【Principle 1-4】

■ Policy on Reduction of Cross-Shareholdings in Listed Companies

In addition to obtaining dividends and capital gains, from a management strategy viewpoint, the Company holds shares in listed companies as deemed necessary for forming positive relationships with business partners and enhancing corporate value over the medium to long term by promoting smooth operations through efficient and stable transactions, business alliances, etc.
Among these shares, the Company adopts a basic policy of selling shares whose grounds for holding have weakened as soon as practicable. Furthermore, at the Board of Directors meetings held annually in April, the Company comprehensively considers the economic rationality of each individual issue of shares, such as the contribution to business revenue and whether the actual returns exceed the earnings targets based on capital costs, the holding purpose, the status of transactions and other factors, and regularly verifies whether to continue holding the shares and the selling schedule.
In the annual securities report for the fiscal year ended March 31, 2020, the Company announced its policy to “reduce equivalently 20% of the number of cross-shareholdings compared with those held at the end of FY2019 over the next two to three years,” and achieved the plan by the end of May 2021 ahead of schedule.
Subsequently, on May 11, 2021, at the time of the full-year financial report for FY2020, the Company newly announced its policy to “make additional sales targeting ¥10 billion over approximately the next two years,” and based on this policy, during FY2021, the Company sold all of two issues and a portion of two issues for a total of ¥7,808 million, based on market value as of the end of FY2020, achieving the majority of the target of said policy in FY2021. The Board of Directors resolved to continue this policy at its meeting held on April 6, 2022, and will continue the policy in FY2022 toward further reduction of cross-shareholdings.
The balance of cross-shareholdings at the end of March 2022 is equivalent to 17.5% of total equity of ¥444,590 million at the end of March 2022, and cross-shareholdings excluding overseas issues are equivalent to 9.8% of total equity. The number of cross-shareholdings as of the end of March 2022 was 57, compared to 59 as of the end of March 2021.
On May 24, 2022, the Company acquired an additional 3.9% stake in Premier Foods plc, making it an equity-method associate of the Company. As a result, said stock was excluded from cross-shareholdings, and the balance of cross-shareholdings excluding said stock at the end of March 2022 was ¥47,829 million, equivalent to 10.8% of total equity as of the end of March 2022.

■ Standards for Exercising the Voting Rights as to Cross-Holdings of Shares

In exercising voting rights of shares in listed companies held, the Company appropriately exercises them by evaluating overall factors including if such exercise contributes to enhancing its corporate value over the medium to long term and if it contributes to common interests of shareholders of the companies of which shares the Company holds.

【Principle 1-7】

■ Transactions with Related-Parties

In the event of transactions between a Director and the Company (self-transactions and indirect transactions) or transactions between a principal shareholder (with 10% or higher holding) and the Company, the appropriateness of the contents and economic rationality of such transactions shall be discussed before their implementation at a meeting of the Board of Directors, and in addition, the Director who carried out said transaction shall be required to report said transaction at a meeting of the Board of Directors without delay after implementing said transaction. The Company has set forth these procedures in the Board of Directors Regulations and other internal company regulations.

【Principle 2-4 (1)】

【Principle 2-6】

■ Roles as Asset Owners of Corporate Pension Funds

To ensure that beneficiaries continue to receive stable pension benefits in the future, the Group formulated the composition ratio for plan assets, keeping in mind risks and returns. The management status of plan assets is regularly monitored and the composition ratio for plan assets is reviewed as necessary by the Asset Management Committee, which is composed of members including the Company’s finance and accounting division. The pension plan management institution is comprehensively evaluated and monitored taking into consideration information such as their management performance, management policy, management structure, and management process.
Nissin Food’s Corporate Pension Fund declared that it accepted the Stewardship Code in September 2020. In its capacity as an institutional investor as an asset holder, the Group intends to monitor and engage in dialogue with the asset management trustees to whom it entrusts its asset management operations, fulfilling its stewardship responsibilities and seeking to enhance the corporate value of portfolio companies and promote their sustainable growth through dialogue with the companies in which it invests.

