Initiatives for NBFM Employees

Initiatives to Promote Health and Well-Being

In September 2019 when the office was relocated, NBFM created the workspace giving considerations to employee well-being.

  • Expansion of common space
    Before:59.6㎡⇒After:162.6㎡(approx. 2.7 times difference)
  • Facilities which enhance employee wellness in the work space
  • Concentration Booth

    Office BGM

    Aroma Diffuser

  • Expanded internal communication areas
  • Open Space

    Cafeteria Space

Initiatives for Developing Human Resources

Recognizing that human resources are the most valuable resources of the company and are indispensable for the sustainable development of business and the organization, NBFM has strived to secure and develop specialists with extensive expertise in real estate and finance as well as potential leaders with management skills to improve organizational productivity.

Specialized Education

In order to continuously improve expert know-how, NBFM promotes the acquisition of specialized certificates of its employees such as ARES Certified Master (an educational program that systematically teaches practical expert know-how in the fields of real estate and finance). NBFM bears the costs for the training and exams in acquiring the various certificates as well as for maintaining the certificates and increasing expert abilities through seminars, etc.

This program has been used by new employees as an opportunity to advance their career; and by experienced employees and certification holders as an opportunity to continuously build and enhance their expertise.

Number of certificates
acquired by the support
Number of training
provided by the support
Number of officers and
employees who used the
programs (%)
FY2019 27 12 10(37%)
FY2020 23 11 8(30%)
FY2021 22 16 9(29%)

The number of employees with certificates are as shown below (includes employees seconded from sponsors, etc.).

Certificates The number of employees
ARES Certified Master 15
Real estate notary 25
Real estate appraiser 1
Class-1 architect 2
Chartered Member of the Securities
Analysts Association of Japan
Lawyer 1
Tax accountant 1
Certified Building Administrator 7

※ As of January 31, 2022

Training in Specialized Fields

For the purpose of periodically updating fundamental knowledge necessary for asset management, training programs led by outside lecturers are regularly conducted to learn the circumstances of the current economic environment and real estate market, revision of laws and regulations on asset management, etc. In addition, information exchange sessions are also held on a weekly basis for all employees to share knowledge on the circumstances surrounding the market and each financial sector in real time.

Examples of training

  • Training by outside lecturer (Programs were conducted on such themes as real estate market trends in financial administration, internal management systems, etc.)
    • Example (1): By appraisal company: “Real estate market” (February 2022)
    • Example (2): By audit company: “Conflict of interest” (February 2022)
    • Example (3): By e-learning: “Information security” (March 2022)
    • Example (4): By think tank “Quarterly overseas market reports” (March 2022)
  • Information exchange sessions (held weekly)

Cross-Sectoral Human Resources Development Program

In addition to the specialized education in the real estate, financial and other sectors mentioned above, NBFM introduced, with an aim to encourage ideas full of creativity through diversified viewpoints and sensibilities, a training support program in which the company will bear the costs of attending seminars, lectures and courses that lead to self-improvement as long as it is within the annual budget stipulated for each employee, By allowing access to trainings and educational opportunities appropriate for employees’ careers, NBFM focuses on the development of cross-sectoral human resources with wide vision, ideas and leadership that are not limited to the industry or domain.

Examples of training by position/rank

FY2019, FY2020 and FY2021, record of the training support program is as follows.

Utilization status of the program

Average grant per user: Training hours per employee Training days per employee
FY2019 65,276 yen - -
FY2020 71,656 yen - -
FY2021 82,362 yen 15 hours 19days

Regularly conducts career interviews in NBFM

NBFM regularly conducts career interviews with all employees. All employees have an interview with their superior and directors. This program provides them with an opportunity to talk about their career formation, receive feedback on their performance and discuss requests to the company.
NBFM has established a transparent system for setting targets and providing appraisal feedback through proper communication between superiors and subordinates such as in conducting interviews at the beginning of periods (setting targets), mid-period interviews (checking progress and giving advice) and interviews at the end of periods (feedback of appraised results).

Rate of interviews with directors(All employees)
2019 results 100%(23 out of 23)
2020 results 100%(27 out of 27)
2021 results 100%(22 out of 22)

Furthermore, as described in the above “Cross-Sectoral Human Resources Development Program,” NBFM focuses on the development of human resources with wide vision, insight and ideas that are not limited to the industry or domain and human resources with leadership, by allowing access to trainings and educational opportunities appropriate for employees’ careers.

Compliance Training

NBFM strives to enhance not only individual capabilities but also organizational capabilities by following regular management training programs of various topics related to laws and internal rules, and enable employees to demonstrate their skills to the fullest.

Examples of programs

  • Training on personal information protection (September-October 2021, Regular position employees)
  • Points of internal audit and inspection (November 2021, All employees)
  • e-learning on Amendment of Personal Information Protection Law (November 2021, All employees including temporary employees)
  • e-learning on improving disaster prevention awareness (December 2021, All employees including temporary employees)
  • e-learning on unconscious bias (March 2022, All employees including temporary employees)
  • e-learning on conduct risk (March 2022, All employees including temporary employees)
  • e-learning on regulation for insider trading (March 2022, All employees including temporary employees)

NBFM distributes information on internal rules, amended laws and regulations, and compliance (including anti-corruption matters) as appropriate.

