Name・Title Career Summary
Atsushi Yoshikawa
Director and Chairman of the Board of Directors
Apr. 1978 Joined Nomura Securities Co., Ltd. (currently, Nomura Holdings, Inc.)
Jun. 2000 Director of Nomura Securities Co., Ltd.
Oct. 2001 Director of Nomura Securities Co., Ltd.
Jun. 2003 Executive Officer of Nomura Securities Co., Ltd.
Apr. 2004 Executive Managing Director of Nomura Holdings, Inc.
Senior Corporate Managing Director of Nomura Asset Management Co., Ltd.
Apr. 2006 Executive Vice President of Nomura Asset Management Co., Ltd.
Apr. 2008 Director and President of Nomura Asset Management Co., Ltd.
Oct. 2008 Executive Managing Director of Nomura Holdings, Inc.
Director, President, and CEO of Nomura Asset Management Co., Ltd.
Jun. 2011 Executive Vice President and Senior Managing Director of Nomura Holdings, Inc.
CEO and President of Nomura Holding America Inc.
Aug. 2012 Representative Executive Officer and Group COO of Nomura Holdings, Inc.
Jun. 2013 Director, Representative Executive Officer, and Group COO of Nomura Holdings, Inc.
Jun. 2016 Advisor of Nomura Holdings, Inc.
Apr. 2017 Director of Nomura Real Estate Development Co., Ltd. (present)
Advisor of Nomura Real Estate Holdings, Inc.
Jun. 2017 Chairman of the Board of Directors of Nomura Real Estate Holdings, Inc. (present)
May. 2018 Outside Director of Ryohin Keikaku Co., Ltd. (present)
Eiji Kutsukake
President and Representative Director,
Group CEO
Apr. 1984 Joined Nomura Securities Co., Ltd. (currently, Nomura Holdings, Inc.)
Apr. 2007 Executive Managing Director of Nomura Securities Co., Ltd.
Oct. 2008 Senior Managing Director of Nomura Securities Co., Ltd.
Apr. 2009 Senior Corporate Managing Director of Nomura Securities Co., Ltd.
Apr. 2011 Senior Corporate Managing Director Chief Operating Officer of Nomura Holdings, Inc.
Executive Vice President of Nomura Securities Co., Ltd.
Apr. 2012 Executive Managing Director of Nomura Holdings, Inc.
Aug. 2012 Deputy President of Nomura Securities Co., Ltd.
Apr. 2013 Director and Deputy President of Nomura Securities Co., Ltd.
Apr. 2014 Advisor of Nomura Real Estate Holdings, Inc.
Jun. 2014 Representative Director and Executive Vice President of Nomura Real Estate Holdings, Inc.
Jun. 2015 President and Representative Director, and Chief Executive Officer of Nomura Real Estate Holdings, Inc. (present)
Apr. 2017 Chair and Representative Director of Nomura Real Estate Development Co., Ltd. (present)
Seiichi Miyajima
Executive Vice President and Representative Director,
Group COO
Apr. 1981 Joined Nomura Real Estate Development Co., Ltd.
Jun. 2004 Director of Nomura Real Estate Development Co., Ltd.
Apr. 2008 Senior Executive Officer of Nomura Real Estate Development Co., Ltd.
Apr. 2009 Managing Executive Officer of Nomura Real Estate Development Co., Ltd.
Apr. 2012 Representative Director and Senior Managing Executive Officer of Nomura Real Estate Development Co., Ltd.
May. 2012 Executive Officer of Nomura Real Estate Holdings, Inc.
Apr. 2014 Representative Director and Executive Vice President of Nomura Real Estate Development Co., Ltd.
Jun. 2014 Representative Director and Executive Officer of Nomura Real Estate Holdings, Inc.
