Abolition of the basic policy on takeover defenses
First written in FY2016-Q3. 1 of 2 entries say "Dropped", first in FY2016-Q3. Latest entry: FY2016.
1 other company's latest entry also says "Restated".
- FY2016RestatedAnnual report
「As the business environment and other conditions surrounding our group have changed since the basic policy was introduced, and progress has been made in establishing regulations concerning large-scale purchases under the Financial Instruments and Exchange Act, we determined that the significance of maintaining the basic policy had relatively declined. After repeated consideration, including in light of the application of the Corporate Governance Code by the Tokyo Stock Exchange, Inc. in June 2015, the Board of Directors resolved at its meeting held on 27 May 2016 to abolish the basic policy effective that same day.」
The annual report also reconfirms that the basic policy on takeover defenses was abolished on 27 May 2016. - FY2016-Q3DroppedAnnual report
「However, the business environment surrounding the Group had changed since the basic policy was introduced, and preparations concerning large-scale purchases under the Financial Instruments and Exchange Act had progressed. We therefore considered that the significance of maintaining the basic policy had relatively diminished. After further consideration in light of the application of the Corporate Governance Code by the Tokyo Stock Exchange from June 2015, the Board of Directors resolved on 27 May 2016 to abolish the basic policy effective that day.」
The disclosure explains that the basic policy introduced in 2007 was abolished in light of changes in the business environment, developments in legislation and the introduction of the Corporate Governance Code.