And many other trainings

Furthermore, from the point of view of developing global human resources, NBFM is promoting English education by introducing English conversation classes with invited English teachers (if there are many applicants, those who enroll will be picked out) and internet courses (all those who apply may enroll).

Strategies for Development/Securement of Human Resources

NBFM promotes development of specialized skills of existing employees through the aforementioned education/training programs while also continuing to hire new recruits in order to secure proper personnel timely to accommodate the business situations and changes in its organizational status. Furthermore, NBFM seeks longer employee retention and improved productivity through provision of sufficient benefit and welfare programs and establishment of a comfortable working environment to enable employees to continue working with peace of mind.
As part of these human resources strategies, NBFM takes in human resources from numerous sponsors and other entities with various backgrounds, aiming to realize sophisticated asset management through utilization of their highly specialized expertise as well as improvement of know-how in operations.

The number of human resources (employee) taken in from sponsors

The number of human resources
Mitsui Fudosan Co., Ltd. (46% equity ratio) 5
Sumitomo Life Insurance Company (35% equity ratio) 2
Sumitomo Mitsui Trust Bank, Ltd. (5% equity ratio) 1

As of March 31, 2022

Employees in managerial positions seconded from the sponsors, Mitsui Fudosan Co., Ltd. and Sumitomo Life Insurance Company, possess expert know-how as well as organization management skills nurtured through continuously participating in seconding companies’ human resources development programs and thus have contributed to NBFM from both aspects of asset management and vitalization of the organization.

[Career Programs of Mitsui Fudosan Co., Ltd.] Human Resources Management

At NBFM, the board of directors and general shareholders’ meeting oversee executive appointments and successions. Other managerial appointments and successions are discussed and determined by the Executive Board members including the CEO. We have prepared and implemented a human resource scheme, which allow us to select appropriate management candidates from NBFM and our sponsors, as well as smoothly transfer the businesses and duties.

While NBFM currently does not hire new graduates, our sponsors regularly do graduate recruitment. NBFM accepts seconded junior employees who have completed the training of the sponsor’s human resource development programs. For detailed information on graduate recruitment, please refer to the above “Career programs of Mitsui Fudosan Co., Ltd.”

Creation of Office Environments Conducive to Work and Work Life Balance

Recognizing human resources as its greatest assets, NBFM aims to create environments where its employees can work with peace of mind. NBFM strives to establish and operate a more attractive and fruitful management system in health and safety initiatives such as for work life balance, health of employees, personnel management and risk management by fulfilling regulatory standards, introducing an early work shift system, establishing recommended paid vacation days and such to create a corporate culture that is conducive to work. Furthermore, NBFM has worked to further improve job satisfaction and create environments that are more conductive to work by setting up a cross-sectional work reform review team this fiscal year to exchange opinions and discuss programs for better work styles that benefit both the company and the employees.

Employee Satisfaction Survey

NBFM recognizes its employees to be as its greatest resource. As such, it measures the satisfaction level of its employees and conducts employee satisfaction surveys every year as part of its efforts to establish excellent relations between employees and the company. With this, NBFM checks degrees of satisfaction towards assigned responsibilities and the working environment, requests for introduction of programs in the company, etc. (response rate of 100%). NBFM strives to establish better working environments based on the survey results.

Case examples

  • Expanded the scope of assistance in education for self-improvement
  • Established “social gathering” program in an aim to get all employees including temporary employees to communicate more with each other (The asset management company bears the payments for the costs)
  • Established maternity leave payment and extended the child care leave period. Promoted work-life balance…and others

Structure for Collecting Requests and Grievances of Employees

A system has been introduced whereby all employees including temporary employees can freely express a wide range of opinions related to personnel affairs, working environment and other matters anonymously (setting up suggestion box “meyasubako”). The expressed opinions will be conveyed to those with management responsibility as needed. In addition, employee interviews by directors are conducted twice a year to give every employee an opportunity to clarify their requests concerning various internal systems of the Company as well their personal career vision.
Moreover, NBFM has established contact points inside and outside of the company for internal reports based on a whistleblower protection rule, thereby establishing a system in which violation of the human rights of employees, business partners and other parties as well as fraudulent or wrongful acts can be reported anonymously to a compliance officer (in the case of matters regarding a compliance officer, then to the CEO) or an external law firm. The rule prohibits any disadvantageous treatment of whistleblowers, including the protection of whistleblower information and the prohibition of retaliatory treatment, and require that NBFM determines and takes appropriate measures in response to the content of the report, and that NBFM, whistleblower, consultation services, and whistleblower response personnel shall not disclose the fact that a whistleblowing or consultation was made, the content of the whistleblowing or consultation, or personal information obtained during the investigation without a valid reason.
In addition, if the whistleblower is disadvantaged as a result of their consultation or whistleblowing, they may report this to the contact points for internal reports. After receiving such a report, the contact points shall promptly take corrective measures related to the disadvantage and strive to protect the whistleblower.