【Principle 3-1 (1)】

【Principle 3-1 (2)】

■ Basic Concept and Policies on Corporate Governance

While providing worry-free and safe foods, and promoting businesses to maximize benefits to all stakeholders including shareholders, consumers, employees, business partners, local communities, and local residents, the Company recognizes enhanced and strengthened corporate governance as one of the top priorities for management and strives for highly objective and transparent management. To achieve this objective, the Company has already appointed more than one Outside Director and Outside Audit & Supervisory Board Member, and has proactively incorporated the opinions of outside experts in management, thereby endeavoring to invigorate management and make it transparent. In particular, in regard to Directors, based on a resolution at the 68th Ordinary General Meeting of Shareholders held on June 28, 2016, we have reduced the number of Internal Directors by six, to three, and based on a resolution at the 74th Ordinary General Meeting of Shareholders held on June 28, 2022, we have further increased the number of Outside Directors by one, to six. By making Outside Directors the majority, the Company is further strengthening supervisory functions and promoting swifter decision-making.

As a company with an Audit & Supervisory Board, the Company has a system for monitoring the Directors’ execution of duties with three Audit & Supervisory Board Members (of which, two are Independent Outside Audit & Supervisory Board Members). Furthermore, the Company is striving to further enhance corporate governance by placing several staff specializing in assisting the operations of Audit & Supervisory Board Members, enhancing the Internal Auditing Office, which improves the efficiency of audits by cooperating with Audit & Supervisory Board Members, and reinforcing the internal control systems, etc.

【Principle 3-1 (3)】

■Policies and Procedures in Determining the Remuneration

For details, please refer to II. 1 [Director Remuneration] “Disclosure of Policy for Determining Remuneration Amounts or Calculation Methods Thereof.”

【Principle 3-1 (4)】

■ Policies and Procedures for Selection of Candidates for Directors and Audit & Supervisory Board Members

〈Composition of the Board of Directors and Criteria for Selection of Candidates for Directors〉

In order to develop the Group’s operations in Japan and overseas under its philosophy, “EARTH FOOD CREATOR,” the Group selects candidates who possess extensive experience, deep insight, and advanced specialization, while comprehensively taking into account the balance of knowledge, experience, and capabilities; diversity in fields of specialization , gender and age, as well as race, ethnicity, nationality and country of birth; appropriateness of scale of the Board of Directors as a whole and other factors.
Candidates for Internal Directors are selected from among those people who are involved in Group management, such as Executive Officers, Chief Officers, Presidents of operating companies, and Chief Representatives in each area, in addition to President & Representative Director, CEO, Executive Vice President & Representative Director, COO.
Candidates for Outside Directors are selected from those who, as well as satisfy the standards of the Companies Act, are management executives, academic experts and the like, based on their deep insight and advanced specialization with extensive experience in domestic and overseas economics, finance, industry trends, corporate strategy, marketing, advanced research, etc., and who are capable of not only checking in the Board of Directors meetings from an objective standpoint the legality of management and the appropriateness of decision-making in the execution of duties, but also, the Group expects, providing advice leading to business activities that will enhance corporate value in the Board of Directors meetings, etc.
As for the procedures for the above, candidates are decided by the Board of Directors after the appropriateness of them is deliberated and verified by the Management Advisory Committee.
Candidates for the management team (hereinafter refers to Directors with special titles and Executive Officers with special titles) are selected from among persons selected as Director and from among the Executive Officers in principle who have past achievements, a strong ownership and sense of responsibility toward realization of the Group’s philosophy, and popularity from inside and outside the Company for exceptional capabilities in decision-making, reaching breakthroughs, winning peoples’ hearts and minds, and a clear sense of morals and values, as well as having broad experience and knowledge relating to corporate management, a keen spirit to acquire cutting-edge insight, and excellent business judgement. After the selected individuals are subjected to the deliberation and verification by the Management Advisory Committee, the Board of Directors judges whether these selected individuals are suitable persons as members of the management team.
Concerning dismissal of members of the management team, in addition to the annual examination carried out by the Management Advisory Committee based on performance results, in the event of circumstances arising suggestive of the individual meeting the criteria for dismissal (through (1) an action that violates the laws and regulations, the Articles of Incorporation, or internal rules such as the Code of Conduct and that has caused or has the risk of causing a significant loss or a hindrance of business in the Group, (2) a significant difficulty in execution of duties, and (3) revelation that the individual is lacking the various requirements stated in the criteria for selecting), the grounds for the dismissal shall be examined and verified at the Management Advisory Committee and the decision of dismissal will be made by the Board of Directors.

