This document has been translated from a part of the Japanese original for reference purposes only. In theevent of any discrepancy between this translated document and the Japanese original, the original shallprevail. The Company assumes no responsibility for this translation or for direct, indirect or any other formsof damage arising from the translation.

Securities code: 3191
September 3, 2024
(Commencement date of measures forelectronic provision: August 26, 2024)
To Shareholders with Voting Rights:
Ikuo Hirayama
President

JOYFUL HONDA CO., LTD.

1-16-2 Fujisaki, Tsuchiura, Ibaraki
Prefecture

NOTICE OF THE 49th ORDINARY SHAREHOLDERS’ MEETING
Dear Shareholders:
We would like to express our appreciation for your continued support and patronage.
You are hereby notified that the 49th Ordinary Shareholders’ Meeting of JOYFUL HONDA CO., LTD.
(the “Company”) will be held as described below.
This Shareholders’ Meeting will be live-streamed on the Internet for all shareholders. If you wish toview the live-streaming of the Shareholders’ Meeting or if you do not plan to attend the meeting in person,
please review the guidance on how to exercise voting rights (pages 4-5, available only in Japanese) andexercise your voting rights by 6:45 p.m. on Wednesday, September 18, 2024, Japan time in writing or via
electromagnetic means (the Internet, etc.).
In convening this Shareholders’ Meeting, the Company has taken measures for electronic provision andposted matters subject to measures for electronic provision as the “NOTICE OF THE 49th ORDINARY
SHAREHOLDERS’ MEETING” and “Other Matters Subject to Measures for Electronic Provision for the49th Ordinary Shareholders’ Meeting (Matters Omitted from the Paper Copy Delivered)” on the
Company’s website on the Internet. Please access the following website of the Company to review thematters.
The Company’s website:
https://www.joyfulhonda.co.jp/en/ir/notice_meeting.html
In addition to the website above, the Company has also posted the matters subject to measures forelectronic provision on the website of the Tokyo Stock Exchange, Inc. (TSE). To review the matters, please
visit the TSE website (TSE Listed Company Search) below and enter and search for the issue name“JOYFUL HONDA” or the security code “3191” and select “Basic information” and “Documents for
public inspection/PR information,” followed by “Notice of General Shareholders Meeting/Informational
Materials for a General Shareholders Meeting.”
Tokyo Stock Exchange website (TSE Listed Company Search):https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show-1-

1. Date and Time:
2. Place:
3. Meeting Agenda:
Matters to be reported:

Thursday, September 19, 2024 at 2:00 p.m. Japan time
(Reception will begin at 1:00 p.m.)
Subaru, Annex 1F, Hotel Nikko Tsukuba
1-1364-1 Azuma, Tsukuba, Ibaraki Prefecture
The Business Report and Non-consolidated Financial Statements for theCompany’s 49th Fiscal Year (June 21, 2023 to June 20, 2024)

Proposals to be resolved:
Proposal 1:
Election of Five Directors
Proposal 2:
Election of One Substitute Statutory Auditor----------------------------------------------------------------------------------------------------------------------------o The proceedings of the Shareholders’ Meeting will be live-streamed (real time) on the Internet on the
day of the meeting to enable shareholders to watch from their own homes or elsewhere. In addition, theproceedings of the Shareholders’ Meeting will be available for viewing on demand at a later date.
o Please be advised in advance that you will be only viewing the live-streaming of the Shareholders’Meeting and will not be able to engage in such activities as asking questions or participating in thevoting process.
o We have sent only this notice of convocation to shareholders who have not requested the delivery of
paper copy.
o The following matters are not contained in the paper copy provided to shareholders who requested it
pursuant to the provisions of laws and regulations and the Articles of Incorporation of the Company.
The Statutory Auditors and the Accounting Auditor have audited the documents subject to audit,
including the following matters.
(1) “Systems to ensure the appropriateness of operations and operational status of such systems” in theBusiness Report(2) “Notes to the Non-consolidated Financial Statements” in the Non-consolidated Financial
Statementso When attending the meeting, please present the enclosed Exercise of Voting Rights Form at thereception desk.
o If there are any revisions to the matters subject to measures for electronic provision, they will be postedon the Company’s website and the TSE website where such matters were provided.
Notice of Resolutions at the Shareholders’ Meeting
To conserve resources, written notice of resolutions at the Shareholders’ Meeting will no longer be sent toshareholders. Instead, they will be posted on the Company’s website after the meeting. We appreciate yourunderstanding.

