Governance structure
Company with an Audit and Supervisory CommitteeWhen 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.
This is the number of people reported to the exchange as independent officers. Whether someone is an outside officer and whether they qualify as independent are separate determinations.
The company holds shares strategically only when doing so is rational in terms of maintaining and developing business relationships. It reviews these holdings annually, examining each issue from both qualitative and quantitative perspectives, and considers selling and reducing holdings when their rationale is not recognised. On 24 December 2025, the company reviewed all shares held and confirmed that most holdings had economic rationale. The number of issues and amount are Not disclosed
Policy regarding shares of other companies held to maintain business relationships and for other purposes.
Not adopted
Pre-agreed countermeasures in preparation for an unsolicited takeover attempt.
The company conducted its Board effectiveness evaluation for fiscal 2025 and identified increasing the number of independent outside directors and further ensuring diversity, the timing, quality and volume of materials provided, and deeper discussion of key themes as issues. Changes in the institutional design and committee composition from the previous report are Not disclosed
| Item | Details |
|---|---|
| Corporate Governance Structure | Company with an Audit and Supervisory Committee |
| Number of directors | 9 in total, including 5 outside directors (as of 25 June 2026) |
| Number of independent officers | 4 |
| Committee | Voluntary Nomination and Compensation Advisory Committee (5 members, including 2 independent outside directors and 3 outside directors; the chair is an independent outside director, and independent outside directors constitute a majority of the committee), Risk Management Committee, Sustainability Committee, Compliance Committee, Internal Control Evaluation Committee under the Financial Instruments and Exchange Act, and others. The proportion of outside members on other committees is Not disclosed |
| Policy on cross-shareholdings | The company holds shares strategically only when doing so is rational in terms of maintaining and developing business relationships. It reviews these holdings annually, examining each issue from both qualitative and quantitative perspectives, and considers selling and reducing holdings when their rationale is not recognised. On 24 December 2025, the company reviewed all shares held and confirmed that most holdings had economic rationale. The number of issues and amount are Not disclosed |
| Takeover defenses | Not adopted |
| Controlling shareholder | No controlling shareholder exists |
| Changes this time | The company conducted its Board effectiveness evaluation for fiscal 2025 and identified increasing the number of independent outside directors and further ensuring diversity, the timing, quality and volume of materials provided, and deeper discussion of key themes as issues. Changes in the institutional design and committee composition from the previous report are Not disclosed |
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The transition to a company with an Audit and Supervisory Committee allows the company to delegate authority for decisions on important business execution to executive directors, speeding up decision-making, while the Board of Directors focuses on overseeing management strategy and material risks. The voluntary Nomination and Compensation Advisory Committee was established to ensure fairness, transparency and objectivity in procedures relating to nominations and compensation.