Governance structure
Company with an Audit and Supervisory Committeeparent company), with a voting rights ownership ratio of 50.68% (as of 6 April 2026; the table shows 50.73% as of 28 February 2026
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.
As a result of the tender offer, KOHNAN SHOJI CO.,LTD. held 38.77% of the voting rights as of 6 April 2026, and the company became its equity-method affiliate. It also states that the company is scheduled to be delisted. Whether this represents a change from the previous report is Not disclosed.
| Item | Details |
|---|---|
| Corporate Governance Structure | Company with an Audit and Supervisory Committee |
| Number of directors | 11 directors (6 directors and 5 directors serving as Audit and Supervisory Committee Members; the number of outside directors is Not disclosed) |
| Committee | Conflicts of Interest Management Committee (Special Committee): Comprises 4 independent outside directors. The proportion of outside committee members is Not disclosed |
| Controlling shareholder | VALOR HOLDINGS CO.,LTD. (parent company), with a voting rights ownership ratio of 50.68% (as of 6 April 2026; the table shows 50.73% as of 28 February 2026) |
| Changes this time | As a result of the tender offer, KOHNAN SHOJI CO.,LTD. held 38.77% of the voting rights as of 6 April 2026, and the company became its equity-method affiliate. It also states that the company is scheduled to be delisted. Whether this represents a change from the previous report is Not disclosed. |
Items this document does not state (3)
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.To provide information on matters concerning controlling shareholders, etc. With respect to transactions with the parent company group, the company explains that it responds fairly and appropriately, taking contractual terms and market prices into account so as not to harm the interests of minority shareholders.