According to the Recommendation 28 of the Corporate Governance Code, the Board of Directors may establish a Nomination Committee to improve the efficient preparation of matters pertaining to the nomination and remuneration of directors. However, Exel Composites' shareholders have considered it essential that the Annual General Meeting establishes a shareholders' Nomination Board for the preparation of a proposal for the election of Board members and fees to be paid to the Board members to be presented to the Annual General Meeting.

 

The Nomination Board comprises the Chairman of the Board and the persons selected by the four largest shareholders (as of the shareholder register situation on 1 November preceding the Annual General Meeting).