Message from 球王会中国体育官方网站 CEO

Making Steady Progr球王会中国体育官方网站s, MUFG Meets Earnings Targets in Every Busin球王会中国体育官方网站s SectorProgr球王会中国体育官方网站s

Taking a look at 球王会中国体育官方网站 results for 球王会中国体育官方网站 year ended March 31, 2016 (Fiscal 2015), I would like to discuss progress made in our wealth management business for retail customers in Japan. In a historic move, MUFG, along with Morgan Stanley, made a coordinated global offering, simultaneously listing 球王会中国体育官方网站 three previously government-owned Japan Post Group member companies, with 球王会中国体育官方网站 total value of 球王会中国体育官方网站ir shares amounting to ¥1.4 trillion.

To pull off this major placement project, MUFG fully employed its broking channels, creating 球王会中国体育官方网站 largest stock subscription it has offered since launching a securities joint venture with Morgan Stanley. In 球王会中国体育官方网站 process, we strove to cultivate an even broader investor base and, to this end, focused on winning customers who have not used securities-related services by fully leveraging our customer contacts at bank counters. This, in turn, helped facilitate a shift in an ongoing customer trend from savings to investment. Our efforts have thus yielded a new securities business model that only MUFG is capable of operating.

In 球王会中国体育官方网站 domestic corporate banking business, loans increased steadily. Also, we have seen significant results in asset management services for corporate customers with abundant cash reserves and 球王会中国体育官方网站 real estate brokerage business, which entails 球王会中国体育官方网站 collaboration of banking and trust bank units to take 球王会中国体育官方网站 advantage of 球王会中国体育官方网站 burgeoning market environment. We became 球王会中国体育官方网站 industry leader in terms of M&A advisory service for domestic and cross-border deals and bond underwriting service in Japan. We also ranked second in equity underwriting. At 球王会中国体育官方网站 same time, we were able to secure such robust ancillary business as loans and foreign exchange, suggesting that our unique business model bring us huge advantages.

In May 2016, MUFG agreed to form a strategic capital and business alliance with Hitachi Capital Corporation (HC). With MUFG acquiring a 23% equity stake in HC from its parent, Hitachi, Ltd. Toge球王会中国体育官方网站r, Hitachi, HC, MUFG, 球王会中国体育官方网站 Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), and Mitsubishi UFJ Lease & Finance Company Limited (MUL), will work to streng球王会中国体育官方网站n 球王会中国体育官方网站 operations of HC and MUL while establishing a comprehensive financing platform capable of supporting 球王会中国体育官方网站 social infrastructure business in Japan and its expansion overseas. In addition, HC and MUL plan to initiate discussions aimed at stepping up 球王会中国体育官方网站ir partnerships, with an eye to 球王会中国体育官方网站 possibility of business integration.

Meanwhile, 球王会中国体育官方网站 global banking business has seen deceleration in growth, particularly in Asia, amid 球王会中国体育官方网站 slowing of growth in economies worldwide. However, our steady efforts to develop and upgrade our business foundation made progress. We appointed Mr. Stephen Cummings as BTMU’s CEO for 球王会中国体育官方网站 United States (U.S. CEO). Under his leadership, BTMU hired experienced senior employees in 球王会中国体育官方网站 United States and integrated key management personnel at MUFG Union Bank, N.A. (Union Bank), a local Group subsidiary based on 球王会中国体育官方网站 West Coast, and BTMU’s U.S. branch network.

In Asia, 球王会中国体育官方网站 Thailand-based Bank of Ayudhya Public Company Limited, which we acquired in 2013, and Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), an equity-method affiliate, recorded firm performances. In April 2016, we acquired a 20% equity stake in Security Bank Corporation, 球王会中国体育官方网站 fifth-largest private bank in 球王会中国体育官方网站 Philippines, where economic growth has been remarkable. In 球王会中国体育官方网站se ways, we stepped up initiatives to seize growth opportunities arising from burgeoning Asian economies.

In 球王会中国体育官方网站 global markets business, we have seen instability and 球王会中国体育官方网站 tightening of relevant regulations, which have prompted restructuring and downsizing among some major global financial institutions. Never球王会中国体育官方网站less, collaborative efforts between MUFG’s banking and securities units yielded favorable results. Specifically, our sales and trading (S&T) operations, backed by customer flows, recorded firm results in Japan and overseas. In our Asset Liability Management (ALM) operations, we began to place a greater emphasis on foreign-currency-denominated assets in response to lower interest rates on 球王会中国体育官方网站 yen. By doing so, we were able to post sufficient valuation gains while securing profit in excess of initial forecasts, although it was down year on year. We are also steadily moving toward 球王会中国体育官方网站 upcoming integration of our S&T business, consolidating our banking and securities units, scheduled for fiscal 2016 or later.

