Inspection of the minutes from Chori’s Board of Directors meeting | Increase both Chori’s and Toray’s shareholders’ value
会社概要
What we hope Tosho to improve the shareholders’ value as a shareholder are
1) Increase the value of the overall Toray Group by increasing shareholder value of Chori and
2) Improve corporate governance

Inspection of the minutes from Chori’s Board of Directors meeting

 In February 2020, Strategic Capital inspected the minutes from Chori’s Board of Directors meeting. The purpose was to review the policies and economic rationale behind the continued holding/reducing of cross shareholdings.

 Unfortunately, parts of the minutes related to cross-share strategic holdings were blacked out, even the points discussed, and there was no material attached.

 Given it is written “based on materials,” it can naturally be assumed that some material was attached to the minutes of the Board of Directors meeting, and referred to Chori.

Strate-
-gic
Capital

We reviewed the minutes of the Board of Directors meeting, and noticed that parts of it were “based on materials.” To clarify, are there any attachments or additional materials from the minutes of the Board of Directors meeting “based on materials”? If so, we would like to receive copies of those as well.

Chori

Regarding your inquiry, there are no attachments or additional materials from the minutes of the Board of Directors meeting “based on materials”.


 It is clear from the minutes that the directors were referring to materials while discussing. Nevertheless, not attaching reference material used in the meeting is a very ‘sloppy’ way for a listed company to create and store the minutes from the Board of Directors meeting. One can’t help but think the argument on the economic rationale was ‘sloppy’.

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Toray’s AGM in 2020

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