FORM 6-K
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Commission File Number: 1-15270

For the month of July 2024

NOMURA HOLDINGS, INC.
(Translation of registrant's name into English)

13-1, Nihonbashi 1-chome
Chuo-ku, Tokyo 103-8645
Japan(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.
Form 20-F X

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted byRegulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted byRegulation S-T Rule 101(b)(7):

Information furnished on this form:
EXHIBIT
Exhibit Number
1. (English Translation) Corporate Governance ReportSIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report tobe signed on its behalf by the undersigned, thereunto duly authorized.

NOMURA HOLDINGS, INC.
Date: July 29, 2024

By:__ /s/ Yoshifumi Kishida ____________________
Yoshifumi Kishida
Senior Managing Director

[Translation of the Corporate Governance Report filed with the Tokyo Stock Exchange on July 29, 2024]
This document is a translation of the Japanese language original prepared solely for convenience of reference. In the eventof any discrepancy between this translated document and the Japanese language original, the Japanese language original
shall prevail.
CORPORATE GOVERNANCE REPORT

Nomura Holdings, Inc.
Last updated: July 29, 2024

Nomura Holdings, Inc.

Kentaro Okuda, Representative Executive Officer,
President and Group CEO
Contact: 81-3-5255-1000
Securities Code: 8604 (Tokyo Stock Exchange)
https://www.nomuraholdings.com/investor/
The status of the corporate governance of Nomura Holdings, Inc. (the “Company”) is as described below.
I Underlying Concept of Corporate Governance, Capital Structure, Corporate Attributes, and Other Fundament al
Information■ 1. Underlying Concept
The Company recognizes that enhancement of corporate governance is one of the top priorities for the Company to achieve its
management visions “to enhance corporate value by deepening society ’s trust in the firm and increasing the satisfaction of
stakeholders, including that of shareholders and clients.” On this basis, the Company is committed to strengthening and to
improving its governance framework which ensures effectiveness of management oversight and transparency in the Company’s
management and at the same time pursues sustainable growth and expedited decision-making process within the Nomura Group.
The Company, recognizing the perspectives of various stakeholders beginning with shareholders and clients, established the“Nomura Holdings Corporate Governance Guidelines ” (“the Guidelines”) for the purpose of setting forth an effective corporate
governance framework as a structure for transparent/fair and timely/decisive decision -making, and contributing to the realizatio nof that.
The full text of the Guidelines is available on the Company’s website.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf
In addition, the Company has established the “Nomura Group Code of Conduct” as a code of conduct to be observed by eachdirector, officer and employee of the Nomura Group. This is a guideline for Nomura Group directors, officers and employees totranslate the Nomura Group Corporate Philosophy into actions. All of our business activitie s are carried out based on the Group
Code of Conduct, and through compliance with the Code, we endeavor to fulfill the various responsibilities in relation to, notonly shareholders, but to various stakeholders.
The full text of Nomura Group Code of Conduct is available on the Company’s website.
https://www.nomuraholdings.com/company/basic/coc.pdf[Reasons for Non-Compliance with the Principles of the Corporate Governance Code]
The Company has complied with all principles of the Corporate Governance Code.
[Disclosures in accordance with Each Principle of the Corporate Governance Code]Disclosures in accordance with each principle of the Corporate Governance Code are as follows.
[Principle 1-4]
(1) Policy for Strategic Shareholdings
Please refer to Article 26 “Basic Policy for Strategic Shareholdings ” of the Guidelines and “Basic Policy for Strategic
Shareholdings” on the Company’s website.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf
https://www.nomuraholdings.com/company/cg/stsh.html
Over the past 20 years, Nomura Group has consistently reduced its investments in strategic shareholdings. The Company
will continue to sell such shareholdings with a target set in 2022 of reducing the names of strategic shareholdings held(including unlisted names) by 25% in the 5 years from April 1, 2022 to March 31, 2027.
(2) Assessment of the content of Strategic Shareholdings
The Company holds the Investment Securities Committee twice a year. Based on the “Basic Policy for Strategic
Shareholdings” above, the Committee reviews the appropriateness of holdings and conducts a quantitative analysis on the
return on required capital and assesses other qualitative factors such as the benefits and risk accompanying holdings.
In addition, the Board of Directors, concerning individual strategic shareholdings, will examine the content considered at the1

Investment Securities Committee.
(3) Basic Policy regarding the Exercise of Voting Rights for Strategic Shareholdings
Please refer to Article 27 “Basic Policy regarding the Exercise of Voting Rights for Strategic Shareholdings ” of the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf[Principle 1-7]
Please refer to Article 28 “Matters regarding Related-Party Transactions and Subsidiaries ” of the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf[Supplementary Principle 2-4-1][Approach to Ensure Diversity]
We believe that diversity helps improve our competitiveness, innovation, and advanced risk management. In July 2016, we
adopted our “Declaration on Diversity and Inclusion” initiative, in which we committed to create a work environment where all
employees can demonstrate their capabilities and realize their full potential. In October 2022, we further updated it with theaddition of the concept of equity to become our “Group Diversity, Equity and Inclusion Statement.” Equity from our perspective
differs from equality, in that it is less about allocating the exact same resources and opportunities to everyone (equality), butmore about providing the best resources and opportunities to each of our employees according to their different circumstancesand needs, and therefore creating an equitable space where everyone can meet their objectives. We aim to create a workplacethat provides fair and equitable opportunities for our diverse employees, and which instills a strong sense of belonging.
Nomura Group, which operates its business globally, recognizes ensuring and enhancing the structure for human resource
development is important, for each employee with various backgrounds/values such as nationality, race, age, gender, gender
identity, sexual orientation, belief, social status, disability or any other attribution, and career, to be able to utilize her/his
capabilities, and have been promoting initiatives for this purpose. Regarding the promotion of female employees to managerial
positions, the Company have set numerical targets at our major domestic subsidiaries and are promoting various initiatives.
Regarding the promotion of mid-career and overseas employees to managerial positions, since Nomura Group already has
employees with diverse careers, backgrounds and values, as a result of the above initiatives, the Company does not intend to set
specific targets in terms of promoting employees especially with these attributes in management, however appoints management
positions by considering their abilities and performance, regardless of nationality or whether they are hired by mid -career
recruitment.
[Status of Voluntary and Measurable Goals for Ensuring Diversity, Approach to Human Resource Development, Internal
Environmental Development, and Implementation Status to Ensure Diversity](1) Female employees
The ratio of female managers in Nomura Group including overseas is 20% (as of March 31, 2023), and in Japan, at Nomura
Securities, as a major subsidiary, the ratio of female managers is 15.7% (as of March 31, 2024). In Japan, each group company
sets its quantitative target and action plan as an action of plan for employers according to the Act on the Promotion of Fema leParticipation and Career Advancement in the Workplace. Nomura Securities h as set a quantitative target to have 20% of
female representatives in managers, 10% in branch/department managers by 2025. The ratio of female representatives inbranch/department managers has reached 10.2% (as of April 1, 2024), surpassing the target ahead of schedule. In addition,
the Company actively promotes initiatives to enrich the workplace for the female such as Pre - and Post-Natal Leave,
Childcare Leave, Special Leave During and After Spouses' or Partners' Childbirth, th e Work Location Change program for
Area Type General Career employees and Leave for Spouse Overseas Transfers for the purpose of preventing turnover due
to the life events. Starting with the second half of the fiscal year ended March 31, 2024, mandatory goals have been set for
managers, including the development of female employees, and the promotion of parental/childcare leave of male employees
to further promote diversity, equity and inclusion. Furthermore, regardless of gender, employees who return to work after
taking at least 1 month of continuous parental leave will receive an incentive bonus.
(2) Mid-career and overseas employees
The ratio of mid-career managers at Nomura Securities is over 29% (as of March 31, 2023). Among over 26,000 directors,
officers, and employees, more than 10,000 individuals work worldwide. In addition, in the overseas offices, the ratio of
locally-hired managers (Managing Directors in the overseas offices) is over 90% (as of March 31, 2023).
(3) Other matters
For the information on the detailed of the Company’s initiatives, plan for human resource and internal environmental
development, and status of ensuring diversity, please refer to “Others” in III.3. “Measures to Ensure Due Respect for the
Stakeholders’ Standpoint” of this Report, “Talent Management,” “Diversity, Equity and Inclusion (DEI)”, “Employee Friendly Work Environment” and “ESG Data” on the Company’s website.
https://www.nomuraholdings.com/sustainability/employee/capability.html
https://www.nomuraholdings.com/sustainability/employee/di.html
https://www.nomuraholdings.com/sustainability/employee/support.html
https://www.nomuraholdings.com/sustainability/data/index.html

2

[Principle 2-6]
For the Company’s corporate pension fund, in order to realize payments such as the certain payment of pension benefits over the
future and to realize investment management that makes the interests of participants/beneficiaries ’ top priority, operations will
be carried out by assigning qualified persons. Also, for the selection of asset managers, it has been decided that selections
constrained by the business relationship with the pension fund manager will not be carried out, and the policy is to take int oconsideration factors such as aspects of the Stewardship Code, such as the status of responses and initiatives, and policy inrelation to ESG, as necessary. On the basis of these kinds of policies, monitoring of activities including the stewardship ac tivities
of asset managers will be implemented and initiatives will be undertaken to make sure that the corporate pension funds performtheir roles as asset owners.
[Principle 3-1]
These items have been disclosed as follows.
(1) Management Philosophy and Management Strategies and Management Plans
Management Philosophy: Please refer to the “Nomura Group Corporate Philosophy,” “Our Founder’s Principles,” and the“Nomura Group Code of Conduct” on the Company’s website.
https://www.nomuraholdings.com/company/basic/
Management Strategies and Management Plans: Please refer to the materials on the Company’s website “Presentations.”
https://www.nomuraholdings.com/investor/presentation/(2) Underlying Concept of Corporate Governance and Basic Policies
Please refer to the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf(3) Policies and Procedures to determine Compensation for Senior Executives and Directors
Please refer to II.1. “Remuneration of Directors and Executive Officers ” of this Report.
The Company does not provide business -performance-based bonuses to the Director of the Audit Committee member andOutside Directors. Further, the Company abolished retirement bonuses in 2001.
(4) Policies and Procedures to appoint/dismiss the senior management and nominate the directors candidates .
Please refer to Article 2 “Role of the Board of Directors ,” Article 9 “Role and Composition of the Nomination Committee ,”and Article 10 “Appointment/Dismissal of Officers such as the Group CEO and Succession Plan .”https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf(5) Explanations with respect to Individual Appointments/Dismissals and Nominations in the Appointment/Dismissal of the
Senior Management and Nomination of Director Candidates
For explanations for nominating director nominees including Directors concurrently serving as Representative Executiv e
Officers, please refer to the “Reference Materials for the General Meeting of Shareholders ” in the Notice of Convocation of
the Annual General Meeting of Shareholders.
https://www.nomuraholdings.com/investor/shm/[Supplementary Principle 3-1-3](1) Initiatives Towards Sustainability
The Company has established a basic policy on Sustainability in Article 24“Initiatives Towards Sustainability”of the
Guidelines, which is resolved by the Board of Directors. Further, to deliberate and decide on basic sustainability policies andimportant strategies and plans, the Company has established the Sustainability Committee which is chaired by the GroupCEO and consists of other persons designated by the Group CEO including the members of the Executive Management
Board. The Sustainability Committee has, based on the opinions of the Board of Directors, established “Nomura Group
Sustainability Statement,” which sets forth the direction of our company's sustainability activities and policies for responding
to environmental and social risks . For the basic sustainability policies and initiatives, please refer to the Guidelines andmaterials on the Company’s website “Sustainability,” and the section entitled “PART I. Corporate Information Item 2.
Operating and Financial Review 2. Views on Sustainability and efforts” in the Form 6-K English translation of certain items
disclosed in the Annual Securities Report pursuant to the Financial Instruments and Exchange Act.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf
https://www.nomuraholdings.com/sustainability/
https://www.nomuraholdings.com/investor/library/sec/#sec02(2) Investments in human capital and intellectual property, etc.
In order to pursue our Purpose and achieve corporate value enhancement, we believe that it is essential for our humanresources (human capital) to maximize value creation as a professional group, continuously striving for increased
productivity, creation of new value, and advanced risk management. In this context, we are implementing various initiatives
within the human resource management cycle of recruitment, talent development, performance appraisal, and mobility andadvancement. In terms of recruitment, we practice department or job-specific hiring to acquire and develop talents who candemonstrate advanced expertise after joining the company, and we are also strengthening mid -career recruitment.
Additionally, in the area of development, we are putting additional effort into hierarchical training, self-improvemen t
programs, and department-specific training to promote the development of professional and leadership talents. As an example
of a self-improvement program, we have introduced "Digital IQ Univers ity," an e-learning program for all employees aimed3