〈Composition of the Audit & Supervisory Board and Criteria for Selection of Candidates for Audit & Supervisory Board Members〉

Based on the Companies Act and other laws and regulations, as well as the Articles of Incorporation and other regulations, the Audit & Supervisory Board audits the process of decision-making by the Directors and the status of their execution of duties.
The number of the Audit & Supervisory Board Members is four or fewer, the majority of whom are Outside Audit & Supervisory Board Members.
The criteria for selecting candidates for Audit & Supervisory Board Members (internal) is to select people who can perform auditing and ensure management soundness from a perspective based on extensive operational experience in the Group.
The criteria for selecting candidates for Outside Audit & Supervisory Board Members is to select people who satisfy the standards of the Companies Act, and who have extensive experience and advanced specialization, which are necessary for audit.
As for the procedures for the above, candidates are decided by the Board of Directors after the appropriateness of them is deliberated and verified by the Management Advisory Committee and the approval of the Audit & Supervisory Board is obtained.

〈Criteria for Assessing Externality and Independency of Independent Outside Directors and Independent Outside Audit & Supervisory Board Members〉

The Company appoints Outside Directors and Outside Audit & Supervisory Board Members as independent directors and independent audit & supervisory board members in accordance with requirements for outside directors and outside audit & supervisory board members defined in the Companies Act and the criteria for independency defined by the Tokyo Stock Exchange.

【Principle 3-1 (5)】

■ Reasons for Nominating Each Candidate for Directors and Audit & Supervisory Board Members

Reasons for nominating each candidate for Directors and Audit & Supervisory Board Members are stated on the Notice of the 74th Ordinary General Meeting of Shareholders posted on the Company’s website.

Shareholders' Meeting

【Supplementary Principle 3-1 (3)】

【Supplementary Principle 4-1 (1)】

■ Agenda for Deliberation at the Board of Directors

To implement the corporate strategy and achieve the target metrics of operating performance, the Board of Directors of the Company with attendance of Outside Directors engages in comprehensive and substantive deliberation over corporate strategy, medium- to long-term plans and business challenges. Accordingly, the Board of Directors determines certain important matters for the Company and the Group companies including M&A, organizational change, and a large amount of asset acquisition or disposal in accordance with these strategies. To ensure prompt execution of duties, the Board of Directors makes decisions based on the amount, etc. specified in the Approval Regulations and delegates any subjects that fall below the specified amount to such subordinate functions as the Management Committee; President & Representative Director, CEO; Executive Vice President & Representative Director, COO; Executive Officers; Chief Officers; and regional Chief Representatives.

【Supplementary Principle 4-1 (3)】

■ Succession Plan for CEO

To develop perpetually as an EARTH FOOD CREATOR, the Group must strategically groom corporate managers who set forth a medium- and long-term mission and realize and execute the corporate philosophy.
When choosing the CEO successor, candidates are selected from among persons selected as Director and from among the Executive Officers in principle who have past achievements, a strong ownership and sense of responsibility toward realization of the Group’s philosophy, and popularity from inside and outside the Company for exceptional capabilities in decision-making, reaching breakthroughs, winning peoples’ hearts and minds, and a clear sense of morals and values, as well as having broad experience and knowledge relating to corporate management, a keen spirit to acquire cutting-edge insight, and excellent business judgement. After the selected individual is subjected to the deliberation and verification by the Management Advisory Committee, the Board of Directors judges whether the selected individual is suitable person as the successor.

【Principle 4-8】

■ Number of Independent Outside Directors and Ratio of Independent Outside Directors in the Board of Directors

The Board of Directors of the Company comprises nine Directors, of which four are Independent Outside Directors, and accordingly the ratio of Independent Outside Directors in the Board of Directors is greater than 1:3. In addition to the Independent Outside Directors, there are also two more Outside Directors. Including the four Independent Outside Directors, there are six Outside Directors in total. As a result, Outside Directors make up the majority of Directors under the existing system, and there is effective action being taken to make management more transparent and to strengthen the supervisory function.

【Principle 4-9】

■ Criteria for Externality and Independency of Independent Outside Directors

The Company appoints Outside Directors as independent directors in accordance with requirements for Outside Directors defined by the Companies Act and the independence standards set out by the Tokyo Stock Exchange.

