Chori’s AGM in 2020 | Increase both Chori’s and Toray’s shareholders’ value
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

Chori’s AGM in 2020

 Strategic Capital attended the AGM and expressed our opinions. Please refer here for more details (Japanese only).

The following is a summary of our key points made at the meeting.

●Despite recent challenges from COVID-19, profits have increased steadily over the past several years, as a shareholder, we commend this, especially delivering on the 3-year medium-term plan in only two years. However, it is a shame that both shareholder and enterprise value remain depressed, and that shareholder value rarely exceeds even the liquidation value of the firm.

Do the directors even want to increase shareholder value?Even if you made an effort and were able to improve on business results, it is very irresponsible to ignore and not try to also improve enterprise and shareholder value. We have put forward several proposals that we believe will be effective in not only increasing shareholder value above its liquidation value but improve it even more, but if the company has any ideas, we would like to know.

 The following are key points from the Q&A.


Much like the previous medium-term management plan, the new plan damages shareholder value by accumulating equity capital. Did you have any discussions with parent company, Toray, when developing this new medium-term management plan?


None at all.Mr. Yabu chaired the meetings and developed the medium-term management plan in concert with the directors and senior executives of Chori.

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