● Changes in Annual Shareholder Meeting Activities Resulting from the Great East Japan Earthquake
In response to the question regarding whether or not their annual shareholders’ meeting related activities have changed
as a result of the Great East Japan Earthquake, 163 of 164 companies surveyed with fiscal years ending between
December to March responded that “they have implemented some sort of activities” relating specifically to theEarthquake. The two most common answers were “fortification of responses to the disruption of transportation andelectricity” and “disclosure of detailed information about the various influences of the Great East Japan Earthquake,”
which accounted for 69.5% and 62.2% of all respondents’ answers.
Q1: Which of the following activities did you adopt in response to the Great East Japan Earthquake? (Companies with fiscal
year ending between December to March)

0.0%

20.0%

40.0%

60.0%

69.5%
69.1%

Fortification of responses to disruption of transportation andelectricity

62.2%
63.3%

Released information of various influences of the Earthquake
Released information of crisis management in the aftermath ofthe Earthquake

29.3%
30.2%

Increased Q&A session time to explain influence of theEarthquake
Reallocated money used for gifts, parties for shareholders todisaster relief donations

80.0%

15.2%
14.4%
3.0%
2.9%
19.5%
21.6%

Other responses
No response

0.6%
0.0%

Total responses = 164
全回答企業(n=164)

Responses from cos with FY end March = 139
3月決算のみ(n=139)● Changes in Activities Resulting from the Cabinet Office Disclosure Regulation of December 2010
According to extraordinary reports, 43.8% of all respondents answered that they “considered resolutions thatencountered high levels of dissenting votes in the previous year and conducted analysis of the reason for the opposition
to these resolutions” (Of 139 companies, 48.9% of companies ending their fiscal year in March). Furthermore 33.7%(35.3% of companies ending their fiscal year in March) of all respondents considered “filing financial reports ahead ofannual shareholders’ meetings.”

1/8

Q2: Have you implemented any changes in your activities in light of the Cabinet Office Disclosure Regulation ofDecember 2010 (Director compensation, fortification of cross shareholding information disclosure, and making disclosureof annual shareholders’ meeting voting results obligatory)? Furthermore are there any other changes that you areconsidering in the future? (169 companies responding)(Total responses = 169)
Total responses = 169

0.0%

10.0%

20.0%

Considered resolutions with high levels of dissenting votes
in previous year, conducted analysis of reason for
opposition

30.0%

40.0%

50.0%

43.8%
18.3%
13.6%

Considered resolution voting results in previous year,
expanded Q&A time for explanation to shareholders

29.0%
11.2%

Disclosure of value amount, determination process ofdirector compensation ahead of shareholders’ meeting
via reference materials

23.7%
5.3%
27.8%

Disclosure of value amount, determination process of
director compensation during shareholders’ meeting
2.4%

33.7%

Filed financial reports ahead of the annual shareholders’meeting
6.5%
Others15.4%
Implemented
実施したConsidering Implementation
検討する(Responses from companies ending their fiscal year in March = 139)
Responses from cos with FY end March = 139

0.0%

20.0%

Considered resolutions with high levels of dissenting
votes in previous year, conducted analysis of reason for
opposition

15.8%
28.1%

Disclosure of value amount, determination process ofdirector compensation ahead of shareholders’ meeting
via reference materials

11.5%
24.5%
5.8%

Disclosure of value amount, determination process of
director compensation during shareholders’ meeting

28.8%
1.4%
35.3%

Others

6.5%
14.4%

実施した
Implemented

60.0%
48.9%

16.5%

Considered resolution voting results in previous year,
expanded Q&A time for explanation to shareholders

Filed financial reports ahead of the annual shareholders’meeting

40.0%

Considering Implementation
検討する

2/8● Other Endeavors
With regards to other endeavors not covered in the above questions, 88.8% of companies surveyed reported that they
posted “convocation notice of shareholders’ meeting and reference materials upon corporate their IR websites” (91.4%
of companies ending their fiscal year in March), making it the most common response. The second and third mostcommon responses were “posting of notification of resolutions to be voted upon in shareholders’ meetings on corporate
IR websites” and “posting the ratio of affirmative and dissenting shareholders votes upon resolutions in shareholders’meetings on corporate IR websites” which accounted for 82.8% (85.6% of companies ending their fiscal year inMarch) and 59.2% (61.2% of companies ending their fiscal year in March) of all respondents respectively.

Q4: Are there any other endeavors your company undertook aside from those covered in Q1 to Q3?
(Please explain your endeavors regarding your IR websites in both Japanese and English.)

