150th General Shareholders' Meeting

The 150th annual general shareholders' meeting was held on June 25, 2020 at The Ritz-Carlton, Osaka.

The meeting opened at the scheduled time of 10:00 a.m., beginning with a report on the business situation and a summary of the Company's performances. This was followed by answering questions raised by the attending shareholders, and ended by passing resolutions for the items that were raised. A shareholder asked whether appropriate communication is being practiced within the Company, to which we responded by describing the frank corporate atmosphere that we have in our company.

Over the past few years, the number of shareholders attending the meetings continued to rise, with more than 1,000 shareholders being present at the previous meeting held last year. However, this year, there was a noticeable number of empty seats, even with the distanced seating layout that was set up this time, partly due to having informed the shareholders about making use of written or online proxy voting in order to prevent the spread of COVID-19. Those who attended were asked to cooperate with unprecedented procedures when they arrived at the venue, such as using alcohol disinfectants, wearing masks, and shortening the discussion time for each item on the agenda. The meeting proceeded smoothly, for which we would like to take this opportunity to thank everyone for their cooperation.

Japan has managed to come out from the worst phase of COVID-19. However, we remain worried about the coming of a second and third outbreak, raising concern about a long-term economic stagnation. There are also ongoing political and geopolitical risks, such as the US-China trade dispute and the situation in the Middle East, so that this sense of uncertainty about our future is expected to continue. Although we face a tough business environment, we will strive to bring the Company back on a growth track by working to further enhance the SEQCDD (safety, environment, quality, cost, delivery, and research & development), which are at the basics of manufacturing, while also reorganizing our business structure to improve profitability, and transforming our ways of working in order to improve productivity. We will continue to give our every effort toward answering the expectations of not only our shareholders but all of our stakeholders, with the spirit of "banji-nissei" (do your sincere best not only in business but also every aspect of your life).