Benefits Program

The various benefit and welfare programs listed below have been established to create a working environment in which employees can continue to work in comfort and with peace of mind.

Programs provided

  • Childcare leave and shortened work hours for childcare (All employees)
  • Familycare leave and shortened work hours for nursing care (All employees)
  • Special or consecutive summer holidays (All employees)
  • Programs provided by an external employee benefits services company (All employees(include temporary employees))
  • Assistance in medical examination costs (All regular employees)
  • Provision of satellite office (All employees)
  • Providing regular PCR tests (Applicants)
  • Participation in events to maintain and improve health conditions (All employees)
  • Assistance in influenza vaccination costs (All employees)
  • Volunteer activities during office hours (All employees)

Introduction of Employee stock purchase plan(ESPP)

Targeting all regular employees, NBFM introduced a “Employee stock purchase plan (ESPP)” in which employees can acquire investment units of NBF. With the introduction of this system, it is anticipated that employees will be more focused on improving the performance of NBF, which is believed to contribute to continuous growth of NBF and enhancement of investor value. Furthermore, NBFM provides financial incentives to employees utilizing the system in an endeavor to further enhance its benefit programs for employees.

Labor Standard

Reduction of Excessive Working Hours and Overtime

NBFM has established a labor and management agreement (a “36 Agreement”) and conducts the following programs to reduce excessive working hours and overtime work.

  • Monitoring working hours and consulting with employees
  • Notifying employees and superiors of employees who may be working long hours
  • Encouraging taking at least two paid holidays at a time

Living Wage Support

NBFM’s basic policy is to not only comply with but exceed minimum wage rules in labor laws.

Labor Standard Violations

There were no serious violations of labor standards from January 1, 2021, to December 31, 2021.
NBFM pays wages above the minimum wage provided for in laws and regulations and ensures compensation system of equal pay for equal work.

Human Rights Initiatives

Initiative Policy

NBF and NBFM have adopted their sponsor Mitsui Fudosan’s Mitsui Fudosan Group Sustainable Procurement Standards and Mitsui Fudosan Group Human Rights Policy.
They support and respect the basic labor rights established in the ILO Declaration on Fundamental Principles and Rights at Work. The declaration establishes the following labor principles:

  • Effective approval of freedom of association and collective bargaining rights
  • Prohibition of all forms of forced labor
  • Effective abolition of child labor
  • Elimination of discrimination in hiring and work

Based on the above, NBF and NBFM have established the table below in a Compliance Manual and instill their policy on human rights in all employees, including temporary employees, through compliance training, etc.

Topic Policy and Initiatives
Freedom of association and collective bargaining rights NBF and NBFM support and respect freedom of association and the right to collective bargaining.
Prevention of child labor and forced labor There has never been child labor or forced labor at NBF or NBFM, but a contact point has been established for reporting should there be a potential violation.
Prohibition of discrimination,
harassment or other unfair treatment in the workplace
NBF and NBFM prohibit discrimination or unfair treatment based on race, nationality, hometown, religion, belief, gender, age, disability, sexual orientation, gender identity, education, marriage status, employment type or any other reason not related to business roles. Any harassment, whether sexual, from a position of power or otherwise, is also not allowed in the workplace.

Specific Initiatives

Discrimination and harassment (sexual, from a position of power, etc.)

  • Regular training on harassment and discrimination
  • Establishment of contact points inside and outside of the company for harassment


  • Training on types of discrimination and harassment (from a position of power, sexual, maternity), examples of behavior that constitutes harassment, and how to respond (whistleblowing, prohibition of disadvantageous treatment, etc.)
  • Better understanding LGBT diversity and personal preference without discriminating

NBFM Personnel Data

In order to secure human resources with high-level knowledge and experience over the long term, improvement of internal systems including benefit and welfare programs and other schemes has been conducted. As a result, human resources for maintaining stable fund management have been secured.

Item 2019 2020 2021
Total number of employees 24 27 31
(Number of regular employees) 15 Male 13
Female 2
18 Male 12
Female 9
22 Male 13
Female 9
Percentage of women 13.3% 33.3% 40.9%
Average employment period 7.7 years 6.2 years 6.1 years
Rate of used portion of paid vacation 78.8% 50.1% 56.4%
Rate of use of medical examinations 100% 100% 100%
Employment of People with Disabilities 0 0 0
(Number of seconded employees) 9 9 9
Number of newly hired employees 4 5 4
Number of retired employees 4 0 0
Employee turnover rate in the fiscal year 16.7% - -
Temporary Employee 9 8 5

(*)In this report, indication of “All employees” means entire employees including regular employees and seconded employees mentioned above. In addition, although temporary employees are not in direct employment relationship with NBFM, some of the initiatives for NBFM employees shown in this report target temporary employees as well.

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