at nurturing digital talents . For other matters, please refer to the materials on the Company ’s website “Presentations” and thesection entitled “PART I. Corporate Information Item 2. Operating and Financial Review 2. Views on Sustainability andefforts (5) Human Capital Initiatives ” in the Form 6-K English translation of certain items disclosed in the Annual Securities
Report pursuant to the Financial Instruments and Exchange Act .
https://www.nomuraholdings.com/investor/presentation/
https://www.nomuraholdings.com/investor/library/sec/#sec02(3) Information disclosure based on TCFD
Please refer to the “Nomura TCFD Report” on the Company’s website “Annual Reports”.
https://www.nomuraholdings.com/investor/library/ar/index.html[Supplementary Principle 4-1-1]
At the Company, the decision-making authority for all matters, except for matters which must be referred to the Board of
Directors, are delegated to the Executive Officers. For the reference matters of the Board of Directors, please refer to Article 10of the Regulations of the Board of Directors.
https://www.nomuraholdings.com/company/cg/regulations.html[Principle 4-9]
Please refer to II.1. “Matters relating to Independent Directors ” in this Report.
[Supplementary Principle 4-11-1]
Please refer to Article 3 “Composition of the Board of Directors ” of the Guidelines.
The Board of Directors of the Company, to enable active discussion from diversified perspectives, consists of members withdiversity, such as nationality, gender, and background, and with expertise and/or experience in areas such as management, global,
financial industry, accounting/finance, legal systems/regulation, internal controls including risk management, digital / IT / DX,
and sustainability. Eight out of the current twelve Directors of the Company’s Board of Directors, which is majority, are Outside
Directors, and out of the eight Outside Directors, there is a diverse composition of four non-Japanese Directors and three female
Directors.
[Supplementary Principle 4-11-2]
For concurrent positions held by directors, please refer to the “Reference Materials for the General Meeting of Shareholders ” inthe Notice of Convocation of the Annual General Meeting of Shareholders.
https://www.nomuraholdings.com/investor/shm/[Supplementary Principle 4-11-3]
Please refer to Article 6 “Self-Evaluation” of the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf
Further, the summary of the results of the analysis and evaluation of the effectiveness of the Board for the fiscal year ended
March 31, 2024 are as follows:< Summary of the Results of the Analysis/Evaluation Regarding the Effectiveness of the Board of Directors during the Fiscal
Year Ended March 31, 2024 (“FY 2024”)>In the second half of FY 2024, the Company conducted an effectiveness evaluation of the Board of Directors during FY 2024.
The evaluation of the effectiveness of the Board of Directors is conducted in the form of a self-evaluation by each director on
the following items, followed by a discussion at the Board of Directors meeting.
1. Overall Evaluation of the Board of Directors(1) Whether the Board of Directors contributes to the improvement of corporate value(2) Whether the Directors share the understanding of the ideal role of the Board of Directors(3) Whether the authority is appropriately transferred from the Board of Directors to the management
2. Composition and Operation of the Board of Directors(1) Number of attendees at meetings of the Board of Directors, including Executive Officers and Senior Managing Directors(2) Composition of the members of the Board of Directors (composed of corporate managers, financial experts, legal experts,etc.) and the ratio of Outside Directors(3) Frequency of meetings(4) Meeting agenda and framework (number of matters to be resolved and matters to be reported, content, time allocation)(5) Management of the proceedings by the Chairman
3. Informati on Provided to the Board of Directors (including materials for each meeting)(1) Quality, volume, and timing of information provided (pre-meeting briefing, Support system such as guidance of various
training programs and providing the information, reporting of urgent matters, etc.)44. The Board of Director’s Involvement in Management Goals and Strategies(1) Communication with executives from shareholders ’ perspectives so that accountability of executives to the shareholders
is secured(2) Discussion of management goals and strategies at the Board of Directors meet ings based on the PDCA (plan-do-checkact) cycle
5. Management Oversight Functions of the Board of Directors(1) Whether the Board of Directors asks questions and states opinions to executive officers from the perspective ofmanagement oversight(2) Whether mutual understanding with the management is deepened in order for the management oversight function of theBoard of Directors to be performed effectively(3) Do you think the level of activities of the management has improved through the actions and initiatives to enhance andimprove the corporate governance thus far?
(4) Whether the management provides sufficient explanation and report on the matters pointed out at the Board of Directors
thus far(5) Monitoring of adequacy and progress with regard to various management benchmarks, such as financial statements,
share price, ROE, and risk appetite, and appropriateness of the allocation of management resources(6) Assessment of discussions at the Strategic Shareholdings Consideration Committee with respect to each strategic
shareholding(7) Analysis of the company’s performance from a long-term perspective(8) Effectiveness and adequacy of internal controls(9) The content and frequency of sustainability related reports and the level of involvement of the Board of Directors
6. Each Committee(1) Whether the activities of each Committee contribute adequately to the qualitative improvement of corporate governance(2) Composition of the members of each Committee(3) Frequency and content of reports to the Board of Directors(4) Whether the agenda items for Committee meetings are selected appropriately(5) Whether the discussion at a Committee is exhaustive and sufficient(6) Whether each Committee Secretariat provides sufficient support to each Committee member such as advance briefing
and provision of information
7. Monitoring of Dialogue with Stakeholders(1) Sufficiency of information provided to stakeholders such as investors/rating agencies/regulatory authorities(2) Content and frequency of feedback to the Board of Directors on matters such as the opinions of in vestors/rating
agencies
8. Meetings of the Outside Directors(1) Status of discussions at meetings of the Outside Directors(2) Status of cooperation from executives in relation to meetings of the Outside Directors
In FY 2024, two new Outside Directors are appointed with the aim of further strengthening corporate governance. New Outside
Directors are selected as Audit Committee members and Board Risk Committee members in order to utilize their extensive
experience and high level of expertise, in order to enhance discussions at each committee. In addition, in response to the Resultsof the Evaluation of the Board of Directors conducted by the third -party organization in FY 2023, the Board of Directors
continued to take measures such as setting agenda items relating to mid- to long-term group management strategies and ensuring
sufficient deliberation time in order to fully exercise its supervisory function.
In the FY 2024 effectiveness evaluation, a high level of evaluation of “Diversity in the composition of the Board of Directors,
in-depth knowledge and expertise of each director, appropriate management of proceedings, and active implementation ofcommittee activities”, which is a strength that supports effectiveness of Board of Directors, is continued to maintain. In addition,
for the purpose of realizing the further enhancement of functions of the Board of Directors, the following challenges, such as
analyzing the Company’s business performance from a long-term perspective, enhancing efforts to provide information to eachstakeholder, and strengthening initiatives related to Sustainability, were mentioned.
Based on the results of the FY 2024 effectiveness evaluation, the implementation of initiatives to exercise the appropriatemonitoring function through the agenda setting relating to mid- to long-term management strategies and advancement of meeting
management, in order to further enhance the management supervision function of the Board of Directors, are being considered.
Including on the basis of these initiatives, the Board of Directors ’ evaluation is that the effectiveness of the Board of Directors
is fully secured.
5

[Supplementary Principle 4-14-2]
Please refer to Article 18 “Training of Directors” of the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf[Principle 5-1]
(1) Policy for Constructive Dialogue with Shareholders
Please refer to Article 22 “Dialogue with Shareholders ” of the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf(2) Implementation, etc. of Dialogue with Shareholders
We actively reach out to our shareholders and other investors. We take the constructive feedback and share it internally,
including with the Board of Directors, in order to support our management strategy. For the communication during the fiscal
year ended March 31, 2023, please refer to the “CFO Message” (page 22) of the “Integrated Report 2023 (Nomura Report)”on the Company’s website “Annual Reports”.
https://www.nomuraholdings.com/investor/library/ar/index.html
Presentation summary and Q&As (summary and on-demand distribution of telephone conference), management strategies
presentation (video), and “Nomura Group Governance” explained in the dialogues with shareholders are also disclosed on
the Company's website “Financial Results” and “Presentations”.
https://www.nomuraholdings.com/investor/summary/financial/https://www.nomuraholdings.com/investor/presentation/[Principle 5-2]
The Company aims for a business model that can consistently deliver return on equity (ROE) of 8 to 10+ percent over the
medium-term while capitalizing on business opportunities globally. As a financial institution based in Japan, the Company see
its cost of equity to be at around 8 percent, and its mission is to deliver returns to shareholders that are greater than the cost ofequity. However, ROE may be of limited use in that it does not necessarily reflect financial soundness. In order to avoid theexcessive pursuit of capital efficiency with the aim of improv ing ROE at the expense of financial soundness, we attach
importance to the creation of corporate value, giving due consideration to financial soundness, and thereby improving ROE.
The relationship between PBR and ROE is expressed as PBR = ROE / (Cost of Equity - Expected Growth Rate). As of the endof March 31, 2024, the Company’s PBR was less than 1 times. The ROE for the fiscal year ended March 31, 2023 was 3.1% and
the ROE for the fiscal year ended March 31, 2024 was 5.1%, which was well below the target level.
With regard to Implementation of Management that is Conscious of Cost of Capital and Stock Price, please refer to the “CFO
Message” (page 19-22) of the “Integrated Report 2023 (Nomura Report)” on the Company’s website “Annual Reports” and the“Nomura Investment Forum 2023” (page 21-23, and page 3-20 which are relevant to page 23) on the Company’s website“Presentations”.
https://www.nomuraholdings.com/investor/library/ar/index.html
https://www.nomuraholdings.com/investor/presentation/data/2023_1129_prem.pdf

Concerning other engagements regarding the Company ’s corporate governance, including the items below, they have been
published in places including this report, the Annual Securities Report, the Integrated Report (Nomura Report), and theCompany’s website.
[Principle 2-3]
Please refer to Article 24 “Initiatives Towards Sustainability” of the Guidelines and “Environmental conservation initiatives andCSR activities” in III.3. “Measures to Ensure Due Respect for the Stakeholders ’ Standpoint” of this Report and the section
entitled “PART I. Corporate Information Item 2. Operating and Financial Review 2. Views on Sustainability and efforts ” in theForm 6-K English translation of certain items disclosed in the Annual Securities Report pursuant to the Financial Instruments
and Exchange Act.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf
https://www.nomuraholdings.com/investor/library/sec/#sec02[Principle 2-4]
Please refer to Article 23 “Nomura Group Corporate Philosophy and the Nomura Group Code of Conduct” of the Guidelines ,and “Status of the Appointment of Female Directors and Officers ” and “Diversity, Equity and Inclusion” in III.3. “Measures to
Ensure Due Respect for the Stakeholders ’ Standpoint” of this Report and the section entitled “PART I. Corporate Information
Item 2. Operating and Financial Review 2. Views on Sustainability and efforts (5) Human Capital Initiatives ” in the Form 6-K
English translation of certain items disclosed in the Annual Securities Report pursuant to the Financia l Instruments and Exchange6Act.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf
https://www.nomuraholdings.com/sustainability/employee/di.html
https://www.nomuraholdings.com/investor/library/sec/#sec02■ 2. Capital Structure
Ratio of Shares held by Foreign Investors

36.39%<Major Shareholders>Name
The Master Trust Bank of Japan, Ltd. (Trust Account)
Custody Bank of Japan, Ltd. (Trust Account)
State Street Bank West Client-Treaty 505234
The Bank of New York Mellon as Depositary Bank for DR Holders
JP Morgan Chase Bank 385781
State Street Bank And Trust Company 505001
SMBC Nikko Securities Inc.
SSBTC Client Omnibus AccountNorthern Trust Co. (AVFC) Re Silchester International Investors International Value
Equity Trust
Nomura Group Employee Stock Ownership Association
Controlling shareholder other than the parent company
Parent company

Number of Shares
490,840,000
167,148,000
60,703,000
53,059,000
45,147,000
37,743,000
37,680,000
36,060,000
33,024,000
29,984,000

Percentage
16.52
5.62
2.04
1.78
1.51
1.27
1.26
1.21
1.11
1.00

None
None

Supplementary Explanation
Information concerning major shareholders is as of March 31, 2024. Numbers of shares are rounded down to the nearest
thousands.
The Company has 192,432 thousand shares of treasury stock as of March 31, 2024 which is not included in the major shareholders
list above.
According to a statement on Schedule 13G (Amendment No.9) filed by BlackRock, Inc. with the SEC on February 6, 2024,
BlackRock, Inc. owned 246,082,876 shares, representing 7.80% of the issued shares of the Company's common stock. However,
the Company has not confirmed the status of these shareholdings as of March 31, 2024.
According to a statement on Schedule 13G (Amendment No.4) filed by Sumitomo Mitsui Trust Holdings, Inc. with the SEC on
February 5, 2024, Sumitomo Mitsui Trust Holdings, Inc. owned 171,021,800 shares, representing 5.40% of the issued shares of
the Company's common stock. However, the Company has not confirmed the status of these shareholdings as of March 31, 2024.
■ 3. Corporate Attributes
Listed exchanges and market section
Fiscal year end
Industry
Number of employees (consolidated)
Sales (consolidated)
Consolidated subsidiaries

Tokyo Prime, Nagoya Premier
March
Securities and Commodity Futures
Over 1,000
Over 1 trillion yen
Over 300■ 4. Guidelines Regarding Measures to Protect Minority Shareholders in the Event of Transactions with the Controlling
Shareholder—■ 5. Other Special Conditions with Potentially Significant Effects on Corporate Governance
The Company holds 50.5% of voting rights (as of March 31, 2024, the same shall apply hereafter) of Sugimura Warehouse Co.,
Ltd. (Industry Sector: Warehousing & Harbor Transportation Services. Hereinafter referred to as “Sugimura Warehouse”), a
company listed on the Standard Market of the Tokyo Stock Exchange, making it a consolidated subsidiary. In addition, theCompany holds 23.0% of the voting rights of Nomura Research Institute, Ltd. (Industry Sector: Information & Communicatio n .
Hereinafter referred to as “NRI”) and 37.5% of the voting rights of Nomura Real Estate Holdings, Inc. (Industry Sector: Realestate. Hereinafter referred to as “Nomura Real Estate Holdings ”), both listed on the Prime Market of Tokyo Stock Exchange,
making them equity-method affiliates. (The above three companies are collectively referred to as the “the Listed Companies”.)
Although the Nomura Group consists of the Company, the holding company, and its consolidated subsidiaries primarily engaged
in businesses related to financial services, and pursues integrated business operations under the unified strategic focus as7

