in the Company, the Company may not pay all or part of the remuneration, etc., or if the Company pays remuneration, the portion of the performance-based remuneration may not exceed that of base remuneration, or the Company may not pay the performance-based remuneration.
With respect to base remuneration (fixed remuneration) and bonuses (performance-based remuneration), the Nominating and Remuneration Committee shall determine the details of remuneration, etc. for each individual director through deliberation and resolution by its members in accordance with the Regulations. The Nominating and Remuneration Committee determines the base remuneration in accordance with the director's position (responsibility) and with reference to the Company's performance level, and the bonus based on the director's performance and the degree of achievement of performance targets for the relevant fiscal year, taking into account the evaluation of the management measures implemented by the director.
On the other hand, the details of restricted stock remuneration (issue price, number of shares to be granted, other details of the allotment agreement, etc.) granted as stock-based remuneration (performance-based remuneration, non-monetary remuneration) shall be determined by a resolution of the Board of Directors based on the amount of claims for remuneration, etc. determined by the Nominating and Remuneration Committee in accordance with the Regulations. The Board of Directors passes a resolution to approve the amount of such claims after confirming that the Nominating and Remuneration Committee has determined the amount of such claims on the basis of its function as an incentive to increase the Company's corporate value over the medium to long term and the degree of achievement of the directors' performance and performance targets for the relevant fiscal year, taking into account the evaluation of the management measures implemented by the directors.
Please note that fiscal 2020’s goal for operating income, the key index in regards to performance-based remuneration, was over JPY 160 billion, and the result was JPY 162.1 billion.
As noted below, in the fiscal year ending March 31, 2022, the remuneration system and decision policy at former LINE Corporation continues to be applied temporarily, and the policy regarding the remuneration of directors for the fiscal year ending March 31, 2023 and thereafter, is being discussed and considered multiple times by the Nominating and Remuneration Committee.
Following the business integration between the Company and former LINE Corporation, the roles and responsibilities of the directors of the newly established Z Holdings are being redefined. The Company continues to study the establishment of a new remuneration system to realize the Company’s mission, “UPDATE THE WORLD,” by taking advantage of the knowledge of an external consultant (Human Resources Governance Leaders Co., Ltd.) regarding the remuneration system, remuneration levels, setting of KPIs for performance-based remuneration, the remuneration decision-making process, and other aspects of remuneration governance, based on the redefined roles and responsibilities. A resolution is scheduled to be approved at the Board of Directors meeting during the fiscal year.
(Note)
The remuneration system and decision policy for the former LINE Corporation is as follows, and they will continue to be applied for the fiscal year ended March 31, 2021 and fiscal year ending March 31, 2022 on a temporary basis.
・The remunerations of Takeshi Idezawa, Jungho Shin and Jun Masuda consist of base remuneration, bonus and stock-based remuneration.
・Base remuneration: The amount of monetary remuneration is determined in accordance with the roles and responsibilities of each director, and a portion of the amount is paid monthly as base remuneration. The idea of emphasizing a sense of unity as a management team is reflected in the amount of monetary remuneration.
・Bonus: A portion of the base remuneration is paid as bonus, and is not performance-based. Part of the monetary remuneration is deferred and paid as bonus in order to enable the Board of Directors of the Company, based on the deliberation of the Nominating and Remuneration Committee, to restrict the payment to a director who commits a materially inappropriate act that causes damage to the Group during his or her term of office.
・Stock-based remuneration: Stock-based remuneration plans (stock options or other stock-based remuneration) have been introduced as a means of creating social value on a medium- and long-term basis and as a means of continuing to provide value to all stakeholders. The Company issues and grants stock options or other stock-based remuneration for the contribution for each of the three fiscal years starting from the fiscal year ended December 31, 2019.

Director remuneration for fiscal 2020

Number Total remuneration

(millions of yen)

Breakdown of total
remuneration(millions of yen)
Base

salary

Stock

options

Bonuses Restricted

stocks

Directors (excluding Audit and Supervisory Committee members) 6 460 170 192 97
(Of which for outside directors) (-) (-) (-) (-) (-) (-)
Directors (Audit and Supervisory Committee members) 6 87 74 13
(Of which for outside directors) (6) (87) (74) (-) (13) (-)
Total 12 547 244 205 97
(Of which for outside directors) (6) (87) (74) (-) (13) (-)

  • Directors (excluding Audit and Supervisory Committee members)
    • Number : 6
    • Total remuneration : 460
    • Base salary : 170
    • Stock options : -
    • Bonuses : 192
    • Restricted stocks : 97
  • (Of which for outside directors)
    • Number : (-)
    • Total remuneration : (-)
    • Base salary : (-)
    • Stock options : (-)
    • Bonuses : (-)
    • Restricted stocks : (-)
  • Directors (Audit and Supervisory Committee members)
    • Number : 6
    • Total remuneration : 87
    • Base salary : 74
    • Stock options : -
    • Bonuses : 13
    • Restricted stocks : -
  • (Of which for outside directors)
    • Number : (6)
    • Total remuneration : (87)
    • Base salary : (74)
    • Stock options : (-)
    • Bonuses : (13)
    • Restricted stocks : (-)
  • Total
    • Number : 12
    • Total remuneration : 547
    • Base salary : 244
    • Stock options : -
    • Bonuses : 205
    • Restricted stocks : 97
  • (Of which for outside directors)
    • Number : (6)
    • Total remuneration : (87)
    • Base salary : (74)
    • Stock options : (-)
    • Bonuses : (13)
    • Restricted stocks : (-)

