Daiwa Securities Group Annual Report 2012 Message From the Chairman Corporate Summary Executive Messages Business Strategy Management Systems & CSR Financial Section Other Information 12 Shigeharu Suzuki Chairman of the Board Daiwa Securities Group Inc. Over the 110 years since it was founded, the Daiwa Securities  Group has contributed to economic growth and the progress of  society, through its activities in capital and financial markets. Since  it was established in 1902, the Group has been noted for the loyalty  and dedication to corporate principles that employees and execu- tives demonstrated—qualities that have carried Daiwa Securities  through eleven decades of external change and reform. We have  cultivated a corporate culture in which employees and executives  consistently place cooperation and contributions to the success of  the Group ahead of their own personal gain. This sort of loyalty is a critical element in the growth and health  of a business organization. I view it as the most important source of  the Daiwa Securities Group’s competitiveness—an “invisible asset”  that prompts employees and executives to seek ways to improve  their workplace and which discourages actions that might hurt the  company, thus facilitating internal control policies. In addition, a  company can continuously invest in the advancement and training  of the workforce to enhance its own long-term security, as it can  depend on the unceasing efforts of talented, motivated personnel. These bonds of loyalty run in both directions. The Daiwa  Securities Group aims to be a company that employees want to  work for. Management strives to earn the trust of employees, and  to create a work environment that promotes cooperation, camara- derie and pride in one’s work. Cooperation in turn contributes to  greater efficiency, effective teamwork in pursuit of shared goals, and  a spirit of determination that is impossible to quantify. I believe that  the merger of Daiwa Securities Co. Ltd. and Daiwa Securities  Capital Markets Co. Ltd. to create a “new” Daiwa Securities will  promote even greater cooperation and teamwork among business  divisions, create a unified spirit among the employees and  executives, and further refine our efforts to create value. Today, the very purpose and role of a financial company is  changing to reflect changes in society. Nevertheless, I am confident  that the unchanging values and strong loyalty of Daiwa Securities  Group employees will serve us well, as we try to draw on traditions  from the past and build bridges to the future. I have no doubt that  the Daiwa Securities Group will continue to play an important role in  Japan’s capital and financial markets and to provide continued  value to the societies in which we operate.