Message from the Chairperson of the Board of Directors
My commitment as Chairperson of the Board of Directors
In June 2025, four years after becoming an outside director of Mizuho Financial Group, I was appointed Chairperson of the Board of Directors. Over the course of my time as an outside director, I have engaged in supervisory activities both as chairperson of the Audit Committee and as a member of other committees. However, my new role as Chairperson of the Board carries special weight. Having taken up the baton from my predecessor Izumi Kobayashi, I am determined to chair the Board of Directors with a view to enhancing Mizuho's corporate value. I will here discuss my supervisory activities to date, review Mizuho's fiscal 2024 activities, and explain my approach to leading discussion at the Board of Directors for the achievement of the medium- to long-term growth strategy.
Supervisory activities to date and review of fiscal 2024
I became an outside director amid the turmoil of the IT system failures that persisted in Japan throughout 2021, and from my position as an outside director I witnessed the growing concerns among employees. At the time, I felt Mizuho's biggest challenge was the gap that existed between the holding company and entities, between each in-house company, and between management and supervision. To eliminate these discrepancies and connect and align all employees in the same direction, I advised that Mizuho needed to reflect on its history, from where it began to where it is now; rethink its raison d'être in society; and redefine its Corporate Identity and Purpose as a step toward transforming its corporate culture. Only then would it be able to effectively formulate a new medium-term business plan. The Board of Directors took up all of these points at our meetings.
Transforming corporate culture is not something that can be done overnight; it is, I believe, an ongoing task. The management team, including Group CEO Masahiro Kihara, has been working to transform Mizuho's corporate culture through the clear communication of Mizuho's Corporate Identity and Purpose to employees, and the positive outcomes of their efforts are quite evident when I talk to employees face-to-face in my visits to offices.
Mizuho's corporate culture transformation has been a major topic of discussion at the Board of Directors meetings and has continued to move forward, with various results also starting to show on the business side. In fiscal 2024, Mizuho posted record profits and achieved the financial targets of its current medium-term business plan, which began in fiscal 2023 and will still run through fiscal 2025, one year ahead of schedule. Considering that Mizuho also completed its first share buyback in 16 years, entered a strategic capital and business alliance with Rakuten Card and forged ahead on its post-merger integration with Greenhill, I would say that, overall, it was a year of significant progress.
The stance of the Board of Directors toward the achievement of the medium- to long-term growth strategy
While the financial targets of the current medium-term business plan have already been met, the duty of the chairperson remains the same as before: to lead the discussions of the Board of Directors and support the executive management team as it continues achieving its goals. Mizuho holds a competitive edge due to its expertise and track record in supporting industry development and corporate growth, in which it can utilize its relationships with various industries and its industry knowledge, as well as due to its global Corporate & Investment Banking (CIB) business model centered on the US. Further, it is improving customer experience across digital, remote, and physical channels in its retail business in Japan and establishing a framework for serving all customer segments, from individuals starting out in asset management to high-net-worth investors. At the Board of Directors, we will thoroughly explore the ways Mizuho can leverage its strengths and initiatives to refine the five business focus areas and turn them into a unique competitive advantage.
It is also important to enhance the corporate foundations underpinning Mizuho's business growth, which requires continuous corporate culture transformation, IT reforms, and maintenance of stable business operations. Mizuho, as a financial institution, has a role to uphold in providing social infrastructure, such as through its settlement and financial intermediary functions. I will chair the Board of Directors with a sharp focus on Mizuho continuing to fulfill this role under even the most difficult circumstances.