Corporate governance of financial institution is the hottest issue in banking literature. However, there are very few papers to examine the corporate governance of Shinkin banks. We focus not only on part-time board members (Riji in Japanese), who are expected to monitor and supervise the president of Shinkin bank, but also on auditors, who perform similar functions. This paper finds that number of part-time Riji has decreased, while number of auditors has not. More importantly, the paper finds that auditors likely replace part-time Riji.