Apr. 2015 President and Representative Director, and Chief Executive Officer of Nomura Real Estate Development Co., Ltd. (present)
Apr. 2017 Executive Vice President and Representative Director of Nomura Real Estate Holdings, Inc.(present)
Toshiaki Seki
Executive Vice President and Representative Director,
Business Unit Manager of Commercial Real Estate Business Unit
Apr. 1980 Joined Nomura Real Estate Development Co., Ltd.
Jun. 2003 Director of Nomura Real Estate Development Co., Ltd.
Mar. 2007 Managing Director of Nomura Real Estate Development Co., Ltd.
Apr. 2007 President and Representative Director of NOMURA LIVING SUPPORT CO., LTD.(currently, Nomura Real Estate Partners Co., Ltd.)
Apr. 2008 President and Representative Director, and Chief Executive Officer of NOMURA LIVING SUPPORT CO., LTD.
Dec. 2010 President and Representative Director of Nomura Real Estate Reform Co., Ltd.
May. 2012 Executive Officer of Nomura Real Estate Holdings, Inc.
Apr. 2013 Director of NOMURA BUILDING MANAGEMENT CO., LTD.(currently, Nomura Real Estate Partners Co., Ltd.)
Apr. 2014 President and Representative Director, and Chief Executive Officer of Nomura Real Estate Partners Co., Ltd.
Jun. 2014 Representative Director and Executive Officer of Nomura Real Estate Holdings, Inc.
Apr. 2015 Director of Nomura Real Estate Urban Net Co., Ltd.
Chair and Representative Director of Nomura Real Estate Partners Co., Ltd.
President and Representative Director of Nomura Real Estate Wellness Co., Ltd.
Jun. 2015 Director of MEGALOS CO., LTD.(currently, Nomura Real Estate Life & Sports Co., Ltd.) (present)
Apr. 2018 Executive Vice President and Representative Director of Nomura Real Estate Holdings, Inc.(present)
Director of Nomura Real Estate Reform Co., Ltd.
President and Representative Director of NF Power Service Co., Ltd.
Apr. 2019 Executive Vice President and Representative Director of Nomura Real Estate Development Co., Ltd. (present)
Director of NREG TOSHIBA BUILDING Co., Ltd. (present)
Makoto Haga
Director and Executive Officer,
Group CFO,
Supervisor of Management Division,
Investor Relations,
Corporate Communications Dept.
Apr. 1989 Joined Nomura Real Estate Development Co., Ltd.
Oct. 2011 Director and Senior General Manager of Investment Management Division of Nomura Real Estate Capital Management Co., Ltd.
Apr. 2012 Executive Officer of Nomura Real Estate Development Co., Ltd.
May. 2012 Executive Officer of Nomura Real Estate Holdings, Inc.
Apr. 2015 Managing Executive Officer of Nomura Real Estate Development Co., Ltd.
Apr. 2017 Director and Managing Executive Officer of Nomura Real Estate Development Co., Ltd.(present)
Director of NREG TOSHIBA BUILDING Co., Ltd.
Director of Nomura Real Estate Life & Sports Co., Ltd.
Director of Geo Akamatsu Co., Ltd.
Director of Nomura Real Estate Reform Co., Ltd.
Director of PRIME X. Co., Ltd.
Director of Nomura Real Estate Wellness Co., Ltd.
Jun. 2017 Director and Executive Officer of Nomura Real Estate Holdings, Inc. (present)
Satoko Shinohara
External Director
Apr. 1983 Joined Koyama Atelier (currently, Hisao Kohyama Atelier)
May. 1987 Director of Spatial Design Studio
Oct. 1990 Director of Kengo Kuma and Associates
Nov. 2000 Representative Director of Spatial Design Studio (present)
Mar. 2009 Representative Director of Kengo Kuma and Associates (present)
