Governance structure
parent company). Voting rights ratio: Not disclosed
When one company holds most of the voting rights, its wishes are more likely to prevail in management. How the interests of minority shareholders are protected is a key issue.
The Board of Directors resolved to oppose all of the shareholder proposals.
| Item | Details |
|---|---|
| Number of directors | 6 independent outside directors and 5 other directors (11 in total, including 6 outside directors) |
| Committee | Parent Company Transactions and Other Matters Review Committee (consisting entirely of the independent outside directors; outside members account for 100%) |
| Controlling shareholder | NIPPON STEEL CORPORATION (parent company). Voting rights ratio: Not disclosed |
| Changes this time | The Board of Directors resolved to oppose all of the shareholder proposals. |
Items this document does not state (4)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The Company explains that placing funds with the parent company's cash management system (CMS) is temporary cash management pending growth investments and other uses, and is advantageous in terms of liquidity, safety and interest income. The Company also cites as reasons for opposing the proposals that the matter is deliberated by the Parent Company Transactions and Other Matters Review Committee, which consists entirely of the independent outside directors, and approved by the Board of Directors, and that fixing the methods of cash management and disclosure in the Articles of Incorporation could constrain flexible management decisions.