  • *1 The amount of restricted stocks remuneration is the amount of restricted stock remuneration recorded in this fiscal year.
  • *2 There are no remunerations, etc. received by the outside directors from the Company’s parent company or the subsidiaries of the said parent company other than those prescribed above in this fiscal year.
  • *3 Out of the directors, no director remuneration, etc. is paid to Masayoshi Son, Ken Miyauchi, and Kazuhiko Fujihara, who resigned on February 28, 2021.
  • *4 The figure above includes the remuneration for two directors (directors serving on the Audit and Supervisory Committee) who resigned on February 28, 2021.
  • *5 We have stipulated a clause (malus clause) whereby the Company shall automatically acquire all or part of the restricted shares without consideration, according to the responsibility of the director, if there is a serious accounting fraud or significant losses in the Company. Such acquisition shall be made by notifying the eligible directors in writing that the Company shall acquire the shares without consideration, and shall be executed when the notification has arrived to the director from the Company.

Fortifying internal control

For information on Fortifying internal control, please click here.

Policy on measures to protect minority shareholders in conducting transactions with controlling shareholder

The parent company of Z Holdings Corporation is SoftBank Group Corp., SoftBank Group Japan Corporation, SoftBank Corp., and A Holdings Corporation. Z Holdings Corporation has enacted “Regulations for Appropriate Business Transactions and Practices by Z Holdings Corporation, its Parent Company, Subsidiaries, and Affiliates”. In accordance with these regulations, Z Holdings Corporation strives to maintain its commitment to fair and proper transactions by expressly forbidding clearly advantageous or disadvantageous transactions with its parent company, etc. which are judged by comparing transactions with a third party or with other similar transactions, and performing of transactions for the purpose of shifting profits, losses, or risks. In addition, the Company mandates that certain transactions and actions with the parent company be discussed by the Governance Committee.

Measures to Vitalize the General Meeting of the Shareholders and Facilitate Exercise of Voting Rights

The Company makes various efforts to vitalize shareholders meetings and to facilitate shareholders’ exercise of voting rights. For example, the Company has since its founding held its annual general meeting of shareholders on a day when other major companies are not holding meetings. In addition, we promptly post notices of our annual general meeting of shareholders on the Company’s Investor Relations website in both Japanese and English before mailing out notices to all shareholders. Appealingly designed and printed in full color, the notices in addition contain supplementary non-financial information to broaden shareholders’ knowledge of our business operations. Moreover, to ensure that a maximum number of shareholders are able to exercise their voting rights, we permit individual investors to vote online and also offer a dedicated Internet voting platform for institutional investors.
In addition, proceedings of the general meeting of the shareholders are broadcast live over the Internet and the video recording is distributed on a later date. From the general meeting of the shareholders held in June 2020, the Company also provides a means of participating in the shareholders meeting over the Internet.

Anti-takeover measures

A small group of major shareholders account for a significant portion of the Company’s ownership. Because the risk of a hostile takeover bid is considered to be low, the Company has not formulated takeover-related measures. Recognizing this matter as a potentially significant management issue, however, the Company intends to consider the necessity for and content of effective measures.

Directors’ skills matrix

■The Company’s criteria for selecting directors are as follows.

【For all directors】
The director candidate must be a person who recognizes that it is his or her role to fulfill social responsibility by respecting the spirit of the Charter of Corporate Behavior established by the Company and is capable of putting it into practice. In addition, the candidate must have excellent character and insight, and be healthy in mind and body.
【Executive directors】
The candidate must be familiar with the business of the Company's group and be able to contribute to the enhancement of the corporate value of the Company with strong leadership.
【Non-executive directors】
The candidate must be able to engage in the corporate management of the Company based on the individual backgrounds of each candidate.
【Outside directors】
The candidate must have sufficient social credibility.
In addition, a candidate for independent outside director shall be selected in accordance with the independence standards established by Tokyo Stock Exchange, Inc.

■Directors’ skills matrix (expertise/experiences of the directors)
  • ※Please scroll horizontally for more information.

Kentaro Kawabe
(Age: 46)

Takeshi Idezawa
(Age: 47)

Jungho Shin
(Age: 49)

Takao Ozawa
(Age: 49)

Jun Masuda
(Age: 44)

Taku Oketani
(Age: 50)

Yoshio Usumi
(Age: 62)

Maiko Hasumi
(Age: 46)

Tadashi Kunihiro
(Age: 65)

Rehito Hatoyama
(Age: 47)

Position Director Director Director Director Director Director Outside Director Outside Director Outside Director Outside Director
Years of office 3 year 2 year 2 year 2 year
Corporate management
Industry experience
Global management
/ Internationality
Technology
Investment
/ Market
Management
/ Corporate Planning
/ Treasury
Risk Management
/ Law
ESG

  • ・Age: as of June 3, 2021 the notice of the general meeting of the shareholders was sent
  • ・Years in office: as of the close of the 26th Ordinary General Meeting of the Shareholders
■Details of expertise/experience

Corporate management: Experience in corporate management
Experience in industry: Expertise in IT industry and digital transformation (e.g. advertising, media, e-commerce, fintech)
Global management/internationality: Experience in overseas business development, etc.
Technology: Experience in technology strategy/R&D in IT industry
Investment/market: Expertise such as knowledge of financial markets (analyst)
Administration/corporate planning/finance: Expertise in corporate operations (e.g. management accounting, corporate planning, financial accounting, human resources)
Risk management/law: Expertise in risk management/law
ESG: Expertise in ESG represented by environment, society (human capital development, social contribution), governance (corporate governance, security, privacy)