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Reference Documents for the Shareholders’ Meeting
Proposals and References
Proposal 1:
Election of Five Directors
The terms of office of all five Directors will expire at the conclusion of this meeting. Accordingly, theelection of five Directors is proposed.
The candidates for Director have been selected based on the report submitted by the voluntary Nomination
Committee, chaired by an External Director with the majority of the members being External Directors, inaccordance with the “Standards for Election of Directors and Statutory Auditors” (listed on pages 10-11).
In addition, the candidates for External Director satisfy the “Independence Standards for External Officers”(listed on page 12).
The candidates for Director are as follows:
No.

Current positions at
the Company

Name

1

Reappointment

Ikuo Hirayama

President

2

Reappointment

Masaru Honda

Director & Counselor

3

Reappointment

Hiromitsu Kugisaki

4

Reappointment

Touko Shirakawa

5

Reappointment

Keita Tokura

Male

External
Independent
External
Independent
External
Independent

Female-3-External Director
External Director
External Director

Attendance at theBoard of Directors
meetings
14 out of 14(100%)
14 out of 14(100%)
14 out of 14(100%)
14 out of 14(100%)
14 out of 14(100%)

No.

Name(Date of birth)

Past experience, positions, responsibilities,
and significant concurrent positions
March 1987
September 2015

Ikuo Hirayama(February 6, 1965)
Reappointment
1

Reasons fornomination as
candidate for
Director

Number ofshares of theCompany held

Joined the Company
Director; General Manager, Merchandising Department andGeneral Manager, Merchandise Development OfficeFebruary 2016
Director
Director, Honda Sangyo Co., Ltd.
March 2016
Managing Director, Honda Sangyo Co., Ltd.
April 2017Managing Director; General Manager, Administration Group,
General Manager, Management Planning Department, andGeneral Manager, General Administration Department, theCompany
Managing Director; General Manager, Management Planning
July 2017
Group
July 2018
In charge of Management Planning Office, Public Relations andIR Office, and Project Promotion Office
24,700November 2018 In charge of Management Planning Office and Public Relations
sharesand IR OfficeNovember 2018 In charge of Management Planning Office, Public Relations andIR Office, and Business Coordination
February 2019
In charge of Management Planning Office, Public Relations andIR Office, Project Promotion Office, New Business
Development, and Business Coordination
Director, JOYFUL AK CO., LTD.
February 2019
Director & Senior Executive Officer; General Manager,
June 2019
Administration Group, the Company
Director, MTJ FITNESS Corporation (to present)
March 2021
Director, Senior Executive Officer & COO, the Company
June 2021
Director, Senior Executive Officer & COO and GeneralAugust 2022
Manager, Reform Division
President (to present)
June 2023
Mr. Ikuo Hirayama, at the Company, has been engaged in operations such as store management andthe Merchandising Department for many years, and has successively held positions such as General
Manager of the Merchandising Department, General Manager of the Administration Group, andSenior Executive Officer & COO. Since June 2023, he has been serving as President of theCompany and is leading the Company by demonstrating strong leadership. With a wealth ofexperience in store management and the ability to execute business, as well as a wide range ofknowledge about the Company’s business, the Company judges that he is qualified to further
enhance the corporate value of the Company, and renominates him as a candidate for Director.

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No.

Name
(Date of birth)

Masaru Honda(February 14, 1959)
Reappointment
2

Reasons fornomination as
candidate for
Director

Hiromitsu Kugisaki(December 3, 1955)
Reappointment
External
Independent
3

Reasons fornomination as
candidate forExternal Director
and expected roles

Past experience, positions, responsibilities,
and significant concurrent positions

