Mitsubishi UFJ Trust and Banking Report 2015

Transcription

Mitsubishi UFJ Trust and Banking Corporation
4-5, Marunouchi 1-Chome, Chiyoda-ku, Tokyo 100-8212, Japan
+81-3-3212-1211
http://www.tr.mufg.jp/english
October 2015
This report was printed on FSC paper with vegetable oil ink.
Mitsubishi UFJ Trust and Banking Report
h
BEATRIX POTTER™ ©FrederickWarne&Co., 2015
2015
The Trust Structure
Meeting Peter Rabbit
TM
Beatrix Potter, the creator of Peter Rabbit, used to visit the Lake District in
England every summer and made numerous drawings of the wild animals in its
forests and fields. It was out of this that the world of Peter Rabbit and his
companions was born.
To protect her beloved Lake District from development, Beatrix Potter
purchased vast tracts of land with her own funds. She also left the maintenance
and management of the land after her death to the National Trust* in her will.
Thus, the remarkable scenery of the Lake District has been preserved and passed
on to the present day just as it was in Beatrix Potter’s day.
Mitsubishi UFJ Trust and Banking has been using Peter Rabbit as its mascot
since 1988 to express the company’s identification with the sentiments of Beatrix
Potter as it carries out the great responsibilities of trust banking with pride.
We provide a structure for administration, management and
disposal of our customers’ valuable assets.
*A group to protect the natural environment established to preserve scenery
Settlor
Beneficiary
Assets
Dividends
Trust
objectives
Management,
Disposal
TM
BEATRIX POTTER™ ©FrederickWarne&Co., 2015
Beatrix Potter ™
1866-1943
Courtesy of Victoria and Albert Museum
Mitsubishi UFJ Trust
and Banking (trustee)
A trust is a legal mechanism in which the settlor entrusts assets
owned, such as cash or land, to a trusted person or specialist
(the trustee) in accordance with a certain objective (the trust
objectives) for the benefit of the settlor himself or herself or
INDEX
The Trust Structure
2
The History of the Trust
3
Management Message
5
What We Do
7
Case Studies
Next-Generation Support Trusts
●From Savings to Investment
●Supporting for Increased Corporate Value
●Corporate Real Estate (CRE) Strategy
●Investor Services
●Foreign Exchange Transactions
●
9
11
13
15
17
19
another person (the beneficiary), delegating the management
Professional Human Resources
21
CSR
23
Through this trust settlor, Mitsubishi UFJ Trust and
Corporate Governance
27
Banking offers diverse services to numerous corporate and
Compliance and Risk Management
32
individual clients, reliably conveying the will of the settlor (the
Corporate Data
33
trust objectives) and appropriately managing and protecting the
Global Network
35
entrusted assets.
of the assets to the trustee.
Editorial Policy ● This year, we have overhauled what has in the past been published as CSR Reports into the Mitsubishi UFJ Trust and Banking Report 2015 as a comprehensive tool for communicating with all stakeholders. As concern with corporate social responsibility moves beyond legal compliance and risk management to the
contribution companies make to resolving social challenges through their business, the Mitsubishi UFJ Trust and Banking Report 2015 aims to communicate the
company’s vision to stakeholders through the structure and social roles of trusts, our priority businesses and their underlying social challenges, and the sentiments of
our employees who support us, going beyond the framework of conventional annual CSR activities reports. This report was not produced to sell the products described
within. Mitsubishi UFJ Financial Group, the parent company of Mitsubishi UFJ Trust and Banking, has issued the MUFG Report 2015 (integrated report), which should
be read in conjunction with this report. MUFG Report 2015 http://www.mufg.jp/english/ir2015/
1
2
The History of the Trust
The trust bank has played the role demanded by the times.
●2000: Establishment of The Master Trust Bank of Japan
●2001: Merger of The Mitsubishi Trust and Banking
The Nippon Trust and Banking and The Tokyo Trust Bank
●2001: Merger of The Toyo Trust and Banking and Tokai Trust & Banking
●2002: The Toyo Trust and Banking renamed UFJ Trust Bank
●2005: Establishment of Mitsubishi UFJ Trust and Banking Corporation
(MUTB)
through the merger of The Mitsubishi Trust and Banking and UFJ Trust Bank
●2009: MUTB made Aberdeen Asset Management
an equity-method affiliate
●2011:
MUTB made SWS MU Fund Management
●2012: MUTB made AMP Capital Holdings
●1927: Establishment of The Mitsubishi Trust Company
●1927: Establishment of The Kawasaki Trust Company
(subsequently The Nippon Trust and Banking)
●2013: MUTB made Mitsubishi UFJ Fund Services
Holdings a consolidated subsidiary
●1948: The Nippon Trust and Banking
launched banking services
●1948: The Mitsubishi Trust Company launched
banking services
●2015: Establishment of Mitsubishi UFJ
Nihonbashi Branch in 1960s
Kokusai Asset Management through the
merger of Mitsubishi UFJ Asset Management
and Kokusai Asset Management
A work scene from the 1980s
●1959: Establishment of The Toyo Trust and Banking
1927
1940
1950
1960
1970
1980
1990
●1952: Loan Trust Act enacted
1929: Revised Trust Business Act enacted
●1943: Law Concerning the Concurrent Undertaking of Savings Bank Business and
Trust Business by Ordinary Banks (Concurrent Business Act) enacted
●
Supporting post-war
reconstruction and rapid
economic growth
■1952: Loan trust
Meeting the need
for asset building
Contributing to stable and
prosperous lifestyles
■1962: Defined benefits type
corporate pensions trusts
■1966: Employees’ pension fund trust
■1975: Specified donor trusts
■1977: Charitable trust
■1981: New-style loan trust “Big”
■1984: Land trust
■1985: Monetary trust “Hit”
2000
2005
●
2010
2015
2004: New Trust Business Act enacted
● 2007: New Trust Act enacted
Promoting product development to meet diverse trust needs
■2009: Employee Shareholding ESOP Trust
■2013: Educational Fund Gift Trust (Magoyorokobu)
■2010: Precious Metals ETF “Fruit of Gold” series ■2014: Calendar Year Gift Trust (Okuru Shiawase)
■2010: Share Grant ESOP Trust
■2015: Wedding and Child-rearing Support Trust
■2012: Executive Compensation BIP Trust
■2012: Zutto Anshin Trust
History of Mitsubishi UFJ Trust and Banking
Since Mitsubishi UFJ Trust and Banking Corporation (MUTB)
and UFJ Trust Bank, Ltd. merged to form the current Mitsub-
was established in 1927, we have played a key role in
ishi UFJ Trust and Banking Corporation. At the same time,
industrial and financial circles in Japan. The introduction of
the Trust Business Act and the Trust Act were amended
loan trusts in the post-war reconstruction era provided the
with the aim of further progress for trusts. Since then,
opportunity for MUTB to support Japan’s era of rapid
MUTB has released the Precious Metals ETF that utilizes
economic growth as a long-term financial institution by
the beneficiary securities issuing trusts, and the Educational
providing stable, long-term funding to key industries as well
Fund Gift Trust in response to the system allowing educa-
as a stable, long-term saving vehicle to individual customers.
tional funds to be gifted tax free to grandchildren and other
From the 1960s onward, in addition to providing
In addition, MUTB has built a system to enable expan-
of the property management functions of trust banks
sion of global products by making equity investments in and
progressed accompanying social development, and MUTB
alliances with asset management companies in the United
launched new services such as pension trusts, charitable
Kingdom and Australia and by acquiring overseas fund
trusts and land trusts. Among these products, “Big” and
administration companies.
In 2005, The Mitsubishi Trust and Banking Corporation
3
family members.
long-term financing functions based on loan trusts, utilization
“Hit” won extensive popularity as methods for stable saving.
Based on the universal desire to “leave valuable assets to
the special people in your life,” MUTB will continue to provide
products and services that draw on diverse business functions
based on our extensive and advanced expertise.
In this way, we are developing and providing a variety
of trust products to meet today’s diversifying needs.
4
Management Message
Committed to Meeting the Needs of a New Era
A Decade Transitioning from Integration to Growth
This fiscal year marks the 10th anniversary of Mitsubishi
UFJ Trust and Banking Corporation (MUTB). Our success
and growth over the last decade was made possible by
the patronage and support of our stakeholders, which is
something we are very grateful for.
Looking back on these ten years, the first five were
spent focused on integrating our organization, while the
second five were used to develop a number of new
products, which have earned us a strong reputation
among customers. Today, we are committed to creating
new markets, including the globalization of our business,
in an effort to create opportunities for further growth.
Delivering New Value based on Customer Feedback
In July 2015, we broke through the JPY 1 trillion mark in
terms of contract value of next-generation support trusts*.
The reason we were able to create trust products with
such a positive reception is because we gathered a broad
range of feedback through our daily engagement with
customers and used this information to develop new,
innovative trust products. By using financial solutions
across a wide range of business areas unique to trust
banking, we have actively worked to solve the issues
facing society and
customers in order
to propose new
value for the future.
Changes in our
social structure including the declining
birthrate and aging
population will only
5
accelerate more in the future.
We stand committed to delivering new value by
identifying the needs of society and carefully listening to
the voices of our customers.
*Next-generation support trusts: A collective term used to refer to
the four trust products used to transfer assets between generations.
These products include Calendar Year Gift Trust, Educational Fund
Gift Trust, Zutto Anshin Trust, and Wedding and Child-rearing
Support Trust.
Delivering Services for a Globalized World
Although the Japanese market is unlikely to see strong
growth in the future given its rapidly declining population,
the world’s population continues to increase and emerging countries continue to seek sharp and robust growth,
both of which have resulted in more people looking for
new affluence.
Given this trend, we have actively invested in
international asset management firms and asset administration companies as part of our approach to expand
globally with a focus on our strengths as a trust bank.