“Nomura Group”, the Company is not directly involved in the decision -making process of the listed consolidated subsidiary,
Sugimura Warehouse, from the standpoint of protecting its minority shareholders and respecting its autonomy and independence.
In addition, NRI and Nomura Real Estate Holdings, listed affiliated companies, are independent companies outside the Nomura
Group, and the Company is not directly involved in their decision -making processes. The Company expresses its opinions on
their management through the exercise of its voting rights at their General Meetings of Shareholders. As for resolutions to besubmitted to the General Meetings of Shareholders including proposals for the appointment and dismissal of Directors, theCompany decides whether to vote for from the perspective of whether each resolution contributes to the enhancement of thecorporate value of the Listed Companies or not. Although the Company and the Listed Companies share management policies
and strategies, etc., through the collaborative relationship to the extent necessary, the Listed Companies deliberate anddeterminate their business strategies, financial strategies and capital policies, etc., independently from the Company, under theirown governance structure. Regarding the governance structure of the Listed Companies, please refer to the disclosure materialsof the Listed Companies, including their Corporate Governance Reports.
[Listed consolidated subsidiary]
Sugimura Warehouse, a consolidated subsidiary of the Company, engages in logistics business centered around cargo storage,
cargo handling, and freight car transportation. The Company made Nomura Land and Building Co., Ltd. (current Nomura
Properties, Inc. which holds shares in Sugimura Warehouse) a consolidated subsidiary in May 2011, as the result of which
Sugimura Warehouse also became a consolidated subsidiary. Sugimura Warehouse develops its business, maintaining acooperative relationship with Nomura Properties Inc. (a wholly-owned subsidiary of the Company), which provides facility
management services to the Nomura Group. Sugimura Warehouse contributes to the stabilization of the business performance of
the Nomura Group through its operations in a business environment different from that of Nomura Group ’s main businesses.
Since it was listed in 1949 on the Osaka Securities Exchange, whose spot market was integrated into the Tokyo Stock Exchange
in 2013, Sugimura Warehouse has been maintaining its listing. The Company believes that, even if considering the costs ofmaintaining the listing, etc., there is sufficient rationale for maintaining Sugimura Warehouse as a publicly listed subsidiary
mainly from the perspective of improvement of corporate value through enhancement of its name recognition and social
credibility, securing flexible financing methods, expansion of business partners, maintenance and improvement of employee
motivation, and securing talented personnel.
[Listed affiliated companies]
1. NRIThe Nomura Group receives services and products from the NRI Group. Furthermore, the Nomura Group and NRI Group havea collaborative relationship through the operation of a joint venture company, etc. The Company plans to continue the capital
relationship with NRI, which is one of the important business partners of t he Nomura Group. In addition, the terms of transactions
between the Nomura Group and NRI Group are determined in accordance with the same standards applied to transactions withthird parties.
2. Nomura Real Estate Holdings
The Nomura Group and Nomura Real Estate Group have a collaborative relationship through real estate-related business in the
Wealth Management Division and real estate fund management business by a joint venture company in the Investment
Management Division, etc. The Company plans to continue the capital relationship with Nomura Real Estate Holdings, which isone of the important business partners of Nomura Group. In addition, the terms of transactions between the Nomura Group andNomura Real Estate Group are determined in accordance with the same standards applied to transactions with third parties.
II Organizations regarding Managerial Decision Making, Execution, Management and Status of Other Corporate
Governance System■ 1. Organizational structure and management
Organizational structure
Company with Three Board Committees<Directors>
Number of seats on the Board of Directors pursuant to
the Company’s Articles of Incorporation
Term of office of Directors pursuant to the Company’s
Articles of Incorporation
Chairman of the meetings of the Board of Directors

20
1 yearNumber of Directors in office

Chairman of the Board of Directors (kaicho) (except when
concurrently serving as a president)
12<Outside Directors>
Number of Outside Directors in office
Number of Outside Directors qualifying as Independent888

Directors
Relationship with the Company (1)NameAttributionab

Relationship with the company (*)
cde f g h ij kLaura Simone Unger
Other
Victor Chu
External
J. Christopher Giancarlo
LawyerPatricia Mosser
Scholar
Takahisa Takahara
External
Miyuki Ishiguro
LawyerMasahiro Ishizuka
CPA
Taku Oshima
External* Choices concerning the relationship with the company.
* For each item, “○” in the event that “currently/recently” corresponds for the Outside Director and “△” in the event that “in the past”
corresponds for the Outside Director.
* For each item, “●” in the event that “currently/recently” corresponds for the close relative of an Outside Director and “▲” in theevent that “in the past” corresponds for the close relative of an Outside Director.
a - Executive of the Listed Company or its subsidiaryb - Executive or Non-Executive Director of the parent company of the Listed Company
c - Executive of a fellow subsidiary of the Listed Company
d - A legal or natural person whose major business partner is the Listed Company or an Executive of such a legal person
e - Major business partner of the Listed Company or an Executive of such major business partner
f - A consultant, accountant or legal expert receiving a large amount of compensation or other assets from the Listed Company,
excluding director/officer compensationg - Major shareholder of the Listed Company (if such major shareholder is a legal entity, an Executive of such legal entity)
h - Executive of a business partner of the Company (which does not fall under (d), (e) or (f) above) (applicable to the Director only)i - Executive of a company where there is a relationship of an Outside Director being mutually appointed (applicable to the Director
only)
j - Executive of an institution receiving a donation from the Listed Company (applicable to the Director only)k - Other
Relationship with the Company (2)NameCommittees
*1
*2
*3

Laura
SimoneUnger

Supplementary description
*4
☑

None

Nomination Committee
Compensation Committee
3 Audit Committee
4 Independent Director
129Reason for appointment (if designated asan Independent Director, also including
grounds for such designation)<Reason for appointment as Outside
Director>
Ms. Unger, including the holding of thepositions of Commissioner and Acting
Chairperson of the SEC in the past, iswell-versed in finance-related legal
systems/regulations,andsuchachievements and related insights havebeen evaluated highly both within andoutside of the Company.
The Company believes that she willcontinue to apply her extensive
experience and high degree of expertis eand independence to perform a full role as
an outside director in determinin gimportant managerial matters andoverseeing the business execution of theVictor Chu

J.
Christopher
Giancarlo

☑

☑

None

☑

None

Company.
<Reason for designation as Independent
Director>
Ms. Unger satisfies the Independence
Criteria for Outside Directors establishedby the Company. She is not considered to
be in any situation where the degree of
independence required by the Exchanges
would be called in doubt, and hence she isunlikely to have conflicts of interest withgeneral investors and has been designatedas an Independent Director.
<Reason for appointment as Outside
Director>
Mr. Chu established First Eastern
Investment Group, an international
investment company, and apart fro mserving as its Chairman and CEO for
many years, has held key positions inHong Kong financial circles, such as key
positions the Hong Kong Stock Exchange
and Securities and Futures Commissio n ,Hong Kong. He has extensive experience
with respect to corporate managemen t
and the finance industry, and also has ahigh degree of expertise with regard tolaw,
regulation,andcorporate
governance, and such achievements andrelated insights have been evaluatedhighly both within and outside of theCompany.
The Company believes that he willcontinue to apply his extensive
experience and high degree of expertis eand independence to perform a full role as
an outside director in determinin gimportant managerial matters andoverseeing the business execution of theCompany.
<Reason for designation as Independent
Director>
Mr. Chu satisfies the Independence
Criteria for Outside Directors establishedby the Company. He is not considered to
be in any situation where the degree of
independence required by the Exchanges
would be called in doubt, and hence he isunlikely to have conflicts of interest withgeneral investors and has been designatedas an Independent Director.
<Reason for appointment as Outside
Director>
Mr. Giancarlo, including the holding in
the past of positions such as Executive
Vice President of GFI Group Inc., a U.S.
securities brokerage company, andChairman of the U.S. Commodity Futures
Trading Commission, is well-versed infinance-related legal systems/regulations
and advanced technologies such as
blockchain, and such achievements and10

Patricia
MosserTakahisa
Takahara

☑

☑

☑

None

☑

None

related insights have been evaluatedhighly both within and outside of theCompany.
The Company believes that he willcontinue to apply his extensive
experience and high degree of expertis eand independence to perform a full role as
an outside director in determinin gimportant managerial matters andoverseeing the business execution of theCompany.
<Reason for designation as Independent
Director>
Mr. Giancarlo satisfies the Independence
Criteria for Outside Directors establishedby the Company. He is not considered to
be in any situation where the degree of
independence required by the Exchanges
would be called in doubt, and hence he isunlikely to have conflicts of interest withgeneral investors and has been designatedas an Independent Director.
<Reason for appointment as Outside
Director>
Ms. Mosser, apart from her current
holding of positions such Senior Research
Scholar and Director of Central Bankin g
at Columbia’s School of International andPublic Affairs, including the holding in
the past of positions such as Deputy
Director of the Office of Financial
Research at U.S. Treasury Department
and Senior Vice President of the FRBNY,
has many years of experience as an
economist and central banker, and suchachievements and related insights havebeen evaluated highly both within andoutside of the Company.
The Company believes that she willcontinue to apply her extensive
experience and high degree of expertis eand independence to perform a full role as
an outside director in determinin gimportant managerial matters andoverseeing the business execution of theCompany.
<Reason for designation as Independent
Director>
Ms. Mosser satisfies the Independence
Criteria for Outside Directors establishedby the Company. She is not considered to
be in any situation where the degree of
independence required by the Exchanges
would be called in doubt, and hence she isunlikely to have conflicts of interest withgeneral investors and has been designatedas an Independent Director.
<Reason for appointment as Outside
Director>
Mr. Takahara, including his current
holding of the position of Representative11

MiyukiIshiguro

Masahiro
Ishizuka

☑

☑

None

☑

None

Director, President & CEO of Unicharm
Corporation, has extensive experience
with respect to corporate management ,and such achievements and related
insights have been evaluated highly bothwithin and outside of the Company.
The Company believes that he willcontinue to apply his extensive
experience
and
high
level
of
independence to perform a full role as an
outside director in determining importantmanagerial matters and overseeing thebusiness execution of the Company.
<Reason for designation as Independent
Director>
Mr. Takahara satisfies the Independence
Criteria for Outside Directors establishedby the Company. He is not considered to
be in any situation where the degree of
independence required by the Exchanges
would be called in doubt, and hence he isunlikely to have conflicts of interest withgeneral investors and has been designatedas an Independent Director.
<Reason for appointment as Outside
Director>
Ms. Ishiguro, including her current
holding of positions such as Partner ofNagashima Ohno & Tsunematsu andPresident of the Inter-Pacific Bar
Association (IPBA), which is aninternational association of business andcommercial lawyers, and from her many
years of experience as an attorney, she iswell-versed in legal systems/regulations
in areas such as finance and capital
markets, and such achievements andrelated insights have been evaluatedhighly both within and outside of theCompany.
.The Company believes that she will
apply her extensive experience and highlevel of independence to perform a fullrole as an outside director in determinin gimportant managerial matters andoverseeing the business execution of theCompany.
<Reason for designation as Independent
Director>
Ms. Ishiguro satisfies the Independence
Criteria for Outside Directors establishedby the Company. He is not considered to
be in any situation where the degree of
independence required by the Exchanges
would be called in doubt, and hence he isunlikely to have conflicts of interest withgeneral investors and has been designatedas an Independent Director.
<Reason for appointment as Outside
Director>
Mr. Ishizuka has held positions such as
12

Taku Oshima

☑

☑

☑

Vice Chairman of the Audit Standards
Committee of the Japanese Institute ofCertifiedPublic Accountants andExecutive Officer, General Manager ofthe Reputation Quality Risk Management
Headquarters of Deloitte Tohmatsu LLC
and Deloitte Touche Tohmatsu LLC. In
addition, he is well versed in international
accounting systems from his many yearsof experience as a Certified Public
Accountant, and has a high degree ofexpertise with regard to international
accounting systems corresponding to a
Sarbanes-Oxley Act of 2002 financial
expert, and such achievements and related
insights have been evaluated highly bothwithin and outside of the Company.
The Company believes that he will apply
his extensive experience and high level of
independence to perform a full role as an
outside director in determining importantmanagerial matters and overseeing thebusiness execution of the Company.
<Reason for designation as Independent
Director>
Mr. Ishizuka satisfies the Independence
Criteria for Outside Directors establishedby the Company. He is not considered to
be in any situation where the degree of
independence required by the Exchanges
would be called in doubt, and hence he isunlikely to have conflicts of interest withgeneral investors and has been designatedas an Independent Director.
<Reason for appointment as Outside
Director>
Mr. Oshima has held positions including
President and Representative Director of
NGK INSULATORS, LTD., and has
extensive experience with respect tocorporate management,
and suchachievements and related insights havebeen evaluated highly both within andoutside of the Company.
The Company believes that he will apply
his extensive experience and high level of
independence to perform a full role as an
outside director in determining importantmanagerial matters and overseeing thebusiness execution of the Company.
<Reason for designation as Independent
Director>
Mr. Oshima satisfies the Independence
Criteria for Outside Directors establishedby the Company. He is not considered to
be in any situation where the degree of
independence required by the Exchanges
would be called in doubt, and hence he isunlikely to have conflicts of interest withgeneral investors and has been designatedas an Independent Director.

None

13

<Committees>
Composition of each committee and attributes of the committee chairman
Number ofmembers
Nomination Committee
Compensation Committee
Audit Committee

Number of fulltime members
3
3
3<Executive Officers>
Number of Executive Officers

Number of
Inside Directors001

Number of
OutsideDirectors
1
1
1

2
2
2

Attributes of thecommittee
chairman
Outside Director
Outside Director
Outside Director

7

Concurrent positions

Name

Authority torepresent
company

Kentaro Okuda
Yutaka Nakajima
Toshiyasu Iiyama
Takumi Kitamura
Sotaro Kato
Yosuke Inaida
Christopher Willcox

Yes
Yes
No
No
No
No
No

Yes
Yes
No
No
No
No
No

Concurrently serving as a Director
Member ofMember of
Nomination
Compensation
Committee
Committee
No
No
No
No
No
No
No
No
No
No
No
No
No
No

Concurrent statusas employee
No
No
No
No
No
No
No

<Audit Structure>
Whether the Audit Committee is assisted by Directors/employees
Yes
Matters relating to the independence of Directors and employees from Executive Officers
The Company has established the Office of Non-Executive Directors and Audit Committee as an organization to support Audit
Committee and Directors’ execution of duties. The Audit Committee or an Audit Committee member elected by the Audit
Committee performs personal evaluations of the staff employees working in the Office of Non-Executive Directors and Audit
Committee, and grants consent for recruitments, transfers, and discipline of employees serving in the Office of Non -Executiv e
Directors and Audit Committee. Further, non-executive full-time Directors may be appointed as a full-time Member of the Audit
Committee or an Audit Mission Director in order to enhance the effectiveness of audit work.
Cooperation between the Audit Committee members, Independent Auditor, and the Internal Audit Division【Coordination between Audit Committee and Internal Audit】
In order to ensure effective and adequate internal controls, the Company has established the Internal Audit Division which is
independent from the business execution functions and reports directly to the Audit Committee. The Group Internal Audit
Department placed in the Company as well as similar internal audit units placed in its major subsidiaries conduct internal au dits
across the Nomura Group.
The Audit Committee receives reports timely from the Internal Audit Division throughout the year. The main reported items
include the result of each audit, development/operation of internal audit organization, the progress of internal audits, key issues
and trends relating to the overall internal control identified through internal audit activities, as well as matters to be re ferred to
the Audit Committee for approval such as the annual internal audit plan and its changes. Notable matters on the status of theInternal Audit Division are included in the regular reports from the Audit Committee to the Board of Directors.
Regarding implementation plans and formulation of the budget of the Internal Audit Division, the consent of the Audit Committee,
or a member of the Audit Committee designated by the Audit Committee is required. When formulating the internal audit
implementation plans, matters to be considered are coordinated by the Audit Committee with the Internal Audit division.
Furthermore, in addition to reports to the Audit committee, key issues and trends relating to the overall internal control id entified
through internal audit activities are reported monthly from the Internal Audit Division to the full-time Audit Committee member
and Audit Mission Directors of Nomura Securities.
【Coordination between Audit Committee and Accounting Auditor】
Ernst & Young ShinNihon LLC is appointed as the Company’s Accounting Auditor. The Audit Committee has the authority toapprove their annual audit plan, receives reports and explanations from them on their financial audits at least once quarterly,
exchanges information with them from time to time, reviews their audit methods and the appropriateness of their audit results
and examines financial statements and other relevant documents.
14

【Coordination between Audit Committee, Internal Audit and Accounting Auditor】
As mentioned above, the Audit Committee receives reports from the Senior Managing Director (SMD) in charge of GroupInternal Audit (the SMD of Group Internal Audit) and the accounting auditor, while the SMD of Group Internal Audit attends
almost all committee meetings and the accounting auditor participates in interviews conducted by the Audit Commit tee, ensuring
mutual coordination.
In addition, the Chairperson of the Audit Committee and the full-time Audit Committee member hold monthly meetings (regulartri-party audit meetings) with the accounting auditor and the SMD of Group Internal Audit primarily to share information andexchange views on various topics including audit-related issue awareness, control environment and domestic and foreign
regulatory trends.
<Independent Directors>
Number of Independent Directors

8

Matters relating to Independent Directors
The Company has designated all qualifying directors as Independent Directors.
The Company has established Independence Criteria for Outside Directors as follows:“Independence Criteria for Outside Directors of Nomura Holdings, Inc.”
Outside Directors of Nomura Holdings, Inc. (the “Company”) shall satisfy the requirements set forth below to maintain their
independence from the Nomura Group (*1).