Number ofshares of theCompany held

March 1986
Joined Honda Sangyo Co., Ltd.
October 1992
Director
Senior Managing Director
October 1998
January 2001
Director, Joyful Honda Co., Ltd.
October 2003
President, Honda Sangyo Co., Ltd.
2,032,500
Director, the Company
August 2005
shares
September 2016 Counselor
September 2017 Director
April 2018
Chairman, Honda Sangyo Co., Ltd.
March 2020
Retired as Chairman
Director & Counselor, the Company (to present)
April 2020
Mr. Masaru Honda has held important positions at the Company and Group companies and has awealth of experience and wide-ranging insight related to the management of the Company. As a
Director of the Company, he appropriately fulfills his role such as making decisions on importantmanagement matters and supervising the business execution. The Company judges that he isqualified to further enhance the corporate value of the Company, and renominates him as a candidate
for Director.
April 1979
Joined Japan Recruit Center, Inc. (currently Recruit Holdings
Co., Ltd.)
January 1988
General Manager, Human Resources Department
Director, Human Resource Research Institute, Co., Ltd.
June 1991(currently Recruit Management Solutions Co., Ltd.)
June 1997
President and Representative Director of the Board
June 2005
Director of the Board, Recruit Co., Ltd. (currently Recruit
Holdings Co., Ltd.)
sharesSpecial Counselor, GREE, Inc.
February 2014
June 2017
Council Chairman, Ezoe Memorial Foundation (currently Ezoe
Memorial Recruit Foundation) (to present)
September 2017 External Director, the Company (to present)
January 2018
Counselor, International Air Cargo Terminal Co., Ltd. (topresent)
Mr. Hiromitsu Kugisaki has been engaged in the overall corporate management at the Recruit
Group, and has a wealth of experience and wide-ranging insight in the fields of management,
including human resources, marketing, and compliance, as well as corporate governance. We believethat by leveraging his wealth of experience and wide-ranging insight, he will make usefulsuggestions on overall management, supervise the Company’s management decisions and businessexecution from an independent and objective standpoint, and play a sufficient role in the Company’sbusiness and human resource strategies. Based on such expectation, the Company renominates him
as a candidate for External Director.

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No.

Name
(Date of birth)

Past experience, positions, responsibilities,
and significant concurrent positions
April 2002
April 2013
September 2015

Touko Shirakawa(April 25, 1961)
Reappointment
External
Independent
4

Reasons fornomination as
candidate forExternal Director
and expected roles

Number ofshares of theCompany held

Fully-fledged start of writing activities
Visiting Professor, Sagami Women’s University
Private Member, “Japan Conference for Promoting Dynamic
Engagement of All Citizens,” Cabinet Secretariat
March 2016
Committee Member, “Priority Policy Specialized Survey,”
Gender Equality Bureau, Cabinet Office
September 2016 Expert Member, “Working Style Reform Realization
Conference,” Cabinet Secretariat
Expert Committee Member, “Conference for Gender Equality
March 2017
Priority Policy Specialized Survey,” Gender Equality Bureau,
Cabinet Office
May 2017
Follow-up Meeting Committee Member, “Japan Plan for
Promoting Dynamic Engagement of All Citizens,” Cabinet
Secretariat
March 2018
Public Interest Commissioner, “Council for Initiatives for
Promoting the SDGs in the Securities Industry,” Japan Securities
Dealers Association
April 2018
Visiting Professor, Center for General Education, Showa
shares
Women’s University (to present)
October 2018
Follow-up Meeting Committee Member, “Working Style
Reform Realization Conference,” Cabinet Secretariat
Committee Member, “Investigative Committee on the New
June 2019
Ways of Convenience Stores,” Ministry of Economy, Tradeand Industry
Committee Member, “Investigative Committee for Promotion
March 2020and Deployment of Telework,” Ministry of Internal Affairs andCommunications
Specially Appointed Professor, The Graduate School of
April 2020
Sagami Women’s University (to present)
Outside Director, sanwacompany ltd.
April 2020
September 2020 External Director, the Company (to present)
Outside Director, Daiwa Asset Management Co. Ltd. (toApril 2021
present)
Director, People&Communities Network
July 2021
Outside Director, SUMITOMO LIFE INSURANCE
July 2022
COMPANY (to present)
Ms. Touko Shirakawa, although she does not have direct experience in corporate management, formany years she has worked in various fields as a journalist, writer, educator, and committee memberof various public councils on themes such as work style reform, diversity, women’s empowerment,
work-life balance, autonomous career development, and SDGs, and has a wealth of experience andwide-ranging insight. We believe that by leveraging her wealth of experience and wide-ranging
insight, she will make useful suggestions on overall management, supervise the Company’s
management decisions and business execution from an independent and objective standpoint, andplay a sufficient role in improving our employees’ work styles and career development for women,among other areas. Based on such expectation, the Company renominates her as a candidate forExternal Director.

