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1-19-43, Higashi-Oizumi, Nerima-ku, Tokyo JAPAN 178-8511

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2022
The Tamura Group aims to be “your one and only company”
Corporate Slogan

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Tamura’s History

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― Product and Core Technology
Development ―������������ 03

Corporate Philosophy

Tamura’s Technologies

Supporting Society, Industry, and Daily Life� 05

Creating Tamura Group’s Value���� 07
TOP MESSAGE����������� 09
The 13th Medium-Term
Management Plan�������� 12
Information Disclosure Based on
TCFD Recommendations ����� 16

MISSION

Business Activities

Electronic Components����� 17
Electronic Chemicals/FA Systems� 19

VISION

Information Equipment���� 21
Sustainable Value Chain～Creation of added value～������ 22

GUIDELINES

Sustainability■Environmental Topics���� 23■Social Topics���������� 25■GovernanceTamura Group Code of Conduct

A Tripartite Discussion on Corporate Governance� 27
Messages from Outside Director and Membersof the Audit & Supervisory Board������ 31
Corporate Governance�������� 32

MISSION

Compliance and Risk Management�� 34

The Tamura Group supplies an original range of products andservices, highly regarded in the global electronics market,
to satisfy the evolving needs of customers, employees andshareholders supporting the Group’s growth.

VISION1
2
3
4
5

Financial and Non-Financial Data

Main Financial Data (Consolidated)��� 35
Net Sales, Operating Profit, andOperating Profit to Net Sales Ratio by
Business Segment ��������� 36

Main Non-Financial Data ������� 36

Corporate Information■ Information Schema

The management of the Tamura Group is based on businesses related to therequirements of the global electronics industry.
The business of the Tamura Group is based on technologies that support rapidly
diversifying customer needs, with a special focus on high market value.
The Tamura Group evaluates its employees with fairness and highly rates excellent
performance and exceptional productivity.
The Tamura Group is a responsible member of the global community and respects
the laws and customs of the countries in which it conducts business activities.
The Tamura Group strives to protect the global environment, conserve natural
resources and promote recycling.

Company Profile ���������� 37

Financial Information

Non-Financial Information
Website● Financial Information

1. We attach great importance to partnership.
2. We attach great importance to nurturing a spirit of creativity.
3. We attach great importance to individuality.
4. We attach great importance to social responsibility.

Organization Chart ��������� 38
Editorial Policy● Product Information● Company Profile● Sustainability

Summary of Consolidated
Financial Results● This report is aimed at reporting value creation through theGroup’s business activities and main sustainability initiatives,and shall be used as a tool for communication with stakeholders.
For detailed financial and sustainability-related information,please visit the Group website.
Period covered
April 1, 2021 to March 31, 2022
(Includes some activities in or after April 2022)

Financial Results Presentation● 

Corporate Governance Report● Month of publication

etc.

GUIDELINES

Global Network ���������� 37

January 2023

T A M U R A
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ISO 26000 Guidance Standards“International Integrated Reporting Framework”
International Integrated Reporting Council (IIRC)
Contact information
Corporate Governance Divisionhttps://www.tamuracorp.com/inquiry/index.html

Tamura’s History― Product and Core Technology Development ―Transformers,
Reactors (Lowfrequency products

Manufacture and sale ofradio and gramophone
1,000

900

1930～

Electronic Components

1924

VTR
Transformers

Transformers,
Reactors(High-frequency
products

Switching transformers, Reactors, Coils

Water-cooledtransformers/reactors

MW classtransformers/
reactors(High-frequency products)

Power transformers, Reactors, Coils(Low-frequency products)

Special large transformers andreactors

High-frequency
automotive reactors/coils

High-frequency
reactors/coils

Choke
coils

Cut core
Magnetic
material■ Products

Current sensors
Current sensors

AC adaptors, Battery chargers
Power modules

Power supply
systemPower supply for outdoor LED
lighting

Gate driver modules

Power modules

Battery
chargers

Gate driver modules

Piezoelectrictransformers

In-house production of
Biltrite series transformer

Piezoelectric ceramic products

Ultrasonicsensors

Vending machine products
IoT-related products/Sensing
services

800
Transmission
monitoring device

MD monitoring
deviceSecurity products
LED-related products

700

600

Net sales (Billions of yen)

500

Solderite flux

300

LED

Room
movement
sensorEnvironmentvisualization
sensors

Solder pastes, Solder wires, Solder bars
Post-flux
Self-assembling material

Solder paste

Solder resists(for rigid PCBs and flexible PCBs)(Photo imageable coverlay coat)
Resist ink

Solder resists

Solder resists forflexible PCBs

White reflective
material, black
absorbing material

OSP (pre-flux)
White reflective material,
black absorbing material

PICC

Reflow soldering system
Wave soldering system
Spray fluxer and otherperipheral devices

