(Excerpt)
(Friday, June ６, 2025, 9:24 am to 9:29 am)
- Q.
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The annual shareholders’ meeting season is approaching. I would like to ask about trends in the disclosure of annual securities reports.
In March, you requested all listed companies to disclose their annual securities reports before their shareholders’ meetings. In response, many companies are planning to disclose reports before their shareholders’ meetings this year. However, only one company plans to disclose three weeks in advance, which is considered to be desirable. This company actually disclosed their report yesterday, but most companies are now preparing for disclosure one or two days in advance because, according to them, the burden of accelerated disclosure is high.It is unlikely that the disclosure of the report on the day before the shareholders’ meetings will affect the exercise of voting rights. How do you evaluate these moves by the companies?
- A.
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As I mentioned in my request in March this year, as for providing appropriate information prior to the shareholders’ meetings, I believe that it is desirable to disclose annual securities reports at least three weeks prior to the shareholders’ meetings so that investors can come to the meetings with an understanding of information that is useful for making decisions. However, I am aware that it is difficult for many listed companies to immediately take such action owing to practical issues.
In reality, 90% or more of companies present their annual securities reports on the same day or within a few days after the shareholders’ meetings. As a first step in promoting efforts to disclose annual securities reports at a desirable time prior to the shareholders’ meetings, this year, we asked companies to consider disclosing their annual securities reports the day before or several days before the shareholders’ meetings. We would like to welcome the fact that a growing number of companies are actually disclosing their reports before the shareholders’ meetings based on the request.
In order to further promote efforts by listed companies to provide appropriate information to investors prior to the shareholders’ meetings, the Financial Services Agency will continue to work with relevant ministries and agencies to develop the necessary environment, taking into account the issues that have been pointed out in disclosing annual securities reports not less than three weeks in advance, including the issues faced by companies, and ultimately to create a situation where their reports are disclosed not less than three weeks in advance.