1. The person, currently, or within the last three years, in principle, shall not correspond to a person listed below.
(1) Person Related to the Company
A person satisfying any of the following requirements shall be considered a Person Related to the Comp any:A) Executive (*2) of another company where any Executive of the Company serves as a director or officer of that company;B) Major shareholder of the Company (directly or indirectly holding more than 10% of the voting rights) or Executive of suchmajor shareholder; orC) Partner of the Company’s accounting auditor or employee of such firm who works on the Company ’s audit.
(2) A person who is a Major Lender (*3) of the Nomura Group or an executive of a Major Lender of the Nomura Group, or aperson who is a person for whom the Nomura Group is a Major Lender or an executive of an organization for whom the
Nomura Group is a Major Lender.
(3) A person who is a Major Business Partner (*4) of the Nomura Group or an executive (including a partner of a profession alservices firm, etc.) of a Major Business Partner of the Nomura Group, or a person who is a person for whom the Nomura
Group is a Major Business Partner or an executive (including a partner of a professional services firm, etc.) of an organizat ion
for whom the Nomura Group is a Major Business Partner.
(4) A person receiving compensation from the Nomura Group of more than 10 million yen (an amount equivalent to US$120,000 in the case of foreign currency) per year, excluding director/officer compensation.
(5) An executive of an institution receiving more than a Certain Amount of Donation (*5) from the Company.

2. The person’s spouse, relatives within the second degree of kinship or anyone who lives with the person shall not correspondto a person listed below (excluding persons in unimportant positions):(1) Executive of the Nomura Group; or(2) A person identified in any of subsections (1) ~ (5) in Section 1 above. (*6)

15

(Notes)*1: Nomura Group shall mean the Company and the Company ’s subsidiaries listed as significant subsidiaries in the Business
Report of the Company.
*2: Executive shall mean Executive Directors (gyoumu shikkou torishimariyaku), Executive Officers (shikkouyaku) and
important employees (jyuuyou na shiyounin), including Senior Managing Directors (shikkouyakuin), etc.
*3: Major Lender shall mean a lender from which the borrower has borrowed an amount equal to or greater than 2%(excluding borrowings that are not material in terms of fungibility, repayment potential, etc.) of the consolidated total ass ets ofthe borrower.
*4: Major Business Partner shall mean a business partner whose transactions with the other party exceed 2% （excludingtransactions that are not material, such as those conducted under general conditions ）of such business partner’s consolidated
gross revenues in the last completed fiscal year.
*5: Certain Amount of Donation shall mean a donation that exceeds 10 million yen (an amount equivalent to US $120,000 in
the case of foreign currency) per year or 2% of the donee institution’s gross revenues or ordinary income, whichever is larger.
*6: The matters listed in 1. (1) C) shall not apply if the person is not a member of the Audit Committee, and the Company ’s
accounting auditor has determined that such relationship does not affect their independence as the Company's accounting auditor.
—<Incentives and Remuneration>
Implementation of Initiatives to offer Incentives to Directors
and Executive Officers

Introduction of a performance-linked remuneration
system, introduction of stock option plans and others

Supplementary Explanation
Pursuant to the Basic Nomura Group Compensation Policy (the “Basic Policy”) and Compensation Policy for Directors andExecutive Officers of Nomura Holdings, Inc. (the “Policy for Statutory Officers ”) (Please refer to II.1. “Remuneration of
Directors and Executive Officers ”) set by the Compensation Committee. Compensation of Directors and Executive Officers
is divided into fixed compensation and performance-linked compensation, with fixed compensation consisting of base salaryand performance-linked compensation consisting of an annual bonus and long-term incentive plans. In order to provide
incentives for the improvement of medium to long-term corporate value and to align the interests of shareholders, a portionof the compensation is paid through stock-based compensation awards with specified deferral periods.
(1) Determination method of compensation
With respect to the President and the Group CEO, given the overall responsibility of business execution of the Nomura
Group, the basic amount of the Performance-Linked Compensation is calculated based on the level of achievement in actual
value(s) against the target value(s) of key performance indicator(s) and performance metrics that form the basis for theircalculation. In addition, Total Compensation (“TC”) , including fixed compensation and performance-linked compensation,
is determined by considering, as needed, qualitative evaluation competitor benchmarking etc. by the Compensation
Committee.
With respect to the Directors and the Executive Officers, their Annual Bonus and TC are determined based on the ones of
the Group CEO, reflecting individual roles and responsibilities, respective jurisdiction ’s regulations and compensationlevel etc. in addition to the qualitative elements.
(2) Calculation method of the Performance-Linked Compensation
Quantitative elements
In order to ensure alignment with Nomura Group's management vision and business strategy, we select key performanceindicators and performance metrics that form the basis for its calculation. Additionally, we choose stock price-related
indicators to promote alignment of interests with shareholders.

Type of elements

Actual for the fiscal year

Item

ended March 31, 2024.
16

Net revenue
Profit and loss

Per share information

1,562 billion of yen

Revenue cost coverage ratio (1)82.5％Income before income taxes

274 billion of yen

Earnings per Share (“EPS”)

52.69 yen

Capital efficiency

ROE

5.1％

Shareholder returns

Total Shareholder Return (“TSR”) (2)196.3％(Notes)1. Ratio calculated by dividing Total non-interest expenses by Net revenue
2. The value obtained by dividing the total of fluctuations in the price of NHI shares and dividends in the current fiscal
year by the NHI share price at the end of the previous business year.
Qualitative elements
To promote enhancement of Nomura Group's corporate value and the realization of a sustainable society, we have selectedstrategic management, as well as initiatives related to community, talent, and DEI, as evaluation criteria.
(3) Yearly Bonus of Director of the audit committee member and Outside Directors
Audit Committee members and Outside Directors are not bonus-eligible in order to maintain and ensure their
independence from business execution.
(4) Stock Based Compensation as Non-Monetary Compensation
The company sets half of the amount of the Yearly Bonus of the Directors and Executive Officers as Deferred
Compensation. In principle, RSU that falls under the Non -Monetary Compensation is used for payment of the amount.
Furthermore, the company have introduced PSU as a long -term incentive plan during the fiscal year ended March 31, 2024.
(5) Outline of current Deferred Compensation Awards.
Type of award
Restricted

Stock

Units (“RSUs”)

Key features•Introduced as the main form of Deferred Compensation since the fiscal year ended March
31, 2018.
•Settled in the Company’s common stock.
•Graded vesting period is set as three years in principle.

Notional Stock Units•Linked to the price of the Company’s common stock Cash-settled in local currency.

(“NSUs”)•Graded vesting period is set as three years in principle.

Performance
Units (“PSUs”)

Share•Introduced as the Long Term Incentive Plan since the fiscal year ended March 31, 2024.
•The number of shares to be awarded will be determined by depended on the degree ofachievement of the performance targets of the three fiscal years.
•Performance evaluation period is set as more than three years in principle.

(6) Effect of payment of deferred compensation as equity-related compensation
By providing deferred compensation as equity-linked compensation, the economic value of the compensation is linked tothe stock price of Nomura, and a certain vesting period is set.
• Alignment of interests with shareholders.
• Clawbacks for voluntary resignation and material breach of our internal policies.
• Medium-term incentives and retention by providing an opportunity for the economic value of Deferred Compensation at
the time of grant to be increased by a rise in shares during a period of time from grant to vesting.
• Promotion of cross-divisional collaboration and cooperation by providing a common goal of increasing corporate value
over the medium to long term.

17

Due to these benefits, the active use of Deferred Compensation is also recommended by regulators in the key
jurisdictions in which we operate.
With respect to Deferred Compensation in Nomura, a deferral period is generally three or more years from the followin g
fiscal year or later. This is in line with the “Principles for Sound Compensation Practices ” issued by the Financial Stabilit y
Board which recommends, among other things, a deferral period of three or more years.
Persons Eligible for Stock Options

Inside Directors, Executive Officers, employees, Directors/employees ofsubsidiaries

Supplementary Explanation
The Company has two types of SAR plans to maintain incentives for high levels of performance and to recruit talented staff. The
exercise price for SAR Plan A is determined based on the market price when issued, and the exercise price of SAR Plan B is 1
yen per share. Following the introduction of RSU awards instead of core deferral awards and all supplemental awards , no new
SAR awards were granted since the fiscal year ended March 31, 2018.
<Remuneration of Directors and Executive Officers >Disclosure of individual Director Remuneration
Disclosed in part
Disclosure of individual Executive Officer
Disclosed in part
Remuneration
Supplementary Explanation
Information concerning compensation for Directors and Executive Officers is disclosed in the Yukashoken-hokokusho (“Annual
Report”), Business Report, Form 20-F submitted to the SEC, Explanatory Document on the Status of Operation and Property
and other documents – all of these documents can be accessed on the Company’s website. Individual compensation of certain
Directors and Executive Officers is disclosed in the Annual Report in accordance with the Cabinet Office Ordinance on
Disclosure of Corporate Affairs, etc.
Whether there are any policies for the calculation of remuneration

Yes

Amount of Remuneration or disclosure of the policy for the calculation of remuneration
Compensation Policy
The Company has developed “Basic Nomura Group Compensation Policy,” “Compensation Policy for Directors and Executiv e
Officers of Nomura Holdings, Inc.” and “Nomura Group Compensation Policy for Employees ” to enable the Nomura Group toachieve sustainable growth, realize a long-term increase in shareholder value, deliver client excellence, compete in a global
market and enhance our reputation. The Compensation Committee reviews and updates these policies.
Separately, the Company has established compensation policy for Nomura Group officers and employees, including Senior
Managing Directors of the Company and Directors of its subsidiaries but excluding Directors and Executive officers of theCompany.
The Company has established “Basic Nomura Group Compensation Policy,” “Compensation Policy for Directors and Executiv e
Officers of Nomura Holdings, Inc.” and “Nomura Group Compensation Policy for Employees ” as follows:< “Basic Policy” >Compensation Governance
As a company with three Board Committees, as defined under Japanese corporate law, NHI has established an independent
statutory Compensation Committee, which comprises primarily Outside Directors as members. The Committee has establishedboth our Basic Policy and our Compensation Policy for Statutory Officers, based on which compensation for Directors andExecutive Officers of NHI is determined.
With respect to the relevant policies and total compensation for our officers and employees other than NHI ’s Statutory
Officers, decisions regarding employment and remuneration matters are delegated to our “Human Resources Committee ”(“HRC”) by the Executive Management Board of NHI. The HRC is chaired by the Group CEO and an individual appointed by
the chairman, taking into account financial and risk management perspectives. The HRC determines above matters with support
from respective remuneration committees in each region.
The HRC establishes the Compensation Recovery Policy of NHI to comply with, among others, the U.S. Securities Exchange
Act of 1934, as amended, and determines matters with respect to compensation of covered officers who are statutory officers
18

of NHI under Japanese law, and is responsible for the management, operation, interpretation and administration of such.
Compensation Policies and Practices for Nomura Group’s talent
We recognize that our employees are key in pursuing our Purpose, which is “We aspire to create a better world by harnessing
the power of financial markets”.
Compensation for Nomura Group’s Talent is designed to support achieving sustainable corporate growth, increasing
corporate value over the medium and long-term and maintaining sound and effective risk management, while contributing to
the interest of our shareholders. In addition, to ensure that we attract, retain, motivate and develop talent, the level and structureof remuneration takes into account the roles and responsibilities of individuals as well as the market pay levels in Japan andoverseas, and in line with any relevant laws and regulatory expectations.
1) Sustainable corporate growth and increasing enterprise value over the medium and long -term
Our employee compensation policies aim to reinforce our corporate philosophy, to promote healthy corporate culture andbehavior in line with our “Code of Conduct” and to align to our commitment to Environmental, Social and Governance (“ESG”)
considerations.
Based on a pay-for-performance principle, our employee compensation programs are designed to be sound and competitivein the market and aligned to our strategic objectives and the goal of sustainable growth and increasing corporate value over the
medium and long-term.
2) Sound and effective risk management
We seek to maintain sound and effective risk management with an appropriate risk appetite. We update performancemeasurement metrics and indicators used for determining compensation by considering both financial and non-financial risks
underlying each business. Qualitative factors such as conduct, compliance, professional ethics and corporate philosophy are a lso
considered in determining the final amount of remuneration provided to each officer and employee, which may include a
reduction in compensation as a result of disciplinary actions.
In addition, when granting compensation, it shall be specified that in the event of a material revision of financial statements
or a material violation of applicable laws and regulations or Nomura Group rules and policies, compensation may be subject toreduction, suspension, forfeiture of rights, cancellation, offset by other compensation, or re -payment (so-called “clawback”).
3) Alignment of interests with shareholders
Certain of our officers and employees ’ remuneration package includes stock-based compensation awards linked to share priceof NHI with an appropriate deferral period applied, in order to align with shareholders ’ interests.
Approval and Revision of the Basic Policy
The approval, amendment or repeal of the Basic Policy are governed by our Compensation Committee of NHI.

