June 30, 2008,08:54 +0900(JST) Finishing Shareholders General Meeting
Sumitomo Electric’s Shareholders General Meeting was held without a hitch on June 26. The Shareholders General Meeting, which involves enormous preparatory effort on the part of the organizing staff, serves as a once-a-year opportunity to report directly to our shareholders. As the top of a corporate group, I did my best to explain the company’s current business activities, key issues to be addressed in the years ahead and our ambitious visions, in concrete and clearly understandable terms. I hope I successfully presided over the Meeting. I am open to feedback from shareholders who actually attended the event.
In fact, as I raised my voice in my presentation, I felt our future directions become even clearer and had a feeling of tension and determination to fulfill my mission and duties as a corporate director. I am not loath to attend shareholders general meetings. Rather, I enjoy them very much, in a sense.
This year, a total of 390 shareholders attended the Meeting, which lasted for one hour and 15 minutes. In recent years, questions raised by shareholders have become diverse. At the Meeting, we as corporate directors did our best to give the most honest and sincere replies we could regarding our commitment to environmental issues, technology and product development efforts, the outlook for each business segment, employee issues, including the issue of how skills can be passed on to younger employees etc. All these questions arose from our shareholders’ keen interest in the Sumitomo Electric Group and their confidence in our business management, if I do say so myself. I deeply appreciate these devoted shareholders’ support of the Group, whose name recognition has not increased easily, due to its relatively few end-user product lines.
This year we changed the venue of our shareholders general meeting to the Ritz-Carlton Osaka, one of the most prestigious hotels in Osaka. The venue we had used for the last several meetings became a bit insufficient to accommodate the increasing attendance, in addition to being somewhat inconveniently located. As it turned out, the number of attendees increased by more than 70% over last year, and seats that had not been arranged for use were hastily made available to shareholders. I was very glad to hear that, and was quite relieved to find that we were able to satisfy our shareholders.
As I mentioned in this blog last year, a shareholders general meeting is a public company’s supreme decision-making body. We corporate directors must carry out our duties in full awareness of the fact that we are responsible for realizing the kind of company management that can obtain our shareholders’ willing agreement to all the proposed resolutions.