Governance structure
Reduce cross-shareholdings to less than 20% of consolidated net assets by the end of fiscal 2027
Policy regarding shares of other companies held to maintain business relationships and for other purposes.
Implemented and maintained (continuation approved on 25 June 2025; effective until the conclusion of the Annual General Meeting of Shareholders scheduled for June 2028)
Pre-agreed countermeasures in preparation for an unsolicited takeover attempt.
The Board of Directors resolved to oppose all shareholder proposals. No change to the continuation or abolition of the takeover defense measures themselves has been disclosed.
| Item | Details |
|---|---|
| Committee | Independent Committee (percentage of external members: Not disclosed) |
| Policy on cross-shareholdings | Reduce cross-shareholdings to less than 20% of consolidated net assets by the end of fiscal 2027 |
| Takeover defenses | Implemented and maintained (continuation approved on 25 June 2025; effective until the conclusion of the Annual General Meeting of Shareholders scheduled for June 2028) |
| Changes this time | The Board of Directors resolved to oppose all shareholder proposals. No change to the continuation or abolition of the takeover defense measures themselves has been disclosed. |
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 measures are necessary to secure sufficient time and information to respond to acquisitions that could harm corporate value or the common interests of shareholders, and to enable negotiations with the proposer. The Company also explained that the measures are reasonable because they respect the recommendations of the Independent Committee, provide a mechanism for confirming shareholders’ intentions when necessary, and complement initiatives to enhance corporate value.