-6-

No.

Name
(Date of birth)

Past experience, positions, responsibilities,
and significant concurrent positions
April 2004

Number ofshares of theCompany held

Joined the Legal Training and Research Institute of Japan,
Supreme Court of Japan
Graduated from the Legal Training and Research Institute ofOctober 2005
Japan, Supreme Court of Japan and registered as an attorney-atlaw
Joined Anderson Mori & Tomotsune (currently Anderson Mori
Keita Tokura& Tomotsune Foreign Law Joint Enterprise)Worked at Daiwa Securities SMBC Co. Ltd.
April 2008
(May 2, 1981)
June 2012
Registered as an attorney-at-law in the state of New York,
Reappointment
sharesU.S.A.
External
January 2014
Partner, Anderson Mori & Tomotsune (currently Anderson Mori
Independent& Tomotsune Foreign Law Joint Enterprise) (to present)Part-time Lecturer, Faculty of Economics, Seikei University
April 2016
December 2019 External Statutory Auditor, Idein Inc. (to present)
5
April 2020
Part-time Lecturer, Graduate School of Law, Hitotsubashi
University (to present)
September 2020 External Director, the Company (to present)
Mr. Keita Tokura, although he does not have direct experience in corporate management, has been
engaged in corporate law practice mainly in the fields of corporate mergers and acquisitions, various
financial transactions including capital markets, as well as corporate governance. He also has
Reasons forextensive experience and broad insight into corporate strategic decision-making, including legal
nomination as
matters, M&A, and IT, having worked in the M&A advisory division of a securities company. We
candidate forbelieve that by leveraging his wealth of experience and wide-ranging insight, he will makeExternal Director
meaningful suggestions on overall management, supervise the Company’s management decisions
and expected roles
and business execution from an independent and objective standpoint, and play a sufficient role in
the Company’s future business strategies and other areas. Based on such expectation, the Company
renominates him as a candidate for External Director.
(Notes) 1. Joyful Honda Co., Ltd., which is listed in past experience, merged with the Company in June 2011 and ceased toexist.
2. Honda Sangyo Co., Ltd., which is listed in past experience, merged with the Company in March 2020 and ceased
to exist.
3. There are no special interests between each of the candidates for Director and the Company.
4. The name of Director candidate Ms. Touko Shirakawa on her family register is Miki Kobayashi.
5. Mr. Hiromitsu Kugisaki, Ms. Touko Shirakawa, and Mr. Keita Tokura are candidates for External Director.
6. The terms of office for External Director of the Company for Mr. Hiromitsu Kugisaki, Ms. Touko Shirakawa, andMr. Keita Tokura are seven years, four years, and four years at the conclusion of this meeting, respectively.
7. If the elections of Mr. Masaru Honda, Mr. Hiromitsu Kugisaki, Ms. Touko Shirakawa, and Mr. Keita Tokura for
Director are approved, the Company plans to continue agreements with Mr. Masaru Honda, Mr. Hiromitsu Kugisaki,
Ms. Touko Shirakawa, and Mr. Keita Tokura in accordance with Article 427, Paragraph 1 of the Companies Act, tolimit his or her liability for damages. The maximum liability amount based on said agreements is either three million
yen or the amount stipulated by laws and regulations, whichever is higher.
8. Mr. Hiromitsu Kugisaki, Ms. Touko Shirakawa, and Mr. Keita Tokura, candidates for External Director, have been
designated as independent officers based on the Company’s Independence Standards for External Officers, inaddition to the requirements stipulated by the Tokyo Stock Exchange, and have been reported to the Exchange as
such. If they are elected as originally proposed, they will continue to be independent officers.
9. The Company has taken out directors and officers liability insurance, as stipulated in Article 430-3, Paragraph 1 of
the Companies Act. If this proposal is approved as originally proposed and the Directors are appointed, eachcandidate will be included as the insured under this insurance policy. In addition, we plan to renew the contract inAugust 2025. The officers, etc., who are included as insured in this insurance policy shall receive compensation for
their liability borne from performance of their duties or for their liability arising from claims in pursuit of thatliability. However, in order to ensure that the performance of duties of the insured are not compromised, there arecertain exemptions, such as damages caused by actions of the insured with the knowledge that they are in violationof laws and regulations will not be covered. The insurance fee for the policy and all added special clauses is borneby the Company.

