ESG Initiatives

occupational safety. Of note, we have developed training toensure employee safety in the event of an emergency, as wellas programs that seek to improve equipment maintenance toprevent injuries, as well as to enhance driving techniques.

Socialinitiatives

SECOM’s Philosophy
and the SECOM
Group Code of
Employee Conduct

SECOM’s approach

In line with our basic philosophy of offering
services that are beneficial for society, we
believe that the quality of services thatdeliver “safety and peace of mind” isguaranteed by people. Accordingly, we work
to secure and foster human resources witha strong desire to contribute to society.

Occupational
health and safety

We have established a system to minimize occupational safety risks in the area of
security services, and work to maintain and improve the health of our employees bymanaging working hours and conducting health checks.

We believe that our ability to provide safety and peace ofmind to our customers depends on first ensuring the healthand vitality of our employees. Accordingly, we promotevarious initiatives aimed at protecting and enhancing
employee health and creating safe, employee-friendly
workplaces.
The Human Resources Department has established asystem to comprehensively manage occupational health incollaboration with the Health Promotion Office, which isstaffed with occupational health physicians (OHPs), and the
SECOM Health Insurance Union. Site health committees
across Japan meet to discuss key issues, including
employee working hours and efforts to maintain andimprove health, enhance work environments, ensure safety
and prevent danger. Employee health check results aremanaged through the system and used by OHPs to provide
health guidance. We also actively care for employees’ mental
health, conducting stress checks, arranging meetings withpsychiatrists and specialized counselors, to make certainthat employees feel both physically and mentally supported.
To ensure occupational safety, the Operations Divisionverifies day-to-day security operations and works to reduce

identified occupational safety risks. Our operational andcontrol structure facilitates the efficient exchange of reports
and instructions between the front lines and senior
management, ensuring that the latter is fully apprised of
day-to-day operations across Japan and able to provide
instructions for improvements where necessary to bolster
Participants in Training Aimed at Preventing Occupational
Accidents(Number of people)

4,000

3,215

3,090
3,000

2,690

2,000

1,000

0

2021

2022

2023
(Years ended March 31)*Scope of reporting: SECOM CO., LTD., and certain SECOM Group companies

Efforts are proceeding to ensure the full penetration of SECOM’s Philosophy andencourage strict compliance with the SECOM Group Code of Employee Conduct to bolster
employee motivation and earn the trust of society.

Encouraging awareness of SECOM’s Philosophy andadherence to the SECOM Group Code of Employee Conduct
are essential to maximizing the trust of stakeholders andour corporate value. Handed down since our establishment,
SECOM’s Philosophy provides a spiritual anchor for Group
employees and the entire SECOM Group. The driving force
behind our growth and evolution, this philosophy
emphasizes a refusal to be content with the status quo and acommitment to doing what is appropriate. The first element
expresses our determination to offer innovative services andsystems by challenging accepted norms, while the second
calls for judging the legitimacy of our actions by examining
whether they are just, fair, and beneficial not only to SECOM
but also to society as a whole. The SECOM Group Code of
Employee Conduct sets forth ideals for the conduct of
employees in both public and private life and specificstandards for the day-to-day performance of duties. We havepublished SECOM’s Philosophy and the SECOM Group Codeof Employee Conduct in the form of handbooks andSecuring andfostering of talented
human resources

Ongoing efforts to create safe, employee-friendly
workplaces include the provision of extensive training aimed
at preventing occupational accidents, including that related
to the risk of security accidents in various situations.

pocket-sized guides, which are distributed to employees inJapan and overseas.
Questions on SECOM’s Philosophy and the SECOM Group
Code of Employee Conduct are included in our e-learning
program, which is provided annually, and employees’compliance status is reflected in their semiannual
performance reviews. An employee who becomes aware of aviolation is obliged to submit a report to his or her superior.
In addition, we have established a whistle-blowing system
and are currently using IT equipment and taking other steps
to encourage observance.
Since 2018, we have promoted the Tri-ion initiative,
which seeks to ensure that SECOM’s Philosophy fully
penetrates every aspect of our operations and to boost
motivation and productivity Groupwide. In the fiscal year
ended March 31, 2023, we introduced a program tocommend sites that take steps to improve workplace culture
with the aim of creating a more open atmosphere.

We are focused on securing and fostering talented human resources with the ability toadapt to change and create value and who seek to contribute to society.

Our vibrant, diverse team of employees, who are critical to
our ability to provide services that deliver safety and peaceof mind, are our greatest asset and another driving force
behind our growth and evolution. Accordingly, we strive tosecure and foster talented human resources who have theability to adapt to change and create value and who seek tocontribute to society.
As a company that extends services across Japan andaround the world, we promote active recruiting efforts. We
also work to enhance employee welfare with the goal of
improving our ability to retain human resources and haveestablished a variety of programs designed to encourage
motivation and productivity, as well as to create employeefriendly workplaces. One such program enables employees

to choose the geographic location to which they are assigned
to suit career phase or personal preference.
We provide extensive training to foster human resources
with high ethical standards and superior skills. In addition to
training for all new employees, we have developed
department- and job-specific curricula that reinforce
practical capabilities in a manner that benefits employees on
the front lines. We have also launched a variety of
Average Hours Spent by Employees in Training
Fiscal year ended March 31, 2022

42.2 hours

Fiscal year ended March 31, 2023

42.6 hours

The method of calculation was revised in the fiscal year ended March 31,
2023, and data for previous years was revised.

46

SECOM REPORT 2023

SECOM REPORT 2023

47

ESG Initiatives

specialized training options, including an overseas study
program and a subsidy system for employees to takecorrespondence courses. In the area of training for security
guards, we have introduced VR technology to improve
effectiveness and ensure employees acquire excellent
discernment and know-how. Going forward, we aim to
expand training for management-level employees, as well as
to increase e-learning-based training opportunities.
Employee performance reviews look to impartiallyevaluate employees’ efforts and support self-realization.

Diversity

Work–life balance

SECOM REPORT 2023

Women have been appointed to management positions in
the home security services business’ sales department andin site administrative offices. In April 2023, we appointed
female employees to the position of manager at security
services offices, a move that had long been underconsideration.

Employees Taking Childcare Leave(%)(Number of people)

80

200

72.9

Total
(left scale)(Number of people)

197

183

100

84

154
150

75

70

62.0
60

100

Male
employees(right scale)

50

22

58.8

50

31
25

0

2021

2022

*Scope of reporting: SECOM CO., LTD.

