Message from the Chairperson of the Board of Directors

Operation of the Board of Directors in fiscal 2023

Thorough follow-up on the first year of the medium-term business plan

The Board of Directors thoroughly followed up on Mizuho's performance for fiscal 2023, the initial period of the medium-term business plan, with a focus on the priority areas set out therein. A particular point of examination was whether or not Mizuho's employees have fully adopted the thinking behind the business strategy and begun specifically implementing it towards facilitating Mizuho's vision for the future.

In business terms, it is important that Mizuho take concrete action based on the strategy and implement a PDCA cycle in line with changes in the business environment. Therefore, the Board of Directors engaged in thorough discussions with the heads of in-house companies and the CEOs of group companies to ascertain the state of business. In discussions on sustainable business strategy, mass-market retailing strategy, advancement of digital transformation, and other individual areas, we took up multiple issues. Outside directors shared their views on topics such as the adequacy of planning to achieve the strategy, the setting and evaluation of multifaceted KPIs linked to Mizuho's Purpose and Values, and the effectiveness of frameworks for encouraging the aforementioned concrete action on the part of employees.

Additionally, regarding corporate foundations, the most critical aspect of ensuring even more sustainable, stable, and robust business operations is changes in individual employees' mindsets and day-to-day behavior in the workplace. In order to understand the progress of corporate culture transformation and changes in employees' mindsets across the group, we continued gathering information through a wide range of channels. Among these were off-site meetings, workplace visits, conversations with management and employees, and meetings with outside directors from the banking, trust banking, and securities arms.

IT / Digital Transformation Committee

To move forward debate on IT and digital transformation areas, which are a source of competitiveness, we have set up the IT / Digital Transformation Committee as an advisory body to the Board of Directors. On top of monitoring stable IT system operations, this committee holds vigorous discussions about the importance of implementing digital transformation in tandem with the business strategy, which is essential to overcoming obstacles to the business application of IT and digital transformation and establishing a competitive position.

Operation of the Board of Directors in fiscal 2024

Awareness of the business environment as Chairperson of the Board of Directors

While there were changes in the external environment, including the Bank of Japan scrapping its negative interest rate policy and the yen continuing its sharp fall, I see the first fiscal year of the medium-term business plan as having gone relatively well. To firmly establish and accelerate this momentum and attain further growth, Mizuho must ceaselessly continue to challenge itself. Mizuho's foresight, looking as far as 10 years into the future, will be of increased importance.

Key points for fiscal 2024

I believe discussions on the growth strategy from a medium- to long-term perspective, continued development of human capital, and initiatives to change employees' mindsets will cultivate the foresight of everyone in all areas of the organization. For fiscal 2024, the Board of Directors will place topics relevant to the medium- to long-term growth strategy at the center of discussions.
We will increase opportunities for talks with the business execution line and support them in their endeavors by holding in-depth discussions, including on how Mizuho is leveraging its advantages to differentiate itself; whether or not individual employees are able to raise concerns and put that towards changing their behavior; whether or not Mizuho is utilizing its various resources to their maximum effectiveness; and what Mizuho is doing to cultivate talent that will support strategy implementation.

In order for Mizuho to provide lasting value to customers, the economy and society, and employees, I will, as Chairperson of the Board of Directors, make every effort to accelerate Mizuho's initiatives for growth so that Mizuho will be able to continue growing hand in hand with all stakeholders.