August 4, 2010

Details of our “ Annual shareholders meeting Survey” results○ Early Notification has become a Common Practice
A significant number of respondents having a March fiscal year end (177 companies) reported that the date of theirannual shareholders meeting fell between June 24 and June 29; June 29 was the most popular date for annual
shareholders meetings in Japan. More than 60% of respondents said that they send notices to their shareholders
sometime between June 1 and June 7, three weeks prior to their annual shareholders meeting. Considering theresults of our survey in the prior year, we can conclude that the practice of sending out early notifications has
become common among Japanese public companies.
Q1 2010 Annual Shareholders Meeting Date (n=177)(Companies)
60565037403025

30June 26

June 25

June 24

3June 23

1June 221June 21

June 19

June 18

June 17

June 1600June 20

61June 29101513June 28

16

June 2720

Q2 Meeting Notification Mailing Date (n=177)(Companies)
40343530
25
192018 182015910May 26

01010June 13May 2504June 121June 61June 5086May 300136May 290May 242May 235May 225111/5

June 14June 11

June 10

June 9June 8June 7

June 4

June 3June 2June 1

May 31

May 28May 27

May 210August 4, 2010
○ Pre-Meeting Activities
A total of 178 respondents engaged in some type of IR activity prior to their annual shareholders meeting. Of those,
174 said that they published their meeting notification in Japanese on their corporate Iwebsites. A total of 86 firms
published their meeting notification in English on their corporate websites.
Focusing on companies with a March fiscal year end (177 firms), 152 said that they performed some type of IR
activity prior to their annual shareholders meeting.
(Data for March FYE Companies)
Q3 Pre-Meeting Activities (n=177) *multiple answers possible(Companies)(85.9%)

160

Japanese

152

English

140
120

78

(36.2%)

6460(18.6%)(6.2%)

11(9%)(9%)

16 (4.5%)
816 (1.7%)
325

None

24 (7.3%)(3.4%)
13(1.7%) (0.6%)
6 (0%)
3 10
Pre-Meeting Survey
Sent to Shareholders

Extensive
Notification
Reference Materials,Business Reports

0Notification Postedon CorporateWebsite

20(14.1%)

33

Securities Report
Provided Prior to
Annual Shareholders
Meeting(7.3%)

13

Extensive Notification
Reference Materials

40

Other(13.6%)

Explanation toShareholder Voting
Service80(44.1%)

Explanation of
Proposed Resolutions
to Institutional Investors

100○Shareholders Ask More Questions; Q&A Sessions Last Longer
Of all respondents, 183 companies (85.9%) took questions from shareholders during their meetings. Elevenquestions or more were taken most commonly (76 companies, 35.7%). With more questions, the average length of
QA sessions also increased. A total of 101 companies (47.4%) took 30 minutes or longer for shareholder questions
during their most recent annual shareholders meeting. In last year’s survey, 74 companies responded that they took
11 questions or more from shareholders, with 98 firms reporting a QA session of 30 minutes or longer.
Of those companies with a March fiscal year end, 153 (86.4%) said that they took questions from shareholders.
Most frequently, companies (66 firms, 37.3%) reported that they took 11 or more questions during their annual
shareholders meeting. A total of 86 companies (48.6%) responded that they took 30 minutes or longer for theirquestion-and-answer sessions.
In a free-form survey question, respondents noted that the most characteristic questions concerned disclosure ofindividual internal director salaries and external director activities.
Two of the respondents said that their companies provided a live feed of their annual shareholders meeting.

2/5

August 4, 2010
(Data for March FYE Companies)
Q9 (1) No. of Shareholder Questions (n=177)(Companies)
60 (30.5%)545040(17.5%)31(13.6%)30
24(10.2%)

1820(1.1%)(1.1%)

22
No Questions

No Response

421 Questions or more

620 Questions

618 Questions

15 Questions

617 Questions

516 Questions

514 Questions

313 Questions

11 Questions

6 to 10 Questions

1 to 5 Questions

0312 Questions

819 Questions(4.5%) (1.7%) (1.7%) (2.8%) (2.8%) (3.4%) (3.4%) (3.4%) (2.3%)

10Q9 (3) QA Session Length (n=177)(Companies)

40

36 (20.3%)35(14.7%)30

26

25(13.6%)(13.6%)

24

24(9.6%)1513

1210(2.3%)(4.5%)(4.5%)

88(2.8%)53/5

90 Minutes

80 Minutes

70 Minutes

60 Minutes

40 Minutes30 Minutes

20 Minutes

1 to 10 Minutes

50 Minutes

450(7.3%)(6.8%)No Questions

17No Response20August 4, 2010
○ Overall Length of Annual Shareholders Meeting(Data for March FYE Companies)
Q9 (3) Overall Length of Annual shareholders meeting (n=177)(Companies)
35(18.1%)(18.1%)
32
3230(12.4%)

25(13%)(13%)

232223(11.3%)

2020(7.3%)

1513(5.1%)

9105030 Minutes

45 Minutes

60 Minutes

75 Minutes

90 Minutes

105 Minutes

120 Minutes

No Response○ Advancements in Information Disclosure to the General Public
A total of 165 respondents (77.4%) stated that they published the details of the proceedings of their annualshareholders meeting to the general public in some manner. Among those, 64 companies posted the results ofshareholder voting in English on their corporate websites.
(Data for March FYE Companies)
Q11 Disclosure of Annual Shareholders Meeting Proceedings (n=177) *multiple answers possible(Companies)160(80.2%)
142JapaneseEnglish

140
120
100

(20.3%)
36(14.7%)
26

21(4.5%)8(3.4%)
6(0%)(4.5%)
804/5

NoneMeeting ResultsPosted onCorporate IRWebsite0(2.3%)
4(19.8%)35

Other20(11.9%)

Meeting Published toOther Investors/NewsMedia on Day ofMeeting(12.4%)
22

Meeting Materials
Posted on
Corporate IRWebsite

40

Meeting Report inText/Graphics Posted
on Corporate IRWebsite

60(32.8%)
58

Meeting Video
Posted on
Corporate IR
Website80

August 4, 2010
○ A Total of 143 Respondents Tally the Results of Shareholder Votes on the Same Day as their Meeting
In our survey, we asked March FYE companies about their disclosure of the results of shareholder votes.
Of those respondents, approximately 20% provided legally required disclosures in both Japanese and English on
their corporate websites.
(Data for March FYE Companies)
Q12 Disclosure of Shareholder Vote Results (n=177)(Companies)
200(98.3%)
174

Japanese

English150(54.2%)
96100(18%)(7.3%)

32(7.3%)(3.4%)
6

Translated Legally
RequiredJapanese-Language
Disclosures into English
for Corporate IR Website

Detailed Disclosures (No.
of Yes and No votes, etc.)
Published on Corporate IRWebsite

13
Legally Required
Disclosures Published onCorporate IR Website

0

Legally Required
Disclosures(special report)

135/5(4.5%)
8Other50