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Audit and Supervisory BoardAs of June 29, 2022

Audit and Supervisory Board Members

Audit & Supervisory Board Member

Kazuhiro Tsuji

Date of birth: January 25, 1961

Meeting attendance during FY2021

Audit & Supervisory Board meetings:: 14/14 (100%)

Board of Directors meetings:: 12/12 (100%)

Brief personal profile

Mar 1984: Joined the Company

Mar 2010: General Manager of Human Capital Development Department, Human Resources Division

Apr 2011: General Manager of Shared Services Center, Human Resources Division

Jul 2011: Deputy General Manager of General Administration Center

Apr 2013: General Manager of Secretarial Office

Apr 2018: General Manager of Human Resources Division

Apr 2019: Corporate Vice President

Jun 2020: Audit & Supervisory Board Member (Current)

Audit & Supervisory Board Member

Shinji Sato

Date of birth: May 2, 1960

Meeting attendance during FY2021

Audit & Supervisory Board meetings:: 10/10 (100%)

Board of Directors meetings:: 10/10 (100%)

[Attendance after appointment at general meeting of shareholders]

Brief personal profile

Apr 1983: Joined MITSUI & CO., LTD.

May 2010: President and Representative Director of Mitsui & Co. Financial Management, Ltd.

Apr 2012: Chief Financial Officer of Asia Pacific Business Unit of MITSUI & CO., LTD.
Senior Vice President of Mitsui & Co. (Asia Pacific) Pte. Ltd.

Apr 2015: Internal Auditor of Internal Auditing Division of MITSUI & CO., LTD.

Dec 2017: Joined the Company Adviser

Apr 2018: Corporate Vice President in charge of finance
General Manager of Finance and Legal Division
President of Ricoh Americas Holdings, Inc.

Jun 2019: Director of RICOH LEASING COMPANY, LTD.

Apr 2020: General Manager of Finance Division

Apr 2021: General Manager of Financial and Accounting Center

Jun 2021: Audit & Supervisory Board Member (Current)

Outside Audit & Supervisory Board Member

Yo Ota

Date of birth: October 3, 1967

Major activities

He actively made comments at the Audit & Supervisory Board and the Board of Directors based on his extensive track records from many years of experience as an attorney practicing all areas of corporate law, including M&As, corporate governance, and compliance, and his extensive experience as a specialist in corporate governance.

Meeting attendance during FY2021

Audit & Supervisory Board meetings:: 13/14 (93%)

Board of Directors meetings:: 11/12 (92%)

Nomination Committee meetings:: 8/8 (100%)

Brief personal profile

Apr 2001: A member of staff of Civil Affairs Bureau of The Ministry of Justice (Japanese Commercial Code Group of Counsellor's Office)

Jan 2003: Partner of Nishimura & Asahi (Current)

Jun 2005: Outside Auditor of Culture Convenience Club Co., Ltd.

Jun 2005: Outside Director of Denki Kogyo Co., Ltd.

May 2012: Director of the Japan Association of Corporate Directors (Current)

Apr 2013: Professor of Graduate Schools for Law and Politics of the University of Tokyo

Jun 2013: Councilor of LOTTE Foundation (Current)

Jul 2014: Vice Chairman of Corporate Governance Committee of the Japan Association of Corporate Directors (Current)

Jun 2016: Outside Director of Nippon Kayaku Co., Ltd. (Current)

Jun 2017: Outside Audit & Supervisory Board Member (Current)

Outside Audit & Supervisory Board Member

Shoji Kobayashi

Date of birth: December 29, 1953

Major activities

He actively made comments at the Audit & Supervisory Board and the Board of Directors from an objective perspective based on his extensive experience gained through many years in development and business management while serving in important positions at Kao Corporation, such as General Manager of a business division and Executive Officer, as well as his deep insight into the management and governance of a global corporation, acquired as a full-time Audit & Supervisory Board Member of Kao Corporation, and his broad knowledge regarding all aspects of technology.

