Policy for Responding to Large-Scale Purchases and Protecting the Common Interests of Shareholders
First written in FY2016. 16 of 22 entries say "Restated". Latest entry: FY2026.
Joshin moved to the "Worse" side of this theme in 2026.
The whole theme swung hardest in 2026: 1 of 6 companies on the "Worse" side.
2 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「If a large-scale purchase that could damage corporate value and the common interests of shareholders is made, the company will request that the party making the purchase provide shareholders with the necessary and sufficient time and information to make an appropriate decision on whether to accept it, and will take measures considered feasible and appropriate at that time within the scope permitted by the Financial Instruments and Exchange Act, the Companies Act and other applicable laws and regulations.」
After abolishing the former takeover defence measures in 2025, the company has reorganised its response as one based on its basic policy concerning control of the company and within the scope of applicable laws and regulations, rather than as a system involving an independent committee and shareholder resolutions every 3 years. - FY2025DroppedAnnual report
「In light of changes in the business environment surrounding the company, recent developments in policies for responding to takeovers, and opinions from shareholders, including institutional investors, the company abolished the measures at the conclusion of its 77th Annual General Meeting of Shareholders held on 24 June 2025.」
The company abolished the policy for responding to large-scale purchases, or takeover defence measures, which had continued since 2007, at the conclusion of the Annual General Meeting of Shareholders on 24 June 2025. - FY2024RestatedAnnual report
「As with the previous response policy, shareholders are scheduled to vote every 3 years on whether to continue the policy.」
For the takeover defence measures updated and approved at the 2022 Annual General Meeting of Shareholders, the company is reaffirming the framework of consulting the independent committee, respecting its recommendations and holding shareholder resolutions every 3 years. - FY2023RestatedAnnual report
「As the validity period of the previous response policy ran until the conclusion of the company's 74th Annual General Meeting of Shareholders held on 24 June 2022, the Board of Directors decided at its meeting held on 6 May 2022 to update the previous response policy in order to ensure and enhance corporate value and the common interests of shareholders, and the update was approved at that Annual General Meeting of Shareholders. (Hereinafter, the “response policy.”)」
The annual report also reaffirms the framework of the takeover defence measures updated and approved at the 2022 Annual General Meeting of Shareholders, including consultation with the independent committee, respect for its recommendations and shareholder resolutions every 3 years. - FY2022AdvancedAnnual report
「As the validity period of the previous response policy ran until the conclusion of the company's 74th Annual General Meeting of Shareholders held on 24 June 2022, the Board of Directors decided at its meeting held on 6 May 2022 to update the previous response policy in order to ensure and enhance corporate value and the common interests of shareholders, and the update was approved at that Annual General Meeting of Shareholders. (Hereinafter, the “response policy.”)」
The takeover defence measures were updated through the Board of Directors' decision on 6 May 2022 and the resolution at the Annual General Meeting of Shareholders on 24 June. The framework of consulting the independent committee, respecting its recommendations and having shareholders vote every 3 years remains in place. - FY2021RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. When deciding whether to implement countermeasures against a large-scale purchaser, the Board of Directors consults the independent committee and has a mechanism for eliminating arbitrary decisions by the Board of Directors by giving the fullest possible respect to the recommendation issued by the independent committee on the basis of that consultation.」
For the takeover defence measures updated in 2019, the company is reaffirming the framework of consulting the independent committee, respecting its recommendations and having shareholders decide every 3 years whether to continue the measures. - FY2020-Q3RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. When deciding whether to implement countermeasures against a large-scale purchaser, the Board of Directors consults the independent committee and has a mechanism for eliminating arbitrary decisions by the Board of Directors by giving the fullest possible respect to the recommendation issued by the independent committee on the basis of that consultation. Accordingly, this response policy is not intended to maintain the positions of the company's officers.」
The company is reaffirming the update of the takeover defence measures through the Board of Directors' decision in May 2019 and the Annual General Meeting of Shareholders' resolution in June, the framework of consulting the independent committee and respecting its recommendations, and shareholder resolutions every 3 years on whether to continue the measures. - FY2020-Q2RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. When deciding whether to implement countermeasures against a large-scale purchaser, the Board of Directors consults the independent committee and has a mechanism for eliminating arbitrary decisions by the Board of Directors by giving the fullest possible respect to the recommendation issued by the independent committee on the basis of that consultation. Accordingly, this response policy is not intended to maintain the positions of the company's officers.」