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Proposal 2:
Election of One Substitute Statutory Auditor
To prepare for a case in which the number of Statutory Auditors falls short of the number required by laws
and regulations, the election of one substitute Statutory Auditor is proposed in advance.
If appointed as a substitute Statutory Auditor, the term of office shall be the remaining term of his
predecessor.
The resolution shall remain in effect until the commencement of the next Ordinary Shareholders’ Meeting.
The candidate for substitute Statutory Auditor has been selected based on the report submitted by thevoluntary Nomination Committee, chaired by an External Director with the majority of the members being
External Directors, in accordance with the “Standards for Election of Directors and Statutory Auditors” (listed
on pages 10-11).
In addition, the Board of Statutory Auditors has given its approval to this proposal.
The candidate for substitute Statutory Auditor is as follows:
Name(Date of birth)

Past experience and significant concurrent positions
September 2013

Number ofshares of theCompany held

Director; General Manager, General Administration and Human
Resources Group, Kojima Co., Ltd.
January 2015
Joined the Company as Manager, Merchandising Department
September 2018 Statutory Auditor, Honda Sangyo Co., Ltd.
Toshihiro Masubuchi
100
March 2020
General Manager in charge of Art & Craft Division, Internal
sharesControl
Promotion
Department,theCompany(July 2, 1961)
June 2021
In charge of Internal Control Promotion, General Administration
Department
In charge of Legal Affairs and Risk Management, Risk
June 2023
Management Department (to present)(Notes) 1. Honda Sangyo Co., Ltd., which is listed in past experience, merged with the Company in March 2020 and ceased
to exist.
2. There are no special interests between the candidate for substitute Statutory Auditor and the Company.
3. Reasons for nomination as candidate for substitute Statutory Auditor
Mr. Toshihiro Masubuchi has been involved in the overall corporate management at Kojima Co., Ltd., and has
served as a Statutory Auditor of a Group company as well as the person in charge of the Company’s Internal
Control Promotion Department, Risk Management Department and others. The Company nominates him as a
candidate for substitute Statutory Auditor with an expectation that he will apply his wealth of experience anddeep insight to the Company’s audits.
4. If Mr. Toshihiro Masubuchi is appointed as Statutory Auditor, the Company plans to conclude an agreement with
Mr. Toshihiro Masubuchi in accordance with Article 427, Paragraph 1 of the Companies Act, to limit his liability
for damages. The maximum liability amount based on said agreement is either three million yen or the amountstipulated by laws and regulations, whichever is higher.
5. The Company has taken out directors and officers liability insurance, as stipulated in Article 430-3, Paragraph 1of the Companies Act. If this proposal is approved as originally proposed and the Statutory Auditor is appointed,
Mr. Toshihiro Masubuchi will be included as the insured under this insurance policy. In addition, we plan torenew the contract in August 2025. The officers, etc., who are included as insured in this insurance policy shallreceive compensation for their liability borne from performance of their duties or for their liability arising fromclaims in pursuit of that liability. However, in order to ensure that the performance of duties of the insured are
not compromised, there are certain exemptions, such as damages caused by actions of the insured with theknowledge that they are in violation of laws and regulations will not be covered. The insurance fee for the policy
and all added special clauses is borne by the Company.

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(Reference)

Areas of expertise particularly expected of Director candidates and Statutory Auditors
The areas (up to three) in which the Company has particular expectations of the candidates for
Director, proposed in Proposal 1, and Statutory Auditors, are as follows.

No.

Name

Corporate

Industry

Legal Affairs

Management Experience / GovernanceDirectors

1

Ikuo
Hirayama●●

2

Masaru
Honda

●

●

3

Hiromitsu
Kugisaki●

4
5

Financial
Accounting /
M&A

HR /
Diversity

IT / Digital

Environment/ Society

Global●●Statutory Auditors

●

●

Touko
Shirakawa●●

Keita Tokura●●

Shugo Okada●●

Shino Hirose●

YumikoOtagiri

●

●
●

●
●

●

●

(Notes) 1. The above matrix does not cover all the expertise, experience, and knowledge possessed by candidates for Director
and Statutory Auditors.
2. Industry experience refers to experience in the distribution or retail industry.