Reflow solderingsystemAutomatic solderingsystemInformation Equipment

400

Electronic Chemicals/FA Systems

Transformers

Interlocking pushbuttons
for vending machines

NT880

Audio mixing
console forbroadcast use

NTX800

Wireless intercom
Wireless microphone

Wirelessmicrophone

DECT-basedIntercom

Digital wirelessintercom

200

100
©JAXA

1924
Tamura Radio Shokai established in
Shinjuku, Tokyo one year before the startof radio broadcasting in Japan

since1924
03

TAMURA REPORT 2022

1955
Our small-sized transformers were used in thefirst transistor radio in Japan, a product which
was a unprecedented hit with consumers

1950

Audio mixing console for broadcast use
Sound editor and other equipment

1972
Developed transformers and coils
installed in Ume (ISS), Japan's firstworking satellite

1970

1985
Developed a switching-type external power supply
adapter. After it was developed, its use with mobile
phones and digital cameras rapidly increased

1990

1995
Solder paste for semiconductor
packages adopted by major
semiconductor manufacturer

2000

2010
Solder resist for flexible PCBs
developed and used insmartphones

2010

2015
Novell Crystal Technology, Inc. established torealize gallium oxide power semiconductors
aiming for innovative energy conversion

The Tamura Group possesses technological capabilities cultivated throughhistory that continue to shine. Based on
our unparalleled electronics technology,
we have always anticipated the changesof the times and produced products thatare in demand in the world.
Currently, we provide products that theworld requires in three fields: Electronic
Components, Electronic Chemicals/FA
Systems, and Information Equipment.

2020
TAMURA REPORT 2022

04

Tamura’s Technologies

Tamura’s products have been supporting various industries and social infrastructure as materials, components, and devices that range from consumer products, such as automobiles and electronic equipment, to devices at manufacturing
sites and renewable energy and aerospace fields. From raw materials to complete systems, Tamura’s technologies havecontributed to the safety and comfort of people’s daily lives as well as the realization of a decarbonized society.

Supporting Society, Industry, and Daily Life
Electronic Components

Electronic Chemicals/FA Systems

Information Equipment

In Aerospace
Contributing to society
by providing the ultimate in environmental
resistance in the formof airplanes, rockets,and satellites

In Convenience Stores and Shops

At Telecommunication Base Stations

LED light source contributes to energy savingsfor shop sign lighting and showcases.

Solder resist and paste underpin digital telecommunication systems as essential materials for substrates used in telecommunication base stations.

At Train
Stations
Supporting railway
operation by providing a means toconveying such information as arrival/
Wireless microphone
departure times
for railways

Transformers/Reactors

In Wind/Solar Power Generation
and Infrastructure
Offering parts and materials that contribute to efficiency improvement in renewable energy generation and DC transmission

Advertisement LED
Lighting

In Broadcast
Stations
Used in equipment foradjusting sound delivered to audiences, andwireless systems for inhouse communication
Audio mixing console

LED lighting forshowcases

Solder resist
Solder paste

DECT-based Intercom

Portable audio mixer

In Eco-Friendly
Cars

Large transformers and reactors

Supporting safe, secure,and eco-friendly drivingwith highly reliable/efficient parts and materials.
Automotive reactors/Coils

Current sensors

Power modules

White reflective material

Gate driver modules

Solder wires/Solder bars

Highly heat-resistantPb-free alloy

Crack-free flux residue
solder paste

Highly reliable
solder resist

Self-assembling material

Flux

In Automatic Vending Machines
on the Street

In Manufacturing Plants

Equipping vending machines with communication functions, we support their evolution by
providing a means for collecting sales and inventory information, smartphone interfacing, etc.

Playing active roles ascomponents of robots
and machine tools as well
as devices indispensablefor PCB assembly
Current sensors

Gate driver modules

In Smartphones and Tablet PCs
Employed as materials that support device evolution to realize multi-functionalization and miniaturization

At Home(Soldering 0201 components)

Components contributing to energy-savingin air conditioners or
power conditioners,
or sensors monitoring
people’s activities andlevel of comfort indoors Current sensors

Power modules

Type 6 solder paste

Selective soldering
material

Black absorbing
material

Environmentvisualization sensors

Low alphasolder paste

Solder resist for flexible
PCBs

Photo imageable coverlay
coat (film or liquid form)

Product selection buttons
Price display unit with builtin communication device
Power modules

05

TAMURA REPORT 2022

Transformers/Reactors

Soldering systems

Reactors

Human sensors

TAMURA REPORT 2022

06

Creating Value

Creating Tamura Group’s ValueThe Tamura Group aims to increase corporate value by contributing to society
through our business activities and is making continuous efforts to create newvalues towards solving society’s problems.