(%)

Nursing care leave or change in working hours/
exemption (shorter working hours) for nursing care:
Full leave or adjusted working hours for up to six months(maximum of 186 days) for employees providing nursing
care to a family member wishing to return to work full-timeafter conclusion of nursing care provision
SECOM Life Support Program: Allows employees totemporarily change work style and/or location to which
they are assigned to provide childcare or nursing care or toaccompany a spouse who has been transferred andprovide support for long-term career advancement
Job Return Program: Enables people who have left
employment at SECOM for unavoidable reasons such as
childbirth, childcare or nursing care to apply to return to work

Percentage of Annual Paid Vacation Days Taken
by Employees

50

Women as a Percentage of the Labor Force andthe Management Team

0

2023

2021

(Years ended March 31)*Scope of reporting: SECOM CO., LTD.

2022

2023
(Years ended March 31)

30
Women as a percentage of the labor force

20

17.1

17.2

17.3

10.4

11.1

Employeeengagement

Initiatives to boost employee job satisfaction, including raising base salaries for thesecond consecutive year and granting restricted stock, together with the exchange of
opinions between the SECOM Employee Union Federation and executives, are facilitating
the creation of employee-friendly workplaces.

10

9.8

Women as a percentage of the management team

0

2021
*Scope of reporting: SECOM CO., LTD.

2022

2023
(Years ended March 31)

We have established systems that support work styles suited to the different stages of
employees’ lives and the creation of work environments that encourage job satisfaction
and increase employee retention.

We view work–life balance, including sufficient physical andmental rest and a fulfilling private life, as essential to theability to approach one’s work with energy and focus. In
addition to actively encouraging employees to take annual
paid vacation days, we have established a variety of vacationand leave systems.

48

Evaluations are based on reports prepared by employees
assessing their execution of duties, achievements and areas
in need of improvement, as well as on rational assessment
categories optimized for each particular job. We use an open
and fair format whereby review results are disclosed to
employees. In addition, we promote self-actualization throughsystems designed to assist with career development,
including the Self-Reporting System and Challenge Support
System, which encourage employees to declare and assist
their efforts to realize their own future goals and aspirations.

Diversity and inclusion staff have been assigned to the Human Resource Department topromote the creation of positive work environments in which diverse employees canmaximize their capabilities.

Recognizing the importance of welcoming a broad spectrumof individuals with wide-ranging ideas to the creation of newvalue, we actively promote diversity in our labor force,
including by advancing career opportunities for female
employees. In 2017, we established the Declaration of
Promoting Diversity and Inclusions, and assigned diversity
and inclusion staff to the Human Resources Department. We
currently promote the creation of work environments thatmaximize the capabilities of all employees regardless ofgender, nationality, age, physical ability, sexual orientation, or
gender identity.
We continue working to advancing career opportunities
for female employees in line with an action plan formulated
in April 2021, striving to achieve the plan’s objectives byactively fostering female leaders, expanding the scope ofjobs available to women, taking steps to prevent
harassment, and promoting work–life balance, thereby
creating positive work environments for women. Thanks tothese efforts, the number of female employees qualified toassume positions of responsibility is increasing steadily.

Maternity leave: Available for the six weeks prior to andeight weeks after giving birth; an additional two weeks isavailable to employees who wish to start their maternity
leave earlierChildcare leave: Can be taken by up until the day before thechild’s third birthday. This system has also been available
to male employees since 2002 and we continue working tobolster awareness and use by creating conducive work
environments
Change in working hours/exemption (shorter working
hours) for childcare: Allows employees who are pregnant
or have children who have not yet entered the third gradeof elementary school (exceeds legal requirement, which is
children under the age of three) to change their working
hours or be exempted from minimum working hour rules

Flex vacation: Enables employees to take 10 consecutive
vacation days annually, in theory at any time during the year
Refresh vacation: A two-week vacation available toemployees every 10 years

We seek to achieve sustainable growth as a strong, flexible
organization by creating a virtuous circle, recognizing theimportance of enabling employees to demonstrate their fullpotential, which helps raise the quality of the services andproducts we provide, thereby enhancing customer
satisfaction and earning the trust of society, which in turnincreases employee job satisfaction. Since 2016, we haveconducted an annual anonymous employee job satisfaction
survey. In the fiscal year ended March 31, 2023, the response
rate for this survey was 78.5%.
With the aim of both boosting employee job satisfactionand expanding our operations, we resolved to grant sharesof common stock as restricted stock to approximately
23,000 SECOM Group employees in March 2024.
Reflecting our fundamental belief that the growth of ouremployees is inextricably linked to our prosperity, we signed

a union membership qualification agreement with SECOM
Lively Union (the SECOM Employee Union Federation),
which was established in 1964, and became a union shop,
meaning that in principle employees automatically become
union members when they are hired. As a consequence,
our union membership rate for eligible employees is 100%.
Management representatives, including the President andRepresentative Director, meet monthly with SECOM Lively
Union to exchange views. Discussions are also held at
SECOM Group companies and branches across Japan toaddress issues such as improving workplace environments
and operating procedures and ensuring occupational
health and safety. SECOM Lively Union also exchanges
views with management through meetings with employees
on organizational culture and the SECOM Employee
Central Council.

SECOM REPORT 2023

49

ESG Initiatives

Basic philosophy
With the aim of earning the continued support of ourcustomers, shareholders, business partners, employees,
local communities, and other stakeholders as a company
with value that is worthy of trust, we strive to maximize
corporate and shareholder value over the medium to longterm and recognize the importance of fulfilling our
responsibilities as a corporate citizen and achieving
sustainable growth and development.

Governanceinitiatives

In line with Japan’s Corporate Governance Code and at
the direction of top management, outside members of theBoard of Directors and Audit & Supervisory Board provide
independent oversight of the management team’s
performance in a manner that takes into account theinterest of stakeholders and ensures the appropriate
execution of business activities. We also work actively todisclose information to shareholders and other stakeholders
and strengthen our compliance framework.

SECOM’s approach

Outline of corporate governance system

To fulfill our responsibilities to stakeholders,
we work continuously to strengthen corporate
governance by enhancing transparency,
ensuring fairness, expediting decision making
and guaranteeing the independent oversightof management, which we have positioned as
key management challenges.