【Supplementary Principle 4-10(1)】

■Concept, Authority and Roles Related to Voluntary Nominating Committee and Remuneration Committee and Related to Independence of Committee Structure

In 2015, the Company established the “Management Advisory Committee,” which is chaired by an Independent Outside Director and the majority of which are Independent Outside Directors, in order to strengthen the supervisory functions of the Board of Directors and at the same time ensure transparency and fairness in management. Furthermore, in internal regulations, the Board of Directors is required to consult with the Management Advisory Committee prior to its deliberation and resolution of particularly important matters concerning the Company’s corporate governance system, such as nominations, remuneration, etc. related to management, including Directors. The Management Advisory Committee, which receives consultations, contributes to discussions by the Board of Directors by reporting these deliberation results to the Board of Directors. Moreover, the Board of Directors works to ensure fairness and transparency through the need to deliberate and resolve related matters, having respect for reports from the Management Advisory Committee and taking them into full consideration.
For details related to the Management Advisory Committee, please refer to “II. Business Management Organization and Other Corporate Governance Systems regarding Decision-making, Execution of Business, and Supervision in Management/1. Organizational Composition and Operation/[Directors]/Supplementary explanation.”

【Supplementary Principle 4-11 (1)】

■Views on the Balance of Knowledge, Experience and Capabilities, Diversity and Scale of the Board of Directors as a Whole

In order to develop the Group’s operations in Japan and overseas under its philosophy, “EARTH FOOD CREATOR,” the Group selects candidates who possess extensive experience, deep insight, and advanced specialization, while comprehensively taking into account the balance of knowledge, experience and capabilities; diversity in fields of specialization, gender and age, as well as race, ethnicity, nationality and country of birth; appropriateness of scale of the Board of Directors as a whole and other factors.
Based on the above policy, the Company clarifies the requirements, such as knowledge, experience, capabilities, etc., needed by officers of the Company in order to realize the management strategy, such as the medium- to long-term growth strategy. In addition, the “skill matrix,” which lists the reasons for selecting each of these requirements and the roles that each officer is particularly expected to play is described below.

Roles particularly expected of Directors and Audit & Supervisory Board Members

The Board of Directors of the Company shall be composed of persons suitably qualified as such of the Company who have the extensive experience, deep insight, advanced specialization and capabilities needed by the Company. Furthermore, in light of the “skill matrix,” which clarifies the requirements for them and was derived from management strategies, such as the mid- to long-term growth strategy, the Company selects a good balance of members to make up the Board of Directors so that there are neither too many or too few members in each field.
The “skill matrix” presents the roles particularly expected in order to make the most of the skills possessed by each member, and does not indicate all of the skills possessed by each member.

〈Skill matrix〉

Name	Positions and responsibilities	Independence	Skill
			Corporate management	Brand strategy	Food Tech	Sustainability	Structural reform	Finance and accounting	Risks and Legal affairs
Koki Ando	President & Representative Director, CEO	◯	◯	◯	◯	◯
Noritaka Ando	Executive Vice President & Representative Director, COO	◯	◯	◯	◯	◯	◯
Yukio Yokoyama	Director, CSO, and Managing Executive Officer					◯	◯	◯	◯
Ken Kobayashi	Outside Director	◯	◯		◯	◯		◯	◯
Masahiro Okafuji	Outside Director	◯	◯	◯				◯	◯
Masato Mizuno	Outside Director	◯	◯	◯	◯	◯
Yukiko Nakagawa	Outside Director	◯			◯	◯	◯
Eietsu Sakuraba	Outside Director	◯		◯	◯	◯
Yuka Ogasawara	Outside Director	◯				◯		◯
Masahiko Sawai	Audit & Supervisory Board Member						◯	◯
Naohiro Kamei	Outside Audit & Supervisory Board Member	◯					◯	◯	◯
Chisugi Mukai	Outside Audit & Supervisory Board Member	◯						◯	◯