In Japan, enhancing corporate governance has
become an important management task for Japanese
companies looking to expand into global markets. As a
result, we have reinforced new services tailored to this
issue, such as support for adopting a globally recognized
executive stock compensation plan.
To meet the expectations of our clients around the
world and to support our customers who are globalizing,
we will proactively propose internationally competitive
and high quality services as a member of MUFG a leading
multinational financial services group.
Dedicated to Being the Best Trust Bank for You
As a trust bank, we employ a large team of highly experienced professionals in finance, accounting, legal affairs,
securities and real estate. Their expansive expertise helps
us to provide not only traditional banking services, but
asset management, real estate, stock transfer agency,
and inheritance related services as well. I believe one of
my most important roles as President is to figure out
ways to develop these human resources in Japan and
abroad, and to create medium- to long-term growth by
finding the right places to utilize our people effectively.
A trust bank requires more than just advanced expertise. In addition to our legal obligations, we also must
always act in the interest of customers using a set of highly
esteemed ethics and professionalism to ensure we can
faithfully fulfill the trust placed in us. The MUTB Group
emphasizes this Fiduciary Duty in all of its actions. Correctly
understanding this duty, every executive officer and
employee will make continued efforts to reach higher levels
for each of the three principles, “Morality and Trustworthiness,” “Strong Expertise,” and “Loyalty to Customers.”
The Best Trust Bank for You. This phrase embodies our
unwavering commitment to propose value creation that is
considered to be the best of the best for our many stakeholders.
We ask for your continued understanding and support
as we move forward.
Tatsuo Wakabayashi
President and CEO
6
What We Do
“
We meet the diverse “needs” of customers with advanced
expertise and a wide range of financial solutions.
“
“
Based on Fiduciary Duty
In the United Kingdom and the United States, a person who
just contracts. And I said, ‘No, it is a different power relation-
is entrusted with assets and/or authority and who provides
ship.’ In contract, I can protect myself and my interest. But if
professional services for the benefit of another party is called
I give my money to somebody else, how can I protect myself
a ‘fiduciary,’ with the typical examples being trustees,
and my interest? If I go to a doctor, if I go to a lawyer, how can
physicians, and attorneys. A fiduciary has a responsibility to
I do that? The poor, very poor societies don’t have trusts, and
serve its entrustors at all times in line with rigorous standards
that’s why they are poor. The really successful societies are
backed by strong expertise and ethical values. In other words,
those who enable people to rely on each other.”
a fiduciary duty is required.
I want to increase
my assets.
I want to save money.
I want to borrow money.
“
”
”
I want to inherit assets.
“
provides in an integrated manner customers with not only
leading researcher on fiduciary law, described the relationship
banking service, but also trust business and concurrent
between finance and fiduciary duty as follows in a message
business based on a wide variety of products and professional
to executives and employees at Mitsubishi UFJ Trust and
services.
Banking(MUTB):“Many years ago, I looked at the financial
MUTB is committed to make continued efforts to fulfill
system in the economy and the way people relate to each
the expectations and trusts from our customers and society
other, and began to believe that trustworthiness is one of the
by fully understanding and acting on the principles of fiduciary
most important ingredients to successful society and to a
duty.
I want my assets to
be managed.
”
“
I want advice about
real estate.
”
”
Mitsubishi UFJ Trust and Banking
Trust and banking business
Banking business
Trust business
Concurrent business
MUTB is an organization acting as a fiduciary that
Professor Tamar Frankel of Boston University, the
”
• Deposit business
• Lending business
• Foreign exchange business
• Associated business
(Trading in securities,
derivatives trading,etc.)
• Real estate-related business
(brokerage, appraisals, etc.)
• Stock transfer agencies
(administration of shareholder
registry, etc.)
• Inheritance-related operation
(execution of wills, management of bequests, etc.)
• Trusts of money
• Securities trusts
• Monetary claims trusts
• Personal property trusts
• Real estate trusts
successful financial system. But at that time, people said, it’s
“
”
“
“
We want to look into personnel
and compensation systems.
”
“
7
“
We want to adjust my
balance sheet.
We want to ask pension
investment and administration.
”
“
We want to list shares
on the stock exchange.
”
We want to look into shareholder
and investor strategies.
”
”
We want to ask asset
investment and administration.
8
Case Studies
Next-Generation Support Trusts
We provide products to support the next generation that
closely fit with the needs of customers.
Four Products to Support the Future for Grandchildren and the Young
At Mitsubishi UFJ Trust and Banking (MUTB), we help with asset
management while offering consulting to match our customers’
life plans. Amid rising interest in inheritance in recent years due
to the aging of Japan’s population and changes in the social
environment, we have worked to develop products that promote
a smooth transfer of assets to the next generation. MUTB was
the first in the industry to develop four products to steadily transfer assets from grandparents to children and grandchildren,
which we offer as next-generation support trusts.
MUTB offers the following products to transfer assets to
the next generation: the Zutto Anshin Trust, which, in the event
of the customer’s passing away, allows the bereaved family to
easily receive money without burdensome inheritance paperwork; the Educational Fund Gift Trust (Magoyorokobu), which
takes advantage of a tax exemption on monetary gifts to grandchildren and other family members for education purposes; and
the Calendar Year Gift Trust (Okuru Shiawase), which handles
the paperwork needed to make gifts to family members while
the customer is living. Futhermore since April 2015, MUTB has
also offered the new “wedding and child-rearing support trust,”
which supports the gifting of funds to children, grandchildren,
and loved ones to help with marriage and child-rearing costs.
Through such services, MUTB is meeting a wide range of
customer needs.
I want to give family
members a donation
within a tax-free system
while I am still alive
I want my spouse and family
members to receive the
necessary money quickly should
I pass away
Calendar Year Gift Trust
Okuru Shiawase Trust
Inheritance trust
Zutto Anshin Trust
I want to help with
my grandchildren’s
education
I want to help with my children’s
and grandchildren’s weddings
and child-rearing
Educational Fund
Gift Trust
Magoyorokobu
Wedding and child-rearing
support trust
Trends in Net Savings by Age Group
(Millions of JPY)
25.0
24.5
24.0
23.5
23.0
22.5
Ages 60 – 69
22.0
6.5
6.0
5.5
5.0
Under 40
4.5
‘05
‘06
‘07
‘08
‘09
‘10
‘11
‘12
‘13
‘14
(Year)
An uneven concentration of assets in the older generation has been
identified as an issue faced by today’s aging Japanese society. The graph
on the left shows trends in savings by age group. It is evident that while the
savings of the younger age group are declining, savings are flat or rising among
the older age group (ages 60 – 69). Household financial assets in Japan have now
risen to more than some JPY 1,700 trillion, and people aged 60 and older are said
to own 60% of these assets. To increase the flow of funds into the market and to
revitalize the economy, it is necessary to create a social environment for the
smooth inter-generational inheritance of assets. In this context, an environment
that permits this is currently being established through a range of reforms in
the tax system, including revisions to the gift tax rate and the creation of a
tax exemption for the gift tax on educational funds and funds for marriage
and child rearing.
The First Japanese Bank to Top JPY 1 Trillion
There has been a great response to our next-generation support
trusts, which have also attracted customers who have never
used a trust bank before. In July 2015, the total amount under
contract topped JPY 1 trillion.
Going forward, MUTB will strengthen its marketing and
strive to develop trust products that fulfill the latent needs of
customers.
Next-Generation Support Trusts: cumulative amount
under contract
(Billions of JPY)
1,000
900
800
600
9
459
400
280
300
200
100
0
Manager
Retail Banking Business Planning
and Development Division
689
700
500
Source: Savings and Liabilities by Household Attributes, Statistics
Bureau, Ministry of Internal Affairs and Communications
Daisuke Hazehara
1,002
900
Experiencing the Unique Joy of a Trust Bank
Constantly Making Better Proposals
As one of the development staff for next-generation support trust
products, I believe these products are popular because MUTB values
customer’s voice.
Customer needs are definitely not just about increasing their
funds. We emphasize the development of products and services that
closely fit the desires of customers and their families to make their
grandchildren happy and live on in their memories. For example, with
Magoyorokobu, which supports the gifting of educational funds while
the customer is living, we offer a unique service that provides photographs with grandchildren and handwritten messages to them. Moreover, in addition to the “Prepayment” function that allows the
withdrawal of educational fees without the need for payment in
advance, we also plan to launch this fall a service for the withdrawal
of educational fees via Internet banking.
“I don’t want to be any trouble to my daughters if I happen to pass
away.” The Zutto Anshin Trust is a product that can realize this
sentiment. A lady in her late 70s once came into the branch, and it
became clear in the course of a casual conversation that she had
difficulties in the past with inheritance from her parents and was
concerned about what would happen after her own death.
Therefore, when I proposed the Zutto Anshin Trust, she was
delighted and relieved that this product would make money available
immediately for funeral expenses in the event of her passing. From
these experiences, I am convinced that picking up on unspoken
sentiments allows us to propose the right products to customers. I
want to continue making proposals that fit closely with the wishes of
customers so they say they are glad they asked me.
0.03
18
Mar.
2012
Sep.
2012
78
Mar.
2013
Sep.
2013
Mar.
2014
Sep.
2014
Mar.
2015
Jul.
2015
Miku Oshita
Shinjuku Branch
10
Case Studies
From Savings to Investment
We are focused on developing products that meet the diverse
asset management needs of individual investors.
Number of NISA Accounts and
Amount of Purchases
(Millions of accounts)
10
No. of accounts
9
Total purchase amount
8
7.2
7
6.5
8.2
(Trillions of JPY)
4.4
4.5
8.7
3.5
2.9
3.0
6
5
2.5
4.9
2.0
1.5
4
3
4.0
1.5
1.3
2
1.0
1
0.5
0
Jan. 2014
Mar. 2014
Jun. 2014
Dec. 2014
Mar. 2015
The Japanese government has established growth strategies to
stimulate private investment as one of the three arrows of Abenomics.