Corporate
governance

We are a company with an Audit & Supervisory Board. The
Board of Directors determines overall management andbusiness execution policies. Executive officers, led by the
President and Representative Director, are responsible forbusiness execution. The Audit & Supervisory Board, which
includes three outside members, and the Board of Directors
coordinate with the internal audit departments to audit andsupervise directors’ and executive officers’ discharge of theirduties. Under our corporate governance system, threeoutside directors are also appointed to the Board of
Directors to incorporate external perspectives in decision
making and ensure the legality and objectivity ofIn addition to providing independent oversight of the management team’s performanceand ensuring the appropriate execution of business activities, we are promoting
effective disclosure to stakeholders.

Corporate Governance Organization
General Meeting of Shareholders
Appointment/
dismissal

Initiatives to Strengthen Corporate Governance1986
Establishment ofcorporate governancesystem2000

Chairman and
Representative Director

2010: Establishes the SECOM Group Management Committee

President andRepresentative Director

2004: Institutes an executive officer system
Up to 2004:
Maximum of 40

From 2004: 1 year

Number of directors

2000–2001: 28–29
2002–2003: 22–23

From 2004: 9–13

SECOM REPORT 2023

Determination/submission ofdecisions regarding remuneration

Nomination
andCompensation
Committee

Audit & Supervisory Board(Five members, three ofwhom are outside)(Office of Audit & Supervisory Board:
Three employees)
Operational, accounting
and compliance audits

ReportingInternal audit departments

Legal affairs departments
Coordination

Executive Officers
Deliberation

Organizational Culture
Committee

Audit by independent
public accountants
Accounting audit

From 2023: 8

Up to 2010: 4 From 2011: 5

Number of outside
directors

50

Authorization/consultation
regarding remuneration

Enhancement of compliance/internal auditing

From 2005: Maximum of 20

Number of auditors

Appointment/
dismissal

Proposal of candidates forthe position of director

Reporting on important matters

2006: Formulates basic rules of management for SECOM Group companies

Up to 2003: 2 years

Remuneration for/appointment of directors

2023

Board of Directors(Eight members, three ofwhom are outside directors)
Selection/
oversight

Term of service of
directors

Number of outside
auditors

2020

1986: Creates SECOM’s Philosophy

Separation of management
and execution
Number of directors designatedin the Articles of Incorporation

2010

management. We believe that this enables us to conduct
independent oversight of management and ensure
appropriate business execution.
The Nomination and Compensation Committee has been
established as a discretionary committee of the Board of
Directors. This committee, which is responsible forpresenting candidates for the position of director to theBoard of Directors and for ensuring the appropriateness of
remuneration for directors, comprises five directors, three ofwhom are outside. Beginning in June 2023, an outside
director has been appointed committee chairperson, a move
aimed at improving objectivity and transparency.

2013–2015: 2
From 2020: 4
2016–2019: 3

From 2022: 3

Up to 2002: 2 From 2003: 3

2016: Establishes Nomination and Compensation Committee
2017: Adopts performance-linked remuneration system

Board of Directors

Executive Officers

Audit & Supervisory Board

The Board of Directors comprises
eight directors and in principle meets
monthly, with five members of the Audit& Supervisory Board also in attendance.
The Board of Directors is responsible for
deciding overall management policies andbusiness execution policies, as well as
for monitoring the performance of duties
by directors, and strives to promote theactive exchange of opinions with the aimof ensuring effective and swift decision
making. Five of the eight members are
responsible for business execution, withthe remaining three members (outside
directors) having no involvement.

We have adopted an executive officers
system, whereby the Board of Directors
is responsible for decision making andthe executive officers are responsible forbusiness execution. This was done with theaim of strengthening field divisions andenhancing customer service systems byclarifying responsibilities and authority and
expediting business execution. We currently
have 32 executive officers, five of whom arealso directors.

The Audit & Supervisory Board comprises
five members, two of whom are full-time andthree of whom are outside. In principle, theAudit & Supervisory Board meets monthly.
Individuals well-versed in our businesses
and internal affairs, as well as in financeand accounting, are appointed to serve as
full-time members, while individuals whoare independent of the management team,have extensive knowledge of corporate
management, legal, financial and othermatters and are capable of providing
effective oversight and monitoring of the
management team, are appointed to serveas outside members.
SECOM REPORT 2023

51

ESG Initiatives

Nomination of candidates for appointment to the Board of
Directors and the Audit & Supervisory Board
In accordance with the policy for appointment set forth by
the Board of Directors, candidates for appointment to theBoard of Directors and the Audit & Supervisory Board are
decided through deliberation by the Board of Directors.

Candidates for the Board of Directors are nominated fromamong candidates determined through discussion by the
Nomination and Compensation Committee, the majority ofmembers and the chairperson of which are outside directors.
Candidates for the Audit & Supervisory Board are nominatedwith the agreement of the Audit & Supervisory Board.

Skills Matrix for SECOM Directors and Audit & Supervisory Board Members

Name and position

Corporate
management

Finance andaccounting

Legal affairs,
complianceand riskmanagement

Sustainability
and
ESG

Security
services
industry

Globalbusiness

ICT andtechnology

Yasuo Nakayama
Chairman and
Representative Director

Internal audits and cooperation among board members
and offices
Audits by Audit & Supervisory Board members
Audit & Supervisory Board members attend important
meetings, including those of the Board of Directors, toexchange opinions on overall corporate management, as
well as to collect reports on the discharge of duties fromdirectors and other pertinent individuals and conduct audits
focused on the possible occurrence of violations of laws,
regulations, the Articles of Incorporation and/or
shareholders’ interests. The Audit & Supervisory Board also
conducts audits of our overall business activities, as well as
those of subsidiaries and affiliates, in accordance withannual audit plans.