〈Details of each skill and reasons for selection〉

Skill		Details and reasons for selection
Corporate management		In order to formulate and execute a medium- to long-term sustainable growth strategy amid a dramatically changing business environment, it is necessary to have a solid knowledge, experience, and achievements in overall corporate management.
Brand strategy		In order to further clarify and establish the core values of “CUP NOODLES,” which has reached the stage that it can be called a global brand, and the competitive advantage of each overseas region, and to continue to grow over the medium to long term by steadily increasing sales and profits even in mature markets such as Japan, it is necessary to have a wealth of knowledge and experience regarding brand strategy.
Food Tech		In order to achieve (i) further advancement and development of the Company’s high technological capabilities; (ii) the realization of a stable supply of safe, secure, and high-quality products incorporating advanced technologies; and (iii) the creation of a new food culture that makes full use of creativity and food tech and the realization of the development of a complete food business as a FUTURE FOOD CREATOR, it is necessary to have knowledge that can make various innovations in the food field, and solid knowledge and experience in each field of quality, production, and technology development.
Sustainability		In order to promote CSV management for the realization of the Vision and sustainable growth, and to realize the challenge of effective utilization of limited resources and mitigation of climate change impact (EARTH FOOD CHALLENGE 2030), a wealth of knowledge and experience in the field of sustainability is necessary.
Structural reform	Human resources and organizations	In order to realize an innovative organization that continues to implement strategies and create a new food culture, and to define and implement the NISSIN-style transformation roadmap, a wealth of knowledge and experience in the human resources and organizational fields is necessary.
	IT	In an environment where IT technology is changing rapidly, a wealth of knowledge and experience in the digital field is required to promote the company-wide activity theme NBX (NISSIN Business Transformation) aiming to transform the business model itself not limited to pure digitalization.
Finance and accounting		In addition to accurate financial reporting, solid knowledge and experience in the financial and accounting fields are necessary to build a strong financial base, promote growth investments to achieve sustainable enhancement of corporate value, and formulate financial strategies that enhance shareholder returns.
Risks and Legal affairs		In order to establish an appropriate governance system that is the foundation of sustainable enhancement of corporate value and realize a stable supply of food, which is our mission, it is necessary to have solid knowledge and experience in the fields of risk management, corporate governance, and law.

The policies and procedures for the selection of candidates for Directors are explained in 【Principle 3-1 (4)】.

【Supplementary Principle 4-11 (2)】

■ Status of Concurrent Positions of Directors and Audit & Supervisory Board Members with Other Listed Companies’ Officers

The Company posts the status of concurrent positions of Directors and Audit & Supervisory Board Members every year in the Notice of Ordinary General Meeting of Shareholders.
Shareholders' Meeting

【Supplementary Principle 4-11 (3)】

■ Analysis and evaluation of Effectiveness of the Board of Directors

In order to achieve the sustainable growth of the Group and enhancement of its corporate value over the medium to long term, the Company confirms whether the Board of Directors is fulfilling its role and evaluates its effectiveness annually to enhance the effectiveness of the Board of Directors.
The evaluation method was determined based on the deliberations of the Management Advisory Committee and the Board of Directors, and evaluations were regularly carried out by a third party. At the Management Advisory Committee meeting held in November 2021, as a result of deliberations regarding the method to carry out evaluations of the effectiveness of the Board of Directors in the fiscal year ended March 31, 2022, the Company decided to carry out self-evaluations by way of questionnaires. The summary of the analysis and evaluation results of the questionnaire conducted for the fiscal year ended March 31, 2022 are as follows. In addition, the Independent Outside Directors have expressed the opinion that the assessment process performed for the fiscal year ended March 31, 2022 is appropriate.

(1) Assessment process

• (i)The Management Advisory Committee deliberated the evaluation process and items to be evaluated, which were reported to the Board of Directors. Based on the details of the Management Advisory Committee’s report, the Board of Directors deliberated and determined the method of evaluating effectiveness.
• (ii)The questionnaire was delivered to all Directors and Audit & Supervisory Board Members on a named basis, and the office for the Board of Directors aggregated and analyzed the answers.
• (iii)The Management Advisory Committee assessed effectiveness of the Board of Directors based on the analysis results, deliberated any issues and reported the results to the Board of Directors.
• (iv)The Board of Directors shared the assessment results and confirmed any issues to be addressed for the coming fiscal year.

(2) Structure of the questions

The questionnaire is comprised of 29 multiple-choice questions and two free-response questions in the following five categories. The response for each question has a five-level scale and there is a box to freely add comments for the applicable items.

• (i)Role of the Board of Directors
• (ii)Composition of the Board of Directors and the systems for nomination and remuneration of the members of management team
• (iii)Systems to support the Board of Directors
• (iv)Management of the Board of Directors
• (ⅴ)Management Advisory Committee

(3) Overview of the questionnaire results

The Company confirmed that both the supervisory functions and the decision-making functions expected to the Board of Directors were properly working and the effectiveness was being ensured.