As part of this, the government is trying to speed up a shift from savings
to investment. In light of this shift, the Nippon Individual Savings Account
(NISA: a tax exempt scheme for small-lot investment), launched in January
2014, has become so popular that the number of accounts reached approximately 8.79 million and the amount of NISA account purchases was
approximately JPY 4 trillion as of March 31, 2015. An era is dawning when
even those who believed investments had nothing to do with them will
choose investment products as “investors.”
0
Source: Research on the Use of NISA Accounts, Financial
Services Agency
Providing High Value Added Asset Management Services
Utilizing the Comprehensive Strength of the Group
As a major player in corporate pensions, Mitsubishi UFJ Trust
and Banking has strived to develop and provide stable investment management over a long period to live up to the trust of
institutional investors. We made full use of the investment
management know-how we accumulated doing this to develop
the Wrap Series for individual customers.
In addition, Mitsubishi UFJ Kokusai Asset Management, which
manages the investment trusts developed as the Wrap Series, was
created through a merger between Mitsubishi UFJ Asset Management and Kokusai Asset Management on July 1, 2015.
Combining the strengths of the two companies, including
product development and investment management capabilities,
our aim is to respond promptly to diversifying customer needs and
offer quality, high value added asset management services.
MUTB will leverage its total strength as a group to meet the
diverse asset management needs of customers in addition to
contributing to the development of the Japanese economy by
encouraging a shift from savings to investment.
Corporate ad used at the launch of Mitsubishi UFJ Kokusai
Asset Management (July 1, 2015)
As an Asset Management Advice Professional
Since the introduction of NISAs, more customers who are first-time
investors are visiting the branch, and I sense increased interest in
asset management. Many of them say they do not know what they
should buy for a NISA and that it is difficult to watch the market as
they are busy, so we suggest the Wrap Series to a wide range of
customers as a product that aims to secure stable returns over the
medium- to long-term through diversified investment in domestic and
overseas bonds and stocks. We try to provide easy-to-understand
explanations to suit each customer to give first-time investors peace
of mind about entrusting investing to MUTB.
Yumi Nakanishi
Shibuya Branch
Developing Products that Target a Wide Range
of Investors
Creating a Lineup of Products to Match Customer Needs
As more customers invest for the first time, we are
hearing numerous comments about not knowing what to
buy and wanting to leave investment management to an
expert. Mitsubishi UFJ Trust and Banking’s Wrap Series
was developed in response to these needs. The Wrap
Series consists of products that take advantage of
specialized expertise cultivated in the corporate pension
field with the objective of securing stable returns over the
medium- to long-term through diversified investment in
domestic and overseas bonds and stocks. Our NISA
products also include a diverse range of balanced invest-
11
ment trusts that allow diversified investment for small
amounts. We also offer “private accounts” with which,
our asset management professionals, with their wealth
of expertise, directly propose the best portfolio for
customers to provide an integrated service from investment management through reporting. In September
2015, we also began offering the Mitsubishi UFJ Trust
Fund Wrap, which accepts applications from JPY 5
million. Through this comprehensive lineup of products,
we are meeting the diverse needs of our customers.
Investment still accounts for a low proportion of Japanese household
financial assets compared with other countries. To speed up a shift
from savings to investment, it is essential to broaden the base of
investors. With the Wrap Series, we have developed a lineup of
products that use our pension management expertise to allow diversified investment even of small amounts. We will develop products that
can appeal to a wide segment of customers from people investing for
the first time to veteran investors.
Hiroaki Nojiri
Manager
Product Development Division
Mitsubishi UFJ Kokusai Asset
Management
Offering Advanced Investment Know-How
to a Wide Range of Customers
With Mitsubishi UFJ Balance Innovation, which we have been deploying for the Wrap Series, we flexibly change the allocation of each asset,
such as bonds and stocks, according to the investment environment,
adopting a technique that aims to curb downside risk.
We offer this investment technique to customers, including corporate pensions, through our proprietary model developed with support
from Mitsubishi UFJ Trust Investment Technology Institute, Japan’s first
think tank specializing in financial engineering. We hope to provide such
unique investment solutions to a wide range of customers.
Koji Ishinaga
Senior Manager
Investment Management Division
12
Case Studies
Supporting for Increased Corporate Value
We help customers improve their corporate governance.
As a Responsible Institutional Investor with Custody and
Investment Management of Important Assets
Declaration of Acceptance of Japan’s Stewardship Code
Share sustainable growth scenarios
Investment
performance
Increase
corporate value
Companies
Dialogue
MUTB
Enhance
performance
Asset owner
Entrustment of
investment management
On June 1, 2015, the Tokyo Stock Exchange put its Corporate Governance Code, the new governance guidelines
for listed companies, into effect. The Code aspires to
active governance, which seeks to increase corporate
value through dialogue with shareholders, clarification
of the role and responsibilities of the Board of Directors,
and other means rather than use the risk avoidance-style
governance of the past.
Mitsubishi UFJ Trust and Banking (MUTB) offers
Corporate Governance Code Compliance Consulting to
support efforts to strengthen such corporate governance.
MUTB forms a support project team composed of
personnel involved in a wide range of fields such as
corporate law, shareholder relations and investor
relations, financial strategy, and stock compensation
plans. The team confirms the customer’s compliance
with the Code and governance issues from multi-faceted
viewpoints. We also help strengthen customers’ corporate governance by assisting with problem-solving
through a wide range of solutions that are unique to a
trust bank.
We provide diverse solutions that include, for
example, consulting on the introduction of stock
compensation plans for executives using trust schemes
and stock option programs as well as advice on the effective use of real estate for improving ROE and M&A, and
proposals for fund procurement methods aimed at
improving capital costs.
Moreover, based on our perspective as an institutional investor, we can also advise on constructive
dialogue with shareholders and responding to the
exercise of voting rights at general meetings of shareholders.
MUTB supports active governance for customers
through these diverse solutions, contributing to sustainable growth and enhancing corporate value over the
medium- to long-term.
Response to Corporate Governance Code
Various solutions
Introduction of stock compensation plan
Start
review
Identify issues
Specify
issues
Solve issues
● Consulting
● Consulting
on introduction of executive compensation BIP trust
on introduction of stock options
for appointment of outside directors
● Consulting on transition to company with audit and supervisory committee
Increasing capital efficiency
13
Consulting Service
Hold seminars
Diagnostic report
Hold seminars on main themes of
Corporate Governance Code. Identify issues through discussion.
Appropriately assess customer’s
current situation and discuss direction of future efforts through diagnostic report.
● Real
● Funding-related
● M&A
● Treasury
● Stock
● Retirement
estate advisory services
advisory services
acquisition and disposition trusts
● Securitization of receivables
Dialogue with shareholders
● Consultation
on shareholder and investor relations
● Shareholder identification research
● Comprehensive proxy voting programs
support
share trusts
benefit consulting
Stewardship Code
Share companies’ competitive advantages and the sustainability of those advantages
Japan’s Stewardship Code, introduced in February 2014, is a
code of conduct for institutional investors. The Code mandates institutional investors pursue higher medium- to
long-term investment returns for their customers and beneficiaries by enhancing and fostering an investee company’s
corporate value and sustainable growth through constructive “purposeful dialogue.” The Trust Assets Business Unit
at MUTB endorses and accepts the aims of the Code as a
responsible institutional investor.
MUTB is committed to fulfilling its stewardship
responsibility with the objective of not only enhancing
returns based on our investment strategy in active management, but also raising index returns in passive management.
To this end, our dedicated proxy voting team, research analysts, and fund managers display their respective expertise
while focusing their efforts on engaging in active dialogue
with investee companies.
In addition, since 2011 MUTB has been managing the
Sustainable Growth Investment Fund, which emphasizes
dialogue with investee companies. Going forward, we will
fulfill our responsibility as an institutional investor by actively
promoting dialogue aimed at medium- to long-term increases in corporate value based on the aims of the Code while
leveraging our track record and experience in dialogue with
such companies.
Points for Dialogue with Investee Companies
Dialogue with Investee Companies
Point
Main subjects
Medium- to long-term
business strategy
Changes in the company’s business
environment
Progress of medium-term management plan
and long-term vision
Financial strategy
Strengthening supervisory functions
● Support
Consulting Service
Corporate Governance Code
Medium- to long-term financial strategy,
including approach to improve capital
efficiency, etc.
Appropriate cash level and its effective utilization
Corporate governance
Nonfinancial information, including ESG items,
such as the company’s efforts to enhance
corporate governance
Approach to information
disclosure
Information disclosure subjects and
management investor relations initiatives
MUTB’s policy on complying with the Code (full text) is published on the company website.
http://www.tr.mufg.jp/cgi-bin/english/ourservices/management/
asset_management_02.cgi?page=investment.html
MUTB
Stock selection
Dialogue
Research analysts
and
fund managers
Investee
companies
Dialogue
Exercise of voting rights
Proxy voting
team
Sharing dialogue results
Realizing Sustainable Growth and Mediumto Long-Term Increases in Corporate Value
through Active Governance that Goes
Beyond Risk Avoidance
Voting policy
14
Case Studies
Corporate Real Estate (CRE) Strategy
We propose and execute real estate strategies
that support an increased corporate value.
Changes
in attitudes
toward
real estate
Proposing the Optimal Real Estate Strategy
Based on Business and Financial Strategies
CRE strategy consists of initiatives to review ownership and use
of corporate real estate from the strategic management perspective of “increased corporate value” to maximize real estate
investment efficiency.
The major feature of the CRE strategy offered by MUTB,
which is a trust bank, is that rather than starting with a focus on
corporate real estate alone, we research and assess the customer’s business and financial strategies and examine the processes
in detail by identifying the current situation to drafting a strategy
and to strategy execution.
