November 18, 2021

Japan Investor Relations Association Announces
2021 IR Award Winners
The Japan Investor Relations Association (JIRA, Chairman: Naoki Izumiya, Honorary Advisor,Asahi Group Holdings, Ltd.), the only privately-run non-profit organization working for theproliferation and improvement of investor relations (IR) activities in Japan, has announced
the 2021 IR Award winners.
The IR Award (Committee Chairman: Tetsuo Kitagawa, Ph.D., Emeritus Professor ofAoyama Gakuin University and Professor of Tokyo Metropolitan University) is designed torecognize companies which have been highly accredited in the investment community for
their understanding and promotion of IR activities. This year marks the 26th year since thefirst IR Award. The 2021 IR Award winners have been selected with an emphasis on thefollowing initiatives.
[Management strategy during and after COVID-19] Initiatives to announce
management strategies during and after the novel coronavirus (COVID-19) pandemic
with consideration to the interests of capital markets, and to explain and engage indialogue with investors concerning progress and results. Efforts to clarify attitudes
toward environmental changes such as digital transformation (DX), information
security, and supply chain management

[Evolution of constructive dialogue] Initiatives to create opportunities for dialogue
with management and outside directors, and promote the evolution of dialogue interms of disclosure, such as by enhancing information on return on capital by businesssegment and information related to the Board of Directors[Enhanced information disclosure regarding sustainability] Initiatives to enhance
information disclosure and engage in dialogue concerning sustainability, such as
climate change and human rights, through the improvement of integrated reports andother measures[Connecting shareholders and investors with stakeholders] Initiatives to devise amechanism to connect the corporate value expected by shareholders and investors
and the corporate value expected by other stakeholders, and to explain it and engage
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in dialogue about it, based on the management philosophy with consideration tovarious stakeholders
[Activities that are easy for new shareholders to participate in] Initiatives torealize easy-to-participate IR activities and dialogue through Web conferences andother activities, by taking into account the information needs of individual investorsand domestic and overseas institutional investors, who may potentially become newshareholders

[Early recognition of and response to risks] Initiatives to promptly indicate
awareness of and responses to potential risks despite difficulty in forecasting outlooks

Committee Chairman Tetsuo Kitagawa commented: "The companies selected for the IRAward this year have disclosed information and have provided a convincing explanation evenduring the persistent impacts of the COVID-19 pandemic. These companies’ top
management have been highly noted by the investment community for their attitude ofthoroughly presenting the COVID-19 impact on business performance and the direction ofmanagement. Their dialogue with investors has become deeper on the theme ofmanagement reforms, such as the transformation of business strategy and the promotion ofdigital transformation (DX). Their entire corporate groups are committed to improving
corporate value over the medium to long term, and have been highly evaluated for theirsustainability management initiatives based on the management philosophy. The IR
departments of these companies have shared the perspectives of investors with theexecutives and are also working to provide more opportunities for investors to engage indialogue with their executives and outside directors. We also saw an improvement in thelevel of integrated reports (that clearly show the value-enhancing process) and of ESG
briefings. The winners of the Best IR Award for Encouragement have also received highacclaim from investors based on effective communication by their top management, thepreparation of materials that explain strategies in an easy-to-understand manner, theutilization of Web delivery, and innovative ways of explaining their businesses."
Of the JIRA member companies, 293 publicly-traded companies applied for the 2021 IR
Award and a total of 14 companies were selected and received awards: the IR Grand Prix
was given to two companies, the Best IR Awards to six, the IR Special Awards to three, andthe Best IR Awards for Encouragement to three. The major reasons for the selection withprevious award records for each winner are stated in the Supplementary Information.