Ichiro Ozeki
President andRepresentative Director

Principal Activities of Audit & Supervisory Board Membersin the Fiscal Year Ended March 31, 2023

Yasuyuki Yoshida

Participation in meetings of the Board of Directors

98.3%

Participation in meetings of the Audit &Supervisory Board

98.3%

Senior Executive Director

Tatsuro Fuse
Executive Director

Tatsushi Kurihara

Information sessions with directors and otherexecutives of the parent company, subsidiaries
and affiliated companies

60 times

Audits conducted by Audit & Supervisory Board
members at remote locations

84 locations

Director

Takaharu Hirose
Outside Director

Hajime Watanabe
Outside Director

Miri Hara

Regular meetings between the President and Representative
Director and Audit & Supervisory Board members
Audit & Supervisory Board members hold regular (monthly)
meetings with the President and Representative Director,
during which they exchange opinions on importantmanagement-related issues, including the results of audits,
to ensure common understanding.
Meetings between Audit & Supervisory Board members
and accounting auditors
Audit & Supervisory Board members meet regularly (sixtimes annually) with the accounting auditors, as well as
additional meetings as necessary, for the purpose of
exchanging opinions and information. Audit & Supervisory
Board members receive explanations and exchange opinions
regarding annual audit plans and audit results. If necessary,
Audit & Supervisory Board members also act as observers
during audits conducted by the accounting auditors at
remote locations and during audit reviews (19 times in thefiscal year ended March 31, 2023).
Collaboration with internal audit and other departments
Audit & Supervisory Board members hold regular (monthly)
meetings with the Internal Audit and ComplianceDepartment, during which they receive reports andexchange opinions on the results of internal audits and, as
appropriate, receive reports on inspections of subsidiaries
from and exchange opinions and information with the Group
Governance Department. If necessary, to ensure theefficiency of audits, Audit & Supervisory Board members ask
the internal audit departments to conduct investigations.

Outside Director

Outside directors and outside Audit & Supervisory Board members
Takayuki Ito
Audit & Supervisory Board
MemberYasuhiro Tsuji
Audit & Supervisory Board
Member

Hideki Kato
Outside Audit & Supervisory
Board Member

Makoto Yasuda
Outside Audit & Supervisory
Board Member

Setsuo Tanaka
Outside Audit & Supervisory
Board Member
Notes: 1. A maximum of four areas of knowledge and experience are indicated for each Director and Audit & Supervisory Board member.
2. This skills matrix does not represent the entire breadth of knowledge and experience of each Director and Audit & Supervisory Board member.

52

SECOM REPORT 2023

We appoint individuals who have extensive knowledge ofcorporate management to serve as outside directors, thereby
incorporating a broad range of external perspectives notconstrained by the internal affairs. We thus have a structurethat ensures the transparency and objectivity of management.
We appoint Audit & Supervisory Board members who
have a wealth of knowledge of corporate management, legal,financial and other matters (including three outside members,
who are essentially independent of the management team).
We have also established an auditing organization (including
the Office of Audit & Supervisory Board Members) that
operates independent of day-to-day operations and a process(including periodic meetings between the President andRepresentative Director, among others, and the Audit &Supervisory Board members). This ensures that Audit &Supervisory Board members’ objective and neutral opinions
are reflected promptly in operations. As a consequence, we
believe that we fulfill our responsibility to conduct
independent oversight of management performance in amanner that takes into account the interests of stakeholders.
We appoint outside directors and outside Audit &Supervisory Board members on the basis of pertinent
requirements set forth in Japan’s Companies Act and thestandards concerning independence set forth by financial
instruments exchanges.

SECOM REPORT 2023

53

ESG Initiatives

Outside Directors and Outside Audit & Supervisory Board Members

Name

Principal activities

Takaharu Hirose

Mr. Hirose offers advice and recommendations at meetings ofthe Board of Directors based on experience and insights gainedin the foundation and management of multiple enterprises andindustry organizations. In addition, he participates indeliberations of the Nomination and Compensation Committee
as a member thereof. Through these activities, he performs his
supervisory function as an outside director adequately.

Hirobumi Kawano

Outsidedirectors

Hajime Watanabe

Miri Hara

Hideki Kato

OutsideAudit &
Supervisory
Board
members

Makoto Yasuda

Setsuo Tanaka

Mr. Kawano offers advice and recommendations at meetings ofthe Board of Directors based on experience and insights gained
through the holding of important positions in government. In
addition, he participates in deliberations of the Nomination andCompensation Committee as a member thereof. Through these
activities, he performs his supervisory function as an outside
director adequately.
Mr. Watanabe offers advice and recommendations at meetingsof the Board of Directors based on experience and insights
gained through his many years of experience in corporate
management. In addition, he participates in deliberations of theNomination and Compensation Committee as a member thereof.
Through these activities, he performs his supervisory function
as an outside director adequately.
Ms. Hara offers advice and recommendations at meetings of theBoard of Directors based on experience and insights gained as acorporate officer and a tax accountant. In addition, sheparticipates in deliberations of the Nomination andCompensation Committee as a member thereof. Through these
activities, she performs her supervisory function as an outside
director adequately.
Mr. Kato offers advice and recommendations at meetings of theBoard of Directors, among others, based on experience gained
through the execution of national policies and insights gained asa result of his accomplishments at a policy think tank. He alsoasks questions and states opinions to clarify issues.
Mr. Yasuda offers advice and recommendations at meetings ofthe Board of Directors, among others, based on experience andinsights gained in the management of a global enterprise. He
also asks questions and states opinions to clarify issues.
Mr. Tanaka offers advice and recommendations at meetings ofthe Board of Directors, among others, based on experience andinsights gained through the holding of important positions ingovernment. He also asks questions and states opinions toclarify issues.

Remuneration for directors and Audit & Supervisory Board members
Attendanceat Board of
Directors’
meetings

Attendanceat Audit &Supervisory
Board meetings

12
—
12

3
—
7

12
—

Remuneration for directors consists of pecuniary remuneration(fixed monthly salary and bonuses) and share-based
remuneration (shares with restrictions on transfer). Outside
directors receive a fixed salary only. The fixed monthly salary
portion of pecuniary remuneration paid to directors and theshare-based remuneration paid to directors (excluding
outside directors) are determined comprehensively inconsideration of job responsibilities and years of service, as
well as the performance of the Company. Bonuses paid to
directors (excluding outside directors) are determined basedon consolidated operating profit, a key management target, as
well as on job responsibilities and years of service. The
relative proportion of fixed monthly salary, bonuses, andshared-based remuneration paid to directors (excluding
outside directors) is approximately 80:15:5. It has been

resolved that from the fiscal year ending March 31, 2025, therelative proportion will be 65:15:20. It has also been resolvedthat beginning in the fiscal year ending March 31, 2025,
bonuses for directors (excluding outside directors) will bemade with comprehensive consideration given to degree ofachievement of targets for operating profit, earnings per
share and employee engagement (employee satisfaction).
Remuneration for Audit & Supervisory Board members,
which comprises pecuniary remuneration only, is determinedthrough discussion involving Audit & Supervisory Board
members in amounts commensurate with job responsibilities.
Remuneration for Audit & Supervisory Board members is set
within the maximum limit resolved at the Ordinary General
Meeting of Shareholders.