The company is reaffirming the update of the takeover defence measures through the Board of Directors' decision in May 2019 and the Annual General Meeting of Shareholders' resolution in June, as well as the framework of consulting the independent committee and respecting its recommendations. Shareholder resolutions every 3 years on whether to continue the measures remain in place. - FY2020-Q1RestatedAnnual report
「As the validity period of the previous response policy ran until the conclusion of the company's 71st Annual General Meeting of Shareholders held on 25 June 2019, the Board of Directors decided at its meeting held on 10 May 2019 to update the previous response policy in order to ensure and enhance corporate value and the common interests of shareholders, and the update was approved at that Annual General Meeting of Shareholders. (Hereinafter, the “response policy.”)」
The company is reaffirming the update of the takeover defence measures through the Board of Directors' decision in May 2019 and the Annual General Meeting of Shareholders' resolution in June, together with the framework involving an independent committee and shareholder resolutions every 3 years. - FY2019AdvancedAnnual report
「As the validity period of the previous response policy ran until the conclusion of the company's 71st Annual General Meeting of Shareholders held on 25 June 2019, the Board of Directors decided at its meeting held on 10 May 2019 to update the previous response policy in order to ensure and enhance corporate value and the common interests of shareholders, and the update was approved at that Annual General Meeting of Shareholders.」
The takeover defence measures were updated through the Board of Directors' decision in May 2019 and the Annual General Meeting of Shareholders' resolution in June. The framework of consulting the independent committee, respecting its recommendations and having shareholders vote every 3 years on whether to continue the measures remains in place. - FY2019-Q3RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. When deciding whether to implement countermeasures against a large-scale purchaser, the Board of Directors consults the independent committee and has a mechanism for eliminating arbitrary decisions by the Board of Directors by giving the fullest possible respect to the recommendation issued by the independent committee on the basis of that consultation. Accordingly, this response policy is not intended to maintain the positions of the company's officers.」
The company is reaffirming the takeover defence framework that eliminates arbitrary decisions by the Board of Directors through consultation with the independent committee and the fullest possible respect for its recommendations, as well as shareholder votes every 3 years on whether to continue the measures. - FY2019-Q2RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. When deciding whether to implement countermeasures against a large-scale purchaser, the Board of Directors consults the independent committee and has a mechanism for eliminating arbitrary decisions by the Board of Directors by giving the fullest possible respect to the recommendation issued by the independent committee on the basis of that consultation. Accordingly, this response policy is not intended to maintain the positions of the company's officers.」
The company is reaffirming the takeover defence framework that eliminates arbitrary decisions by the Board of Directors through consultation with the independent committee and the fullest possible respect for its recommendations. The requirement for shareholders to vote every 3 years on whether to continue the measures also remains in place. - FY2019-Q1RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. When deciding whether to implement countermeasures against a large-scale purchaser, the Board of Directors consults the independent committee and has a mechanism for eliminating arbitrary decisions by the Board of Directors by giving the fullest possible respect to the recommendation issued by the independent committee on the basis of that consultation. Accordingly, this response policy is not intended to maintain the positions of the company's officers.」
The company is reaffirming the takeover defence framework that eliminates arbitrary decisions by the Board of Directors through consultation with the independent committee and the fullest possible respect for its recommendations. The requirement for shareholders to vote every 3 years on whether to continue the measures also remains in place. - FY2018RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. When deciding whether to implement countermeasures against a large-scale purchaser, the Board of Directors consults the independent committee and has a mechanism for eliminating arbitrary decisions by the Board of Directors by giving the fullest possible respect to the recommendation issued by the independent committee on the basis of that consultation.」
The company is reaffirming the takeover defence framework of consulting the independent committee and giving the fullest possible respect to its recommendations, with shareholders voting every 3 years on whether to continue the measures. - FY2018-Q3RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. When deciding whether to implement countermeasures against a large-scale purchaser, the Board of Directors consults the independent committee and has a mechanism for eliminating arbitrary decisions by the Board of Directors by giving the fullest possible respect to the recommendation issued by the independent committee on the basis of that consultation.」
