About our Shareholder Proposal to Toray | 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

About our Shareholder Proposal to Toray

Our shareholder proposal is as follows.

Revision of the provisions of articles with regard to management of subsidiaries

(For more details please refer here

Purpose of the Shareholder Proposal – To have Toray fulfil its responsibilities as a parent company

 Toray’s Representative Director, Murayama, says Chori is a “good company” (For more details refer here). However, even if Toray believes that Chori is a “good company” for them, the same cannot be said for Chori’s minority shareholders.

 First, directors of parent companies are responsible for maintaining and improving the value of its subsidiaries (For more details on duties of the parent company refer here). However, Chori’s shareholder value has not increased while their net income has increased, because they have adopted a capital policy that accumulates equity capital (For more details refer here). It is difficult to say that Toray’s directors have fulfilled their responsibilities.

 Therefore, we propose that Toray follows the “Practical Guidelines for Group Governance Systems” issued in June 2019 by METI (For more details refer here) and takes appropriate action regarding its subsidiaries.

TOPIC:Practical Guidelines for Group Governance Systems (Group Guidelines) Executive Summary

(Source:Guidelines for Group Governance Systems (Group Guidelines) Executive Summary Page 18 highlights by Strategic Capital

The ratio of favour votes to our proposals

The ratio of favour votes to our proposals is below.
Please see here for details.

(Source: Strategic Capital based on extraordinary report in 2020)

  • 株式会社ストラテジックキャピタル


The lastest updates are
Toray’s AGM in 2020

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