Governance structure
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.
In response to the 5 shareholder proposals submitted by the proposing shareholder, the Board of Directors resolved to oppose all proposals. The Company also states that it established a voluntary nomination committee in April 2026.
| Item | Details |
|---|---|
| Committee | Voluntary nomination committee; proportion of outside members: Not disclosed |
| Controlling shareholder | There is no statement that the Company has a controlling shareholder. The proposing shareholder is described as a major shareholder holding approximately 17% of the Company’s issued shares. Parent company name and voting rights ratio: Not disclosed |
| Changes this time | In response to the 5 shareholder proposals submitted by the proposing shareholder, the Board of Directors resolved to oppose all proposals. The Company also states that it established a voluntary nomination committee in April 2026. |
Items this document does not state (5)
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 proposals lack an understanding of the Company’s business and industry and are not appropriate for improving corporate value over the medium to long term. Some also raise issues in terms of the allocation of authority under the Companies Act and the autonomy of the articles of incorporation. Regarding the director candidates, they represent the proposing shareholder, and their fund’s investment returns may conflict with the long-term interests of all shareholders. Shortening directors’ terms, including capital policy in the articles of incorporation and requiring a shareholders’ meeting resolution for stock splits could impair management continuity and flexibility.