Sustainability Promotion Structure：Sustainability：The Norinchukin Bank

Sustainability Committee

The Sustainability Committee was established under the Board of Directors to discuss general policies and management issues related to sustainability management. The Chief Sustainability Officer (see below), as well as other relevant executives and employees, participate in this committee. The Board of Directors and the Supervisory Committee supervise the Sustainability Committee, discussing reports on the outcomes of their committee meetings as needed. Matters related to environmental and social risk management are discussed at the Risk Management Committee , under the board of directors. Depending on the content and purpose of the discussions, these matters are also discussed at management level within various consultative bodies.

Chief Sustainability Officer

The Bank appoints two Chief Sustainability Officers (Co-CSuO) responsible for overseeing and implementing sustainable management. The officer in charge of corporate affairs and officer in charge of business affairs work together for sustainable management, stronger risk management, and related business opportunities in light of domestic and international trends.

Chief Diversity Officer

We assign a Chief Diversity Officer (CDO) to oversee and encourage diversity and inclusion initiatives.

Sustainability Advisory Board

As an advisory body to the Board of Directors, the Sustainability Advisory Board was established to consult with external experts and reflect their opinions in the advancement of our sustainability management.

Sustainability Advisory Board Members

Name	Affiliation / Position
ADACHI Eiichiro	Managing Director, The Japan Research Institute, Limited
SATO Takafumi	Member of the Supervisory Committee, The Norinchukin Bank (Former Vice-Chairman of the IFRS Foundation)
TAKAMURA Yukari	Professor, The University of Tokyo Institute for Future Initiatives
MIZOUCHI Ryosuke	Professional Adviser, Kirin Holdings Company, Limited

Implementing Sustainability Management through the Cooperation with Each Headquater

In order to strengthen organization-wide sustainability management, the Bank assigned HQ/Unit Sustainability Officers (SuOs)to each headquarter and unit (Food & Agriculture HQ, Retail HQ, Global Investments HQ, and Risk Management Unit).

Sustainability Promotion Structure

Major Agendas for Each Meeting Body (Sustainability-Related)

Congressional Body	Chairperson	Main Agenda Items, Discussions, and Reports (FY2023)
Supervisory Committee	Chairperson of the Supervisory Committee	Materiality review and formulation of materiality to achieve our Purpose Management plans and business performance (including sustainable management matters)
Board of Directors	President and Chief Executive Officer	Materiality review and formulation of materiality to achieve our Purpose Establishment of GHG reduction targets for portfolio (oil and gas, steel, coal sectors) Management plans and business performance (including sustainable management matters) Selection of top risks Sustainability Advisory Board meeting results and responses Partial revisions to risk management policy
Sustainability Committee Meetings	Chief Sustainability Officer	Seven total meetings in FY2023 (including those co-hosted with other councils) Establishment of GHG reduction targets for portfolio (oil and gas, steel, coal sectors) Natural capital and biodiversity initiatives Initiatives to increase income in agriculture, fishery and forestry industries Measures based on human rights impact assessments Initiatives to encourage diversity Management plans and business performance (sustainability initiatives) Sustainability Advisory Board meeting results and responses External evaluation of sustainable management
Risk Management Committee	Chief Risk Officer	Selection of top risks Partial revisions to risk management policy Partial revisions to investment and loan sector policies
Portfolio Management Committee, Food and Agri Finance Committee	Chief Financial Officer	Partial revisions to investment and loan sector policies Allocation policy development ( GHG emission visualization in investment portfolios)

Message from the Chief Sustainability Officer

Representative Director and Managing Executive Officer Member of the Board of Directors
Chief Financial Officer
Co-Chief Sustainability Officer

KITABAYASHI Taro

I believe we formed a framework for sustainable management at The Norinchukin Bank during the previous medium-term management plan. In addition to strengthening governance by defining our Purpose and establishing the Sustainability Advisory Board, we participated in international rule-making as a member of the TNFD Taskforce, taking on the challenge of pioneering and experimental efforts in sustainability. Being based in the agriculture, fishery and forestry industries, there is a high affinity between our operations and sustainability. I see an increase in the number of employees voluntarily working to improve the sustainability of the agriculture, fishery and forestry industries, as well as that of the surrounding environments and societies.
I have been working to set the future direction of The Norinchukin Bank in light of domestic and international trends. At the same time, I strive to raise the awareness and knowledge of our officers and employees. The Bank must move on to a stage linking sustainability to business activities even further, accelerating business execution.
The Bank is an organization in a rare position of working with all processes in the agriculture, fishery and forestry industries value chain. This relationship is why we must take an integrated view of climate change, natural capital, biodiversity, and circular economies. We must look across the entire value chain, and pursue ways to create added value linking activities closely to a diverse range of stakeholders. While leveraging our strengths as a financial institution, we also collaborate with other companies and industries to add value in areas where we lack, gaining consumer recognition leading to consumption of the product. My hope is that The Norinchukin Bank plays a key role in creating systems for all stakeholders to achieve win-win results. I hope that the Bank will continue to play its part in improving the sustainability and resilience of the agriculture, fishery and forestry industries and the food industry as we strive for our medium-term vision (Nochu Vision 2030), which we began pursuing in fiscal 2024.

Managing Executive Officer
Co-Head of Food, Agribusiness and Corporation Banking
Co-Chief Sustainability Officer

TSUCHIDA Tomoko

I was named co-chief sustainability officer (Co-CSuO) in April 2024. Several years ago, I worked in a department responsible for sustainability. Compared to those days, when even the term "ESG" was not a familiar idea at the Bank, our younger employees today engage actively in this area on a day-to-day basis. One example is their enthusiasm for proposing sustainability linked loans to our customers. Throughout this period, we continued to search for a unique approach true to The Norinchukin Bank. This meaningful search resulted in our Purpose and Nochu Vision 2030.
In conversations with corporate sales customers, I see how they recognize the importance of integrating sustainability into their business and producing concrete results. I see how they endeavor to move forward, even though they struggle. There is a limit to what a single company can do to achieve success in both sustainability and business. Companies must also take on the challenge of breaking away from existing businesses and transforming into new models. Sometimes we must break from competitive relationships and reach out to market participants, building a network for all to share their concerns. In such times, I hope that the Bank can support companies and serve as a bridge through awareness and encouragement.
The Norinchukin Bank is also involved in sustainable finance as an institutional investor with global operations. We take on the challenge, not only through volume, but also through quality initiatives having a truly positive impact on the environment and society.
We who live in the present must think about what we will leave to future generations, acting accordingly if we are to maintain the Earth's environment, safe food, and lifestyles in the year 2050 and beyond. I believe it is my mission to encourage the younger generation to embrace the sense that they are the leading players in this quest, urging them to do their best.