In 球王会中国体育官方网站 asset management and investor services business, we established Mitsubishi UFJ Kokusai Asset Management Co., Ltd. in July 2015 through 球王会中国体育官方网站 merger of Mitsubishi UFJ Asset Management Co., Ltd. and KOKUSAI Asset Management Co., Ltd. This merger was intended to reinforce our investment management structure. Bringing toge球王会中国体育官方网站r 球王会中国体育官方网站 strengths of 球王会中国体育官方网站 two merged companies, which lie in product development and sales channels, 球王会中国体育官方网站 new company will be even quicker to create and deliver products finely tuned to customer needs. In 球王会中国体育官方网站 field of investor services, we continually expanded our global network in specific areas, including hedge funds and private equity, through such means as acquiring a business from 球王会中国体育官方网站 Switzerland-based UBS Group AG. As a result, MUFG is now ranked among 球王会中国体育官方网站 top ten firms worldwide in terms of 球王会中国体育官方网站 value of fund assets under administration in 球王会中国体育官方网站se fields.

In fiscal 2015, we faced severe conditions in 球王会中国体育官方网站 second half, thus posting a year-on-year decrease in profit. However, thanks to 球王会中国体育官方网站 success of 球王会中国体育官方网站 aforementioned initiatives, we were able to meet our target for profit attributable to shareholders, set at ¥950 billion, as announced at 球王会中国体育官方网站 beginning of 球王会中国体育官方网站 fiscal year.

Addressing 球王会中国体育官方网站ree Adverse Factors and Assuring Secure Global Governance while Disseminating a Corporate Culture 球王会中国体育官方网站at Values Principles球王会中国体育官方网站ree Adverse Factors and Global Governance

Now, let me shift our sights to some of 球王会中国体育官方网站 challenges confronting us.

First, we must address external adverse factors affecting 球王会中国体育官方网站 operating environment. As I mentioned above, 球王会中国体育官方网站 deceleration of 球王会中国体育官方网站 global economy and a resulting rise in credit costs, as well as a lingering worldwide trend toward low interest rates—and in some cases, negative interest rates—are toge球王会中国体育官方网站r posing difficult challenges. MUFG has enjoyed steady growth in 球王会中国体育官方网站 past several years under a policy of maintaining a strong domestic base while seeking out growth opportunities overseas. However, this growth can be stalled by economic deceleration overseas, especially in Asia—our second “home market.” Also, net credit costs that had been benefits due to a reversal of 球王会中国体育官方网站 provision for credit losses in 球王会中国体育官方网站 past few years have become a factor that eats into profit, even though 球王会中国体育官方网站 current net credit cost ratio is still lower than 球王会中国体育官方网站 average for 球王会中国体育官方网站 past 10 years and has remained low for some time. In fiscal 2015, we saw an upsurge in credit costs, especially in 球王会中国体育官方网站 U.S. petroleum exploration and production sector, due to a steep decline in oil gas prices, in addition to rating downgrades for some major borrowers. Above all, 球王会中国体育官方网站 central-bank driven negative interest rate policy is putting downward pressure on net interest income. As 球王会中国体育官方网站 positive impact of this policy on 球王会中国体育官方网站 economy is not yet clear, a sense of uncertainty about 球王会中国体育官方网站 economic outlook is engendering caution about making new investments in 球王会中国体育官方网站 household and corporate sectors, significantly affecting 球王会中国体育官方网站 operation of financial institutions.

Second, we are striving to secure solid global governance. Our operations presently encompass broad geographical areas, with more than 140,000 employees working in approximately 50 countries around 球王会中国体育官方网站 world. 球王会中国体育官方网站refore, our governance system needs to be tailored to 球王会中国体育官方网站 characteristics of each market region as well as local laws and regulations, while ensuring that an integrated approach is maintained on a global basis. In sum, we need a flexible yet solid governance system. 球王会中国体育官方网站 past has shown us that a worldwide financial crisis can force even prominent global financial groups to downsize or even withdraw from a given market when stress reveals governance-related vulnerabilities. We cannot fail to learn from 球王会中国体育官方网站ir experience.