Feb. 2010 Representative Partner of Satoko Shinohara Living Design Institute LLC (currently, Living Design Institute LLC)
Apr. 2010 Professor of Japan Women’s University (present)
Jun. 2014 External Director of Nomura Real Estate Holdings, Inc. (present)
Tetsuro Higashi
External Director
Apr. 1977 Joined Tokyo Electron Ltd.
Dec. 1990 Director of Tokyo Electron Ltd.
Apr. 1994 Managing Director of Tokyo Electron Ltd.
Jun. 1996 Representative Director, President of Tokyo Electron Ltd.
Jun. 2003 Representative Director, Chairman of the Board of Tokyo Electron Ltd.
Jun. 2011 Director, Chairman of the Board of Tokyo Electron Ltd.
Jun. 2012 Outside Director of Ube Industries, Ltd. Resigned(June 2014)
Apr. 2013 Representative Director, Chairman, President & CEO of Tokyo Electron Ltd.
Jun. 2015 Representative Director, President & CEO of Tokyo Electron Ltd.
Jan. 2016 Corporate Director, Corporate Advisor of Tokyo Electron Ltd.
May. 2018 Outside Director of Seven & i Holdings Co., Ltd. (present)
Jun. 2019 External Director of Nomura Real Estate Holdings, Inc. (present)
Outside Director of Ube Industries, Ltd. (present)
Takao Orihara
Director
(Audit & Supervisory Committee Member)
Apr. 1980 Joined Nomura Real Estate Development Co., Ltd.
Jun. 2005 Director of Nomura Real Estate Holdings, Inc.
Director of Nomura Real Estate Development Co., Ltd.
Apr. 2008 Director and Senior Executive Officer of Nomura Real Estate Development Co., Ltd.
Apr. 2009 Director and Managing Executive Officer of Nomura Real Estate Development Co., Ltd.
Apr. 2010 Director of NREG TOSHIBA BUILDING Co., Ltd.
May. 2012 Director and Executive Officer of Nomura Real Estate Holdings, Inc.
Apr. 2014 Audit & Supervisory Board Member of Nomura Real Estate Development Co., Ltd. (present)
Audit & Supervisory Board Member of Geo Akamatsu Co., Ltd. (present)
Advisor of Nomura Real Estate Holdings, Inc.
Jun. 2014 Audit & Supervisory Board Member of Nomura Real Estate Holdings, Inc.
External Audit & Supervisory Board Member of Nomura Real Estate Urban Net Co., Ltd.
External Audit & Supervisory Board Member of Nomura Real Estate Partners Co., Ltd.
External Audit & Supervisory Board Member of MEGALOS CO., LTD. (currently, Nomura
Real Estate Life & Sports Co., Ltd.)
Jun. 2015 Director (Audit & Supervisory Committee Member) of Nomura Real Estate Holdings, Inc.(present)
Audit & Supervisory Board Member of Nomura Real Estate Urban Net Co., Ltd. (present)
Audit & Supervisory Board Member of Nomura Real Estate Partners Co., Ltd. (present)
Audit & Supervisory Board Member of NREG TOSHIBA BUILDING Co., Ltd.
Oct. 2015 Audit & Supervisory Board Member of MEGALOS CO., LTD. (currently, Nomura Real Estate Life & Sports Co., Ltd.) (present)
Apr. 2018 Audit & Supervisory Board Member of Nomura Real Estate Wellness Co., Ltd.
Audit & Supervisory Board Member of Nomura Real Estate Hotels Co., Ltd.
Yasushi Takayama
Director
(Audit & Supervisory Committee Member)
Apr. 1988 Joined Nomura Securities Co., Ltd. (currently, Nomura Holdings, Inc.)
Jun. 2011 Director, Nomura Financial Products & Services, Inc.
Oct. 2012 Managing Director and General Counsel of Nomura Securities International, Inc. (New York)