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IR Grand Prix (Listed in the order of the Japanese syllabary; the same applies hereafter)
J. Front Retailing Co., Ltd.
Mitsui & Co., Ltd.
Best IR Award
Asahi Group Holdings, Ltd.
Ajinomoto Co., Inc.
Shimadzu Corporation
TechnoPro Holdings, Inc.
Tokyo Electron Limited
Yaskawa Electric Corporation
IR Special Award
Sato Holdings Corporation
LIXIL Corporation
Wacoal Holdings Corporation
Best IR Award for Encouragement
Asteria Corporation
SWCC Showa Holdings Co., Ltd.
Vision Inc.
Details of each award
Best IR Award
This is the annual award given to the publicly traded companies with best IR practices among
members of the Japan Investor Relations Association (JIRA).
IR Grand Prix
This award, introduced in 2005, is given to companies that have been awarded the Best IRAward twice in the last 10 years, and are worthy of being selected for a third time. The awardwinners are excluded from consideration for the Best IR Award for two years from the year
they receive an award.
IR Special Award
Companies selected for this award are given from among applicants for the Best IR award.
They include companies that take on a leadership role in IR activities in their respectiveindustry, consistently improve IR practices and are highly regarded for promoting their IR toindividual investors. This award was introduced in 2005.
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Best IR Award for Encouragement
Out of the applicants for the Best IR Award, the companies selected in this award category
are: listed either on emerging markets or the Second Section of the Tokyo Stock Exchange;
companies listed for less than ten years on the First Section of the Tokyo Stock Exchange;or small and midcap companies which apply for the Best IR Award for the first time. Thisaward was launched in 2002.
Three-step selection process
1)

The first screening was based on the surveys filled out and submitted by applicantcompanies. (259 companies were selected for advancement to the second screening.)

2)

The second screening was conducted by 14 selected committee members, comprisingof securities analysts, institutional investors, journalists and others. They closely
examined 202 candidate companies for the IR Grand Prix, Best IR Awards and IR
Special Awards, and 57 candidate companies for the Best IR Award for Encouragement.

3)

The final (third) screening was conducted by all committee members, including
academics, attorneys and other experts in addition to the above select members.

Selection of the “Most Liked!” IR Award winners
Commemorating the 25th anniversary of the Best IR Award, the “Most Liked!” IR Award has
been newly created in 2020. Going forward, winners will be selected when appropriate. Its
objectives are to reflect the viewpoints of companies that applied for the IR Award based on
their voting, share their proactive IR experiences, and realize best practices. The theme for2021 is contributing to sustainability. Please see the details and selected companies on thewebsite of the Japan Investor Relations Association.
https://www.jira.or.jp/english/index05.html
For inquiries:
Japan Investor Relations Association (JIRA) Secretariat
Tel: +81-3-5259-2676; Fax: +81-3-5259-2677
E-mail: free@jira.or.jp Website: https://www.jira.or.jp/english/index.html
About the Japan Investor Relations Association (JIRA):
JIRA, founded in 1993, is a non-profit organization which promotes IR practices in Japan. It
has 620 members as of October 1, 2021. Its major activities include IR education, surveys
and research, and hosting opportunities for interchanges among member companies.
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[Supplementary Information]
Major Reasons for the Selection of Awards and Previous Award Records for Each
Winner(Listed in the order of the Japanese syllabary; the same applies hereinafter)
IR Grand Prix
J. Front Retailing Co., Ltd.
(Received the Best IR Award in 2016 and 2020)
J. Front Retailing's assertive attitude to disclose information remains unchanged even during
the time of tough business performance, stemming from the COVID-19 pandemic. Its
President has provided a thorough explanation and the company is maintaining a high levelof IR. Even though the external environment was difficult to predict or the company had
negative information, its attitude to promptly communicate and deepen dialogue has also beenhighly praised. The COVID-19 pandemic forced J. Front Retailing to urgently transform thebusiness model but the President has engaged in direct dialogue with investors every six
months so as to make use of the opinions of investors in management. Outside directors havealso been engaged with investors through integrated reports and meetings.
Mitsui & Co., Ltd.
(Received the Best IR Award in 2008, 2018 and 2019 and the IR Special Award in 2014)
Mitsui’s President & CEO places high importance on IR and implements management andfinancial strategies that are mindful of capital markets. The IR Department has actively
conducted online meetings and has politely and appropriately responded in a similar manner
to face-to-face meetings. Mitsui has also been highly appreciated for its active dialogue
opportunities such as CFO interviews and Investor Day, which was held for the fifth
consecutive year. The company’s medium-term management plan and the policy on
returning profits to shareholders are transparent and persuasive, as its capital allocation
policy has been shared with investors. The integrated report and IR materials have become
more highly evaluated with the enhanced disclosure of ESG information.
Best IR Award
Asahi Group Holdings, Ltd.
(Received the IR Grand Prix in 2014, the Best IR Award in 2004, 2010 and 2019, and the IR
Special Award in 2013)
Asahi’s always forthcoming information disclosure attitude has been highly praised. Even
during the tough business environment, due to the COVID-19 pandemic, overseas business5