0.0%

10.0%

20.0%

30.0%

40.0%

40.8%
41.0%

Held shareholders' meetings at locations convenient for shareholders,
not necessarily at HQ

26.6%
28.1%

Explain resolutions prior to shareholders' meetings to institutional
investors, proxy advisory services cos
Hold Q&A session to explain topics other than resolutions on day ofshareholders' meeting

17.8%
16.5%

Hold party to meet with shareholders on topics other than resolutions on
day of shareholders' meeting

15.4%
15.8%
13.6%
16.5%

Allow potential investors and media to attend shareholders' meeting
Conduct survey of shareholders prior to shareholders' meeting (Whatshareholders want to hear)
Live broadcast of shareholders' meeting over websites

3.6%
3.6%
1.2%
1.4%
3.6%
4.3%

OthersNo response

2.4%
1.4%
Total responses = 169
全回答企業(n=169)

3/850.0%

Responses from cos with FY end March = 139
3月決算のみ(n=139)

Q4: Are there any other endeavors your company undertook aside from those covered in Q1 to Q3? (Continued)(Total responses = 169)
Totalresponses = 169
全回答企業(n=169)

0.0%

20.0%

40.0%

Posted convocation notice, reference materials for shareholders'meeting on IR websites

60.0%

80.0%

88.8%

43.2%

Posted resolution explanations for shareholders' meeting on IR websites

82.8%

34.9%

Posted shareholder voting results for resolutions in extraordinary
reports on IR websites

59.2%

17.8%

Posted presentation materials for shareholders' meeting on IR websites
after the meeting

23.7%

2.4%

Posted information and pictures from shareholders' meeting on IRwebsites after the meeting

4.7%

Posted streaming video of shareholders' meeting on IR websites afterthe meeting

2.4%

Posted detailed shareholder voting results for resolutions on
IR websites (greater detail than legally required)

5.3%
2.4%

No response

1.2%
1.2%
JapaneseJapanese
日本語

100.0%

16.0%
15.4%

English英語
English(Responses from companies ending their fiscal year in March = 139)
Responses3月決算のみ(n=139)
from cos with FY end March = 139

0.0%

20.0%

40.0%

Posted convocation notice, reference materials for shareholders' meetingon IR websites

60.0%

80.0%

91.4%

46.0%

Posted resolution explanations for shareholders' meeting on IR websites

Posted presentation materials for shareholders' meeting on IR websites
after the meeting

19.4%
27.3%

2.9%

Posted information and pictures from shareholders' meeting on IRwebsites after the meeting

5.8%

Posted streaming video of shareholders' meeting on IR websites after themeeting

2.9%

Posted detailed shareholder voting results for resolutions on
IR websites (greater detail than legally required)

5.8%
2.9%

16.5%
18.0%

0.0%
0.0%

No response

日本語Japanese

英語
English

4/8

85.6%

38.1%

Posted shareholder voting results for resolutions in extraordinary reports
on IR websites

100.0%

61.2%

● Number of Resolutions, Attendants, and Time Required for Annual Shareholders’ Meetings
90 companies responded that the number of resolutions submitted during their annual sharholders’ meetings were
between three and four, accouting for 53.3% of the total number of respondents. Companies reporting that they saw“less than 100 atttendants” was the most common answer, and 48.5% of all respondents answered that their sharholders’meeting required less than one hour.
Q5: Please tell us about the number of resolutions and attendants, and time required during the most recently held shareholders’meetings?
(Resolution Numbers)

20

1261024
1061Over 6

54321025

Over 6

30

53130

37

440

374035302520
1510504424650

R esponses from cosw i t Fh Y e n d M a r c h = 1 3 9Cos3Total responses = 169Cos(Attendant Numbers)

48

40

29

2

No response> 3,000< 3,000< 2,000< 1,000< 500< 400< 3001261011104

32

No r e sponse40< 20014205> 3,0001211< 3,00015< 2008< 10014< 2,00030< 1,000

39

< 500

50

R esponses from coswith F Y end March = 139< 4006059< 1007060
50
4030
20
100

CosTotal responses = 169

< 300

Cos社
Cos

(Time Required)

5/8

02> 3:00

2

No response0< 3:004< 2:45< 2:15< 2:005< 1:45016< 2:308< 1:30

211 12< 1:150222< 1 hour< 2:30< 2:15< 2:00< 1:45< 1:30< 1:15< 1 hour< 45 min< 30 min< 15 min01

