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

Board meetings were mostly held online in fiscal 2020, and we received numerous comments from outside directors, exceeding the number for the previous fiscal year. It is crucial that a diverse range of assessments and opinions, including those from internal and external standpoints as well as those from perspectives shaped by different experiences and spe-cialties, be shared and discussed to reach the best decision. I believe that the role of the chairman is to occasionally initiate discussions that do not fall into any particular category and those that encourage bold decisions by executive officers. Initiatives by the Executive Personnel Committee Lively discussions also took place at meetings of the Executive Personnel Committee, which acts as an advisory body to the Board of Directors. In matters related to nominations, the committee estab-lished and carried out a roundtable conference with the chief executive officer (CEO) with the objective of determining executive officer appointments or dismissals based on a review and evaluation of the CEO’s own performance. The conference was chaired by Takehiro Kamigama, an outside director, and the reviews and evaluations were carried out by six outside directors and outside Audit & Supervisory Board members. The primary goal of the conference was to establish corporate governance in which the best and most suitable members of management are tasked with running the business by first deciding on the appointment or dismissal of the CEO as an absolute precondition for the appointment or dismissal of executive officers each fiscal year. In particular, with the aim of carrying out a non- financial assessment regarding the CEO’s management and opera-tional performance, the conference provided a forum for the CEO to offer his own overview of operations and for the six outside directors and outside Audit & Supervisory Board members to provide candid assessments, exchanges of opinions, and advice in response. The Executive Personnel Committee will keep bringing improvements to the workings of the roundtable conference going forward. In matters related to remuneration, after first verifying the appropriateness of executive officer remuneration standards, the Executive Personnel Committee carried out a financial and non-financial assessment of the Company’s business performance in fiscal 2020, a year greatly affected by the COVID-19 pandemic. They then deliberated on executive officer bonuses and received approval from the Board of Directors. Although the Company has a fiscal year-end of December 31, it provided prior disclosure by first releasing specific details of remuneration in its convocation notice of the Ordinary General Meeting of Shareholders instead of waiting for the new remuneration system to come into effect. Among other matters of importance handled by the Executive Personnel Committee, discussions are underway on developing future management-level human resources and optimizing the composition of the Board of Directors. Looking at human resource development, despite making progress with our global human resource hiring system and human resource development program, many women empowerment issues still remain. While the Company has surpassed its targets for promoting women to management positions, the number of women in such positions remains small. To address this issue, the Executive Personnel Committee is encouraging initiatives that include long-term recruitment and development. The composition of the Board of Directors for fiscal 2021 has been changed and now comprises six internal directors (one fewer) and four outside directors. We also welcomed Eriko Kawai as an outside Audit & Supervisory Board member, bringing greater diversity to the Board alongside Outside Director Yuko Tashiro. At the same time, this new composition will bring greater depth to discussions sur-rounding sustainability, one of the Company’s key issues for the future. Toward fiscal 2022, we look to raise the ratio of outside directors on the Board even further and continue enhancing diversity with members of varying experiences, specialties, nationalities, and more.Amid changes seen in the value systems of society and customers as well as the emergence of specific sets of values, the value of the Yamaha brand was trusted in global markets beset by the COVID-19 pandemic. This fact has helped further clarify the direction in which we will transform our corporate management. While augmenting our management resilience, it is pivotal that we build a leadership style that contributes to the sustainability of society and births innovations. Yamaha Motor will strive to further enhance its corporate governance while continuing to prize its corporate culture of taking on challenges to create Kando, by fusing cutting-edge technolo-gies with human sensitivities. 53Yamaha Motor Co., Ltd. Integrated Report 2021

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