briefing sessions and ESG briefing sessions were held, and opportunities to engage indialogue with investors from a medium- to long-term perspective were provided. In addition
to rich quantitative and qualitative information, meetings with the President & CEO and headsof overseas business units have been highly appreciated by capital markets. Even when
there was limited information that could be disclosed, such as in the case of businessacquisition projects, the company’s attitude of striving to engage in dialogue has contributed
to an increase in the confidence of market participants.
Ajinomoto Co., Inc.
(Received the IR Grand Prix in 2015 and the Best IR Award in 2012 and 2014)
Ajinomoto’s information disclosure and dialogue from a medium- to long-term perspective
have become more highly regarded. Its integrated report has improved the content and nonfinancial information disclosure, which resulted in attracting attention to its workstyleinnovation and Sustainability Advisory Council. Ajinomoto has been actively disclosing
information for some time but its enhanced IR activities have been recognized, particularly inareas such as briefings by business segment, which focused on technology and also
conveyed what was happening at the worksite. Moreover, the President & CEO stood in front
in the engagement with investors. This has been positively evaluated for narrowing therecognition gap with capital markets concerning key issues.
Shimadzu Corporation (First time recipient)
The attitude of Shimadzu’s President & CEO in engagement has been highly acclaimed. He
regularly provides updates on the company’s strategy at investor meetings and thoroughly
answers questions. IR meetings presented by business unit leaders are also held regularly,
which demonstrates Shimadzu’s efforts to enable investors to understand its business moredeeply. Virtual briefing sessions and Web information disclosure have also improved, andthe company’s disclosure attitude has not been reversed even during the COVID-19
pandemic. Shimadzu’s proactive information disclosure has been highly praised for enabling
the company’s situation and strengths to be understood by the investment community.
TechnoPro Holdings Inc.
(Received the Best IR Award for Encouragement in 2019)TechnoPro’s newly-appointed President is actively involved in IR activities. The management
strategy is built on a long-term vision, and is easy to understand, coupled with the explanationof the overall picture of the industry. Data of high interest to investors have been identified asimportant KPIs. TechnoPro’s additional disclosure of contract renewal rates, working days,
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working hours per day, etc. has been highly noted. Even during the COVID-19 pandemic, thecompany has indicated the management policy and the policy on capital efficiency and has
also provided opportunities for dialogue with outside executives. IR materials, including
integrated report and financial briefing materials, are extensive.
Tokyo Electron Limited(Received the Best IR Award in 2006 and 2011)
Tokyo Electron has continued to improve dialogue with investors. Its President & CEO has
increased opportunities to engage in dialogue with investors, partly by using online meetings.
The company has been highly praised for its efforts to disclose information about industry
trends from a medium- to long-term perspective, and to newly hold an IR Day with enhanced
information on technical trends. The IR Department has a good understanding of the overall
picture of management and makes efforts to explain it in a logical way. The company also
consistently seeks to disclose information as much as possible, based on the Fair Disclosure
Principles.
Yaskawa Electric Corporation (First time recipient)
Yaskawa Electric’s President and its CFO are actively involved in IR and have highcommunication skills. The IR Department is fully aware of the business strategy and conducts
helpful dialogue with investors so that they can gain a better understanding of the company.
The investment community has noted Yaskawa’s attitude to try to transmit information ofinterest to investors in an appropriate and easy-to-understand manner. Even during theCOVID-19 pandemic, Yaskawa’s IR activities have been improved, such as by carefully
explaining the business with China, which is also of high interest to investors, withoutcompromising the quality of IR activities. Yaskawa has also been focusing on the use of
online tools, including virtual factory tours.
IR Special Award
Sato Holdings Corporation (First time recipient)
Sato’s continued enhancement of IR events and materials have been highly evaluated bycapital markets. The President & CEO is directly engaged with investors upon their request.
The IR Department has been highly recognized for being enthusiastically engaged inenhancing explanations and dialogue opportunities. Business briefing sessions are regularly
held to facilitate an understanding of Sato’s niche business with fast technology innovation.
The company is also actively working to discuss ESG issues with institutional investors,
prepare an integrated report, and extend the scope of IR activities to overseas institutional7