< “Policy for Statutory Officers.” >Compensation of Directors and Executive Officers is divided into fixed compensation and performance -linked
compensation, with fixed compensation consisting of base salary and performance -linked compensation consisting of anannual bonus and long-term incentive plans. In order to provide incentives for the improvement of medium to long -term
corporate value and to align the interests of shareholders, a portion of the compensation is paid through stock-based
compensation awards with specified deferral periods.
<Composition of Compensation for Directors and Executives>
Fixed Compensation
Base salary

Performance-linked Compensation
Annual Bonuses

Long-term Incentive Plan

Fixed Compensation•Base salary is paid in cash and determined based on factors such as professional background, career history, responsibilities
and compensation standards of related business fields.
Performance-linked Compensation•With respect to the Group CEO, given the overall responsibility of business execution of the Nomura Group, the basic
amount of the performance-linked compensation is calculated based on the level of achievement in actual value(s) against
the target value(s) of key performance indicator(s) and performance metrics that form the basis for their calculation. In
19addition, qualitative evaluation competitor benchmarking is also reflected when determining final annual bonu s amount.
•With respect to Directors and other Executive Officers, the amount of annual bonus is determined with the annual bonus ofGroup CEO as standard baseline, taking into consideration roles and responsibilities, local remuneration regulations andcompensation levels in each jurisdiction etc., in addition to a qualitative evaluation of individual performance.
•Audit Committee members and Outside Directors are not bonus -eligible in order to maintain and ensure their independence
from business execution.
a) Annual Bonuses
In principle, certain portion of any annual bonus payment should be deferred.
b) Long-term Incentive Plan
Payments under long-term incentive plans are made when a certain degree of achievements are accomplished.
Payments are made in stock-based compensation awards.
When granting compensation, in the event of voluntary resignation, a material revision of financial statements or amaterial violation of applicable laws and regulations or Nomura Group rules and policies, compensation of Directors andExecutive Officers may be subject to reduction, suspension, forfeiture of rights, cancellation, offset by other compensation,or re-payment (so-called “clawback”).
< “Employees Policy”>
Based on our “Basic Policy”, we have established our Employee Policy which applies to our officers and employees,
including Senior Managing Directors of NHI and directors of subsidiaries of NHI but excluding our Statutory Officers of NHI.
Matters not provided for in our Employee Policy are governed by the provisions of our Basic Policy.
Compensation GovernanceSupervised by the HRC, regional committees governing employee compensation are composed from representatives ofFinance, Risk Management, Compliance, Human Resources, and other departments as appropriate. These regional committees
implement our global compensation governance rules.
The proposed compensation of control function departments (such as Risk Management, Compliance, and Internal Audit) is
not permitted to be determined by our front office business and performance evaluation of employees in these departments is
not permitted to be determined solely by performance of the business supported by the individuals.
Compensation Policies and Practices
We recognize that our employees are key in pursuing our Purpose, which is “We aspire to create a better world by harnessing
the power of financial markets ”.
Compensation for our employees is designed to support achieving sustainable corporate growth, increasing corporate value
over the medium and long-term and maintaining sound and effective risk management, while at the same time positively
contributing to the interest of our shareholders. In addition, to ensure that we attract, retain, motivate and develop talent , thelevel and structure of remuneration takes into account the roles and responsibilities of individuals as well as market pay levels
in Japan and overseas, in line with any relevant laws and regulatory expectations.
1) Sustainable Corporate Growth and Increasing Corporate Value Over the Medium and Long-Term
The compensation policies for our employees aim to embody the Purpose which is “We aspire to create a better worldby harnessing the power of financial markets ” and our “Values of Entrepreneurial Leadership, Teamwork and Integrity”, topromote a healthy, diverse corporate culture and the right behavior in line with our “Code of Conduct” and to facilitate agreater alignment with ESG considerations.
Based on a pay-for-performance principle, our compensation programs are designed to be sound and competitive in themarket and aligned to our strategic objectives and the goal of sustainable growth and increasing corporate value over the
medium and long-term.
Compensation at Nomura reflects and aligns with the performance of the Nomura Group as a whole, its divisions, as wellas individual employees, taking into account both business strategy and market considerations.
2) Sound and Effective Risk Management
We seek to maintain sound and effective risk management with an appropriate risk appetite. We apply its performancemeasurement standards and indicators when determining compensation considering both financial and non -financial risks
in each business, taking a holistic approach. Qualitative factors such as conduct, compliance, professional ethics and20

corporate philosophy are considered in determining the final amount of remuneration provided to each officer andemployee, which may include a reduction in compensation. Risk Management, Compliance and Finance divisions provide
key inputs into the overall risk and performance assessment to ensure appropriate consideration of these factors.
The compensation package offered to our employees comprises two key eleme nts:
・Fixed compensation –reflects the role, responsibilities and experience of the employee; and・Variable compensation –designed to incentivize performance, encourage the right behaviors anddrive employee growth and development. For higher paid employees, aportion of variable compensation may be deferred, balancing short -termwith our medium and long-term interests.

We seek to balance the components of compensation between fixed and variable according to the employee ’s role andseniority. In principle, the proportion of compensation that is deferred increases with employee ’s compensation. Guaranteedcompensation is allowed only in limited circumstances such as for new hires or, where allowed, strategic business needs.
Multi-year guarantees are typically prohibited.
In addition, when granting compensation, it shall be specified that in the event of a material revision of financial
statements or a material violation of applicable laws and regulations or Nomura Group rules and policies, employee s’compensation may be subject to reduction, suspension, forfeiture of rights, cancellation, offset by other compensation, or
re-payment (so-called "clawback").

3) Alignment of Interests with Shareholders
Deferred variable compensation intends to align the interests of employees and NHI shareholders, and to encourage along-term, sustainable approach senior management and highly paid employees. For Nomura Group employees who receivea certain amount of remuneration, a portion of the remuneration is stock-based compensation awards linked to the price of
NHI shares with an appropriate deferral period applicable, in order to align with shareholders ’ interests.
Approval and Revision of the Employee Policy
The approval, amendment or repeal of the Employee Policy can be made by our HRC.

<The reasons why the Compensation Committee confirmed that the compensations in relation to FY2024, to be paid for the
Directors and Executive Officers is in line with the compensation policies.>
The following table presents a summary of the meetings held by the Compensation Committee during FY2024.
Attendance
Date

Summary of the discussion and the resolution

recordsof thememberApril 21, 2023

Discussion:・Performance for the year ended March 31, 2023 and thecompensation level of the group CEO.

All members
attended

April 24, 2023

Discussion:

・The compensation level of the group CEO during the year
end March 31, 2023.

All members
attended

April 26, 2023

Resolution:

・The bonus plan for the year ended March 31, 2023.
・ Amendment of policies governing compensation for
Directors and Executive Officers.

All members
attended

Resolution:

・The appointment of the Director with the right to convoke
the board of directors meetings.
・ The Director who reports the executions of thecommittee’s duties to the board of the directors meetings.
・ The Compensation Policy of Nomura Group and basesalary of the Directors and Executive Officers.
・ Individual base salary of the Directors and Executiv e
Officers.
・Granting RSUs to the Directors and Executive Officers.

All members
attendedJune 27, 2023

21

Reporting:・Schedule for current fiscal year

August 29,2023

Discussion

・ Review of policies governing pay for Directors andExecutive Officers.

All members
attended

September 27,
2023

Discussion:

・ Individual base salary of the Directors and Executiv e
Officers.
・Group CEO Pay levels.

All members
attended

November 6,
2023

Resolution:

・Introduction of the U.S. SEC Clawback Regulations andthe Company’s Response.

All members
attended

December 5,
2023

Reporting:・Compensation levels for executives in major competitive
regions domestically and internationally.

All members
attendedJanuary 31,
2024

Discussion:・ Review of executive compensation levels and thedetermination method for executive compensation for the
fiscal year ended March 31, 2024.

All members
attendedFebruary 20,
2024

Discussion:・ Review of the method for determining executive
compensation.

All members
attended・The annual base salary of the next fiscal year.
・Introduction of Long-Term Incentive Plans (LTI).
・Expected performance and compensation level outlook
for the fiscal year ended March 31, 2024.

All members
attended

Resolution:
March 29, 2024
Discussion:

Through discussion and resolution of the above topics, our Compensation Committee confirmed that compensation for the
Directors and Executive Officers in respect of FY 2023 are appropriate and consistent with our relevant compensation policies.
A summary of these meetings has been reported to the Board of Directors .

<Support System for Outside Directors>
The Company has established the Office of Non-Executive Directors and Audit Committee as an organization to support the
Audit Committee and Directors’ execution of duties. The Office of Non-Executive Directors and Audit Committee serve as asecretariat of the Audit Committee and support Directors to perform their duties, such as by periodic provision of informationon the management to Outside Directors.
In addition, the company provides briefings prior to meetings of the Board of Directors, and necessary explanations onimportant matters of the Company including business, business plan, financial status, and governance structures such as theinternal controls systems, etc., are continuously provided to the Outside Directors by relevant departments.
In addition, the Outside Directors may, as necessary, request an explanation or report and/or request materials from Executiv e
Officers and employees, and consult legal, accounting, or other outside experts at the Company ’s expense.
<Status of persons who have retired from a position such as Representative Director and President>
Name, etc., of Nominating Counselors, Advisors, etc., who have formerly served as Representative Director and President,
etc., of the Company

Name

Title/
Position

Nobuyuki
Koga

Honorary
AdvisorDuties(i) Engagement in social contribution
activities such as holding office as an
executive at industrial or public associations
that are approved by the Company, and (ii)utilization of knowledge through holding
office as outside executives in othercompanies that are approved by the Company.

Work Form/
Conditions(Full-time/ Part-time,
Compensation etc.)
Part-time
Paid

Date of
Retirement as
President etc.
2020.6.23

Term
1
year
(The
maximum
entrustment period
will
last
until
M arch 31, 2025.)

Total number of Nominating Counselors, Advisors, etc., who have formerly served as Representative Director and President,
etc., of the Company: 1
Other Matters
The Company has established its Advisor Regulations by a resolution adopted by the Executive M anagement Board, and its content has also
been reported to the Board of Directors. A summary of the Advisor Regulations is set forth below.

22• Advisors shall never be involved in the business execution of and/or supervision within the Company.
• The duties of Advisors are (i) engagement in social contribution activities such as holding office as an executive at industrial or public
associations that are approved by the Company, and (ii) utilization of knowledge through holding office as outside executives in othercompanies that are approved by the Company.
The treatments of advisors, including their compensation, shall be decided by consultation amongst the representative executive officers.

■ 2. Matters Concerning Respective Decision-Making Functions for the Execution of Business, Audits, Supervision,
Nominations, and Remuneration (Current Corporate Governance System)
Business Execution Process
As a Company with Three Board Committees , the Board of Directors has , to the extent permitted by laws and regulations,delegated to the Executive Officers decision making authority for business execution functions to ensure that the Executiv e
Officers can execute the Company’s business with speed and efficiency. Among the matters delegated to the Executive Officers
by resolutions adopted by the Board of Directors, the most important matters of business must be decided upon deliberation by
specific management bodies within the Company including the Executive Management Board, the Group Risk Management
Committee, the Nomura Group Conduct Committee, the Sustainability Committee and the Internal Controls Committee. The
Board of Directors is to receive reports on the status of the deliberations at the Executive Management Board, etc. by eachmanagement body as appropriate. The roles and each management body are below.
1. Executive Management Board
This Board is chaired by Kentaro Okuda, the Representative Executive Officer, President, and the Group CEO, and also consistsof the Executive Officers and any persons designated by the Representative Executive Officer, President, and the Group CEO.
It deliberates and determines management strategies, business plans, budgets, allocation of management resources, and otherimportant matters related to the management of the Nomura Group.
2. Group Risk Management Committee
This committee is chaired by Kentaro Okuda, the Representative Executive Officer, President, and the Group CEO, and also
consists of one representative executive officer other than the Representative Executive Officer, President, and the Group CEO
appointed by the Chairman, the Chief Compliance Officer (CCO), Chief Risk Officer (CRO), Chief Financial Officer (CFO),
Divisional Heads (responsible for execution of business in each division) and any persons designated by the Chairman. The
Executive Management Board has delegated authority to the committee to deliberate and determine important matters concerning
enterprise risk management of the Nomura Group.
3.

Nomura Group Conduct Committee

This committee is chaired by Toshiyasu Iiyama, Executive Officer and Deputy President, and also consists of the Chief
Compliance Officer (CCO), and any persons designated by the Representative Executive Officer, President, and the Group CEO.
It is the core in embedding the Nomura Group Code of Conduct and in discussing compliance and conduct risk management
within the Nomura Group.
4.

