On June 16, the 134th Annual General Meeting of Shareholders was held at JP Tower Nagoya (Nakamura-ku, Nagoya).
As in the previous year, we had asked shareholders in advance not to come to the meeting from the viewpoint of preventing the spread of new coronavirus infection.
This year, we also introduced for the first time a system that allows shareholders to view the General Meeting of Shareholders via a live webcast online.
This method is a combination of real shareholder meetings and online, the so-called "hybrid participation virtual shareholder meeting”.
As stated in our Corporate Governance Report, we decided to deliver the meeting online in order to ensure appropriate disclosure and transparency.
As a result, 45 shareholders attended the meeting at the venue (39 last year), and 15 shareholders viewed the meeting online.
I chaired the meeting as I did last year.
I feel that I was able to give a thorough explanation of the "Business Report" and "Issues to be Addressed" to the shareholders.
Explanation to Shareholders
While the external business environment has been challenging, our group has been working cross-sectionally to strengthen our earnings structure in light of the decline in profitability in recent years, including efforts to strengthen our global supply chain, activities to reduce raw material and logistics costs, and restructuring of our business structure in the electronics field.
We will continue to make steady progress toward our goal of becoming a "Global Excellent Manufacturing Company," a corporation that contributes to safety, comfort and the environment for people, society, and the earth, and which is needed around the world.
Question and Answer Session
The shareholders asked several questions.
In response to the question, "Why is business profit decreasing while sales are increasing compared to the previous year?
I responded as follows;
“In FY 2021, we were not able to generate the business profit as we would have liked due to increased expenses caused by soaring raw material prices and logistics costs. We will continue further negotiations with our customers.”
Two full years have passed since I became the president, and I strongly feel that it will become even more important to "respond flexibly to change without being bound by past concepts" in response to the changes of these times.
Let us continue to respond to changes in a speedy and appropriate manner so that our shareholders will become fans of our company, and let us move forward with the collective strength of our 25,519 group employees (as of March 2022).