July 15, 2016,11:15 +0900(JST) On the Day of Our Ordinary General Meeting of Shareholders, in the UK...
A general meeting of shareholders is a valuable opportunity for us to communicate with shareholders directly. This year, despite the hot weather, more than 800 shareholders attended the meeting. I would like to take this opportunity to express my sincere appreciation.
At the general meeting, we delivered reports on our business performance, audit results, and other topics. Afterwards, as usual, we received several questions.
The meeting happened to be held in the middle of the voting for the national referendum of the UK to decide whether the nation should leave the EU or not. Accordingly, some of the questions from our shareholders were related to expected influence on Sumitomo Electric if the country should decide to withdraw from the EU.
Partly because I used to work in London, I carefully watched the country's historic "choice of destiny." As you may know, the result of the vote counting that garnered worldwide attention is to "Leave." It is hard to say yet what types of influence this decision by UK voters will have on global politics and economies. It is expected that Japanese companies will also be affected more than a little in such areas as future foreign exchange, stock prices, and customs.
The European Constitution will continue to be effective for two years even after the UK applies to leave the EU and concludes the necessary agreement with the EU. During this period, at Sumitomo Electric, we would like to identify future trends carefully, and make an appropriate response to each concern.