Sustainability Committee

This committee is chaired by Kentaro Okuda, the Representative Executive Officer, President, and the Group CEO, and also
consists of any persons designated by the Representative Executive Officer, President, and the Group CEO. It deliberates anddetermines matters such as the strategy in relation to promoting sustainability in the Nomura Group.
5. Internal Controls Committee
This committee is chaired by Kentaro Okuda, the Representative Executive Officer, President, and the Group CEO, and also
consists of an Audit Committee member elected by the Audit Committee, a Director elected by the Board of Directors , and any
persons designated by the Representative Executive Officer, President, and the Group CEO. It deliberates on important mattersconcerning areas such as internal controls, audit activities and risk management in relation to the Nomura Group ’s business.
In order to further bolster the Company’s business execution framework for financial operations that are becoming increasingly
sophisticated and specialized, the Company utilizes a system whereby the Executive Officers delegate a part of their author ity
for business execution decisions to Senior Managing Directors, who focus on individual business and operations.
The Board of Directors and Committees
At the Company, which is a Company with Three Board Committees where management oversight and business executionfunctions are institutionally separated, in addition to the Board of Directors and the Nomination/Audit/Compensation committe es,
which are the three statutory committees, both the “Board Risk Committee,” which is a committee that has the purpose ofdeepening the oversight of risk management by the Board of Directors and the “Outside Directors Meeting” for having Outside
Directors periodically engage in discussions regarding matters concerning the Company ’s business and corporate governance,
have been established.
The main role of the Company’s Board of Directors is management oversight, and the purpose of the Board of Directors of theCompany is to strive for the Company’s sustainable growth and maximization of corporate value over the mid to long-term. The
Board of Directors, in addition to ensuring the fairness and transparency of the management, determines the “Fundamental
Management Policy,” and appointments of Executive Officers that manage the Company such as the Group CEO and import ant
23business execution decisions are made based on such policy.
The Board of Directors of the Company, to enable active discussion from diversified perspectives, consists of members withdiversity, such as in gender, international experience and work experience, and with expertise in areas such as accounting,corporate management, and law, etc. Further, for the appropriate exercise of the Board of Directors ’ management oversightfunction, there is a general rule that the majority of the Board of Directors must be Outside Directors.
Eight out of the current twelve Directors of the Company’s Board of Directors are Outside Directors, and out of the eight Outside
Directors, there is a diverse composition of four non-Japanese Directors and three female Directors. Further, the current twelve
Directors of the Company’s Board of Directors are composed of members with expertise and experience, in areas such as
management, global, financial industry, accounting/finance, legal systems/regulation s, internal controls including risk
management, digital /IT/ DX, and sustainability. In particular, as a result of the expansion of the U.S. business, Directors withan extensive understanding of the U.S. financial industry, macro economy, and regulatory environment have been appointed.
Moreover, in consideration of factors including the geographical distribution of Directors, in addition to the appointment of a
Director well-versed in finance from Asia, in view of the importance global of the managerial knowledge, a Director who is an
executive of a Japanese company that is engaged in global business development has been appointed.
The Board of Directors of the Company is chaired by a Director who is not concurrently serving as an Executive Officer, allowing
the Board of Directors to concentrate on overseeing the business conducted by the Executive Officers. Further, with respect toeach of the Nomination/Audit/Compensation/Board Risk committees, by having Outside Directors serve as the chair,
independence from the management has been made even clearer.
A summary of the Board of Directors and each Committee is as set out below.
1. Board of Directors
Aiming for transparent management under oversight with an emphasis on external perspective, t he Company’s Board of
Directors is comprised of twelve members: Koji Nagai, Kentaro Okuda, Yutaka Nakajima, Shoji Ogawa, Laura Simone Unger,
Victor Chu, J. Christopher Giancarlo, Patricia Mosser, Takahisa Takahara, Miyuki Ishiguro, Masahiro Ishizuka and Taku Oshima(including eight Outside Directors). The Outside Directors, by applying their extensive experience and comprehensive
knowledge, and through their activities at the Board of Directors and each of the Nomination, Audit , Compensation and Board
Risk Committees, monitor management decisions on significant issues and business execution.
At meetings of the Board of Directors, activities such as the adoption of resolutions concerning matters such as financial results
and budgets, reporting of the business environment and business execution of each division, and discussions regarding
management strategies are carried out. Concerning information such as details about the number of times a meeting of the Boardof Directors was held, the status of attendance of each member and summaries of discussions, please refer to the section entitled“PART I. Corporate Information Item 4. Company Information 4. Status of Corporate Governance and Other (1) Corporate
Governance” in the Form 6-K English translation of certain items disclosed in the Annual Securities Report pursuant to the
Financial Instruments and Exchange Act., the Company’s website or the section entitled “Reference Materials for the General
Meeting of Shareholders” in the Notice of Convocation of the Annual General Meeting of Shareholders .
https://www.nomuraholdings.com/investor/library/sec/#sec02
https://www.nomuraholdings.com/company/cg/committee.html
https://www.nomuraholdings.com/investor/shm/
2. Nomination Committee
This Committee is a statutory organ which determines the details of any proposals concerning the election and dismissal of
Directors to be submitted to general meetings of shareholders. The three members of the Committee are elected by the Board of
Directors. As for the Committee’s decisions, fixed nomination standards such as character/knowledge, corporate management
experience, and expertise are established, and they are carried out based on such standards. In addition, the Committee establishes
Independence Criteria for Outside Directors to maintain their independence from Nomura Group. The current members of thisCommittee are: Outside Directors Taku Oshima, Takahisa Takahara and Koji Nagai, a Director not concurrently serving as an
Executive Officer. This Committee is chaired by Taku Oshima.
In addition, the Nomination Committee supervises discussions of a nature sought by the Group CEO based on factors such as
the management environment and the succession plan which includes matters such as the business execution structure
incorporating the point of view of successor development. Concerning information such as details about the number of times a
meeting of the Nomination Committee was held, the status of attendance of each member and summaries of discussions , pleaserefer to the section entitled “PART I. Corporate Information Item 4. Company Information 4. Status of Corporate Governanceand Other (1) Corporate Governance” in the Form 6-K English translation of certain items disclosed in the Annual Securities
Report pursuant to the Financial Instruments and Exchange Act. and the “Reference Materials for the General Meeting of
Shareholders” in the Notice of Convocation of the Annual General Meeting of Shareholders.
https://www.nomuraholdings.com/investor/library/sec/#sec02
https://www.nomuraholdings.com/investor/shm/
3. Audit Committee
This Committee is a statutory organ which (i) audits the execution by the Directors and Executive Officers of their duties andthe preparation of audit reports and (ii) determines the details of proposals concerning the election, dismissal, and non reappointment of the accounting auditors to be submitted to general meetings of shareholders. The three members of the24Committee are elected by the Board of Directors. The current members of the Committee are: Outside Directors Masahiro
Ishizuka and Victor Chu, and Shoji Ogawa, a Director not concurrently serving as an Executive Officer and a full-time memberof the Audit Committee. This Committee is chaired by Masahiro Ishizuka. All members satisfy requirements for independent
directors as defined in the Sarbanes -Oxley Act of 2002, and Masahiro Ishizuka are Financial Experts under this Act and has
comprehensive knowledge in the areas of finance and accounting. Concerning information such as details about the number oftimes a meeting of the Audit Committee was held, the status of attendance of each member and the status of the Committ ee
audits, please refer to the section entitled “PART I. Corporate Information Item 4. Company Information 4. Status of Corporate
Governance and Other (1) Corporate Governance and (3) Status of audit” in the Form 6-K English translation of certain items
disclosed in the Annual Securities Report pursuant to the Financial Instruments and Excha nge Act. and the “Reference Materials
for the General Meeting of Shareholders ” in the Notice of Convocation of the Annual General Meeting of Shareholders.
https://www.nomuraholdings.com/investor/library/sec/#sec02
https://www.nomuraholdings.com/investor/shm/
4. Compensation Committee
This Committee is a statutory organ which determines the Company’s policy with respect to the determination of the details ofeach Director and Executive Officer’s compensation. The Committee also determines the details of each Director and Executiv e
Officer’s actual compensation. The three members of the Committee are elected by the Board of Directors. The current membersof this Committee are: Outside Directors Taku Oshima, Takahisa Takahara and Koji Nagai, a Director not concurrently serving
as an Executive Officer. This Committee is chaired by Taku Oshima.
At meetings of the Compensation Committee, policies such as the policy for the compensation of directors and executive officers
are formulated, and the content of matters such as the referenced compensation are decided . Concerning information such asdetails about the number of times a meeting of the Compensation Committee was held, the status of attendance of each member
and summaries of discussions , please refer to the section entitled “PART I. Corporate Information Item 4. Company Information
4. Status of Corporate Governance and Other (1) Corporate Governance and (4) Compensation of Statutory Officers” in the Form
6-K English translation of certain items disclosed in the Annual Securities Report pursuant to the Financial Instruments andExchange Act. and the “Reference Materials for the General Meeting of Shareholders ” in the Notice of Convocation of theAnnual General Meeting of Shareholders.
https://www.nomuraholdings.com/investor/library/sec/#sec02
https://www.nomuraholdings.com/investor/shm/
5. Board Risk Committee
This Committee is a non-statutory organ of which purpose is to assist the Board of Directors in supervising Nomura Group ’s
risk management and to contribute to sophistication of the risk management. The five members of the Committee are elected by
the Board of Directors. The current members of this Committee are: Outs ide Directors Laura Simone Unger, J. Christopher
Giancarlo, Patricia Mosser and Miyuki Ishiguro, and Shoji Ogawa, a Director not concurrently serving as an Executive Officer.
This Committee is chaired by Laura Simone Unger.
At meetings of the Board Risk Committee, to further strengthen the risk management of Nomura Group, consent to the Risk
Appetite Statement and the main design of the risk management framework, analysis of risk environment/verification results andfuture projections, supervision of overall execution of risk management and medium- to long-term risk strategies are mainly
deliberated. The status of execution of the function in the Board Risk Committee is reported to the Board of Directors. Concerning
information such as details about the number of times a meeting of the Board Risk Committee was held, the status of attendanceof each member and summaries of discussions, please refer to the section entitled “PART I. Corporate Information Item 4.
Company Information 4. Status of Corporate Governance and Other (1) Corporate Governance” in the Form 6-K English
translation of certain items disclosed in the Annual Securities Report pursuant to the Financial Instruments and Exchange Act .
and the “Reference Materials for the General Meeting of Shareholders” in the Notice of Convocation of the Annual General
Meeting of Shareholders.
https://www.nomuraholdings.com/investor/library/sec/#sec02
https://www.nomuraholdings.com/investor/shm/■ 3. Reasons for Adopting the Current Corporate Governance System
The Company with Three Board Committees structure establishes the Nomination, Audit and Compensation Committees, andthe majority of the members of each committee are Outside Directors. It enhances management oversight and increases
transparency by separating management oversight and business execution functions. In addition, it expedites the decision -making
process by broadly delegating authority for the execution of business functions from the Board of Directors to the Executiv e
Officers. The Company believes that the Company with Three Board Committees structure is the most compatible with thecorporate governance standards which form a part of the New York Stock Exchange (NYSE) (which the company is listed on)
Listed Company Manual. The Company determined that the Company with Three Board Committees structure is the mostsuitable form of corporate governance at this point in time for the reasons above.
III Implementati on of Measures for Shareholders and Other Interested Parties■ 1. Efforts for Active Meetings of Shareholders and Smooth Exercise of Voting Rights
25

a. Early notification for general
meetings of shareholders

b. Scheduling general meetings ofshareholders to avoid peak daysc. Exercise of voting rights byelectronic meansd. Participation in electronic
voting platform and other efforts
to improve environment forexercising voting rights byinstitutional investorse.
Providingnoticesofconvocation in English
f. Others

Supplementary Explanation
The Company aims to send a Notice of Convocation at least 3 weeks prior to the day of
the general meeting of shareholders in order to allow sufficient time for our shareholders
to consider proposed resolutions.
Aiming to further enhance convenience, the Company will post the Notice ofConvocation on its website prior to the day of mailing the Notice of Convocation.
The Company believes that for our shareholders to understand our management and ourmanagement personnel, the general meeting of shareholders is one of the importantways of communicating between our shareholders and our management. Accordingly,
the Company endeavors to schedule general meetings of shareholders so that many of
our shareholders will be able to attend and participate in active discu ssions.
Shareholders may exercise their voting rights electronically by accessing the website
specified by the Company (https://evote.tr.mufg.jp/) using a computer or smartphone.
Custodian trust banks and other shareholders who are nominal owners may use theelectronic voting platform for institutional investors operated by ICJ Inc., a joint
venture company established by the Tokyo Stock Exchange, Inc. and others .

The Company strives to enhance convenience for shareholders, such as by preparing
notices of convocation and its business reports in English and by posting such
documents on the Company’s website simultaneously with the Japanese documents.
The Company utilizes video and slides to present our business reports at general
meetings of the shareholders so that it may be easily understood visually.
For policies about ensuring shareholder rights, please refer to Article 21 “Ensuring
Shareholder Rights” of the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf
Further, regarding the 120th Annual General Meeting of Shareholders, we received
questions from shareholders in advance, and provided video streaming service after the
meeting.

■ 2. Investor Relations (IR) Activities
Supplementary Explanationa. Establishing and announcing
disclosure policyb. Regularbriefings
individual investors

forPresentation by
the
Representative

The Nomura Group, from a fair disclosure perspective, prohibits thepreferential disclosure of material and nonpublic information, andendeavors to disclose information externally in a timely and fairmanner. Based on these principles, the Nomura Group has establishedthe “Nomura Group’s Statement of Global Corporate Policy
Regarding Public Disclosure of Information,” and provides investors
with opportunities to fairly access information about the Nomura
Group. Pursuant to the said policy, the Company has established theDisclosure Committee to deliberate and determine material mattersrelated to disclosure of its information, including the operating rules
for disclosure of material information regarding the Nomura Groupand preparing legal disclosure materials. Please refer to our website
for the said policy.
https://www.nomuraholdings.com/company/cg/disclosure.html
Further, for policies regarding information disclosure, please refer toArticle 20 “Information Disclosures” of the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf
The Company holds regular briefings for individual investors . In
addition, we hold regular briefings on financial results for institutional
investors by way of conference calls, and live broadcasts are madeavailable on the Company’s website for individual investors. Further,disclosure materials including our business reports, annual reports andpresentation materials used at those briefings for institutional investors
are also available on our website.
https://www.nomuraholdings.com/investor/library/sec/#sec02
26

Yes

c. Regular briefings for analysts
and institutional investors

d. Regular briefings for overseas
investors

e. Disclosing IR materials on thecompany website
f. Department (person
responsible) for IR
g. Others

https://www.nomuraholdings.com/investor/presentation/index.html
The Company holds regular semi-annual briefings for analysts andinstitutional investors on our management policy and business strategy
in Japan. The Company also holds regular conference calls, after
announcing the financial results for each quarter, and themed briefings.
Further, the management and staff of the Investor Relations Department
engage with analysts and institutional investors individually.
The above briefing on our management policy and business strategy
and regular conference calls after announcing the financial results foreach quarter are held with simultaneous translations so that overseas
investors are able to participate. The webcasts and archives of theabove presentations and various IR materials in English are available
on our website simultaneously with Japanese. Furthermore, themanagement and staff of the Investor Relations Department engage
with institutional investors individually.
Materials regarding financial information, integrated reports (Nomura
Report), and presentation materials used at various briefings aredisclosed on our website. https://www.nomuraholdings.com/investor/
Department: Investor Relations Department