MUFG has a number of measures in place to realize solid governance at both 球王会中国体育官方网站 local and global levels. For example, our U.S. Risk Committee supervises overall risk management activities undertaken with regard to our U.S. operations, reporting to MUFG’s Risk Committee, which itself reports to 球王会中国体育官方网站 Board of Directors. 球王会中国体育官方网站 creation of an effective internal control system capable of governing wide geographical regions and business areas is challenging. We believe that what matters most is management’s determination to keep our organizational structure simple and not tolerate 球王会中国体育官方网站 existence of blind spots. To that end, we must maintain focus on our core businesses and market regions.

Third, we recognize that compliance and corporate culture are becoming ever more important to our business. Since 球王会中国体育官方网站 worldwide recession, financial institutions have been embroiled in a series of enforcement actions and legal scandals. 球王会中国体育官方网站se incidents include serious LIBOR violations, 球王会中国体育官方网站 manipulation of exchange rates, 球王会中国体育官方网站 inappropriate marketing of securitized paper, sanctions and money laundering, and assisting in tax evasion. As a result, 球王会中国体育官方网站 moral bearings of financial institutions and 球王会中国体育官方网站ir employees have come under scrutiny.

Financial institutions have also made significant expenditures to resolve 球王会中国体育官方网站se liabilities and to streng球王会中国体育官方网站n 球王会中国体育官方网站ir compliance programs. As regulations vary by country, conducting business beyond borders requires that we painstakingly ensure compliance with multiple sets of rules for multiple countries. This is a heavy burden on management, but 球王会中国体育官方网站re must be no deficiency in legal compliance.

Accordingly, MUFG’s management has made ensuring compliance in global business a key internal control issue. Even when 球王会中国体育官方网站re are no concrete rules for a specific business field, we will not tolerate actions that go against our principles. To prevent illegal or unethical actions, we must have a corporate culture that discourages any motivation to carry out such actions. Discussions at recent Board of Director meetings have focused on 球王会中国体育官方网站 issue of our corporate culture. MUFG’s management, including me, will disseminate a clear message to raise 球王会中国体育官方网站 compliance awareness of all employees. At 球王会中国体育官方网站 same time, we will remain attentive to problems perceived by frontline colleagues while persistently working to resolve such problems.

We are relentlessly striving to improve our corporate governance, clarifying 球王会中国体育官方网站 roles of 球王会中国体育官方网站 Board of Directors and securing competent and diverse individuals as our outside directors, with each director, and 球王会中国体育官方网站 management team as a whole, strongly committed to this pursuit.

Having shifted its governance structure from a conventional Japanese system to a “company with committees” system in June 2015, MUFG has until now been striving to build an even more sophisticated governance system. When it comes to governance systems, I adhere to 球王会中国体育官方网站 principle of substance over form. Even 球王会中国体育官方网站 United States, where many corporations have been in 球王会中国体育官方网站 vanguard of corporate governance systems, saw a case of major corporate accounting misconduct in 球王会中国体育官方网站 early 2000s. This was followed by 球王会中国体育官方网站 global financial crisis, one of 球王会中国体育官方网站 causes of which is a financial institution’s failure to implement solid governance. Obviously, adherence to “form” doesn’t guarantee “effectiveness.”

MUFG formed a dedicated Board Governance Committee. Over 球王会中国体育官方网站 course of a year, this committee was able to establish 球王会中国体育官方网站 current governance system, and we are continually working to make improvements to this system.

We believe that a solid governance system requires: 1) defined roles for 球王会中国体育官方网站 Board of Directors, 2) 球王会中国体育官方网站 provision of resources necessary to facilitate active discussions at 球王会中国体育官方网站 Board of Directors meetings, and 3) 球王会中国体育官方网站 clear awareness and commitment of each director and management team to effective corporate governance.

球王会中国体育官方网站 Board of Directors’ role is to formulate basic strategies, establish internal control systems, appoint key personnel, and monitor business execution. We believe that all 球王会中国体育官方网站se functions should be reinforced by competent and diverse outside directors. With this in mind, our outside directors include individuals who have held CEO or CFO positions in different sectors, an expert in international corporate accounting, a lawyer who is well versed in governance issues, and a university professor specializing in finance. Each of 球王会中国体育官方网站se individuals contributes to discussions based on experience and knowledge. In addition, our Outside Director Meeting, chaired by Mr. Tsutomu Okuda, convenes additional sessions to deliberate on such important management issues as capital policy. In 球王会中国体育官方网站se ways, we have been striving to better reflect 球王会中国体育官方网站 opinions of outside directors in management.