Sep. 2013 Managing Director and General Counsel of Nomura Holding America Inc.
Apr. 2015 Senior Managing Director and Chief Legal Officer of Nomura Holdings, Inc.
Senior Managing Director and Chief Legal Officer of Nomura Securities Co., Ltd.
Jun. 2016 Outside Director of Japan Securities Depository Center, Incorporated
Apr. 2019 Audit & Supervisory Board Member of Nomura Real Estate Development Co., Ltd. (present)
Advisor of Nomura Real Estate Holdings, Inc.
May. 2019 Audit & Supervisory Board Member of UHM Co., Ltd. (present)
Jun. 2019 Director (Audit & Supervisory Committee Member) of Nomura Real Estate Holdings, Inc.(present)
Audit & Supervisory Board Member of Nomura Real Estate Asset Management Co., Ltd. (present)
Audit & Supervisory Board Member of Nomura Real Estate Urban Net Co., Ltd (present)
Audit & Supervisory Board Member of Nomura Real Estate Partners Co., Ltd. (present)
Audit & Supervisory Board Member of NREG TOSHIBA BUILDING Co., Ltd. (present)
Audit & Supervisory Board Member of Nomura Real Estate Wellness Co., Ltd. (present)
Audit & Supervisory Board Member of Nomura Real Estate Hotels Co., Ltd. (present)
Audit & Supervisory Board Member of PRIME X. Co., Ltd. (present)
Akira Ono
Director
(Audit & Supervisory Committee Member)
(External)
Apr. 1998 Registered with Tokyo Bar Association
Joined Tokyo Aoyama Law Office (currently, Baker & McKenzie [Gaikokuho Joint Enterprise])
Mar. 1999 Joined Okinobu, Ishihara & Sei Law Office (currently, Spring Partners)
Jan. 2006 Partner of Spring Partners (present)
Jun. 2012 External Audit & Supervisory Board Member of MEGALOS CO., LTD. (currently, Nomura Real Estate Life & Sports Co., Ltd.)
Jun. 2015 External Director (Audit & Supervisory Committee Member) of Nomura Real Estate Holdings, Inc. (present)
Yoshio Mogi
Director
(Audit & Supervisory Committee Member)
(External)
Apr. 1975 Joined Nichimen Co., Ltd. (currently, Sojitz Corporation)
Apr. 2006 Executive Officer of Sojitz Corporation
Apr. 2008 Managing Executive Officer of Sojitz Corporation
Apr. 2012 Senior Managing Executive Officer, CFO of Sojitz Corporation
Jun. 2012 Representative Director, Senior Managing Executive Officer, CFO of Sojitz Corporation
Apr. 2014 Representative Director and Executive Vice President, CFO of Sojitz Corporation
Jul. 2014 Outside Director of Sojitz Infinity Inc.
Apr. 2017 Representative Director and Executive Vice President, CCO of Sojitz Corporation
Director of Sojitz REIT Advisors K.K.
Apr. 2018 Advisor of Sojitz Corporation
Jun. 2019 External Director (Audit & Supervisory Committee Member) of Nomura Real Estate Holdings, Inc. (present)
Akiko Miyakawa
Director
(Audit & Supervisory Committee Member)
(External)
Apr. 1978 Joined Tokyo Branch of Chase Manhattan Bank (currently, JPMorgan Chase Bank, N.A.)
Nov. 1987 Joined Marunouchi & Co. (currently, Deloitte Touche Tohmatsu LLC)
Jan. 2000 Joined the Los Angeles Office of Deloitte US
Jun. 2005 Partner of Deloitte Touche Tohmatsu LLC
Jul. 2008 Joined the Taipei Office of Deloitte Taiwan
Oct. 2015 Joined Deloitte Touche Tohmatsu LLC Tokyo Office
Aug. 2018 Representative of Akiko Miyakawa CPA Office (present)
Jun. 2019 External Director (Audit & Supervisory Committee Member) of Nomura Real Estate Holdings, Inc. (present)