Meeting attendance during FY2021

Audit & Supervisory Board meetings:: 14/14 (100%)

Board of Directors meetings:: 12/12 (100%)

Compensation Committee meetings:: 6/6 (100%)

Brief personal profile

Apr 1979: Joined Kao Soap Co., Ltd (Current Kao Corporation)

Feb 1998: Director of Chemical Research Laboratories of Kao Corporation

Sep 2002: General Manager of Industrial Materials Business Division of Kao Corporation

Jun 2006: Vice President & Executive Officer, Chemical Business Unit of Kao Corporation Business Division of Kao Corporation

Jun 2010: President & Executive Officer of Chemical Business Unit of Kao Corporation

Mar 2013: Full-time Audit & Supervisory Board Member of Kao Corporation (until March 2017)

Jun 2017: Member of Contract Monitoring Committee, National Institute of Technology and Evaluation (NITE)

Jan 2018: Advisor of SAIWAI TRADING CO., LTD.

Jun 2019: Director in charge of Control Group (Part-time) of SAIWAI TRADING CO., LTD. (Current)

Jun 2020: Outside Audit & Supervisory Board Member (Current)

Jun 2021: Chairman of Contract Monitoring Committee, National Institute of Technology and Evaluation (NITE)

Apr 2022: Member of Contract Monitoring Committee, National Institute of Technology and Evaluation (NITE) (Current)

Outside Audit & Supervisory Board Member

Yasunobu Furukawa

Date of birth: October 11, 1953

Major activities

He actively made comments at the Audit & Supervisory Board and the Board of Directors based on his many years of experience as a certified public accountant and as an engagement partner for audits of global corporations with operations overseas at Ernst & Young ShinNihon LLC., and on his extensive insight and experience in corporate management as an outside director, audit committee member, and outside audit & supervisory board member for other companies.

Meeting attendance during FY2021

Audit & Supervisory Board meetings:: 13/14 (93%)

Board of Directors meetings:: 10/12 (83%)

Brief personal profile

Apr 1976: Joined Tetsuzo Ota & Co. (Current Ernst & YoungShinNihon LLC)

Sep 1980: Registered as a certified public accountant (Current)

May 1999: Representative Partner of Ernst & Young ShinNihon LLC

Aug 2008: Executive Partner of Ernst & Young ShinNihon LLC

Aug 2010: Senior Executive Partner of Ernst & Young ShinNihon LLC

Aug 2012: Senior Advisor of Ernst & Young ShinNihon LLC

Jun 2014: Outside Director of Keisei Electric Railway Co., Ltd. (Current)

Jun 2015: Outside Audit & Supervisory Board Member of Saitama Resona Bank, Limited

Jun 2015: Outside Director of NSK Ltd.

Jun 2019: Outside Director (Audit & Supervisory Committee Member) of Saitama Resona Bank, Limited (Current)

Jun 2020: Outside Audit & Supervisory Board Member (Current)

Skill matrix

Outline of audit activities

This body reviews risks and issues in five areas and formulates annual activity plans. These areas are 1) Directors, 2) Business execution, 3) Subsidiaries, 4) Internal audits, and 5) Accounting audits.The chart below outlines audit activities in each area. The Audit and Supervisory Board highlights issues and provides recommendations to directors and business divisions regarding matters brought to its attention through audits.

Fiscal 2021 saw Ricoh adopt a business unit structure. The Audit and Supervisory Board scrutinized operational risks associated with the transition to the new organization. In addition to the activities below, it designated auditing internal control systems, risk management, and subsidiary management systems for each business unit and auditing the governance effectiveness of Group Headquarters as key activities for fiscal 2021.

Outline of audit activities by Audit and Supervisory Board Members

Key audit issues for fiscal 2022

The Audit and Supervisory Board, and each of its members, reviewed audit findings and discussed key audit issues for fiscal 2022. The Audit and Supervisory Board priorities for fiscal 2022 encompass optimal headquarters governance for a digital services company; business unit internal controls, risk management, and subsidiary management; and control environments for employees, working environments, and organizations.

Notes on the Audit Performance

The Audit and Supervisory Board prepared the Audit Report on the following; (i) Methods and contents of the Audit employed by the Audit and Supervisory Board Members and the Audit and Supervisory Board, and (ii) Audit results. With respect to (i) Methods and contents of the Audit employed by the Audit and Supervisory Board Members and the Audit and Supervisory Board, the Board decided to voluntarily prepare and disclose these Notes, as complementary material to the Audit Report, in order to enhance the effectiveness of the dialogue with stakeholders including shareholders, based on the belief that it is crucial to provide more concrete explanation, to enhance audit transparency.

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