Investors
focused on
unrealized
gains
Integration of
real estate
and finance
Increasing
need for
CRE
strategies
Demand
for capital
efficiency
Impact of
IFRS
Changes
in attitudes
toward CSR
Proposing Most Effective Use of Real Estate as a Strategy for
Resolving Customers’ Management Issues
Land Price Fluctuations in Six Major Cities
(Land price index)
120
Average of
all Categories
Commercial
Residential
110
100
90
80
70
60
0
‘01
‘03
‘05
‘07
‘09
‘11
‘13
‘15
With 2001 values set at 100, shows land price trends in six major cities
(Tokyo, Yokohama, Nagoya, Kyoto, Osaka, and Kobe),material
prepared based on Urban Land Price Index (Six Large City Areas),
Japan Real Estate Institute.
Hisayuki Tamura
Business Division VIII
15
Mitsubishi UFJ Trust and Banking provides corporate services
drawing on a wide range of trust and banking functions that not only
include financing and marketable financial instruments, but also
pensions, real estate, transfer agent services, and foreign exchange
transactions, to meet diversifying and increasingly sophisticated corporate
financial needs. In particular, CRE strategy, which includes the effective use
and buying of replacements of real estate and the removal of real estate from
corporate balance sheets, has become even more important in recent years
because of the increasing risks involved with real estate ownership due to
fluctuations in land prices as well as the increase in shareholders who value
capital efficiency. To meet these needs, MUTB proposes and executes the
CRE strategy that is optimal from a management perspective based on
the business and financial strategies of each individual company to
support an increased corporate value.
Through this unique approach, MUTB suggests options for
resolving a customer’s various management issues such as
debt, pensions, capital policy, research and development, and
M&A, while proposing and executing strategies for the most
effective use of corporate real estate.
The specific use strategies possible are not limited to
rearranging assets to improve performance. They also include
proposals aimed at strengthening finances such as using funds
obtained by removing real estate from the balance sheet to
increase the reserve for retirement benefits or reduce
interest-bearing debt. Examples of strategies also include plans
to increase shareholder returns through share buy-back and
strengthening business competitiveness by allocating funds to
research and development and M&As.
In this way, MUTB will continue using diverse solutions that
maximize the utility value of corporate real estate to support
increases in the corporate value of our customers.
Identifying Needs Quickly and Drafting the Optimal Strategy
as a General Consultation Service for Customers
Sharing the joy of achievement within the whole team
is an important part of job satisfaction
Being responsible for corporate sales, I focus on providing solutions
that match the diverse needs of customers. In recent years, there has
been a significant increase in interest in CRE strategy, such as the
removal of real estate from corporate balance sheets, which is partly
attributable to improved real estate market conditions and the tendency to focus on ROE. In addition to quickly identifying the needs of
customers, my role is to propose and execute the strategy that is
optimal from the customer’s point of view while liaising closely with
real estate business staff.
When our proposals contribute to resolving the customer’s
issues or increasing corporate value, thus expanding its business with
MUTB, the job allows me to experience a sense of achievement for
which there is no substitute.
As the real estate market in the Tokyo metropolitan area heats up
ahead of the 2020 Tokyo Olympic Games, customer expectations
about the sale and effective use of real estate are rising sharply.
Nevertheless, being involved in trust bank real estate operations,
I believe that my role is to calmly assess “how to use real estate in
order to develop the customer’s business” without being swayed by
the mood of the market. Obviously projects are achieved with a team
including corporate business staff and staff dealing with buyers and
sellers, and, depending on the process, we also work with the
customer to execute the strategy. For that reason a major attraction
is being able to share with the entire team the joy of achieving the
target results.
Assets
Liabilities
(1) Rearrange assets
(2) Net defined
benefit liability
(3) Reduce interestbearing debt
Real estate
Net assets
(5) Invest in research
and development,
and in M&A
(4) Share buy-back
Taiki Kanataka
Real Estate Business Division I
16
Case Studies
Investor Services
We globally provide one-stop asset services for investors.
Column
Expanding Sales of Outstanding Asset Management Products
from Foreign Companies into Japan
Partner Company’s Voice
We want to expand and strengthen collaboration areas that
generate win-win relationships.
Martin Gilbert
Establishing our alliance with MUTB, which has a large market share
in Japan, in 2008 was a significant event for Aberdeen as we were
developing our business globally. In fact, since forming our alliance,
Aberdeen’s share price and balance of assets under management
have tripled, while we have seen a six-fold increase in annual earnings
through to the current year. We are grateful for MUTB’s full support
for Aberdeen’s growth, as our business partner in Japan and a major
shareholder. We have been collaborating in a range of areas that
include MUTB’s Markets and Global business and Real Estate
business. We want to expand and strengthen the collaboration areas
in the global business while continuing to provide distinguished
products for Japan, where the balance of assets under management
exceeds JPY 400 billion, to generate a win-win relationship for both
companies.
Supporting foreign investment based on our network covering
investment markets in more than 90 countries around the world
‘09
‘10
‘11
‘12
Anthony Di Giacomo
Associate, Operational Planning Div.
Mitsubishi UFJ Global Custody
17
‘13
‘14
(FY)
Constantly aware of advantages for our customers
Services that exceed customer expectations
MUFG Investor Services is pursuing numerous projects to respond
to rapidly changing business environments by enhancing financial
regulations and establishing new businesses. The team that I belong
to is responsible for various roles including project management,
development of IT systems used inside and outside of the company,
improvement of work flows, and organizing appropriate trainings for
employees. I do not have the chance to interact directly with our
clients, however streamlining and upgrading in-house operations lead
to improvements in services we provide to our customers. We are
constantly aware of how our creative ingenuity brings advantages to
our customers.
The role of my team is to form a bridge between the front office in
Tokyo and the operations in Dublin. To be precise, we not only brief
customers about the status of management and the future outlook,
but also function as a channel of communication to reflect customer
demands to achieve better services. Although international communication has unique difficulties, such as language barriers and time
differences, I feel fulfilled when a first-time customer says, “I would
like to work with you again.” I am willing to provide services that
exceed customer expectations, as well as create an environment that
lets all team members think independently and try to improve our
services.
s
FJ
ic e s
e r n a ti o n a l
t In t
M it s
Tr
u
st
er v
gs
is h
iU
in
ub
nd
*1: European Market Infrastructure Regulation
*2: Alternative Investment Fund Managers Directive
100
.)
. A iti
.S ur
c
Se
le
200
iU e
sh
bi v i c
r
su
M it y s e
to d
300
MUFG Investor Services
Tr u
s
500
400
es
700
600
FJ Fund Se
shi U
rvic
ubi
dy
es
to Mits
FJ
800
ministration servic
es
d ad
Fun
Cu
s
900
“MUFG Investor Services” offers various investor services
including the following three main areas. The first is custody
services, operations that include settlement, safekeeping, rights
preservation, and processing of corporate actions for securities
owned by investors. This allows investors to focus on investment management. The second area is fund administration
services, which provide extensive information services, such as
performance, allocation and attribution analysis for entrusted
funds. The third area is securities lending services, which gives
opportunity to achieve additional revenue, without compromising on the safety and liquidity of customers’ portfolios. Based
on the best performance among Japanese banks, we provide a
wide range of services by making a strong showing in our global
network covering markets in more than 90 countries,
cutting-edge system infrastructures and experienced staff.
Cus
Since the financial crisis in 2008, a series of financial regulations
including the introduction of EMIR*1 and AIMFD *2 in Europe have been
adopted, affecting global investment. Meanwhile, end-investors demand
even better performance, and the complex and evolving world of investment products are accelerating. Under this environment, institutional
investors focus on their primary objective – to improve their investment
performance, so they raise their expectations to the companies that are
specialized in asset servicing. Mitsubishi UFJ Trust and Banking provides
one-stop asset servicing for various needs under the “MUFG Investor
Services” brand to fulfill our customers’ expectations.
Mitsubishi UFJ G
lob
al
Assets under Custody and Administration
(Billions of USD)
1,000
0
CEO
Aberdeen Asset Management
(an equity-method affiliate of
MUTB)
&B
ank
in g C o r p o r a ti o n
(U
We provide one-stop asset management services based on the MUFG
Investor Services brand.
Deena Haragan
Manager, Client Relationship Div.
Mitsubishi UFJ Fund Services
18
Case Studies
Foreign Exchange Transactions
We support customers’ global businesses with valuable advice.
Trading structure to meet forex dealing requirements
of global corporations
As the cross-border deals of corporations diversify, providing
trading opportunities to meet customer needs has become an
important business.
Forex takes place in markets in every country, and to meet
the needs of clients with global activities, our company as a
whole has a structure that enable trading 24 hours a day through
our Tokyo office working together with our overseas branches
in London and New York.
The value of inter-company trade has reached a huge scale,
so that a move of 0.01 yen in exchange rates has a large impact
on transaction amounts and can cause clients to make unexpected losses. We strive to provide improved service to our customers, by, for example, providing them with market information so
they can make the right trade at the right time.
Meticulous services to respond to the forex trading
needs of domestic and international investors
Forex Trading Volume (April Daily Average)
(Billions of USD)
6,000
5,345
5,000
3,971
4,000
3,324
3,000
1,934
2,000
1,527
1,000
0
‘98
1,239
Fund
Administrator,Trustee
Mandates
Investment
Manager
Management
Instructions
Entrust
Forex Orders
Funds
Settlement
Custodian
MUTB
(Forex Bank)
Securities
Orders
(Custody Bank)
Securities Settlement
Brokers
Shows one example of a fund structure
‘01
‘04
‘07
‘10
‘13
Source: Triennial Central Bank Survey 2013
Yoshitaka Yuriyama
Business Coordinator
Forex and Financial Products
Trading Division
19
The globalization of Japanese corporations is accelerating. The areas
where they are advancing and the types of deals they are making are
diversifying and becoming more complex, and they require a high level
of service in the area of foreign exchange transactions. Further, owing to
the worldwide drop in interest rates, domestic and international investors
are seeking high returns and turning to new investment products, and we
also have to satisfy the needs of those investors.