Compensation of Directors

Total amount of compensation, etc., total amount of compensation by type and the number of directors applicable by director category

Director category Total amount of compensation, etc.
(million yen)
Base compensation
(million yen)
Bonus
(million yen)
Share-based compensation
(million yen)
Number of directors applicable
Directors
(Excluding Directors who also serve as Audit & Supervisory Committee Members)
(Excluding External Directors)
528 291 115 122 6
Directors
(Audit & Supervisory Committee Members)
(Excluding External Directors)
102 102 - - 2
External Directors 69 69 - - 5

* The payment amount in "Share-based compensation" is the amount recorded as an expense for the Fiscal Year ended March 2019 (including compensation in stock options recorded as an expense for the Fiscal Year ended March 2019 (28 million yen)).

Total amount of consolidated compensation, etc. of those whose total amount of consolidated compensation, etc. is 100 million yen or more

Name Director category Payer Total amount of compensation, etc.
(million yen)
Base compensation
(million yen)
Bonus
(million yen)
Share-based compensation
(million yen)
Eiji Kutsukake Director Filing company 123 61 34 27
Seiichi Miyajima Director Filing company 107 54 29 23

* The payment amount in "Share-based compensation" is the amount recorded as an expense for the Fiscal Year ended March 2019.

Outline of compensation plan of Directors

The Company's compensation of Directors consists of fixed compensation, comprising base compensation, and variable compensation, comprising bonus and share-based compensation. Each compensation item is as follows.

〈Base compensation〉
The amount of base compensation is determined according to the role and position of the director.

〈Bonus〉
The amount of bonus is determined according to the Company's business performance, such as consolidated operating profit, and evaluation of individuals.
The individual evaluation is used to evaluate the progress of initiatives for single-year and the medium-to-long term, for which achievements are difficult to measure based only on financial results.

Fiscal Year ended March 2018 Fiscal Year ended March 2019
Operating profit 76,660 million yen 79,162 million yen
Year-on-year -0.8% +3.3%

〈Share-based compensation〉
The Plan was introduced in the business year ended March 2019 to replace the conventional stock option (SO) plan. The compensation under the plan is comprised of a Performance Share (PS) portion in which the vesting, etc. of the Company shares, etc. is conducted three years after the start of each business year, and a Restricted Stock (RS) portion in which the vesting, etc. of the Company shares, etc. is conducted in principle when a director or an officer of the Company Group resigns. The Plan adopts the system of executive compensation BIP (Board Incentive Plan) trust (the "BIP Trust"). The number of shares to be vested, etc. is set at one Company share per one point, according to the number of points calculated based on the below formula.
By linking Directors' compensation to the Company's share price, the Plan is expected to have an effect that it will create an incentive to enhance corporate value in the medium-to-long term and align interests with the Company's shareholders.
For the business year ended March 2019, the amount of SO was recorded as compensation of Directors for the year business year ended March 2018.

Calculation formula of points

・PS portion
The number of points (the "Number of PS Points") to be granted to Target Directors, etc. for each business year during the covered period is calculated by dividing the amount of pre-determined base compensation with respect to each executive position by the share price as of the acquisition of the Company's shares by the Trust. The number of achievement-linked points shall be calculated by multiplying the Number of PS Points granted for each business year by the achievement-linked coefficient determined based on the level of performance three years after the beginning of the applicable business year. As the achievement-linked coefficient may vary in a range of 0-200% depending on the level of achievement of target ranges set based on the "business profit" from the viewpoint of profit growth, and return on equity (ROE) from the viewpoint of maintaining the capital efficiency, from the financial performance targets listed in the Mid- to Long-term Business Plan. This portion enhances the consistency with the features of the real estate business, which spans the medium-to-long term, and provides a clearer incentive toward better performance for the medium-to-the long term.
The ranges for the business year ending March 2021, the third year from the start of the plan in the business year ended March 2019, has been determined by the Board of Directors after deliberation by the Advisory Committee Relating to Nominations and Compensation, which consists of a majority of independent external directors, based on factors such as the medium- to-long-term plan at the beginning of the business year ended March 2019.

[The ranges for the business year ending March 2021]
The achievement-linked coefficient: 0% ~ 200%
Business profit: ¥75,400 million ~ ¥105,600 million
ROE: 6.5% ~ 12.5%

・RS portion
The number of points (the "Number of RS Points") to be granted to Target Directors, etc. for each business year during the covered period is calculated by dividing the amount of pre-determined base compensation with respect to each executive position by the share price as of the acquisition of the Company's shares by the Trust. By delaying the vesting of stock until retirement of each Director, etc. from the Company Group, this portion creates incentives to contribute to the Company Group and enhance corporate value over the long term.