Remuneration for Directors and Audit & Supervisory Board Members in the Fiscal Year Ended March 31, 2023

12

Breakdown of total remuneration (Millions of yen)
Position

Total
remuneration(Millions of yen)

12

Basic
remuneration
Fixed salary

Performance-based
remuneration
Stock options

Nonpecuniary
remuneration

Bonus

Number ofentitled
individuals

Restricted stock

—
12

12

12

12

12

12

12

12

12

11

11

12

12

Directors(excluding outside directors)

323

262

—

45

16

7

Audit & Supervisory
Board members(excluding outside members)

46

46

—

—

—

2

Outside directors

37

37

—

—

—

4

Outside Audit & Supervisory
Board members

27

27

—

—

—

3

Total

435

374

—

45

16

16

Notes: 1. Director and Advisor Makoto Iida retired on June 28, 2022. Outside Director Hirobumi Kawano retired on November 5, 2022.
2. The Company’s target for consolidated operating proﬁt in the ﬁscal year ended March 31, 2023, was ¥134,000 million. The actual result was ¥136,700 million.
(Calculated based on Japanese GAAP.)

Notes: 1. Information on attendance at meetings of the Board of Directors and Audit & Supervisory Board is for the ﬁscal year ended March 31, 2023.
2. Information for Outside Director Hirobumi Kawano is for meetings held prior to his retirement on November 5, 2022.

Philosophy regarding the diversity and size of the Board of Directors
The Board of Directors consists of internal directors, who arefamiliar with SECOM’s businesses and have diverse
knowledge, and several outside directors with extensive
insight in corporate management and other areas. Diversity
in terms of gender and international experience is ensured

54

SECOM REPORT 2023

and the number of members is appropriate to facilitate
discussions and resolutions of substance. We will continue
working to enhance the effectiveness of the Board of
Directors by promoting further diversity and ensuring theappropriate size of the Board.

SECOM REPORT 2023

55

ESG Initiatives

Directors, Audit & Supervisory Board Members and Executive Officers(As of July 31, 2023)

Evaluation of the Board of Directors’ effectivenessEvaluation process
The effectiveness of the Board of Directors is evaluatedannually. In the period under review, a survey was conductedin January 2023 and responses were collated by the Board’s
secretariat in late February. Findings were subsequently
discussed by the Board.
Summary of findings
Composition of the Board of Directors
The opinion was expressed that the appointment of a female
director and other measures have ensured the diversity of
the Board of Directors, that the balance between execution
and oversight is suitable and the Board is an appropriate
size to ensure active discussion and swift decision making.
Constructive views were also expressed regarding further
diversification of the Board’s composition, including bypromoting female directors from within and appointing
directors with various backgrounds.
Administration of Board of Directors’ Meetings
The Board of Directors meets once monthly in principle toenable swift discussion and resolution of critical matters. To
ensure that directors and Audit & Supervisory Board
members are able to make appropriate decisions, mattersdeemed particularly critical are discussed by the Board of
Directors prior to resolution and a progress report on thosematters is made to the Board of Directors subsequent toresolution. Both outside directors and outside Audit &Supervisory Board members actively made comments andexpressed the opinion that the atmosphere was conducive to

Directors
free and open discussion. The view was also expressed that
improvements in the process for advance discussion andreporting on ongoing progress, the explaining and reportingof various matters, the prior delivery of pertinent materials
to the Board of Directors, and the move toward paperlessprocedures had been seen since the previous survey. Various
opinions were also expressed, including that opportunities
should be created for free debate, thereby invigorating
discussion, as well as for further communication withoutside directors.
Oversight function of the Board of Directors
Matters handled by the Board of Directors were selected
appropriately, based on the Rules of the Board of Directors,
and the opinion was expressed that discussions on
management policies and corporate philosophy wereadequate. In addition, constructive views were expressed
regarding concrete discussions on the progress of
discussions, currently being undertaken from a mediumto long-term perspective, on the general direction ofmanagement strategies and changes in the operating
environment and related risks arising from technologicalinnovation and a declining labor force.
Future initiatives
To further enhance corporate value and realize an evenmore effective Board of Directors, we will continue topromote efforts to improve the Board’s functions based on
evaluations and opinions expressed.

Yasuo Nakayama

Ichiro Ozeki

Yasuyuki Yoshida

Tatsuro Fuse

Chairman and
Representative Director

President andRepresentative Director

Senior Executive
Director

Executive Director

Tatsushi Kurihara

Takaharu Hirose

Hajime Watanabe

Miri Hara

Director

Outside Director

Outside Director

Outside Director

Audit & Supervisory Board Members

Takayuki Ito

Yasuhiro Tsuji

Hideki Kato

Makoto Yasuda

Setsuo Tanaka

Audit & Supervisory
Board Member

Audit & Supervisory
Board Member

OutsideAudit & Supervisory
Board Member

OutsideAudit & Supervisory
Board Member

OutsideAudit & Supervisory
Board Member

Status of strategic shareholdings
Policy on shareholdings
We may, after comprehensive examination, acquire and/or
hold listed shares for the purpose of collaboration, capital or
business tie-up, business incubation, or the maintenance or
expansion of transactions involving our services and products.
If as the result of an assessment, the appropriateness ofsuch a holding is judged insufficient, it will be targeted for
reduction through the sale of shares.

Verification of the rationality of shareholdings
The Board of Directors assesses the benefits and risks arisingfrom each holding annually. In addition to confirming thestatus of transactions with, as well as the growth potential
and profitability of, each investee company, based on financial
condition and operating performance, we comprehensively
examine the appropriateness of the holding and determine
whether it should be maintained.

