Pre-general meeting disclosures of annual securities reports by Japanese companies for the fiscal year ending March 2026 have expanded. Companies making such disclosures accounted for 88.3% of the total, and those filing more than 3 weeks before their shareholders meetings included ADVANTEST and SORACOM.
This article reviews trends in pre-general meeting disclosures of annual securities reports for the fiscal year ending March 2026, and outlines institutional investors’ voting decisions regarding shareholder proposals by Dalton Investments and the impact on the market of the revisions to the Corporate Governance Code published in July 2026.
According to the Financial Services Agency’s “Status of Pre-General Meeting Disclosures for the Fiscal Year Ending March 2026,” the percentage of companies making pre-general meeting disclosures rose substantially to 88.3%, from 57.7% in the previous period. Of these, 6 companies—ADVANTEST, SORACOM, T.RAD, HOYA, ID Holdings and ZOZO—filed more than 3 weeks before their shareholders meetings. When companies that made pre-general meeting disclosures at least 2 weeks in advance are also included, the total rises to 14.
This trend reflects the fact that ADVANTEST and SORACOM approved proposals to amend their articles of incorporation to move back the record date for voting rights at their 2025 shareholders meetings, and that integrated disclosure of their annual securities reports and business reports was made in June.
This analysis of the situation also covers moves to develop the standards and procedures for pre-general meeting disclosures, as well as the growing involvement of institutional investors in shareholder proposals.