〈Policy on ratios between fixed and variable compensation〉
Compensation of Directors concurrently serving as Executive Officers consists of base compensation, bonus and share-based compensation so that it works as a clear incentive to improve performance not only for the short term, but also for the medium-to-long term. The policy for the ratios of the compensation items is shown below.
Compensation of the Director and Chairman of the Board of Directors who is a director other than executive director, consists of base compensation and the RS portion of share-based compensation, to align interests with the Company's shareholders, due to his position of overseeing the business execution from an objective standpoint and also of shouldering a duty to enhance corporate value over the long term.
Compensation of External Directors and Directors who are Audit & Supervisory Committee Members consists only of base compensation due to their position of overseeing the business execution from an objective standpoint.

[Ratios of compensation of Directors concurrently serving as Executive Officers]
Fixed compensation: 50%(Base compensation)
Variable compensation: 50%(Bonus: 25%, Share-based compensation: 25%)

* The ratios above indicate a basic model when the Company pays 100% of its standard variable compensation amount.

External Directors

Name Reason for appointment Main activities
Satoko Shinohara Reason for appointment Satoko Shinohara has been selected as an External Director because it is expected that she will contribute to strengthening the supervisory function of the Board of Directors and ensuring fair and transparent management by drawing on her wealth of knowledge, experience, and profound insights in the field of architecture acquired in her long career as an architect. Furthermore, based on her attributes and relationship with NREH, we determined that there is no risk of conflict of interest with general shareholders as specified by the Tokyo Stock Exchange before designating her as an Independent Director. Main activities Ms. Shinohara attended 14 out of 14 meetings of the Board of Directors held during the fiscal year under review and asked questions and expressed opinions on proposals, deliberations and other matters as necessary.
Tetsuro Higashi Reason for appointment Tetsuro Higashi has been selected as an External Director because it is expected that he will contribute to strengthening the supervisory function of the Board of Directors and ensuring fair and transparent management by drawing on his wealth of knowledge, experience, and profound insights related to corporate management in his long career as a corporate manager. Furthermore, based on his attributes and relationship with NREH, we determined that there is no risk of conflict of interest with general shareholders as specified by the Tokyo Stock Exchange before designating him as an Independent Director. Main activities -
Akira Ono Reason for appointment Akira Ono has great knowledge, experience and profound insights as a legal expert acquired through his many years working as an attorney. He has been selected as an External Director as Audit & Supervisory Committee Member because it is expected that his extensive experience and knowledge will contribute to strengthening the supervisory function of the Board of Directors and the corporate governance structure, as well as to enhancing the auditing structure, although he has no previous experience directly involved in the management of a company. Furthermore, based on his attributes and relationship with NREH, we determined that there is no risk of conflict of interest with general shareholders as specified by the Tokyo Stock Exchange before designating him as an Independent Director. Main activities Mr. Ono attended 14 out of 14 meetings of the Board of Directors and 11 out of 11 meetings of Audit & Supervisory Committee held during the fiscal year under review and asked questions and expressed opinions on proposals, deliberations and other matters as necessary.
Yoshio Mogi Reason for appointment Yoshio Mogi has great knowledge, experience and profound insights concerning corporate management acquired through his many years working as a corporate manager. He has been selected as an External Director as Audit & Supervisory Committee Member because it is expected that his extensive experience and knowledge will contribute to strengthening the supervisory function of the Board of Directors and the corporate governance structure, as well as to enhancing the auditing structure. Furthermore, based on his attributes and relationship with NREH, we determined that there is no risk of conflict of interest with general shareholders as specified by the Tokyo Stock Exchange before designating him as an Independent Director. Main activities -
Akiko Miyakawa Reason for appointment Akiko Miyakawa has great knowledge, experience and profound insights as an expert at accounting and auditing acquired through her many years working as a Certified Public Accountant. She has been selected as an External Director as Audit & Supervisory Committee Member because it is expected that her extensive experience and knowledge will contribute to strengthening the supervisory function of the Board of Directors and the corporate governance structure, as well as to enhancing the auditing structure, although she has no previous experience directly involved in the management of a company. Furthermore, based on her attributes and relationship with NREH, we determined that there is no risk of conflict of interest with general shareholders as specified by the Tokyo Stock Exchange before designating her as an Independent Director. Main activities -