Executive Team
Directors

Executive Officers

Yasuo Nakayama

Kenichi Furukawa

Kensuke Shindo

Takehiko Senda

Izumi Sawamoto

Chairman and
Representative Director

Managing Executive Officer

Executive Officer

Executive Officer

Executive Officer

Tatsuya Izumida

Yasufumi Kuwahara

Takashi Nakada

Akira Kubota

Ichiro Ozeki

Managing Executive Officer

Executive Officer

Executive Officer

Executive Officer

President andRepresentative Director

Osamu Ueda

Noriyuki Fukuoka

Michiyoshi Morita

Masahiko Naito

Managing Executive Officer

Executive Officer

Executive Officer

Executive Officer

Yoshinori Yamanaka

Takeshi Akagi

Makoto Inaba

Shinji Kiren

Managing Executive Officer

Executive Officer

Executive Officer

Executive Officer

Yoichi Sugimoto

Seiya Nagao

Toshinori Sugimoto

Minoru Takezawa

Managing Executive Officer

Executive Officer

Executive Officer

Executive Officer

Sumiyuki Fukumitsu

Noriyuki Uematsu

Satoshi Araki

Managing Executive Officer

Executive Officer

Executive Officer

Osamu Nagai

Atsushi Komatsu

Satoshi Takizawa

Managing Executive Officer

Executive Officer

Executive Officer

Yasuyuki Yoshida
Senior Executive Director

Tatsuro Fuse
Executive Director

Tatsushi Kurihara
Director

Sadahiro SatoManaging Executive Officer

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Message from an Outside Officer

Hajime Watanabe
Outside Director
Important position concurrently held in
another organization
Chairman and Representative Director,
Watanabe Pipe Co., Ltd.

Seven years have passed since my appointment as one of
SECOM’s outside directors. In the decade or so since Japan
inaugurated game-changing corporate governance reforms,
the role of outside directors has become clearer. At SECOM,
too, we have become better at fulfilling our responsibilities.
Because outside directors are unconstrained by any material
relationship with the Company, we are uniquely positioned to
speak our minds unreservedly at Board of Directors’
meetings. I think the job of an outside director also
sometimes includes pushing inside directors to take theright path. I recognize that steps taken over time havegreatly enhanced our ability to engage in meaningful
discussion. These include the digitalization of pertinentmaterials in advance of each Board of Directors’ meeting,which ensures all participants have an adequate
understanding of matters to be addressed, thereby
encouraging outside directors and outside members of the
Audit & Supervisory Board to actively exchange opinions andoffer proposals. As a result, we continue to see a steady
improvement in the effectiveness of the Board of Directors.
Recent years have brought dramatic socioenvironmental
changes, including population decline, increasingly severe
natural disasters and deteriorating public safety. The
resulting diversification of needs for safety and peace ofmind has heightened SECOM’s responsibilities, but it has also
expanded opportunities. The Company’s on-line security
systems and pioneering subscription-based security services
format is a superb business model that has proven essential in
the creation of a security services infrastructure that delivers
safety and peace of mind. However, I believe it is important
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SECOM REPORT 2023

that the Company does not rest on its laurels, but rather works
continuously to refine its current services, as well as todevelop new business models. For many years, I too helmed acompany that provides essential infrastructure nationwide.
This, as well as my experience as an outside director at
SECOM, underpin my belief that a company’s customers
should always be its top priority. In practice, this means
paying maximum attention to the views of those closest to
customers, namely, employees on the front lines. At meetingsof SECOM’s Board of Directors, I enthusiastically offer advice
and suggestions on front-line operations and the Company’sorganization, both of which are essential to the Company’s
ability to capitalize on opportunities and evolve with the times.
I believe that human resources strategies will beessential to sustainable future growth. The SECOM brand,
known for trustworthiness and dependability, has beencultivated through the day-to-day efforts of each and every
employee and is something the Company must work hard toprotect and enhance. The same is true of SECOM’s DNA,unchanged since its founding, that is, what makes it
distinctive, including its willingness to take on challenges
and its spirit of creativity and innovation. Reviewing andraising salaries and employee welfare programs is aninvestment in the future. Continuing to treat employees
generously going forward will bolster the Company’s ability
to attract and secure diverse, talented human resources,
including women, as well as help improve employee
engagement.
I appreciate that SECOM is extremely proactive ininvesting in future growth. I am particularly excited about its
May 2023 investment in U.S. SaaS firms, which I think will be
key to the development of new services and products
deploying the latest technologies. It is my hope that theCompany continues to leverage its solid financial foundation
to promote forward-looking investments, including in humanresources, facilities and acquisitions, that will position it for
further growth. The SECOM Group encompasses many
excellent companies that are industry leaders in their own
rights, but I still see considerable scope for capitalizing on
synergies to drive the Group’s evolution. Looking ahead,strengthening cross-business functions and deepening
collaboration within the Group will also create new business
opportunities. Given the rapid evolution of technology today, I
also believe it will be critical to step up open innovation,
which has been a key focus in recent years.
As an outside director, I will continue working to help
SECOM increase its corporate value to ensure its ability toappropriately reward all stakeholders—society at large, as
well as its customers, employees and shareholders—overthe medium to long term.

Compliance

We strive to improve compliance by promoting strict adherence to the SECOM Group
Code of Employee Conduct.

Basic philosophy
We provide security services, the objective of which is toprotect the lives and assets of our customers from legal
violations or malfeasance by third parties. As such, we
recognize that it is essential that we conduct our duties ingood faith and in a manner deserving of the trust of ourcustomers and society. A key feature of the security services
business is that the employees who provide services are in aposition of regulating others. Because they are in thisposition of regulating others, employees must also conduct
themselves in a disciplined manner, discharging their duties
in good faith and in compliance with the letter and the spiritof the law, to earn the trust of customers, which is critical to
the security services business. Since our establishment, wehave viewed compliance as a matter of utmost importance.
Accordingly, our basic policy has always been to promote

systematic measures to ensure all employees’ unqualifiedcompliance with the letter and spirit of the law. This has
earned us the trust of a wide range of customers andsupported steady growth.
The SECOM Group Code of Employee Conduct prescribes
specific standards for employee behavior and ethicalprinciples that must be observed by all executives andemployees in their relationships with stakeholders, including
communities, customers, and business partners. The code,
which is also published in the form of a pocket-sized guide,
thus serves as a universal and timeless template foreveryone in the SECOM family. Standards govern, among
others, deterring relations with antisocial elements,
prohibiting of corruption and bribery, and complying withrelated laws.

System for promotion and administration
We recognize compliance as not only the observance of laws
and regulations, and of SECOM’s Articles of Incorporation,
but also the foundation of the stringent management of our
day-to-day operations. Individual employees are responsible
for promoting adherence to the SECOM Group Code of
Employee Conduct. Managers are charged with providing
guidance regarding the SECOM Group Code of Employee
Conduct, including standards governing compliance, andsupervising the actions of employees to ensure compliance.
Executive officers are responsible for overseeing thedepartments they supervise, while the President andRepresentative Director provides control for the Company
as a whole.