For the takeover defence measures, the company maintains a framework that eliminates arbitrary decisions by the Board of Directors through consultation with the independent committee and the fullest possible respect for its recommendations. Shareholders are also scheduled to vote every 3 years on whether to continue the measures. - FY2018-Q2RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. When deciding whether to implement countermeasures against a large-scale purchaser, the Board of Directors consults the independent committee and has a mechanism for eliminating arbitrary decisions by the Board of Directors by giving the fullest possible respect to the recommendation issued by the independent committee on the basis of that consultation.」
For the takeover defence measures, the company maintains a mechanism for giving the fullest possible respect to recommendations by the independent committee and a framework under which shareholders vote every 3 years on whether to continue the measures. - FY2018-Q1RestatedAnnual report
「In addition, this response policy establishes an independent committee as an independent third-party body separate from the Board of Directors, to ensure that the Board of Directors operates the policy appropriately and to prevent arbitrary decisions by the Board of Directors. As with the previous response policy, shareholders are scheduled to vote every 3 years on whether to continue the policy.」
For the takeover defence measures, the company maintains a framework under which an independent committee is used and shareholders vote every 3 years on whether to continue the measures. - FY2017RestatedAnnual report
「This policy is intended to ensure and enhance corporate value and the common interests of shareholders by providing an appropriate response to a large-scale purchase when there is a risk that a purchase of the company's shares or other securities aimed at raising the voting rights ratio of a specified shareholder group to 20% or more, or a purchase that would result in the voting rights ratio of a specified shareholder group reaching 20% or more, could significantly damage the company's corporate value and the common interests of shareholders.」
The company maintains a framework covering purchases resulting in the acquisition of 20% or more of voting rights, information provision, an evaluation period, an independent committee and shareholder resolutions every 3 years. - FY2017-Q3RestatedAnnual report
「As the validity period of the previous response policy ran until the conclusion of the company's 68th Annual General Meeting of Shareholders held on 28 June 2016, the Board of Directors decided at its meeting held on 12 May 2016 to update the previous response policy in order to ensure and enhance corporate value and the common interests of shareholders, and the update was approved at that Annual General Meeting of Shareholders. (Hereinafter, the “response policy.”)」
The company is reiterating that the takeover defence measures were updated and approved at the Annual General Meeting of Shareholders. The framework under which shareholders decide every 3 years whether to continue the measures through an independent committee remains in place. - FY2017-Q2RestatedAnnual report
「As the validity period of the previous response policy ran until the conclusion of the company's 68th Annual General Meeting of Shareholders held on 28 June 2016, the Board of Directors decided at its meeting held on 12 May 2016 to update the previous response policy in order to ensure and enhance corporate value and the common interests of shareholders, and the update was approved at that Annual General Meeting of Shareholders. (Hereinafter, the “response policy.”)」
The company is reiterating that the takeover defence measures were updated and approved at the Annual General Meeting of Shareholders, and that an independent committee is used to have shareholders decide every 3 years whether to continue the measures. - FY2017-Q1AdvancedAnnual report
「As the validity period of the previous response policy ran until the conclusion of the company's 68th Annual General Meeting of Shareholders held on 28 June 2016, the Board of Directors decided at its meeting held on 12 May 2016 to update the previous response policy in order to ensure and enhance corporate value and the common interests of shareholders, and the update was approved at that Annual General Meeting of Shareholders.」
The takeover defence measures were updated following the Board of Directors' decision and approved at the Annual General Meeting of Shareholders on 28 June 2016. - FY2016First statedAnnual report
「This policy is intended to ensure and enhance corporate value and the common interests of shareholders by providing an appropriate response to a large-scale purchase when there is a risk that a purchase of the company's shares or other securities aimed at raising the voting rights ratio of a specified shareholder group to 20% or more, or a purchase that would result in the voting rights ratio of a specified shareholder group reaching 20% or more, could significantly damage the company's corporate value and the common interests of shareholders.」
The company updated its response policy for purchases of 20% or more, including information provision, a Board of Directors evaluation period and an independent committee, with shareholder resolutions on continuation scheduled every 3 years.