Integrated Report 2021(For the year ended December 31, 2020)

From the Chairman of the Board of Directors Initiatives by the Board of Directors in Fiscal 2020 The Board of Directors at Yamaha Motor puts together agenda items in a way that allows it to gain a bird’s-eye view of corporate management in its entirety by integrating busi-ness line (vertical) and cross-functional line (horizontal) items. Looking first at our business lines, the Board examines initia-tives such as growth strategies and business model reforms while for cross-functional lines, it scrutinizes initiatives pertain-ing to structural reforms and management functions toward raising competitiveness. Further, with cross-functional lines, we have made progress with initiatives not only for working divisions at our headquarters but also for initiatives on a global scale, such as the Global Execution Transformation. In particular, the Company has assigned global leaders for pro-duction, procurement, financial services, and human resources and is moving initiatives forward while reinforcing personnel networks. In each field, we have clarified objec-tives and targets as well as standardized approaches and are now sharing achievements and knowledge. The following outlines the major topics addressed by the Board of Directors in fiscal 2020. I believe that deliberating these topics at greater length and in more detail in fiscal 2021 will put us in a better position for the next Medium-Term Management Plan, which will commence in fiscal 2022.• Contribution to the Sustainability of Society: Deliberated on concept creation, feasibility verification, and technological development for achieving carbon neutrality and what role mobility should play in future societies. • Business Portfolio Management: Deliberated on the future vision of the Company based on the potential for growth and return from invested capital with each business model and the creation of new customer value. • Digital Transformation: Deliberated on digitalization in vari-ous fields and the shift to high-value-added business models resulting from the jump from single-point changes to across-the-board changes with digitalization. • Human Resource Strategy: Deliberated on the progress of initiatives regarding diversity, workstyles, human resource development, and employment styles, among others. In the course of these discussions, our outside directors and outside Audit & Supervisory Board members offer valuable advice and frank opinions based on their respective business experience and specialist knowledge to stimulate greater awareness of the issues at hand. For each of these topics, I want our Board meetings to serve as a forum that allows exec-utive officers to create a uniquely Yamaha vision for the future while helping them construct broad scenarios and specific plans to build the Company into what they want it to be. Hiroyuki Yanagi Chairman and Director Yamaha Motor aims to further enhance its corporate governance while prizing its corporate culture of taking on challenges to create Kando. In fiscal 2020, despite the impact of COVID-19 on our business in markets around the world, we were able to keep decreases in sales and profits to a minimum. I would first like to record my appreciation for the concerted efforts of all Yamaha Motor Group employees. I also want to sincerely thank our shareholders for their understanding and support. Experiencing the massive pressure generated by major external events—from the 2008 global financial crisis and 2011 Great East Japan Earthquake to 2020’s COVID-19 pandemic—provides opportunities to engage in improving the resilience of management. With this in mind, the Board of Directors aims to bolster the value of the Yamaha brand within the con-texts of our relationship with society and our customers while continuing to support structural reforms. 52Corporate Governance Yamaha Motor Co., Ltd. Integrated Report 2021

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