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(Reference)<Standards for Election of Directors and Statutory Auditors>

1. Directors(1) Election policy for candidates for Director
The Board of Directors shall be of an appropriate size for deliberations. From the perspective ofensuring diversity in order to realize appropriate decision-making and management supervision,
multiple persons who possess excellent insight and a high degree of expertise from both insideand outside the company will be appointed.

(2) Election standards for candidates for Director(i) Possess excellent management insight(ii) Have a law-abiding spirit, ethics, and social responsibility(iii) Have an ability to see things from a high vantage point with a broad perspective, as well as
excellent foresight and insight(iv) Have the ability to make the best decisions for the Company in accordance with the“Principles of Business Judgment”(v) External Directors must have a total tenure of less than eight years, and be able to not only
supervise management but also provide useful advice and recommendations to management(vi) Directors must be able to secure enough time to faithfully perform their duties(3) Election procedures for candidates for Director
The President and the External Director who is the chair of the Nomination Committee will
prepare proposals for appointing candidates for Director, and after deliberation by the
Nomination Committee, the Board of Directors will make a resolution and submit it to theshareholders’ meeting.

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2. Statutory Auditors(1) Election policy for candidates for Statutory Auditor
In order to appropriately audit the execution of duties by Directors with neutrality andindependence, persons with excellent management insight are appointed.

(2) Election standards for candidates for Statutory Auditor(i)Statutory Auditors must have a total tenure of less than eight years, and have excellent
character and insight, with expertise in either law, financial accounting, or corporate
management(ii) Have a law-abiding spirit, ethics, and social responsibility(iii) Be able to ensure a fair and unbiased attitude from the perspective of independence(iv) Be able to have smooth dialogue with management for the purpose of ensuring the soundness
and transparency of management(v) Statutory Auditors must be able to secure enough time to faithfully perform their duties(3) Election procedures for candidates for Statutory Auditor
The President and the External Director who is the chair of the Nomination Committee will
prepare proposals for appointing candidates for Statutory Auditor. The Nomination Committee
deliberates on the proposals by giving due respect to the opinions of the Statutory Auditors(Board). After obtaining the consent of the Board of Statutory Auditors, the Board of Directors
will make a resolution and submit it to the shareholders’ meeting.

- 11 -

(Reference)<Independence Standards for External Officers>
The Company determines that its external officers (External Directors and External Statutory
Auditors) are not independent if, in addition to the requirements for independent officers stipulated by
the Tokyo Stock Exchange, any of the following items (1) through (3) applies.
(1) A person who is currently, or has been in the past ten years, an executive (Note 2) of the Group(Note 1)
(2) A person who has fallen under any of the following a. to g. in the past three years
a. A business partner whose annual transaction amount with the Group exceeds 10 million yen ina single fiscal year and which exceeds 2% of the net sales of either the Company or suchbusiness partner, or an executive thereofb. A major shareholder holding voting rights exceeding 5% of the total voting rights of theCompany, or an executive thereofc. Lenders of the Group that have loaned to the Group an amount exceeding 2% of the total assetsof the Company in the most recent fiscal year (if the lender is a corporation or otherorganization, an executive thereof)
d. A person who receives donations or subsidies exceeding 10 million yen annually from theGroup (if the person having such relationship is a corporation or other organization, an
executive thereof)e. A person who provides professional services such as a consultant, lawyer, certified public
accountant, etc., who receives monetary or other financial benefits exceeding 10 million yen
annually from the Company, other than remuneration for their service as Directors or Statutory
Auditors; or a person who belongs to an organization that provides professional services, suchas a consulting firm, a law firm, or an auditing firm which receives remuneration exceeding 10
million yen annually and exceeding 2% of its net sales or total annual revenue
f. In the event that an executive of the Company is appointed as an external officer of anothercompany, an executive for such other company
g. A certified public accountant who belongs to the auditing firm that is the Company’s
Accounting Auditor(3) Spouse or relative within the second degree of kinship of a person listed in (1) and (2) above(Note 1) The Group means the Company and its subsidiaries. The same applies within the Independent Standards.
(Note 2) An executive is defined in Article 2, Paragraph 3, Item 6 of the Ordinance for Enforcement of the Companies
Act, and includes not only executive Directors but also employees. The same applies within the IndependentStandards.

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