Once annually, executive officers analyze and evaluatebusiness and malfeasance risks in the business for which
they are responsible and report their findings to the
President and Representative Director and the members of
the Audit & Supervisory Board, as well as review establishedinternal rules and various manuals and make revisions asnecessary.
The duties of the internal audit departments, i.e., theInternal Audit and Compliance Department and the Group
Governance Department, include inspecting each group,
department, and subsidiary, providing guidance on addressing
matters requiring corrective action, and reporting inspection
results to the President and Representative Director, as wellas to relevant executive officers.

SECOM formulates an AI Ethics Charter
With the rapid proliferation of AI-based services and mechanisms, it is important for companies to commit themselves tothe ethical and proper use of these technologies. In October 2022, we formulated the SECOM AI Ethics Charter, becoming
the first security services company in Japan to establish guidelines for the use of AI. In accordance with this charter, we
will continue to develop and extend advanced services that customers can use with peace of mind.

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ESG Initiatives

Whistle-blowing system
The SECOM Group Code of Employee Conduct requires

Whistle-blower’s names and the content of whistle-blower

employees to report to their superior should they discoverreports are kept confidential. As long as a report has beenthat an employee, executive, or individual affiliated with amade in good faith, whistle-blowers are protected from any

subcontractor has engaged in or appears likely to engage

adverse impacts even if the report is not borne out by thein an action that violates the code or could damage thesubsequent investigation. Pertinent executive officers are

credibility of the Company. In the event that no corrective

obliged to swiftly assess the results of investigations and takemeasures are taken after a report has been made, or if

appropriate corrective measures to resolve the situation.

circumstances make reporting to a supervisor difficult,

Whistle-blowers are notified confidentially of the nature andemployees may report directly to the Internal Audit andoutcome of investigations.
Whistle-Blower Reports Received

Compliance Department via the Harassment Help Desk.

Year ended
Year ended
Year ended
March 31, 2021 March 31, 2022 March 31, 2023

Executives and employees of subsidiaries may reportviolations via the Group Head Office Helpline directly to
the Group Governance Department.

Number ofreports

74

92

153

Note: Numbers represent the actual number of reports received across the
SECOM Group. Since the fiscal year ended March 31, 2022, this has
included reports received through the Hot Helpline, the Group Head
Office Helpline and the Harassment Help Desk.

Organizational Culture Committee
The Organizational Culture Committee is a standing
committee chaired by the President and Representative
Director that meets periodically or as necessary at thedirection of the President and Representative Director andexamines important organizational culture-related issues anddetermines important official commendations andpunishments.
The Organizational Culture Committee also deliberates onmatters related to compliance with and the administration of
the SECOM Group Code of Employee Conduct that havebeen reported to the President and Representative Director
by the Internal Audit and Compliance Department or the
executive officer in charge. If necessary, the committee
examines proposals for modifying the system foradministering compliance or amending the SECOM Group
Code of Employee Conduct. All such proposals must be
deliberated by the Organizational Culture Committee,
reviewed by Audit & Supervisory Board members andapproved by the Board of Directors.

Global compliance training
We have translated SECOM’s Philosophy and the SECOM
Group Code of Employee Conduct, which outlines the basic
concept and specific standards for employee behavior, into
multiple different languages and work to advance awareness

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SECOM REPORT 2023

The establishment of the SECOM Group Information Security Basic Policy and thecreation and operation of a robust information security system enable us to provide
services that can be used with peace of mind.

Policy and system for promoting information security

Compliance Department via the Hot Helpline, or to the
Human Resources Department and Internal Audit andInformation security

across the global SECOM Group. We also provide training to
the senior management of overseas Group companies on key
aspects of compliance, including observance of laws andregulations, the prevention of bribery, and internal controls.

With the rapid spread of IT, information security risks haverisen significantly, as can be seen from the increasing
sophistication of cyber attacks. Any leaks of personal or
confidential information entrusted to us by a customer havethe potential to seriously hinder our ability to provide security
services, damage or adversely impact the customer, andresult in the forfeiture of our brand image and reputation for
reliability. Accordingly, we have created and maintain a robust
information security system.
We have also established the SECOM Group Information
Security Basic Policy to guide our efforts to strengthen our

information security. When we outsource work, we enter into
appropriate contracts and provide guidance and supervision
to subcontractors. We have put an executive officer in chargeof information security for the Group as a whole. In addition,
executive officers in charge of each business have been maderesponsible for information security–related matters for their
particular business, as well as for collaborating with theexecutive officer in charge of information security to report on
issues and presenting proposals to the President andRepresentative Director.

Reducing information security risk
We have implemented powerful security measures to reducerisks associated with information leaks and cyber attacks. We
also work to ensure that all employees of the SECOM Group,
regardless of employment format, comply fully with our
information security rules, which include rules governing theuse of personal computers and cellular telephones that must
be protected for confidentiality reasons, the storage andcarrying of information, and steps to be taken when an
information security–related incident arises, or a violation of
any other information security rule is discovered. Information

system controls and audits are the responsibility of subsidiary
Secom Trust Systems and are conducted in accordance withJapan’s Information Security Management System (ISMS)
standards under the guidance of the executive officer incharge of information security. As well as conducting regularassessments of vulnerability to external cyber attack risks, wemonitor information systems around the clock to ensure weare prepared to respond to risks, including those related tolarge-scale disasters and cyber attacks.

Protecting personal information
The SECOM Group Code of Employee Conduct states that all
information obtained in the course of business is confidential
and must not be leaked, a stipulation with which all executives
and employees must strictly comply. We strive to prevent
leakage, loss, and damage through employee training andefforts to promote awareness regarding the treatment of
personal information, as well as by ensuring stringent
management.
All employees are required to participate in e-learning
programs and tests annually to confirm understanding of andadherence to basic procedures and rules. The internal audit
departments conduct periodic inspections of the handling of
personal information, data management, and access control
at each SECOM Group site. In addition, we have established acontact point for queries regarding the handling of personal

information and for complaints and consultations regarding
our system for managing and protecting personal information,
facilitating quick and appropriate responses. The parent
company and Secom Trust Systems have earned certification
under Japan’s Privacy Mark, which is granted to organizations
that take appropriate measures to protect personal information.
Thorough information security(Year ended March 31, 2023)

Annual e-learning and testing to confirm understanding andadherence (participation: 100% of employees)
Voluntary audits (implementation:
100% of sites)
No leaks of information*Scope of reporting: SECOM CO., LTD.