(i) Overview of the results

Since an appropriate PDCA cycle (plan-do-check-act) based on the evaluation of effectiveness has been established in the past, the effectiveness of the Board of Directors has generally received high marks.

(ii) Efforts based on the evaluation result for the fiscal year ended March 31, 2021, and evaluation of results

In the evaluation of effectiveness for the fiscal year ended March 31, 2021, the Company decided that the “reflecting performance evaluations in HR” and the “enhancement of deliberations on important matters to be discussed” are necessary. In response to this, the Board of Directors of the Company took the following measures:
Initiatives for the “reflecting performance evaluations in HR” Strengthened the involvement of the Board of Directors in human resources for management, including Executive Officers, by discussing human resources policies at meetings of the Board of Directors, as well as introduced a new executive compensation system.
Initiatives for the “enhancement of deliberations on important matters to be discussed”
Strengthened operations by aiming to adjust the time required for each agenda item in order to secure time for reporting and deliberation of important matters.
As a result of the foregoing, it was confirmed at the time of the self-evaluations conducted in the fiscal year ended March 31, 2022 that particular improvements had been made in regard to the reflection of performance evaluations in human resources, which was an issue last year. On the other hand, it was indicated that further initiatives would be needed to enhance deliberations on important matters to be discussed.

(iii) Issues to be addressed for further improvement of the effectiveness

Although efforts have already been made, it was indicated that further efforts are needed to enhance deliberations on important matters to be discussed, and in addition, to enhance dialogue with shareholders and training for Directors.
We are committed to mounting efforts to increase effectiveness of the Board of Directors by making improvements on a continuous basis.

【Supplementary Principle 4-14 (2)】

■ Policy on Training Directors and Audit & Supervisory Board Members

To ensure that management supervision and auditing functions are sufficiently conducted by the Directors and Audit & Supervisory Board Members, the Company provides information necessary to the execution of duties in an appropriate and timely manner. Furthermore, to ensure sufficient deliberation at Board of Directors meetings, Outside Directors and Outside Audit & Supervisory Board Members are provided in advance with Board of Directors meeting materials, explanations, and related information. In addition, when such Outside Directors and Outside Audit & Supervisory Board Members assume office, they are provided with orientations, dialogues with the management team, and other ongoing opportunities for understanding the Company’s operations. Furthermore, the Company provides Directors and Audit & Supervisory Board Members with opportunities for training by third-party institutions, with the Company bearing the costs of such training.

【Principle 5-1】

■ Policy on Constructive Dialogue with Shareholders

For dialogues with our shareholders, the Company has assigned the General Affairs Division as contact point for individual investors and the IR Office for institutional investors.
For dialogues (interviews) with our shareholders, IR Office considers how to handle them with Representative Directors; the Director, CSO, and Managing Executive Officer; the Executive Officer and CFO; and other personnel, and takes appropriate actions.
The Company has the Finance Platform lead to work closely with PR Platform, General Affairs Platform, Legal Platform and other to exchange opinions based on their respective expertise in each division concerning disclosure and accountability of financial results, items subject to timely disclosure and the like.
The Company holds financial results meetings for institutional investors twice a year (the first half and the full year) and mainly President & Representative Director, CEO provides briefing. In addition, the Company arranges telephone conferences twice a year (the first quarter and the third quarter) where Directors and the Executive Officer and CFO provide briefing on the financial results. Other than this, the IR Office arranges opportunities to enhance dialogue by serving as a contact point for the appropriate carrying out of interviews with analysts and institutional investors, small meetings, etc.
For individual investors, the General Affairs Division takes the initiative in disclosing information on the Company’s website. Additionally, the Company holds presentation meeting for individual investors as necessary. There is a dedicated point of contact in the General Affairs Division. The IR Office and the General Affairs Division regularly collect opinions received from institutional investors and shareholders and share this information with the Representative Directors, officers, presidents of the Group companies, and other relevant divisions. In addition, this information is reported to the Board of Directors and at other meetings.
The Company obtains updated information on the shareholder composition from the register of shareholders as of March 31 and September 30 of every year, and performs research on substantial shareholders.
When engaging in dialogues with our shareholders and investors, the Company never communicates insider information (undisclosed material facts). The Company maintains “silent periods” from the date following the end of each quarter to the date of announcement of results, during which the Company refrains from communicating with our shareholders and investors concerning financial information.