Decision and Details
Board of DirectorsFurther changes to the implementation schedule for the policy on formulating the improvement plan
The reports received and the investigation results of the special investigation committee were highly likely to be insufficient as verification supporting the formulation of the improvement plan in connection with the Special Alert Security designation, making an investigation and verification by a third-party committee in accordance with these guidelines necessary. The implementation schedule was changed again because the third-party committee's investigation report was received at the end of December 2026.
| Item | Details |
|---|---|
| Matter Covered | Further changes to the implementation schedule for the policy on formulating the improvement plan |
| Decision-Making Body | Board of Directors |
| Decision Date | 12 November 2026 (meeting of the board of directors held today) |
| Implementation Date | Scheduled to be implemented under the revised schedule following the further changes made after 5 November 2026 |
| Period Covered | From 7 November 2026 to 25 January 2027 |
| Reason | The reports received and the investigation results of the special investigation committee were highly likely to be insufficient as verification supporting the formulation of the improvement plan in connection with the Special Alert Security designation, making an investigation and verification by a third-party committee in accordance with these guidelines necessary. The implementation schedule was changed again because the third-party committee's investigation report was received at the end of December 2026. |
| Governing Rule | Article 24-4-4, paragraph 1 of the Financial Instruments and Exchange Act; Article 405, paragraph 2 of the Enforcement Rules for the Listing Regulations of the Securities Listing Regulations; and the Guidelines for Third-Party Committees in Corporate Misconduct Cases formulated by the Japan Federation of Bar Associations |
| Related previous disclosures | 27 July 2026: “Notice Regarding the Tokyo Stock Exchange's Designation as a Special Alert Security and Collection of a Listing Agreement Violation Penalty”; 24 August 2026: “Notice Regarding the Policy on Formulating the Improvement Plan”; 1 September 2026: “Notice Regarding Receipt of the Investigation Report of the Internal Investigation Committee”; 17 September 2026: “Notice Regarding the Establishment of the Special Investigation Committee and Appointment of Its Members”; 30 October 2026: “Notice Regarding Discontinuation of Publication of the Special Investigation Committee's Investigation Report and Establishment of a Third-Party Committee”; 5 November 2026: “Notice Regarding Appointment of Members of the Third-Party Committee, Matters Entrusted to the Third-Party Committee (Investigation Subject and Scope), and the Timing of Disclosure of the Third-Party Committee's Investigation Results” |
| Future plans | Formulate a draft improvement plan and status report by the end of November 2026; submit the draft to Japan Exchange Regulation on 15 December 2026; receive the third-party committee's investigation report at the end of December 2026; consider additions and revisions and reformulate the draft from 1 January to 12 January 2027; submit the draft by 15 January 2027; and make a timely disclosure of the improvement plan and status report by 25 January 2027. |
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.The reports of the initial internal investigation committee and the special investigation committee were highly likely to provide insufficient verification for formulating the improvement plan required in connection with the Special Alert Security designation, making an investigation and verification by a third-party committee in accordance with these guidelines necessary. The schedule was changed again because the third-party committee's investigation report is scheduled to be received at the end of December 2026.