investors and individual investors.
LIXIL Corporation (First time recipient)
LIXIL’s President & CEO recognizes the importance of capital markets and came on stage
at every quarterly financial result briefing. His candid way of speaking, focusing on items ofhigh interest to investors, is highly valued. LIXIL is also making efforts to disclose mattersrelated to linking its management strategy and corporate value. The ESG briefing and theprovision of opportunities for dialogue with outside directors were highly appreciated. Thecompany’s proactive attitude toward IR activities in general, including online factory visits,
live streams, the disclosure of presentation scripts and questions & answers, have beenfavorably received by the investment community.
Wacoal Holdings Corporation (First time recipient)
In recent years, Wacoal’s IR activities have improved and dialogue opportunities haveincreased. In particular, the company has been highly regarded, as the President stood at
the forefront and tried to share issues with investors even during the period of poor businessperformance. Wacoal has begun to actively conduct a variety of IR activities, including small
meetings with the presidents of its operating companies and interviews with outside directors.
Wacoal is also noted for its corporate-wide initiatives on sustainability, such as the holding of
an internal meeting to present its integrated report to employees.
Best IR Award for Encouragement
Asteria Corporation (First time recipient)
Asteria’s President & CEO has a high level of communication skill and is carrying out IR
activities with a strong message. His explanations are based on the overall IT industry andhave been praised as easy to understand. The company has attracted great attention, as it
holds a study group on block chains, and the CEO also serves as the president of theBlockchain Collaborative Consortium (BCCC). The IR Department is also striving for better
disclosure and has been highly noted for its easy-to-understand business explanations.
Since last fiscal year, Asteria has also been focusing on the development of overseas
institutional investors.
SWCC Showa Holdings Co., Ltd. (First time recipient)
SWCC Showa’s Group CEO, who took office in 2018, is drawing the attention of investors.
Since 2019, the governance structure has been extensively changed, and the businessstructure has been reorganized into four market-based segments. Corporate management8and IR activities have also been enhanced by positioning ROIC as a management indicatorand making progress in structural reforms. The Group CEO actively attends small meetingsand speaks in her own words. The quarterly briefing materials are also well prepared. SWCC
Showa has also been highly praised for its presentation of future measures starting with its
approach in decarbonization and ESG.
Vision Inc. (First time recipient)
Vision has been actively disclosing information despite the severe operating performancereflecting the impact of the COVID-19 pandemic. While its core Global WiFi business has
deteriorated, the company has clearly explained its efforts in this business environment andits other business with potential for growth. Vision has been highly evaluated because its
financial briefing materials are well prepared, and videos of financial briefing sessions areposted on the website. The CEO is actively involved in IR activities, and the IR Department
has a comparable level of information to the management team.
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