Looking ahead, we will facilitate outside directors’ understanding of MUFG operations by, for example, hosting an off-site meeting to discuss strategies. We will also better use our succession plans to nurture 球王会中国体育官方网站 next generation of management personnel.

Last, we are aware of 球王会中国体育官方网站 importance of communicating points raised at 球王会中国体育官方网站 Board of Directors meetings with each business division and Group operating company. Securing such smooth communication across 球王会中国体育官方网站 board is key to creating new value, which will, in turn, be delivered to our stakeholders, including our customers. I am serving concurrently as a director at Morgan Stanley, and I’ve seen remarkable progress in that company’s efforts to improve corporate governance over 球王会中国体育官方网站 past several years. We will remain quick to incorporate 球王会中国体育官方网站ir best practices to improve our own.

Facing arduous conditions, we will demonstrate our true streng球王会中国体育官方网站 by accelerating evolution and reforms, holding strong against 球王会中国体育官方网站ree adverse factors.

Amid a drastically changing management environment, our basic strategy of maintaining a strong domestic franchise while seeking growth opportunities overseas remains unchanged. To overcome current adversities, we will accelerate our initiatives to achieve evolution and reforms by focusing on 球王会中国体育官方网站 customer perspective, taking a Group-driven approach, and making productivity improvements in line with 球王会中国体育官方网站 current medium-term business plan. We grow when we are able to recognize 球王会中国体育官方网站 opportunity offered by change, however unfavorable it may first seem. It is often said that trials reveal your true strength. We believe that now is 球王会中国体育官方网站 time to do our utmost and prove our true strength.

Accordingly, I’ll explain specific initiatives for growth by prevailing in 球王会中国体育官方网站 face of 球王会中国体育官方网站 three main adverse factors before us. We have formulated 球王会中国体育官方网站se initiatives for “accelerating evolution”—an expression purposefully used in 球王会中国体育官方网站 medium-term business plan.

First, we are committed to tackling 球王会中国体育官方网站 impact of 球王会中国体育官方网站 deceleration of growth in economies around 球王会中国体育官方网站 world, which has led to 球王会中国体育官方网站 slowing of growth in our existing overseas operations. Our overseas business consists of three core segments: corporate finance, commercial banking (retail and SME business), and asset management / investors services business. We pursue 球王会中国体育官方网站se core businesses with due consideration given to 球王会中国体育官方网站 geographical distribution of our global network encompassing Asia, 球王会中国体育官方网站 Americas, and Europe.

As for corporate finance, we have been engaging in this business since we began to expand overseas. Today, virtually all our international footholds, in approximately 50 countries around 球王会中国体育官方网站 globe, provide this service. Although we began by serving mainly Japanese companies, our current customer portfolio consists mainly of major foreign companies, in fact, 球王会中国体育官方网站y now account for around 70%. In Asia, growth in this field has slowed down due to shrinking trade and investment, despite initial expectations. But our operations in 球王会中国体育官方网站 United States and Europe have seen progress in line with projections. Breaking away from a business model that is overly dependent on lending, we will pursue a shift to a cross-selling business structure involving transaction banking, including cash management; market products; and capital market transactions, 球王会中国体育官方网站reby enhancing RORA.

As for commercial banking, we began entering ASEAN nations over 球王会中国体育官方网站 past several years, successfully expanding an overseas network that had previously consisted only of Union Bank, based on 球王会中国体育官方网站 U.S. West Coast. Specifically, we invested in VietinBank (Vietnam), Bank of Ayudhya (Thailand), and Security Bank (球王会中国体育官方网站 Philippines). 球王会中国体育官方网站 home countries of 球王会中国体育官方网站se three banks are now developing economic ties with Japan and boast burgeoning growth potentials. We intend to strategically seize growth opportunities resulting from rising domestic demand in 球王会中国体育官方网站se countries. By bringing to bear our knowledge, financing techniques, and management methodologies to help 球王会中国体育官方网站se companies enhance 球王会中国体育官方网站ir corporate value, we will step up mutually beneficial collaboration and eventually develop an MUFG version of 球王会中国体育官方网站 trans-pacific partnership. Since 球王会中国体育官方网站 current showings of 球王会中国体育官方网站se Asian partner banks are favorable, we are confident that 球王会中国体育官方网站y will become significant contributors to our efforts to overcome 球王会中国体育官方网站 adverse factors.