Our customers’ forex trading needs can be broadly separated into two
categories. First, there are funds settlement and forex hedging requirements that arise when importing and exporting. Second, there are forex
trading and hedging requirements for the cross-border investment
activities of domestic and international investors.
While quantitative easing continues worldwide, a variety of new
financial products are created each day to satisfy investors’
needs, and many are managed in the form of investment trusts
or funds.
Mitsubishi UFJ Trust and Banking is actively working to
strengthen its businesses accompanying such funds. As a result,
opportunities to get closer to domestic and international investors have increased and we are seeing a lot of new need for forex
dealings. To respond to such needs, we are striving to develop
forex trading structures and provide market information appropriate to fund management.
Further, the times when customers wish to trade depend on
their locations, so cooperating with our overseas branches is
indispensable.
Aiming to be our clients’first choice for advice
Being conscious of the importance of 0.01 yen
The Fund Business Group mainly does forex deals with financial
institutions performing investment management (life insurers, casualty insurers, banks, credit unions, etc.) and asset management companies. With interest rates low worldwide, domestic and international
investors are increasing their transactions in emerging countries’
currencies and employing option strategies in search of higher
returns, raising their level of expectations in forex transactions.
To satisfy the requirements of these clients, in addition to basic
market information, we also provide valuable services through regulatory information and new trading methods, and strive wholeheartedly
to respond to clients’ doubts about what is realistically possible,
involving all related divisions. Going forward, my goal is to have our
clients say, “First, let’s ask Yoshitaka.”
In the Industrial Corporate Business Group, we mainly do forex deals
with industrial corporations involved in import and export. As more
clients are expanding their trade with fast-growing emerging
countries, they have a tendency to do more deals in emerging
countries' currencies as well as the major currencies, and they are
starting to take on great forex risk.
As the person responsible for the forex business, while in the
front line contacting our clients, I get a firsthand sense of the extent
to which they are paying attention to their forex risk control. A
difference of just 0.01 yen in forex rates has a large impact on our
clients’ bottom line so I am working hard to provide high value added
information so they don’t miss any trading opportunities, and paying
close attention to our deals.
I want to continue providing useful services to our clients while
being conscious of the importance of 0.01 yen.
Yasuaki Okimoto
Business Coordinator
Forex and Financial Products
Trading Division
20
Professional Human Resources
I wish to convey to our young employees a sense of mission
as professionals, and to our customers of a younger generation
the importance of building up their assets.
How to broaden investment mentality
across the whole Japanese society
-Firstly tell us about your current duties.
I originally gained experience in the field of asset management over
a period of 25 years. In 2011, I moved to the Retail Banking Business
Unit in order to pass on the knowledge I had gained to employees
involved with our customers on a daily basis. Ever since, I have been
providing training and business support to mainly young employees.
However, more recently, opportunities to come into direct contact with
customers have increased, such as a lecturing role at customer
directed seminars.
Kazuhide Ara
General Manager
(Consulting of investment products)
Retail Banking Business Planning
and Development Division
- I understand you have written books and appeared on
BS Japan’s “Nikkei Morning Plus” program as part of your
role?
Correct. I have been trying to explain to customers the importance of
continuing to protect their valuable assets into the future through
investment activity. This is because, across all of Japanese society,
investment consciousness is low and the number of people getting
their feet wet is limited. I believe the greatest reason for this is the
length of time we have been in a continuing deflationary environment.
In a deflationary environment, the purchasing power of money rises
over time, so the value of one’s investments can be preserved even
with low-interest savings and deposits. However with the policy of
Abenomics, we are moving from deflation to inflation, so there are
fears that in the future assets in such form will lose value.
-So you mean that, in an inflationary environment, you must
actively invest in order to preserve the value of your assets.
When investing, you can take risks and try to increase your assets
greatly with aggressive investments, or you can keep your risk low
and aim to cope with rising prices and preserve the value of your
assets with conservative investments. Until now when one would
mention investment, the focus has been on the aggressive investments of the wealthy class, but in the future the importance of
conservative investments focused on the young generation will
increase.
Born in 1958. In 1982, joined the then Mitsubishi Trust and
Banking Corporation. Since 1985, involved in investment
business at the asset management frontline as a forex dealer,
fund manager and economist. Taking advantage of a career
of over 25 years, he now writes market reports and lectures
at investment seminars with vigor.
-Getting people with no interest or knowledge of investing
to appreciate its importance will not be easy.
For sure, to gain the understanding of people with no expert knowledge of finance or investing, we need to change our thinking away
from explanations that are directed at our employees. So through
things like books and the BS Japan shows I am devising ways to make
it explained easily in layman’s terms. Additionally, before contacting
our customers, first I explain it to my wife who has no investment
knowledge and does not hesitate to give me repeated criticism, which
allows me to continue to make improvements.
-What is your motivation to grapple with such work?
With the increasing globalization of our economy, the politics and
economic situations of foreign countries will inevitably have an
increasing effect on our lives both now and in the future. In order to
21
protect the advancement of our livelihoods, it is necessary to be
aware of changes in the societal and economic environments both
domestically and internationally, and to think more seriously about the
best way to handle one’s wealth. You could say our mission and
reward working at a trust bank is to help nurture an investment
mentality in the younger generation so that they will have a sense of
responsibility towards their assets and preserve their value.
On the wish to convey to young employees
the importance of creating relationships
of trust with customers
-While performing customer service activities, guidance and
education of young employees is also important work.
There is a limit to the number of customers with whom I alone am
able to interact. But by passing on the know-how and knowledge I
have developed and my understanding of investing individually to the
employees who meet customers every day, I believe I am able to help
a greater number of our customers.
“An Introduction to Practical Investing”
On sale from July 2015 via Nikkei BP Consulting. This
is a basic investment book for the ordinary person,
with a simple and easy-to-understand style, about the
art of asset management and investments.
-What are the things you deem important regarding
guidance and education of young employees?
Broadly speaking, there are two. The first one is to learn from the past.
No matter how much knowledge and experience one has, no one is
able to accurately predict the future. However since investment is
conducted by humans, if we learn from the past we are able to get a
hint of what the future might hold. Further, particularly when in
contact with elderly customers, knowledge of major historical events
is linked to one’s ability to understand a customer’s mindset and share
discussions with them.
-Please tell us about the other one.
Even if just for a short time, be sure to look at the market every day.
The market is like a living thing, changing from one moment to the
next. By getting into a habit of observing those changes, thinking
about their reasons and background, making predictions and
sometimes getting them wrong, you can begin to polish your own
view on the market for the first time. Since I myself send out a “Daily
Comment” on the company intranet, with reference to information
such as that I would like them to observe the market daily without fail.
Appearing on BS Japan’s “Nikkei Morning Plus” program
with “An Introduction to Practical Investing” (every weekday
morning from 7:15am to 7:20am). The contents of the book
are being introduced here.
-Through such actions what kind of things would you like
our young employees to take to heart?
Of course there is knowledge and know-how. Even more than that, I
would like them to value developing the human element and expertise
required to gain the trust of our customers. As I said just now, no
matter how great you are as an investment professional, you cannot
accurately predict the future. There are occasions you are unable to
advise correctly, therefore to gain a customer’s trust, you should act
in their interests at all times. I would like them to understand fully the
meaning of the words “Fiduciary Duty” as articulated by the company
and, aiming for trustworthy professionalism with high expertise, to
unwaveringly continue their personal studies.
22
CSR
Taking part in activities towards a bright future full of hope by
accepting customers’ wishes and connecting them together
MUTB’s CSR
Mitsubishi UFJ Trust and Banking (MUTB) wishes to contribute to the realization of a sustainable society by utilizing
its functions as a trust bank and thereby fulfill its Corporate
Social Responsibility (CSR). Concretely, with the main
themes of World Environmental Problems and Issues of an
Precious “wishes”
inherited from the past
Aging Society and a Low Birthrate, we are moving forwards
to provide products and services that meet the needs (or
wishes) of our customers and society, and to encourage
employee participation in social contribution activities.
Activities to connect “wishes” across generations
Precious “environment”
inherited from the past
1
Activities to connect the “environment”
to the next generation
Initiatives for customers
CS Initiative
Policy
All employees and management
should continually ask, “ What should
we do to improve our customer satisfaction?” and put it into practice.
Not only the business personnel with direct customer contact,
but employees from all areas including planning, administration and systems should question what needs to be done to
gain customer satisfaction and persistently working on
improvements. Further, based on this policy, each division is
deciding their own concrete steps, so the company is working
in a united fashion to raise its CS.
Case Studies
With a view to raising customer satisfaction levels, we strive
to enhance the expertise of our businesses and improve our
ability to respond.
• Retail Education Program
MUTB nurtures human resources to meet the individual
needs of customers by working to improve their business
knowledge and initiative in the four key areas of investment,
loans, property succession, and real estate.
• Teller Roleplay Contest for All Branches
We hold a roleplay-style contest about teller (asset management advisors) counseling skills that suppose real customers. Representatives of all branches take part and learn
customer skills together such as etiquette, listening skills
and proposal generation skills, in order to improve counseling
skills at each branch.
Teller Roleplay Contest for All Branches
Product and Service Initiatives
(1) Provision of Products for an Aging Society with a Low Birthrate
Wedding and Child-rearing Support Trust
The "wedding and child-rearing support trust" was established in fiscal 2015 in line with a tax revision. The product
allows funds transferred to loved ones for marriage or
child-rearing to be transferred tax-free, and caters to customers that have expressed a desire to use their funds in a useful
way to support their children and grandchildren in the event
of marriage, child-rearing, and other significant life events.
By utilizing its trust bank functions of connecting assets to
provide four kinds of “next-generation support trust” products, our company will provide fine-grained answers to the
aspirations of our customers in an aging society with a low
birthrate on an individual basis.
(2) Environmental Initiatives
Promotion and dissemination of renewable energy
To assist all employees and management towards improving
customer satisfaction and increasing their support, the
company has instituted a Customer Satisfaction (CS) Initiative
Policy.