No response

5> 3:00

6< 3:0014< 2:451128 29< 45 min

1935
30
25
20
15
1050

< 30 min27

12

R esponses from cos
w ith F Y end March= 139

CosTotal responses = 169

35 35< 15 min

Cos40
35
30
25
20
15
1050

● With Regards to Questions from Shareholders
82.2% of all companies (82.7% of companies with fiscal year ending in March) responding stated that they received atleast one question from shareholders. The most common response was that they received between three to fourquestions, and there were 10 companies that received over 21 questions.
Q6: Did you receive any questions from shareholders in your most recent shareholders’ meeting?
(Received Questions)No
Total responses = 169
questions30
17.8%

Responses from coswith FY end March = 139

Noquestions
24
17.3%

Questions
139
82.2%

Questions
115
82.7%

Number of Questions for Companies that Received Questions (Total responses = 139)
Responses from cos

Cos

Total responses = 139

22 with FY end March = 115

25

24
20

20
951161415

13 14 131049810552

17～18

15～16

13～1411～129～107～85～63～40

1～2> 21

19～20

17～18

15～16

13～14

11～12

9～10

7～8

5～6

3～4

1～25> 21

15 15 16 14

19～20

Cos30
25
20
15
1050

Length of Questions and Answer Sessions for Companies that Received Questions (Total responses = 139)

25

30
25 24

666/8

4
No r e sponse> 1:30< 1:30< 1:201< 1:102
No response> 1:30< 1:30< 1:20< 1:10< 1 hour< 50 min< 40 min655< 1 hour5< 5 0 min

60< 30 min810< 4 0 min8< 3 0 min

851415< 2 0 min10< 20 min

22 22 212016

< 10 min35302520
151050

R esponses from cos
w ith F Y end March = 115

Cos

Total responses = 139< 1 0 minCos

● Regarding Next Year’s Earnings Estimates
Against the backdrop of delays in earnings estimates announcements for fiscal year 2011 due to uncertainties surrounding theimpact of the Great East Japan Earthquake, JIRA asked companies about their current thoughts on next year’s earnings
estimates. The most common answer, to which 85% of respondents answered, was that they “will disclose next year’s
earnings estimates along with this year’s earnings results.” This trend was the same for companies with ending their fiscal yearin March.

Q7: Assessing the impact of the Great East Japan Earthquake has led to delays in announcement of earnings estimates forfiscal year 2011. With regards to earnings estimates for the coming fiscal year, what are your thoughts?
(Total responses = 169)

10.6%

00.0%

21.2%

105.9%

Expect to announce next year's
estimates along with this year's results

Date of next year's estimatesannouncement yet to be determined

137.7%Do not expect to announce next year's
estimates along with this year's results

Do not expect to announce next year's
estimates
143
84.6%

OthersNo response(Responses from companies ending their fiscal year in March = 139)
01 0.0%
0.7%

10.7%

Expect to announce next year's
estimates along with this year's results

1012 7.2%
8.6%

Date of next year's estimatesannouncement yet to be determined

Do not expect to announce next year's
estimates along with this year's results
Do not expect to announce next year's
estimates

115
82.7%Others

No response

7/8

● Responses to International Financial Reporting Standards
In response to the impending mandatory implementation of the International Financial Reporting Standards (IFRS) in
2017, 46% of respondents replied that they “are making preparations to implement IFRS standards on a voluntary basis
ahead of the mandatory implementation date” (48% of companies ending their fiscal year in March). At the sametime 16% of respondents answered that they “will begin preparations after the mandatory implementation date is
officially determined” (17% of companies ending their fiscal year in March), and 22% of respondents indicated thatthey “are not currently considering any actions” (19% of companies ending their fiscal year in March).
Q8: It appears that the mandatory implementation date for IFRS will occur sometime after 2017. In response to thisimpending implementation of IFRS, what actions are you considering?
(Total responses = 169)
4
2.4%
1
0.6%

Possibility of voluntarily introducing IFRS,
begin preparations earlyNot currently considering any actions

2213.0%7745.6%2716.0%

Begin preparations after mandatory
implementation date is determined

Have already introduced on voluntary basis
Other

38
22.5%

No response(Responses from companies ending their fiscal year in March = 139)
3
2.2%
00.0%

Possibility of voluntarily introducing IFRS,
begin preparations earlyNot currently considering any actions

1913.7%

67
48.2%

23
16.5%

Begin preparations after mandatory
implementation date is determined
Have already introduced on voluntarybasis

Other2719.4%

No response

8/8