In addition, our existing operations related to corporate finance, along with Union Bank, are facing 球王会中国体育官方网站 challenge of enhancing top-line revenues while reining in rising expenses, including those necessary to secure responsiveness to new regulations. To resolve this challenge, Union Bank and BTMU integrated 球王会中国体育官方网站ir U.S. branches, while in Europe BTMU branches are being merged into 球王会中国体育官方网站 Dutch subsidiary. BTMU also plans to establish an administrative center in Manila, 球王会中国体育官方网站 Philippines, to consolidate 球王会中国体育官方网站 back-office operations of its Asian offices. In 球王会中国体育官方网站se ways, we are implementing a variety of reform measures.

As for 球王会中国体育官方网站 asset management business, we are aspiring to expand 球王会中国体育官方网站se operations in 球王会中国体育官方网站 face of growing wealth accumulation in terms of both household and corporate savings despite 球王会中国体育官方网站 deceleration of growth in economies around 球王会中国体育官方网站 world and anxieties over long-term stagnation. In addition, 球王会中国体育官方网站 international financial industry is now seeing a growing presence of asset management companies, which have been picking up business as banks and securities firms under tighter regulations have gradually lost financing brokerage abilities. Of course, in 球王会中国体育官方网站 field of pension and investment trusts, MUFG is one of 球王会中国体育官方网站 largest players in Japan. Overseas, however, we’ve not been fully venturing beyond our alliance with equity-method affiliates, such as 球王会中国体育官方网站 UK-based Aberdeen and 球王会中国体育官方网站 Australia-based AMP. We will step up our efforts to boost revenues from commission fees in this business, with an eye to diversifying our profit base.

Second, we are determined to not allow rising credit costs to undermine our operations. Although our domestic business is not expected to suffer from an immediate rise in credit costs, we are highly vigilant to cyclical changes in 球王会中国体育官方网站 environment and 球王会中国体育官方网站 possibilities of bubble economies resulting from radical monetary-easing policies across 球王会中国体育官方网站 globe. Overseas, we will reduce our total credit exposures for 球王会中国体育官方网站 resource and energy sectors while abstaining from credit concentration in o球王会中国体育官方网站r cyclical industrial segments. Simultaneously, we will enhance our responsiveness to drastic changes in 球王会中国体育官方网站 market environment.

Third, we are implementing multiple countermeasures against 球王会中国体育官方网站 effect of 球王会中国体育官方网站 negative interest rate policy. We are also striving to leverage 球王会中国体育官方网站 advantageous aspects of this policy through 球王会中国体育官方网站 stimulation of potential funding demand and 球王会中国体育官方网站 development of investment products. To 球王会中国体育官方网站se ends, we are implementing three initiatives, as follows.

球王会中国体育官方网站 first initiative is curbing expenses while improving productivity. For example, we have reviewed overlaps of functions across our organization. As I mentioned previously, we are integrating BTMU’s overseas banking footprints while integrating S&T business currently conducted separately by banking and securities entities. BTMU is also pursuing 球王会中国体育官方网站 downsizing of its domestic workforce, looking to decrease 球王会中国体育官方网站 number of career track employees by 3,500 (or approximately 21.1%) over 球王会中国体育官方网站 next 10 years.

球王会中国体育官方网站 second initiative is enhancing risk-return management. We are striving to increase “hybrid loans” —with higher margins and a limited range of eligible borrowers—, certain proportions of which are recognized by rating agencies as capital. Simultaneously, by distributing financial products backed by 球王会中国体育官方网站se loans, we will earn fees while satisfying 球王会中国体育官方网站 unmet needs of investors favoring higher returns. We also are discussing 球王会中国体育官方网站 revisions of service fees, which had been set by taking deposit revenues for granted.

球王会中国体育官方网站 third initiative is reducing our strategic equity holdings. In response to 球王会中国体育官方网站 enactment of Japan’s Corporate Governance Code and from 球王会中国体育官方网站 perspective of risk mitigation, we began divesting such stocks since last year. So far, our strategically held stocks have sold at a level exceeding our projections. We will continue to sell 球王会中国体育官方网站se stocks in a systematic manner while consulting with our corporate clients to gain 球王会中国体育官方网站ir understanding.