23
A sustainable future
A bright future full of hope
2
With the aim of establishing renewable energy investment
funds targeted at investors like pension funds, MUTB carried
out silent partnership investments of its own capital (approximately JPY 3 billion) in solar power generation projects in
Miyazaki and Osaka prefectures. Both investments were
carried out under an R&D investment scheme. We expect an
annual reduction of around 4,800 tons of CO 2 emissions as
well as to supply power equivalent to around 1,800 households’ worth owing to these two investment projects. Going
forward, MUTB will contribute to the full-scale introduction of
renewable energy, which is also a goal shared by the
Japanese government in its growth strategy. At the same
time, MUTB will promote the provision of funds for mid- to
long-term growth in the renewable energy market by leveraging finances from the private sector.
Solar Power Projects MUTB Funded
Location: Kunitomi Town,
Miyazaki Prefecture
Location: Yumeshima,
Osaka Prefecture
(“Osaka Hikarinomori”)
(3) Towards a sustainable society
Initiatives for ESG investments
Global pension funds, and other investors pursuing stable
investment returns, consider the business outlook and
financial data when evaluating companies. They are also
increasingly looking at a company's nonfinancial information
such as environmental and social responsibility and corporate
governance (ESG). MUTB, in addition to efforts in careful
stock selection considering ESG in establishing and managing
funds, suggests that they also consider placing more importance on the nonfinancial information of a Company when
making investment decisions.
Going forwards, by promoting fund management that
takes ESG into consideration, and suggesting others also
consider placing more importance on the nonfinancial
information of a company, we are contributing to the realization of a sustainable environment and society.
Sustainability evaluation flowchart
Financial data-based
analysis
ESG assessment-based
analysis
Selection of candidates for investment
based on long-term perspectives
Stable investment performance
over the medium- to long-term
24
CSR
3
Community Initiatives
“Peter RabbitTM Forest for the Future”
Kakehashi-Shintaku Ai-no-Kikin Fund
In May 2009, MUTB signed the Saitama Prefecture Afforestation Agreement” with Nagatoro Town and Saitama Prefecture;
based on this, forest conservation activities were initiated for
a community forest (about one hectare in size) on Hodo Mountain in Nagatoro Town. The forest was named “Peter Rabbit
™ Forest for the Future,” and employees and their families
joined in tree-planting and weeding activities. In July 2015, 70
people took part in tree-planting and weeding activities for the
10th anniversary of the merger that formed MUTB.
The fund collects membership fees (contributions) from
MUTB and affiliated company officers, employees, former
employees, and their families. The fund donates to support
the activities of social welfare organizations involved in
projects such as elderly welfare, health care and disaster
assistance nationwide. In fiscal 2014, it collected a total of JPY
7.2 million in donations for 18 groups. Since being established
in 1977, it has made a total of 854 donations with a cumulative
value of JPY 394.5 million.
Tree-planting and weeding activities event on the merger’s
10th anniversary
Donation presentation ceremony
Gardening Diorama donated to Onagawa
Town, Miyagi Prefecture
Teaching as Part of Industry-Academia
Partnerships
A gardening diorama based on the world of Peter RabbitTM that
used to be displayed at the head office building was moved
and donated to Onagawa Town, Miyagi Prefecture with
wishes for recovery from the Great East Japan Earthquake.
We continue to replace plants and clean the garden so that it
can be a place of relaxation for the people of the town.
Since 2007, we have sent employees to lecture at Innovation
Case Study courses at the Graduate School of Engineering at
the University of Tokyo. This course targets students majoring
at the Department of Technology Management for Innovation
and features lectures and exercises by employees active at
the forefront of their fields. In fiscal 2015, four sessions were
held, focused on the themes of Equity Investment Strategies
and Corporate Acquisitions.
Community Involvement Activities
by Branch Employees
Each branch nationwide puts effort into promoting its own
social contribution activities and has introduced a system to
donate funds for those activities.
Examples of Community Involvement Activities
Branch
Activity
Sapporo Branch
Planting flower beds in Nakajima Park
Sendai Branch
Replanting flowers and weeding in
gardens of Onagawa Town
Nagano Branch
Bench cleaning at Minami Nagano
Sports Park Stadium
Nihonbashi Branch
Volunteer clean-up work between
Nihonbashi and Kabukiza
Hamamatsu Branch
Held a training course for dementia
supporters
4 offices in
Nagoya Area
Held a basketball lesson for orphanage
children
8 offices in
Osaka Area
and Nara Branch
Participation in the “Clean Up Nara
Campaign” for the beautification and
cleaning of Nara Park
Kochi branch/Okayama
Participation in Kochi Prefecture’s
branch/Takamatsu branch/ “Collaborative Forest Restoration with
Tokushima branch
Environmentally Progressive Companies”
Sapporo Branch
4 offices in Nagoya Area
Mitsubishi UFJ Trust Foundation for the Arts
The foundation supports the advancement and dynamism of
music and arts, and provides funding for performances by
Japanese groups such as operas and orchestras that have
attained a certain level of artistic standard. In fiscal 2014, the
foundation provided a total of JPY 33.1 million, and orchestral
and other performances.
Since the time it was established in 1987, the foundation
has provided a total of JPY 1.624 billion to 1,473 performances.
Handel Festival Japan Executive Committee
The 12th Handel Festival Japan
Handel’s composition, “Alexander’s Feast”
Mitsubishi UFJ Trust Cultural Foundation
This foundation supports organizations working to promote
local culture, including ongoing amateur musical and theater
groups active at the local level, exhibitions of fine art, the
preservation and passing on of traditional arts, and performances to train people to carry on traditions. In fiscal 2014, it
supported 51 performances with a total of JPY 20 million.
Since the time it was established in 1989, it has supported
1,261 performances with a total of JPY 639.7 million.
Social contribution activities
through foundations
Mitsubishi UFJ Trust Scholarship Foundation
Part of the gardening
diorama
Replanting activities
A lecture
The foundation provides scholarships to promising college
students and funding to foster human resources development
and advance academic research. In fiscal 2014, the foundation
paid a total of JPY 199.75 million in scholarships for 378
students, including exchange students. Since the time it was
established in 1953, it
has paid out a total of
approximately JPY 5.355
billion in scholarships to
5,902 students(including exchange students).
Sami Kabuki Performance Executive Committee
(Shirakawa Town, Gifu Prefecture)
Please see our website for more about our CSR activities.
http://www.tr.mufg.jp/english/aboutmutb/csr/csr.html
Fiscal 2014 Kanto Area Scholarship
Students’ Networking Event
25
26
Aiming with stakeholders for sustainable growth
and medium- to long-term appreciation in corporate value
Outline of Mitsubishi UFJ Trust and Banking Corporate
Governance Policies
Promotion of approach to corporate governance
Our company, one of the core companies of the MUFG group, has decided on its Corporate Governance Policy. It is based on the
“MUFG Corporate Governance Policies” of our parent company and a summary of it appears below.
MUTB is an unlisted company with the holding company
In June 2014, in order to further demonstrate and strengthen the
Mitsubishi UFJ Financial Group as its parent and a core
function of the Board of Directors, the number of independent
company of the MUFG group. Further, as a trust bank from
outside directors was raised from one to three. Further, one
which a public role is expected, we have taken the following
director of our parent company, the Mitsubishi UFJ Financial
initiatives in order to strengthen and enhance our approach to
Group, has been appointed as a non-executive director not
corporate governance.
involved in MUTB’s business.
1. Purpose
2. Approach to
corporate governance
3. Role of the Board of Directors
4. Duties of Directors
27
As a core company of the MUFG group, MUTB demonstrates our approach to, and
framework for, MUTB’s corporate governance and serve as a guide for the actions of
directors, corporate auditors and management.
As a core company of the MUFG group, MUTB aims for sustainable growth and an
increase in corporate value over the medium- to long-term, in consideration of the
perspectives of its stakeholders, including shareholders, customers, employees and
local communities.
The Board of Directors, in accordance with the provisions of the law, decides on business
matters and executions of MUTB and oversees the performance of its directors.
Directors, as appointed by the shareholders and entrusted as managers, owe a duty of
loyalty and a duty of care.
5. Composition of the Board
of Directors
The Board of Directors shall be formed with an appropriate balance of several elected,
independent outside directors along with internal directors familiar with our businesses
so as to be furnished with a broad range of knowledge and expertise.
6. Operation of the Board
of Directors
The Chairman shall lead the Board of Directors and secure its effectiveness.
It shall be structured so as to provide the directors, including the independent outside
directors, with ample information.
7. Duties of Corporate Auditors,
Role and Composition
of Board of Corporate Auditors
The corporate auditors audit the performance of the duties of the directors.
The Board of Corporate Auditors receives reports on import matters related to audit,
discusses them and issues resolutions.
The Board of Corporate Auditors shall be composed such that at least half of its
members are outside corporate auditors.
8. Internal Audit and
Compliance Committee
The Internal Audit and Compliance Committee is set up under the umbrella of the Board
of Directors as an optional committee.
The Internal Audit and Compliance Committee is formed around external human
resources, such as independent outside directors and external experts.
The Internal Audit and Compliance Committee Chair shall be an independent outside
director.
9. Relations with shareholders
and other stakeholders
MUTB will act appropriately to ensure shareholder rights and their appropriate exercise.
The business shall be managed to build appropriate cooperative relations with
non-shareholder stakeholders such as our customers.
10. Appropriate disclosure
of information
MUTB will ensure transparency through appropriate disclosure of information, with the
aim to ensure that stakeholders evaluate MUTB based on a proper understanding.
In order to strengthen the supervision of the performance
In conjunction with the three outside corporate auditors,
of the directors, we have created the Internal Audit and
this makes a total of six highly independent outside senior
Compliance Committee, an optional committee under the
officers.
umbrella of the Board of Directors that is formed around
We introduced this executive officer system to separate
external human resources, such as independent outside
the supervisory and executive functions of the Board of
directors and external experts. This committee is chaired by
Directors, and with a view to strengthening its supervisory
an independent outside director, investigates and deliberates
function and accelerating business execution.
with outside views on important issues determined by the
MUTB will strive to increase its corporate value and
Board of Directors such as risk management and compliance,
contribute to the growth of the MUFG group by continuing to
and reports on the results and other important viewpoints and
improve its approach to corporate governance.
questions to the board.