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ESG Initiatives

Addressing
climate change

Environmental
Initiatives
SECOM’s approach

We recognize that preservation of the global
environment is critical to the realization ofsafe and comfortable lifestyles, and we
deploy environmental management systems
to ensure consideration for the environment
across the supply chain.

Environmental
management

In line with the SECOM Group Environmental Policy, we advance a variety ofenvironmental conservation initiatives, evaluating and managing the progress thereof
against key environmental performance indicators.

In October 2022, we formulated the SECOM Group
Environmental Policy, substantially revising our existing
environmental policy, and clarified our basic stance ofcontributing to the resolution of global environmental issues
through our business activities. We are also promoting

dissemination initiatives in-house to heighten employees’
awareness of both our new policy and our environmental
conservation initiatives. We evaluate and manage theprogress of these initiatives against seven major
environmental performance indicators.

Initiatives to fight climate change
The Risk Committee, which is chaired by the director in
charge of risk management and consists of the heads ofmajor departments at SECOM headquarters, is charged withgrasping Groupwide risks, including those related to climatechange, as well as with considering countermeasures. Risks
identified based on the findings of Groupwide surveys areassessed from multiple perspectives, including scope of
impact, scale, estimated monetary cost of damage, urgency
and frequency of occurrence, and countermeasures areformulated. Risk analysis and assessment results arereported to the President and Representative Director andmatters of high importance are further reported to the Boardof Directors.
Addressing climate change is a global challenge. At thesame time, it is an issue that is crucial to our ability toensure the stable and continuous provision of security, data
center, medical and other services. This recognition
prompted us to declare our support for the TCFD in 2019. We
subsequently conducted an assessment in line with the
TCFD’s recommendations through which we identified thePrincipal Climate Change–Related Risks and Opportunities
False readings by security equipment due torising temperatures
Suspension of operations due to heatstroke/
infectious diseases affecting security guards
Physical risks

Environmental performance indicators
1. Greenhouse gas emissions (Scopes 1 and 2)
2. Greenhouse gas emissions across the supply chain(Scope 3)
3. Reduction of greenhouse gas emissions as againstbase year (%)
4. CO2 emissions per unit of production (emissions
intensity)
5. Electricity used and percent accounted for by thatgenerated using renewable energy
6. Consumption of fuel by vehicles and percentage ofvehicles replaced by electric models
7. Resources with market value/recycled resources andindustrial waste

Recognizing the risks posed to our operations by climate change, we are actively
working to achieve carbon neutrality by 2045.

Scope 1: Direct emissions (including those from the combustion ofgasoline by vehicles, use of diesel and use of kerosene)

Flood damage to sites caused by rising sea
levelsDelays in the procurement of security
equipment due to damage suffered bysuppliers

Scope 2: Indirect emissions (including those from the consumption ofpurchased electric power, cold and hot water, and steam)
Scope 3: Other indirect emissions (those not covered in Scope 1 or 2, fromthe activities of other companies up and down the supply chain

Tightening of regulations through theimposition of carbon taxes, etc.
Transition risks
Obligation to adopt energy from renewablesources
Increased demand for safety confirmation
services
Increased demand for BCP services
Opportunities

Increased demand for monitoring services
Increased demand for fire insurance
Increased demand for green data centers

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SECOM REPORT 2023

following risks and opportunities related to climate change
as having the potential to impact our business activities.
The Sustainability Promotion Office plays a central rolein assessing risks and opportunities and proposing
responses. We continue to collect and examine a broad
range of information on medium- to long-term climatechange–related risks and opportunities, including on
climate trends and the outlook for carbon taxes andemissions regulations, from the SBTi, the RE100, the TCFD
and other sources.
The SECOM Group Sustainability Meeting, which is
attended by representatives of Group companies, is held asnecessary to share information on climate change–relatedrisks, policies for reducing greenhouse gas emissions andrelated issues, as well as to promote initiatives aimed atmeeting our target of achieving carbon neutrality by 2045.
Note: For more information on SECOM’s climate change–related medium- andlong-term targets, KGIs and KPIs, please see pages 30–31.

Acquisition of environmental certification
for new training facility
The new SECOM
HD Center Gotemba
training facility,
which is scheduled
to be completed in
May 2026 (completion of structures
is scheduled for
Artist’s rendering ofJanuary 2025), isthe SECOM HD Center Gotemba
our first to qualify
for “Nearly ZEB”*
certification. In
addition to theinstallation of solar
panels on the roof
and the east side of the site, we plan to construct a
heliport that can be used in the event of a disaster. Goingforward, we will continue to consider improving environmental and energy performance when building new or
renovating existing facilities with the aim of achieving
our target of carbon neutrality by 2045.
* A net Zero Energy Building (ZEB) is a building that achieves a reduction
in energy consumption of 100% or more, i.e., net zero or negative
net primary energy consumption, while maintaining a quality indoor
environment. A Nearly ZEB building is, as its name indicates, almost
ZEB, achieving a net reduction in energy consumption of 75% or morethrough energy saving (at least 50%) and energy creation.

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Medium- and Long-Term Targets for Reducing Greenhouse Gas Emissions
Medium-term target
2023(Fiscal years ended/ending March 31)

2027

Long-term target

2031(Year)

2045

Scope 1 and 2

45% reduction (from the fiscal year ended March 31, 2019)

Zero emissions

Scope 340% reduction (from the fiscal year ended March 31, 2019)

Zero emissions

2050• These targets have been certified under the SBTi, an
initiative that seeks to drive climate action in theprivate sector.
• We have also joined RE100, a global initiative, with theobjective of transitioning fully to electricity generatedusing renewable energy for our operations by 2045.

Greenhouse Gas Emissions: Actual Results and Medium- to Long-term Targets(t-CO2)200,000

Base year
192,920

180,000

10.7% reduction

190,407
182,238

180,449
172,311160,000
140,000

45% reduction by
the ﬁscal year
ending March 31,
2031

120,000

106,106

100,000

Target for 2045:
080,000

2019

2020

2021

2022

2023

2031

2045

(Actual)(Actual)(Actual)(Actual)(Actual)(Target)(Target)Note: The market-based method used to calculate emissions.

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(Fiscal years ended/ending March 31, except for 2045)