Yes

Yes

In order to provide continuous IR services to our investors in Japanand abroad, the Company established the Investor Relations
Department in 1998 that is responsible for IR services.
Further, for policies regarding dialogue with shareholders, please refer
to Article 22 “Dialogue with Shareholders ” of the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf■ 3. Measures to Ensure Due Respect for the Stakeholders’ Standpoint
Supplementary Explanationa.
Establishinginternal The Company established the “Nomura Group Code of Conduct” (the Code) as a guide
regulations to ensure due respect for Nomura Group Officers and employees in December 2019. Based on the founder’sfor the stakeholders’ standpoint
principles, the Code sets forth matters related to corporate governance and corporatesocial responsibility that every member in the Group should comply. Training programs
are provided to improve awareness. The Company annually obtains written oaths from
Officers and employees to comply with the Code. The Code is also available on our
website.
https://www.nomuraholdings.com/company/basic/
For policies related to stakeholders, please refer to Article 23 of the guidelines, “Nomura
Group Corporate Philosophy and the Code of Conduct of Nomu ra Group”.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf
b. Environmental conservation Nomura has established the Sustainability Committee chaired by the Group CEO andwhich also consists of other persons designated by the Group CEO including theinitiatives and CSR activities
members of the Executive Management Board to deliberate and make decisions on
strategies to promote sustainability. The Chief Sustainability Officer leads discussions in
the Sustainability Committee to consolidate the Company’s sustainability knowledge
and accelerate the formulation and promotion of strategies. In order to ensure
opportunities for more flexible and substantive discussions on sustainability, the“Sustainability Forum”, as a forum for discussion by executives from across departments
and regions, has been established in the fiscal year ended March 31,2024. This forum isan evolutionary reformation of the Sustainability Council, established in August 2021,
and is divided into the Sustainability Business Forum, which deals with topics moreclosely related to business activities, and the Sustainability Corporate Forum, which
deals with information disclosure and policy formulation.. Each forum will coordinate
with the Sustainability Committee as appropriate to promote flexible approaches tosustainability.
Furthermore, a department in charge of Sustainability has been established, and global
efforts are being made to promote communication with various stakeholders throughinitiatives such as the establishment of Nomura Group Sustainability Statement andplanning and spreading throughout the Group of action plans that have taken theenvironment and sociality into consideration.
27

Concerning environmental issues, the “Environmental Policy” as specific action
guidelines for Nomura Group Sustainability Statement has been established and we areworking on reducing environmental impact across the entire group, with a focus on theworking group at the operational level. To support the transition towards a decarbonizedeconomy, the Company sets a target and aims to achieve net zero greenhouse gas (GHG)
emissions for its own operations by 2030 and for the investment and loan portfolio by2050. The Company will support the sustainability efforts of our clients through our financial
services, which help resolve social issues. The Company supports the Task Force on
Climate-related Financial Disclosures (TCFD), and we are committed to consistent andeffective disclosures aligned with the TCFD recommendations .
Moreover, the “Nomura Group Materiality,” which are priority issues for Nomura
Group, has been specified, and along with contributing, beginning with SDGs, toresolving environmental/social problems, initiatives that will lead to the Nomura
Group’s sustainable development are being advanced.
For details regarding such initiatives towards sustainability, please refer to theCompany’s website:
https://www.nomuraholdings.com/sustainability/
Further, for the policy regarding sustainability, please refer to Article 24 “Initiatives
Towards Sustainability” of the Guidelines.
https://www.nomuraholdings.com/company/cg/data/cg_guideline.pdf<Human Rights>
Based on our purpose to help to aspire to create a better world by harnessing the powerof financial markets, Nomura Group is working to realize a sustainable society throughour business activities. We recognize that respect for human rights is an essential andimportant element in achieving a sustainable society, and based on advice from outside
experts, we established the Nomura Group Human Rights Policy following a resolution
by the Board of Directors. The policy will be reviewed on a regular basis, and humanrights initiatives will be periodically discussed by the Sustainability Committee andother related committees, with reports being made to the Board of Directors. Please see
the Company’s website:
https://www.nomuraholdings.com/sustainability/group/data/pdf/hr_policy.pdf
Further details on human rights initiatives are also available in the Integrated Report(Nomura Report) and on our company website.
https://www.nomuraholdings.com/investor/library/ar/index.html
https://www.nomuraholdings.com/sustainability/stakeholder/humanrights.html
c. Development of policies inrelationtoinformatio ndisclosure to stakeholders

d. Others

The Company, for the purpose of fair and timely/appropriate information disclosure toexternal parties and to secure trust from stakeholders such as clients, shareholders, andinvestors, the “Nomura Group’s Statement of Global Corporate Policy regarding Public
Disclosure of Information” has been established. In addition, The Company endeavors toenhance disclosure contents, including legal disclosure materials and the English
translation, on our website.
<Status of the Appointment of Female Directors and Officers>
Nomura Group, beginning with 14 female officers (Directors, Officers, or Senior
Managing Directors) at the Company, Nomura Securities Co., Ltd. And Nomura AssetManagement Co., Ltd., actively promotes the employment of women.
<Diversity, Equity & Inclusion (DEI)>
At the Company, “Diversity, Equity and Inclusion,” which involves mutual respect for
employee diversity and cooperation, is promoted. The DEI Working Groups are
established to discuss group-wide DEI issues from business strategy perspectives.
DEI Working Groups discuss more specific matters at the working level. The membersof the Working Groups consist of Executive Officers/Senior Managing Directors andheads of group companies and global regions. They work together and discuss specificmeasures to promote DEI environment across group companies through close
communication. Also, the DEI Department is responsible for promoting the working
environment for our diverse employees, including female employees, employees whoare balancing their work with childcare, nursing care, and illness, foreign nationals, mid career employees, and LGBTQ+ people.
28

Furthermore, the Company offers flexible working styles that enable employees tocontinue working with peace of mind over the long term. In addition to promoting theacquisition of refresh leave for five business days twice year, the Company implement ed
a half day and an hourly vacation program and endeavored to provide various childbirth,childcare and nursing care programs. In fact, all of the benefits provided by the Company
are above the legally requirement minimum. The Company also introduced leave ofabsence for fertility treatment. The Company actively promotes initiatives to help women
thrive in the workplace. In order to further advance the creation of an environment thatmakes it easier to balance work and childcare, we have expanded the av ailability ofchildcare leave for spouses and partners to also be used for childcare purposes.
Additionally, to prevent employees from leaving due to life events, we have introduced
systems such as a work area relocation policy for general career (area typ e) employees
and suspensions from work to accompany spouse or partner.
Furthermore, In FY2023, Nomura Securities, the core company within Nomura Group,
incorporated DEI into the performance evaluation of all employees. In particular, we haveincorporated into performance evaluations for managers the promotion of work-lifebalance through their own productivity improvement, planning and implementation ofdevelopment of female employees, and the promotion of parental/childcare leave of male
employees.
Additionally, one of our major subsidiaries, Nomura Securities, we have added newassessment criteria for enhancing understanding and promotion of DEI.
In particular, we have identified as essential initiatives for managers the establishment ofa workplace environment that embraces diversity, the promotion of paternity leave uptake
among male employees and the necessary environmental adjustments for it, as well as
efforts to enhance the capabilities of female employees to promote women's advancement.
Furthermore, we have also introduced a childcare leave uptake incentive for employees
who have taken childcare leave for one month or more, regardless of gender, at domestic
subsidiaries (excluding some joint ventures). Additionally, we have expanded support
services for balancing work and caregiving responsibilities, such as posting web seminarvideos and setting up consultation services, to ensure that employees can continue working
with peace of mind even when facing caregiving responsibilities.
These efforts have been recognized, and in March 2024, the Company has been named
as a “Next Nadeshiko” company by the Ministry of Economy, Trade and Industry(METI) and the Tokyo Stock Exchange (TSE), for its outstanding initiatives to support
both male and female employees in balancing work and various life events. For detailsof each initiative and data regarding the ratio of women in managerial positions andinformation regarding the actual use of various programs supporting childcare andnursing care, etc., please see the Company’s website:
https://www.nomuraholdings.com/sustainability/employee/di.html
https://www.nomuraholdings.com/sustainability/data/
In addition to the above initiatives, the Company has been promoting employee’s
awareness of diversity through three employee networks that are operated independently
by employees, and conducted activities aimed at personal own growth.
The DEI networks within the Company consist of the following 3 networks: (1) Womenin Nomura (WIN) in which women’s careers are considered; (2) Life & Families (L&F)
in which health/child-rearing/nursing care are considered; and (3) Allies in Nomura
Network (ALLIES) in which the diverse values such as multi-cultural, disability and
LGBTQ+ as well as their allies, etc., are considered. These networks are managed ateach Nomura Group location, and by cooperating globally, activities toward creating an
employment environment in which diverse employees can actively participate arepromoted.
<Health and Productivity Management>
The Company has always emphasized the health of employees since its founding, as thefounder of Nomura Group, Tokushichi Nomura, stated in his autobiography,“Tsutakatsura,” that “Our health is our greatest asset”. In keeping with this spirit, theCompany adopted the NOMURA Health & Productivity Declaration in July 2016 as partof the Group’s efforts led by the Group Chief Health Officer (CHO) to maintain and29

improve the health of employees. We are communicating to all Group employees ourgoal that “All people who work at Nomura will not simply be healthy, but also
physically, mentally and socially sound (overall well-being).”
The Company promotes the Health and Productivity Management under the framework,
which is led by Yukiko Ozaki, Senior Managing Director/Chief Human Resources
Officer (CHRO) and CHO, and together with the Health Insurance Association,
corporate doctors, public health nurses and the group companies. The HealthManagement Promotion Committee, which meets on a regular basis, identifies employee
health issues, formulates and implements measures, and verifies the results of thesemeasures throughout the organization, thereby actively promoting employee health andstrengthening the occupational health and safety system.
The Company takes proactive initiatives including the following actions to promote thehealth of employees.
In order for employees to detect and treat illnesses at an early stage, the Company andthe Health Insurance Association fully subs idize the costs of health checkups for
employees in their 20s and comprehensive medical exams for employees aged 30 andabove, and the costs of cervical cancer screenings for women aged 20 and above andbreast cancer screenings for women aged 30 and above. The Company also allows
employees to take paid leave ("comprehensive medical exam leave" and “follow up
exam leave”) for the time they spend going to receive these exams.
As regards the Smoking Cessation Measures, the Company prohibited smoking inworking hours and abolished the equipment of smoking rooms in FY 2022 to prevent
unwanted passive smoking and to maintain comfortable working environment. In
addition, the Company fully subsidizes the cost of treatment and support for employees
who try to stop smoking, and grants the incentive points to employees who havesucceeded in quitting smoking.
Nomura Securities organizes an online walk event NOMURA Challenge Walk every
year where departments compete for an average number of steps. Departments' efforts
are posted on the cloud-based health management DX platform "WellGo", where other
employees can "Like" or comment on the person's action, thereby expressing support
and boosting employees' health awareness. Nomura Securities also donates money
corresponding to the average number of steps taken by employees to contribute to thesociety.
As a measure to promote the health of women, who make up about half of theCompany's employees, since FY 2022, we have introduced the service "Cradle" tosupport the diversity, equity, and inclusion (DEI) of companies, with a focus on
supporting women's health. This service allows employees to deepen their understandingof women's health issues and life plans by watching online seminars on DEI and
healthcare themes, The CHRO and CHO, along with artist and President of Cradle,
Sputniko!, are engaging in dialogues on the importance of companies addressing
women's health. By watching videos on topics such as "menstruation," "cervical cancer,""menopause," and "male menopaus e," we are promoting literacy improvement.
At the same time, we are further raising awareness within the company regarding the useof leave of absence for fertility treatment introduced in FY 2021 and other types of leave
for medical reasons. In this way, we are working to enhance women's literacy and ability
to address women-specific health issues while also focusing on transforming awarenessin the workplace and among management.
Furthermore, the Company are supporting the cloud-based health management DX
platform "WellGo" provided by WellGo Co., Ltd. "WellGo" was created through abusiness contest held by Nomura Holdings and Nomura Research Institute.
WellGo offers the health management DX platform which covers Health andProductivity Management, industrial health, health service by health insurance
associations and health support for employees for major companies driving the Japanese
economy. Thus, WellGo supports the clients to establish a sustainable mechanism of
human capital.
30

In recognition of its efforts to date, including the above initiatives, since March 2023, theCompany has been selected for the second consecutive year as a “Health & Productivity
Stock Selection”, which is a joint initiative by the Ministry of Economy, Trade andIndustry and the Tokyo Stock Exchange.

IV Matters Concerning the Internal Controls System■ 1. Fundamental Policy of Internal Controls System and the Status of its Establishment and Maintenance
The Nomura Group endeavors to ensure proper corporate behavior throughout the group by strengthening and expanding theinternal controls system with the objectives of securing transparency and efficiency in management, maintaining compliancewith laws and regulations, conducting proper risk management, ensuring reliability of business and financial reporting, andpromoting timely and appropriate information disclosure. The Board of Directors has adopted a resolution approving thefollowing “Structures for Ensuring Appropriate Operation of Nomura Holdings, Inc.” with respect to the Company’s internal
controls system:<Structure for Ensuring Appropriate Business Activities at Nomura Holdings, Inc. >The Company shall, through the Board of Directors of the Company, establish t he following structure (hereinafter referred to as
the “Internal Controls System”) to ensure appropriate business activities at the Company and within the Nomura Group, assess
the structure on a regular basis, and revise the structure as necessary. The Boa rd of Directors shall, in addition to ensuring
appropriate business through, amongst other measures, the supervision of the execution of duties by Directors and Executive
Officers and development of the basic management policy of the Nomura Group, shall also monitor the maintenance by
Executive Officers and operational status of the Internal Controls System, and call for improvements when necessary.
Further, the Board of Directors shall establish and thoroughly enforce the Nomura Group Code of Conduct, a code of conductthat all Nomura Group officers and employees should comply with, which encompasses an emphasis on customer interests, fullawareness of the social mission, compliance with applicable laws and regulations, undertaking of social contribution ac tivities,
etc.
I.