28
Directors and Executive Officers
(As of 1st October 2015)
Corporate Governance Framework (As of 1st October 2015)
Directors
President and
CEO, Chairman
Shareholders of Mitsubishi UFJ Financial Group
Deputy Chairmen Toru Matsuda
Mitsubishi UFJ Financial Group (Parent Company, Shareholder)
Senior Managing
Directors
General Meeting of Shareholders
Report
1 Board of Directors
●
2 Corporate Auditors / Board of Corporate Auditors
●
3 Internal Audit and
●
Submit,
Report
Submit,
Report
Accounting
Auditor
Secretariat
Report
Audit
Corporate
Auditors Office
Managing
Directors
Report
Report
Credit and Investment
Council, Asset and
Liability Management Council
4 Executive Committee
●
Report
Directors
Secretariat
Submit, Report
Submit, Report
Corporate
Business Groups
Independent
Business Divisions
and Branches
Retail Banking
Business Unit
Corporate
Business Unit
Domestic Branches,
Domestic Offices
29
Trust Assets
Business Unit
Markets and Global
Business Unit
Overseas Branches,
Overseas
Representative
Offices
Independent Divisions
and offices
Corporate
Administration
Division
Audit Division
1 Board of Directors
●
3 Internal Audit and Compliance Committee
●
The Board of Directors is composed of fifteen directors, of
whom three outside directors and one non-executive director
not involved in MUTB’s business and serving concurrently
with Mitsubishi UFJ Financial Group are highly independent.
In principle it meets once a month with the chairman leading
the discussion. It decides on business matters and supervises
the performance of directors and executive officers. It also
supervises our approach to corporate governance and the
fostering of a sound corporate culture.
The Internal Audit and Compliance Committee is formed
around external human resources, such as independent
outside directors and external experts. In principle it meets
once a month and is chaired by an independent outside
director elected by the Board of Directors. It investigates and
deliberates on issues determined by the Board of Directors,
and reports on the results and other important viewpoints and
questions to the board.
2 Corporate Auditors / Board of Corporate Auditors
●
4 Executive Committee
●
Through attendance at the Board of Directors meetings and
other important meetings, and with an independent, objective
position, corporate auditors supervise the company’s decision
making process and the performance of the directors.
The Board of Corporate Auditors is composed of six
individuals, of whom three are highly independent outside
corporate auditors. In principle it meets once a month,
receives reports on important supervisory matters, and examines and passes decisions on them.
The Executive Committee is composed of President, Deputy
Presidents, Senior Managing Directors, Senior Managing
Executive Officers, Chief Executives, Business Heads of the
corporate business units and managing officers of the
independent divisions and offices. In principle it meets once
a week, and based on fundamental policy decided by the
Board of Directors, deliberates and decides on important
management issues in general.
Tatsuo Wakabayashi
Chief Executive, Markets and Global Business Unit
Junichi Okamoto
Chief Executive, Trust Assets Business Unit
Mikio Ikegaya
Chief Executive, Corporate Business Unit, Business Head, Corporate Finance and Services
Hiroshi Naruse
Personnel Division (CHRO), Employees Counselors Division, Corporate Risk Management Division (CRO & CDO),
Compliance & Legal Division (CCO & CLO)
Hisashi Ito
Corporate Administration Division, Credit Supervisory Division, Business Process and IT Planning Division (CIO)
Kenichi Miyanaga
Deputy Chief Executive, Corporate Business Unit, Business Head, Corporate Agency Business
Iwao Nagashima
Corporate Planning Division (CSO & CFO), Frontier Strategy Planning and Support Division
Toshihiko Mori
Deputy Chief Executive, Corporate Business Unit, Business Head, Real Estate Business
Hiroshi Nakanishi
Chief Executive, Retail Banking Business Unit, Main Branch
Yukio Yahagi
Audit Division (CAO)
Tadashi Kuroda
(non-executive director not involved in MUTB’s business) Mitsubishi UFJ Financial Group Director and
Senior Managing Executive Officer
Tadao Takashima
(Independent Outside Director) Certified Public Accountant
Yoshihisa Nomi
(Independent Outside Director) University Professor
Shuya Nomura
(Independent Outside Director) University Professor, Attorney-at-Law
Executive Officers
Senior Managing Takayuki Nakazato
Executive Officer
Group Head, Corporate Business Group I
Seiichiro Asano
Managing
Executive Officers
Deputy Chief Executive, Trust Assets Business Unit, Business Head, Trust Assets Business
Executive
Officers
Satoshi Takizawa
Group Head, Western Japan Corporate Business Group, Kyoto and Hiroshima Branches
Junichi Narikawa
Deputy Chief Executive, Trust Assets Business Unit
Hiroyuki Yamaguchi
Group Head, Corporate Business Group III, Sapporo, Sendai and Nagano Branches
Eiji Ihori
Deputy Chief Executive, Trust Assets Business Unit
Akira Suzuki
Deputy Chief Executive, Trust Assets Business Unit, Global Investors and Financial Institutions Division
Kazuyoshi Komiya
Group Head, Nagoya Corporate Business Group
Taiichi Ono
Group Head, Corporate Business Group II
Sunao Yokokawa
General Manager, Trust Assets Planning Division
Tetsuya Yonehana
General Manager, Corporate Planning Division
Kiyotaka Kano
Akihiko Tanabe
Masatsune Okada
Yoshihisa Harata
Seigo Igarashi
Ryoji Koketsu
Toshiya Kaneko
Koji Ishizaki
Seiji Tanaka
Osamu Hoshi
Yoshiteru Tsuji
Yoshitaka Mio
Yasushi Ishikawa
Norihiro Adachi
Junji Aono
Toshikazu Mukohara
Shuji Umabayashi
Akira Toyama
Takashi Kubota
Yukihiro Yamamoto
Takeshi Kuroda
Hideaki Onishi
Minoru Nakaminami
Shinichi Arai
Sei Nakagawa
Toshihiro Sasaki
Hisashi Kanamori
Masahiro Saruta
Takayuki Yasuda
Takenobu Inaba
Tai Nishida
Kazuji Tanikawa
MUFG group’s C-Suite (*) oversee the group’s planning and administration division functions. They manage and administer functionally across the group and further strengthen the
support of the group-based business strategy, and serve to strengthen and raise group governance, appropriate for G-SIFIs. MUTB also positions the directors responsible for such
functions at each main office as its C-Suite.
(*) A general term for Chief Financial Officer and Chief Risk Officer, etc.
30
Compliance
Risk Management
Corporate Auditors and Internal Audit
and Compliance Committee Members
Thorough compliance
with all laws
and regulations
We are building
a management system to
cover all kinds of risks
MUTB, as a member of the MUFG group, takes the Corporate
Vision as a base for the Principles of Ethics and Conduct, the
standard for decisions and acts made by group officers and
employees on a daily basis. In addition to promoting thorough
compliance through strict adherence to all laws and regulations, both domestic and international, MUTB strives to
achieve the high level of corporate ethics expected of trust
banks by permeating “Our Fiduciary Duty,” which exemplifies
the standards of thought and behavior expected of its executives and employees.
Systematically, we have established a Compliance &
Legal Division to oversee compliance, taken initiatives to
promote compliance by settling on a compliance program and
training, and deliver reports to the Executive Committee and
the Board of Directors about the status of compliance with
laws and regulations.
We have built a structure to deliberate important compliance issues by establishing the “Compliance Committee” of
which the President acts as chair, and the optional “Internal
Audit and Compliance Committee” whose majority is
composed of outside officers.
Since the 2008 financial crisis, comprehensive and sophisticated risk management systems have been required of
financial institutions. Also with MUTB developing its global
business, understanding and controlling risk has become even
more important than in the past. MUFG defines and classifies
risks it manages at the group level, and MUTB is building out
its management system to cover risks particular to each
business line.
In order to grasp all risks across the company, to evaluate
the effect they might have on business management and to
control risk in a unified way, MUTB has established the
position of risk control officer and risk control divisions, and
also councils and committees for risk management and
administration. The Executive Committee and the various
councils and committees monitor all risk types and deliberate
on important issues relating to risk management and administration, and based on these the Board of Directors determines
a risk management and administration policy.
(As of 1st October 2015)
Corporate Auditors
Corporate
Auditors
Kenichi Ihara
Yoshiyuki Hirano
Hirokuni Sakamoto
Shigeru Takagi
(Outside Corporate Auditor) Advisor, Mitsubishi Estate Co., Ltd.
Eiji Katayama
(Outside Corporate Auditor) Attorney-at-Law
Yoshinobu Shimizu
(Outside Corporate Auditor) Certified Public Accountant
Internal Audit and Compliance Committee
Chair
Tadao Takashima
Members
Tadashi Kuroda
Yoshihisa Nomi
Shuya Nomura
Toshiaki Katsushima
(outside expert) Certified Public Accountant
Kentaro Tani
(outside expert) Attorney-at-Law
Yukio Yahagi
Board of Directors
Main activities of outside officers and Internal Audit and
Compliance Committee members
Board of Directors
Executive
Committee
Asset and Liability
Management Council
Corporate Risk
Management
Division
(risk management
supervisory
department)
Credit risk,
market risk,
funding liquidity risk,
operational risk,
office work risk
Corporate Risk
Management Division
Business Process and
IT Planning Division
Information
Assets Risk
Retail Banking Business Planning and
Development Division, Retail Compliance Room
Corporate
Administration
Division
Tangible Assets
Risk
Corporate Business Planning Division,
Risk Management & Compliance Group
Personnel Division
Personnel Risk
Trust Assets Risk Management Division,
Trust Assets Compliance Group
Compliance &
Legal Division
Legal Risk
Markets and Global Business Planning Division,
Overseas Regulations & Compliance Group
Corporate
Planning Division
Reputational Risk
Executive Committee
Makes necessary comments as Director and Senior Managing Executive Officer of our parent company Mitsubishi UFJ
Financial Group.