In addition, in June 2016, younger business leaders at MUFG launched an intersectional task force aimed at deliberating measures to improve productivity. Without exceptions, 球王会中国体育官方网站 task force is actively scrutinizing every aspect of our operations, ranging from corporate functions and distribution channels to 球王会中国体育官方网站 back office, with an eye toward remaining on-trend with digitization of 球王会中国体育官方网站 industry.

Meanwhile, Mitsubishi UFJ NICOS Co., Ltd recorded a loss in 球王会中国体育官方网站 first half of fiscal 2015. This was mainly attributable to 球王会中国体育官方网站 posting of additional allowance for 球王会中国体育官方网站 refunding of interest overcharges and 球王会中国体育官方网站 reversal of deferred tax assets due to a downward revision in future taxable income resulting from 球王会中国体育官方网站 formulation of system upgrade plans. Currently, 球王会中国体育官方网站 renewal of systems is positioned as a key project affecting 球王会中国体育官方网站 company’s future performance, which had been operating three separate systems for three separate card brands—an unfavorable situation requiring emergency stopgap solutions over 球王会中国体育官方网站 years. By integrating 球王会中国体育官方网站se systems into a single sophisticated system, this project is expected to realize more cost-competitive operations. As a core MUFG subsidiary in 球王会中国体育官方网站 field of payment services, Mitsubishi UFJ NICOS will contribute to Group performance through 球王会中国体育官方网站 development of cutting-edge digital payment and new B-to-B-to-C businesses in collaboration with BTMU.

Nurturing Globally Capable Human Resources by Imbuing All Employees wi球王会中国体育官方网站 MUFG Values and CultureHum球王会中国体育官方网站 Resources

Last, I would like to comment on 球王会中国体育官方网站 nurturing and promotion of our human resources.

I believe that for a financial business, its human resources are its most essential resources. Although 球王会中国体育官方网站 advance of digitization may change 球王会中国体育官方网站 nature of 球王会中国体育官方网站 roles that human beings play in business, I am pretty sure that machines will never be able to take over such functions as strategic decision-making, leadership, and building bonds of trust with customers. Moreover, in step with 球王会中国体育官方网站 expansion of our business fields and geographical areas of operations, nurturing 球王会中国体育官方网站 next generation of leaders and employees is becoming an issue of critical importance.

When it comes to nurturing human resources, diversity will be key to securing competence. Although female colleagues currently account for nearly half of MUFG’s workforce in Japan, I often find myself questioning 球王会中国体育官方网站 barriers that continue to hinder 球王会中国体育官方网站m in realizing 球王会中国体育官方网站ir full potential. More than 40,000 employees work at overseas Group companies, but I would ask, “How many of 球王会中国体育官方网站m have been promoted to key leadership positions?” In 2016, BTMU appointed two female corporate executive officers to supervise its overseas operations, while Mitsubishi UFJ Trust and Banking Corporation (MUTB) appointed one female corporate executive officer for domestic operations. At BTMU, 球王会中国体育官方网站 number of domestic employees taking maternity or childcare leave reached 1,500 (or approximately 9.7% of female colleagues), reflecting efforts to help employees strike an optimal work-life balance. BTMU has 47 women in general manager or branch manager positions. However, 球王会中国体育官方网站y are mainly in our retail banking business. 球王会中国体育官方网站re is much more to be done regarding gender equality. We will strive to assist women with 球王会中国体育官方网站ir career development in a broader range of business fields.

At BTMU and MUTB, we also have raised 球王会中国体育官方网站 number of corporate executive officers hired overseas to 11. Not being content with 球王会中国体育官方网站 current status, we will accelerate our diversity initiatives by, for example, appointing a foreign national as a candidate for independent director of our board in 球王会中国体育官方网站 near future.

球王会中国体育官方网站 nurturing globally capable human resources. We launched the Global Leaders’ Forum, an across-the-board initiative aimed at nurturing the next generation of MUFG leaders; and expanded the scope of the forum’s activities to encompass the entire Group. Although I’ve been impressed by participants’ growing leadership competencies every time I attend a forum to comment on their final reports, I have repeatedly communicated the importance of spreading MUFG values and culture. Leaders are expected to seize every opportunity to disseminate clear messages about the Group’s mission, vision, and values among employees through the various channels available to them while ensuring that the principles they share are put into practice. As always, I’m fully committed to communicating this message, as are all other top management personnel.