Matters Concerning the Audit Committee
The Audit Committee shall enforce its powers prescribed by laws and regulations to audit the legality, adequacy andefficiency of the execution by Directors and Executive Officers of their duties through the use of the Independent Auditor,
auditing firms and organizations within the Company to ensure the appropriate business activities of Nomura Holdings, Inc.
1. Directors and Employees that will provide Support with respect to the Duties(1) The Board of Directors may appoint a Director, not concurrently serving as an Executive Officer, as the “Audit Mission
Director.” The Audit Mission Director shall support audits performed by the Audit Committee, and in order for the Boardof Directors to effectively supervise the execution by the Directors and Executive Officers of their duties, the Audit
Mission Director shall perform the Audit Mission Director’s duties in accordance with the Audit Committee’s
instructions.
(2) The Company shall put in place the Office of Non-Executive Directors and Audit Committee to support the duties of
the Audit Committee and the Directors. The Audit Committee or a member of the Audit Committee designated by the
Audit Committee shall evaluate employees of the Office of Non-Executive Directors and Audit Committee. Regarding
the hiring, transfer and discipline of the employees of the Office of Non-Executive Directors and Audit Committee, theconsent of the Audit Committee or a member of the Au dit Committee designated by the Audit Committee must be
obtained.
2. Audit System within the Nomura Group(1) The Company shall establish a group audit structure centered around the Company (the holding company) so that the
Audit Committee can conduct audits in coordination with the Audit and Supervisory Committees, etc., of its subsidiaries.
(2) The Audit Committee shall audit the legality, adequacy and efficiency of the business of the Nomura Group incoordination, as necessary, with the Audit and Supervisory Committee, etc., of its subsidiaries.
3. Structures Ensuring the Effectiveness of the Audit(1) Members of the Audit Committee designated by the Audit Committee or the Audit Mission Director may participate in
or attend important meetings including meetings of the Executive Management Board.
(2) The Audit Committee may require an explanation from accounting auditors and accounting firms that conduct auditsof financial statements about the audit plan at the beginning of the period, audit sta tus during the period, audit results at
the end of the period, and the status of internal controls over financial reporting. Members of the Audit Committee andthe Audit Mission Director may exchange opinions with accounting auditors and accounting firms t hat conduct audits offinancial statements as necessary.
(3) A member of the Audit Committee designated by the Audit Committee may investigate the Company or its subsidiaries
through, as necessary, himself/herself, other members of the Audit Committee or the Audit Mission Director.
(4) The Audit Committee in conducting audits may engage attorneys, certified public accountants, consultants or otheroutside advisors as deemed to be necessary.
314.

Internal Audit Structure(1) Executive Officers shall ins tall an officer and a department in charge of internal audit, and through internal audit
activities, shall maintain a structure that ensures the effectiveness and adequacy of internal controls across the entire
business of the Nomura Group.
(2) The Company shall obtain the approval of the Audit Committee, or a member of the Audit Committee designated by
the Audit Committee, regarding implementation plans and the formulation of the budget relating to internal audit, andshall obtain the consent of the Audit Committee, or a member of the Audit Committee designated by the Audit Committee,
regarding the election and dismissal of the Head of the Internal Audit Division.
(3) The Audit Committee shall coordinate with the Internal Audit Division by hearing reports regarding the status ofinternal audits, and with regard to internal audits, issuing recommendations, etc., concerning the modification of theimplementation plan, additional audits, development of remedial measures, etc.

II. Matters Concerning the Executive Officers
1. Compliance and Conduct Risk Management Structure(1) Thorough compliance with the Nomura Group Code of Conduct
Executive Officers shall promote lawful management in accordance with laws, regulations and the Articles ofIncorporation, and shall swear to comply with the Nomura Group Code of Conduct. At the same time, Executive Officers
shall ensure that the Nomura Group Code of Conduct is permeated amongst Senior Managing Directors and employeesof the Company and shall ensure compliance with the said Code.
(2) Establishment and Maintenance of the Compliance and Conduct Risk Management Structure
Executive Officers shall strive to maintain the Nomura Group’s compliance and conduct risk management structure
through, among other means, the maintenance of compliance and conduct risk management-related regulations and theinstallation of responsible divisions and persons. The Company shall install Compliance Managers, etc., or other persons
responsible for compliance, in each company within the Nomura Group to take corrective action against cases regarding
any conduct considered questionable in light of social ethics or so cial justice and to thoroughly ensure that businessactivities undertaken by employees are based on a law-abiding spirit and social common sense, thereby promoting
execution of duties in accordance with laws and regulations.
(3) Compliance Hotline(a) Executive Officers shall put into place a “Compliance Hotline” as a channel through which employees can, with regard
to conduct in the Nomura Group that may be questionable based on compliance with laws and regulations, etc.,
including matters concerning accounting or accounting audits, report such conduct directly to the person appointed by
the Board of Directors.
(b) Executive Officers shall guarantee the confidentiality of anonymous notifications, including the content of such
notifications, made through the Compliance Hotline.
(4) Maintenance of Structures concerning Financial Crimes, etc.
The Nomura Group shall implement money laundering and terrorist financing countermeasures, shall prevent bribery,and shall not carry out any transaction with anti-social forces or groups and transactions with those subject to economic
sanctions which are prohibited by laws, etc. Executive Officers shall maintain structures that are necessary for thispurpose.
2. Risk Management Structure(1)
Executive Officers shall acknowledge the importance of identification, evaluation, monitoring and management ofvarious risks relating to the execution of the Nomura Group’s business centered on risks such as market risk, credit risk,
liquidity risk, and operational risk and ensure understanding and management of such risks at each company within the
Nomura Group.
(2)
Executive Officers shall strive to maintain a system to ensure the effectiveness of risk management in the Nomura
Group through, among other means, the maintenance of regulations concerning risk management and the installation of
responsible divisions and persons.
(3)
Executive Officers shall report the status of risk management structures within the Nomura Group to the Group Risk
Management Committee. The Group Risk Management Committee shall analyze the risk management status of the entire
Nomura Group based on the report and take appropriate measures to establish the most suitable risk management
structures for the business.
(4)
Executive Officers shall report important matters concerning risk management to the Board Risk Committee regularly
and in a timely manner and obtain consent of the Board Risk Committee on certain matters.
(5)
Executive Officers shall maintain a structure that enables the Nomura Group to prevent or avoid crises, ensure thesafety of customers, officers and employees of the Nomura Group, protect operating assets, reduce damage and ensure
early recovery from any damage by establishing basic principles of business continuity including precautionary measuresagainst crises, such as natural disasters or system failures, and emergency measures.
3. Reporting Structure in Relation to Execution of Duties(1) Executive Officers shall report on the status of their own execution of duties not less frequently than once every 3(three) months. They shall also maintain a reporting structure that governs reporting with respect to Nomura Group
directors, executives, and employees.
32

(2)

Executive Officers shall report the following matters on a regular basis to the Audit Committee directly or through themembers of the Audit Committee or the Audit Mission Director:(a) The implementation status of internal audits, internal audit results, and remediation status;(b) The maintenance and operational status of the compliance and conduct risk management structure;(c) Risk management status;(d) The outline of quarterly financial results and material matters (including matters concerning the selection andapplication of significant accounting policies and matters concerning internal controls over financial reporting ); and(e) The operational status of the Compliance Hotline and details of the reports received.
(3) In the event that an Executive Officer, Senior Managing Director, or employee is requested to report on a matter
concerning the execution of such person’s duties by an Audit Committee Member designated by the Audit Committee or
the Audit Mission Director, such person shall promptly report on such matters.
(4) In the event that a Director, Executive Officer or Senior Managing Director becomes aware of a matter raised below,
an immediate report must be made to an audit committee member or audit mission director. Moreover, in the event thatthe person who becomes aware of such a matter is an executive officer or senior managing director, a report must be
made simultaneously to the Executive Management Board or the Nomura Group Conduct Committee. The Executiv eManagement Board or the Nomura Group Conduct Committee will deliberate concerning such matter, and in the eventthat it is admitted as necessary, based on such results, appropriate measures will be taken.
(a) Any material violation of law or regulation or other important matter concerning compliance and conduct.
(b) Any legal or financial problem that may have a material impact on the business or financial conditions of each
Nomura Group company.
(c) Any order from any regulatory authority or other facts that may potentially cause the Nomura Group to incur asignificant loss.
(5) In the event that a Nomura Group director, officer, or employee discovers a matter raised above, the Company must
maintain a structure that provides for immediate direct or indirect reporting to an audit committee member or audit
mission director.
(6) To ensure that persons making a report prescribed in the preceding paragraph 2 do not receive disadvantageous
treatment due to the making of such report, the Company must take appropriate measures.
4. Structure for Ensuring the Effectiveness of the Execution of Duties(1) Executive Officers shall determine the Nomura Group’s management strategy and business execution, and executebusiness in accordance with the management organization and allocation of business duties det ermined by the Board of
Directors.
(2) Executive Officers shall determine the allocation of business duties between each Senior Managing Director and thescope of authority of each employee, and thereby ensure the effectiveness of the structure for the e xecution of duties andestablish a responsibility structure for the execution of duties.
(3) Of the matters whose business execution decision has been delegated to Executive Officers based on a resolution
adopted by the Board of Directors, certain important matters shall be determined through the deliberation anddetermination by bodies, such as the Executive Management Board, or through documents requesting managerial
decisions.
(4) The Executive Management Board shall determine or review the necessary allocation of management resources basedon the business plan and budget application of each division to ensure the effective management of the Nomura Group.
5. Structure for Retention and Maintenance of Information(1) Executive Officers shall retain the minutes of important meetings, conference minutes, documents regarding requests
for managerial decisions, contracts, documents related to finances and other material documents (including theirelectronic records), together with relevant materials, for at least ten years, and shall maintain access to such documents
if necessary.
(2) Executive Officers shall maintain a structure to protect the Nomura Group ’s non-public information, including its
financial information, and promote fair, timely and approp riate disclosure of information to external parties, thereby
securing the trust of customers, shareholders, investors, etc.
6. Internal Controls Committee
The Company shall, for the purpose of facilitating the healthy and efficient management of business activities, install theInternal Controls Committee, whose members shall consist of a representative of the executives, a member of the Audit
Committee designated by the Audit Committee and a director designated by the Board of Directors, to deliberat e on
important matters in regard to areas such as internal controls, audit activities and risk management relating to the Nomura
Group’s business.
III.

The Nomura Group’s Internal Controls System(1) Executive Officers shall secure the appropriateness of the Nomura Group’s business by ensuring that each company
within the Nomura Group is fully aware of the Internal Controls System of the Company and by requiring themaintenance of an internal controls system at each company that reflects the actual conditions of each company.
(2) Executive Officers shall ensure the effectiveness of internal controls concerning financial reporting by the Company
by, among other means, maintaining the structures listed in I through III above.
33

■ 2. Matters Concerning Establishment of the System for Eliminating Anti-social Forces
At the Nomura Group, on the basis of the “Regulations on The Severance of Ties With Anti-Social Forces” and the “Nomura
Group Anti-Money Laundering and Combating the Financing of Terrorism Policy,” our fundamental policy is to eradicate allties with criminal groups and individuals such as anti-social forces, including criminal syndicates and terrorists.
In accordance with this policy, the Company has established a control department to promote an organized response, which
strictly monitors, gathers and maintains information concerning anti-social forces. While working with legal counsel or police,
etc., we continue to make efforts to eliminate anti-social forces and to take measures to ensure appropriate corporate behavior.
Moreover, by including the severance of relationships with criminal groups and individuals such as anti-social forces andterrorists in the Nomura Group Code of Conduct, which sets forth guidelines that all directors, officers, and employees mustcomply with, we are committed to working with a high level of compliance awareness.
The Company’s significant subsidiaries have taken a variety of initiatives such as adopting internal policies fo r the preventionof giving unlawful benefits, appointing managers responsible for preventing inappropriate demands from outside forces, andestablishing internal manuals for employees on how to respond to anti-social forces. In order to eradicate ties with anti-social
forces as a group, the Company is also taking initiatives such as conducting employee training and meetings to increase andspread employee awareness on this issue.
V Others■ 1. Whether Takeover Defense Strategies Have Been Adopted
No
Supplementary Explanation
With regard to the basic policy to address a shareholder holding a quantity of shares enabling such shareholder to control
decisions concerning the Company’s management policy, the Company believes that the decision of whether to permit a party
to seek ownership of such a volume of shares should ultimately be left to the judgment of the shareholders. Accordingly, theCompany has not adopted any so-called takeover defense strategies, such as a prior issue of new stock acquisition rights (arights plan), etc., at this time.
In the event of a potential attempt to take over the Company by a person that is inappropriate for the Company ’s corporate
value/common benefit of shareholders, on the basis of guidelines such as the guidelines for the purpose of the initial response,by carrying out an examination/evaluation of things such as the takeover proposal, and after sufficient deliberations at meet ingsof the Board of Directors, a conclusion will be reached in regard to the best strateg y for shareholders from the perspective ofcorporate value/the common benefit of shareholders.
■ 2. Other Information regarding the Corporate Governance System
An overview of the Company’s timely disclosure regime is provided as follows :1. Fundamental Policy
Our fundamental policy is to adhere to relevant laws concerning timely disclosure , such as can be found in the Financial
Instruments and Exchange Act and the rules of the relevant stock exchanges, in order to safeguard non -public information
regarding the Nomura Group as well as to foster appropriate, fair and timely disclosure of such information to persons andentities outside the Nomura Group and keep the trust of the Nomura Group’s clients, shareholders, investors and others.
2. Timely Disclosure Regime
Pursuant to the above-mentioned fundamental policy, the Company has adopted the “Nomura Group’s Statement of Global
Corporate Policy Regarding Public Disclosure of Information ” (the “Disclosure Policy”) and is taking measures to increase andspread employee awareness of the Disclosure Policy. In accordance with the Disclosure Policy, the Company has also establisheda Disclosure Committee. The Disclosure Committee is authorized to establish and maintain a structure for comprehensively andpromptly gathering material information that needs to be disclosed, a structure for disclosing such information in a timely manne r,
and a structure for ensuring the accuracy of the contents of disclosure materials and fairness with regard to the disclosure ofmaterials.
The management of Nomura Group companies and the person in charge of each division are responsible for establishingnecessary measures to ensure that material information subject to disclosure is properly reported to the Disclosure Committeewith respect to each relevant entity or division.
Information reported to the Disclosure Committee will be disclosed in a timely manner, based on standards set forth in releva nt
laws and regulations, and through deliberations with relevant departments on whe ther such disclosure should be made.
From a fair disclosure perspective, we prohibit disclosing material and non-public information to a selective forum.
3. Monitoring of Timely Disclosure Regime
The internal audit division monitors the effectiveness of internal controls over disclosure of information, and the result is reported
34

to the Audit Committee.
Further, as a NYSE-listed corporation, the Company has established internal controls and procedures for financial reporting anddocuments, and tests and maintains those controls and procedures to ensure their effectiveness pursuant to Section 404 of the
Sarbanes-Oxley Act of 2002. The Company will continue to ensure proper corporate behavior throughout the group bystrengthening and expanding its corporate governance system.

35

[Corporate Governance System][Structure of Nomura Holdings’ internal controls system]3637