Tadao Takashima
Uses his insight as a certified public accountant, in addition to his position as chair of the Internal Audit and
Compliance Committee, to make necessary comments from his expert standpoint.
CCO (Chief Compliance Officer)
Compliance & Legal Division
Consultation and report
• Guidance, advice and instruction
•
Yoshihisa Nomi
Uses his insight as a law school professor to make necessary comments from his expert standpoint.
Shuya Nomura
Uses his insight as a law school professor and attorney-at-law to make necessary comments from his expert standpoint.
Outside corporate auditors: activities pertaining to the Board of Directors and the Board of Corporate Auditors
Shigeru Takagi
Uses his experience in corporate management to make necessary comments.
Eiji Katayama
Uses his insight as an attorney-at-law to make necessary comments from his expert standpoint.
Yoshinobu Shimizu
Uses his insight as a certified public accountant to make necessary comments from his expert standpoint.
Credit and
Investment Council
Capital Management
Committee
Outside directors, etc.: activities pertaining to the Board of Directors and the Internal Audit and Compliance Committee
Tadashi Kuroda
Internal Audit and
Operational
Risk Management
Committee
Crisis Management
Committee
Outside experts: activities pertaining to the Internal Audit and Compliance Committee
31
Toshiaki Katsushima
Uses his insight as a certified public accountant to make necessary comments from his expert standpoint.
Kentaro Tani
Uses his insight as an attorney-at-law to make necessary comments from his expert standpoint.
32
Corporate Data
Mitsubishi UFJ Trust and Banking Corporation provides a broad
range of financial solutions as a core corporation in MUFG
MUFG provides high-value-added financial services to
customers through its group companies including its commercial bank, trust bank and securities company and through its
strategic partners.
Mitsubishi UFJ Trust and Banking, as a core corporation
in the MUFG group, provides a wide and comprehensive
range of financial solutions, from the deposit and loan banking
business to asset management and administration, real
estate, stock transfer agency services, inheritance-related
businesses, etc.
Mitsubishi UFJ Financial Group, Inc.
Holding Company
The Bank of
Tokyo-Mitsubishi
UFJ, Ltd.
Mitsubishi UFJ
Trust and Banking
Corporation
Mitsubishi UFJ
Securities Holdings
Co., Ltd.
Bank of Ayudhya
Public Company
Limited (Krungsri)
*1 Mitsubishi UFJ Lease & Finance, Morgan Stanley and Morgan
Stanley MUFG Securities are equity method affiliates.
*2 Acom is an equity method investee under U.S. GAAP.
Consolidated net business profit* Consolidated net income
Trust asset value*
(Trillions of JPY)
200
156
206
163
185
177
(Billions of JPY)
200
145
150
127
100
100
0
2011
2012
2013
0
2014 (FY)
135
2010
2011
(JPY 83.2 billion)
(JPY 29.5 billion)
31.1%
6.4%
For corporate customers we provide not
only financial services like loans and
settlement, but also offer solutions to
challenges they face by making the best
use of our expertise as a trust bank.
Using our strong information networks
and advanced and flexible real-estate
know-how, MUTB offers appropriate
solutions for corporate customers'
management issues and strategies, from
brokerage to real estate management,
securitization and investment advice.
We provide stock administration services
Corporate Business Unit
Corporate Agency Business to corporate customers acting as agent.
(JPY 35.4 billion)
7.6%
We offer a wide range of solutions from
shareholder registry management to
SR/IR consulting and executive and
employee incentive plans.
50
2010
2011
2012
2013
2014 (FY)
*Before credit costs for trust accounts and provision for general
allowance for credit losses
0
2012
2013
2014 (FY)
*Based on total trust asset value of each consolidated company
involved in trust business
Long-term ratings
Other indicators
Moody’s
S&P
Fitch
R&I
JCR
A1
A+
A
AA−
AA
As of the end of June 2015
Fiscal Year 2014
Consolidated Common Equity Tier 1 Capital Ratio*1
Loan ratio based on the Financial Reconstruction Act*2
Consolidated ROE (based on net income)*3
14.70%
0.35%
9.69%
*1 Based on international standards, subject to transitional arrangements
*2 Based on total of “bank accounts” and “trust accounts with principal compensation contracts”
*3
Net income- non-convertible preferred stock annual dividend equivalent amount
total shareholders' equity at - the number of non-convertible
foreign currency transaction adjustments
preferred stock outstanding at × amount paid +
the beginning of the period
at the beginning of the period
the beginning of the period
the number of non-convertible
+ total shareholders' equity at - preferred stock outstanding at × amount paid + foreign currency transaction
the end of the period
the end of the period
adjustments at the end of the period
(from the left)
×100
÷2
Hiroshi Nakanishi
Toshihiko Mori
Kenichi Miyanaga
Mikio Ikegaya
Chief Executive
Retail Banking
Business Unit
Deputy Chief Executive
Business Head,
Real Estate Business
Deputy Chief Executive
Business Head, Corporate
Agency Business
Chief Executive
Business Head,
Corporate Finance and Services
Junichi Okamoto
Chief Executive
Trust Assets Business Unit
33
18.0%
Real Estate Business
We take funds from corporate pensions,
public pensions, public funds and
investment trusts from domestic and
overseas customers, and offer global
investment management and
administration services from our
network of domestic and overseas
offices and subsidiary companies.
146
Corporate Finance and
Services
MUTB offers individual customers a wide
range of products and services
depending on their circumstances, such
as asset management and testament and
inheritance, as a trust bank that combines
trust and banking functions.
80
50
2010
131
JPY 460.1 billion
(Fiscal Year 2014)
17.4%
100
76
50
(JPY 143.5 billion)
166
150
16.5%
Through our network of
overseas branches and
subsidiaries we offer a wide
range of financial services to our
customers. We also make
investments in securities on
domestic and overseas markets.
Trust Assets Business Unit
189
159
150
Markets and Global
Business Unit
(JPY 76 billion)
(Billions of JPY)
200
Retail Banking
Business Unit
(JPY 80.1 billion)
ACOM CO., LTD.*2
Morgan Stanley
MUFG Securities
Co., Ltd.*1
Gross profits by business sector
Others
Mitsubishi UFJ
Lease & Finance
Company Limited*1
Mitsubishi UFJ
NICOS Co., Ltd.
Mitsubishi UFJ
Morgan Stanley
Securities Co., Ltd.
Mitsubishi UFJ
Kokusai Asset
Management Co., Ltd.
MUFG Union Bank,
N.A.
Morgan Stanley*1
TM
Toru Matsuda
Chief Executive
Markets and
Global Business Unit
34
Global Network
We provide comprehensive service through our domestic and
overseas offices and group companies
Consolidated subsidiaries
Equity method affiliates
Branches and representative offices
Mitsubishi UFJ Baillie Gifford Asset Management (Edinburgh)
Aberdeen Asset Management (Aberdeen)
Mitsubishi UFJ Trust & Banking Corporation (U.S.A.)
(New York)
Mitsubishi UFJ Global Custody (Luxembourg)
New York Branch
Mitsubishi UFJ Trust and
Banking Head Office
Beijing Representative Office (Beijing)
Mitsubishi UFJ Asset Management (UK) (London)
Mitsubishi UFJ Trust International (London)
SWS MU Fund Management Co., Ltd.
(Shanghai)
Mitsubishi UFJ Fund Services Holdings (Bermuda)
London Branch
Cayman Branch
Hong Kong Branch
Mitsubishi UFJ Investment Services Limited
(Hong Kong)
Singapore Branch
Mitsubishi UFJ Fund Services Bermuda Office
London Branch
AMP Capital Holdings (Sydney)
Domestic
M.U. Trust Sougou Kanri Co., Ltd.
Mitsubishi UFJ Trust Business Co., Ltd.
Mitsubishi UFJ Daiko Business Co., Ltd.
Ryoshin Data Co., Ltd.
Mitsubishi UFJ Trust Systems Co., Ltd.
Mitsubishi UFJ Trust Investment Technology Institute Co., Ltd.
MU Trust Apple Planning Company, Ltd.
Mitsubishi UFJ Trust Hosyo Co., Ltd.
Ryoshin DC Card Co.,Ltd.
Mitsubishi UFJ Real Estate Services Co.,Ltd.
The Master Trust Bank of Japan, Ltd.
MU Investments Co., Ltd.
Mitsubishi UFJ Investor Services Limited
Japan Shareholder Services Ltd.
Mitsubishi UFJ Kokusai Asset Management Co., Ltd.*
Mitsubishi UFJ Personal Financial Advisers Co., Ltd.
The Mitsubishi Asset Brains Company, Limited
Defined Contribution Plan Consulting of Japan Co., Ltd.
Aberdeen Investment Management K.K.
AMP Capital Investors Limited K.K.
*On July 1, 2015, Mitsubishi UFJ Asset Management merged with KOKUSAI
Asset Management to form Mitsubishi UFJ Kokusai Asset Management
35
Company Overview
(As of March 31, 2015)
Company Name
Management
Date of Establishment
Tatsuo Wakabayashi,
President and CEO, Chairman
Head Office
March 10, 1927
4-5, Marunouchi 1-Chome, Chiyoda-ku, Tokyo
Number of Employees
6,879
Amount of Capital
JPY 324.2 billion
Offices
Total Assets
(consolidated)
Trust Assets
JPY 38.3 trillion
Japan: 64
(59 branches, 5 satellite offices)
JPY 189.5 trillion
Overseas: 6
(5 branches, 1 local representative office)
36

Mitsubishi UFJ Trust and Banking Report 2015

Transcription

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