Aspiration for 2050 〉〉〉P.13
13th Medium-Term Management Plan 〉〉〉P.12

Input

OutputBusiness Activity(FY2021 or as of March 31, 2022)(FY2024)

Financial capital

Financial capital

Value ChainTotal assets

104.1billion yen
Shareholder’s equity ratio

R&D〉〉〉P.22

Procurement

Production

Sales

48.0%

Related social
issuesManufactured
capitalCapital expenditure(Including leased assets)

Realizing a decarbonized society●Conserving energy
and resources●

Promoting diversity●●Promoting workstylereformPreparing for natural
disasters●

Responding to asuper-aging society●Coexisting with
communities●

5.9 billion yen
Intellectual capital

3.5 billion yen

Human capital
Number of employees on aconsolidated basis

4,405 employees
Social andrelationship capital■ Business fields contributing to Carbon Neutrality 

Natural resources, such as
raw materials and energy

6 billion yen or above
OPR

6%

Strong core technologies
Dust cores for high-frequency magnetic components
High heat-resistant bonding material for power
semiconductors
Thermal convection control technology for reflow equipment
Technology related to next-generation power semiconductors

ROE

8%

〉〉〉P.14

Strategic
Markets

Manufactured capital
Restructuring of area-completion
type global production system

Power electronics
Mobility
IoT

Electronic Chemicals/
FA Systems〉〉〉P.19■ Sustainability〉〉〉P.15

Environment

〉〉〉P.23Society〉〉〉P.25

Governance

〉〉〉P.27

tion to realizing a decarbonized society

Corporate Philosophy

10%
Non-Japanese Managers: 5%
Managers Hired Mid-career: 50%

Female Managers:

Information
Equipment〉〉〉P.21〉〉〉P.01

Development of products
and technologies to support
the 100th anniversary of our
founding and beyond

Manager Ratios (Japan)❶ Sustainable business growth❷ Improvement of product quality❸ Appropriate supply chain❹ Compliance❺ Job satisfaction❻ Co-existence with local community❼ Environmental protection & contribu❽ Improved information disclosureIntellectual capital

Human capital

Materiality

Trusting relationship withstakeholders

Natural capital

Operating profit

Electronic
Components〉〉〉P.17

Longstanding accumulation oftechnologies and know-how
R&D related expenses

OutcomeSocial andrelationship capital
SAQ implementation rate formajor suppliers

100%

Natural capitalCo2 emissions reduction

33% or more(compared to FY2013 level)

07

TAMURA REPORT 2022

TAMURA REPORT 202208TOP MESSAGE
We are fully committed
to the Medium-Term
Management Plan, which is
to end on the year marking
our 100th anniversary, as thecornerstone for realizing our
Aspiration for 2050.
The Tamura Group formulated its long-term
vision “Aspiration for 2050” and its 13th Medium-Term Management Plan, which were announced in May 2022. With the aim of becoming a leader in the effort to decarbonize society,we will work to improve business performanceand enhance corporate value while focusing
on our sustainability strategy.

Masahiro AsadaTAMURA CORPORATION
President and Representative Director

With the impact of COVID-19 and other factors, tell
us about business conditions and performance for
FY2021.
In FY2021, although the COVID-19 pandemic continued,
there were signs of easing restrictions on activities in some countries and regions, and the global economy was generally on arecovery trend.
In the electronics market in which the Group is conducting
business, sales also increased due to a recovery in economic activity and a recovery in demand mainly for industrial machineryand home appliances. On the other hand, the impact of soaring
prices of materials such as copper, iron, and tin weighed on earnings in both the Electronic Components and Electronic Chemicals/FA Systems, which are our core businesses. Although we
worked to revise sales prices for customers, we were unable toimprove our profit margins sufficiently.
As a result, in FY2021, the Group posted net sales of 88.328
billion yen (up 19.5% year-on-year), but operating profit de-09

TAMURA REPORT 2022

creased to 1.564 billion yen (down 20.5% year-on-year), resulting in a net loss of 84 million yen.
In FY2022, the outlook remains uncertain due to such factors
as the sharp rise in global energy and resource prices following
Russia's invasion of Ukraine, inflation, and sharp exchange rate
fluctuations. We are closely monitoring future trends.

Please tell us about your evaluation and analysis of theresults of the 12th Medium-Term Management Plan.
The period covered by the 12th Medium-Term Management
Plan (FY2019-2021) was a three-year period in which we experienced major environmental changes, including supply chain
fragmentation due to the global spread of COVID-19 and soaring
material prices, logistics, and energy costs.
The Company was unable to respond swiftly to these changes
amid a severe situation that required both infection prevention
measures and corporate activities, resulting in deterioration in
profitability in our three business fields, which are Electronic

Components, Electronic Chemicals/FA Systems, and Information Equipment. As a result, both operating profit/net sales and
ROE failed to achieve our financial targets.
At the same time, however, it was a period that was rewarding
in terms of laying the foundation for business transformation.
Under the One Tamura Strategy that we have been promoting since I assumed the position of President in 2019, we haveworked to strengthen cooperation among business sectors instrategic businesses along with the reassignment of management
responsibilities. As a result, R&D and sales activities that transcended the boundaries of business sectors were able to develop.
We also made progress in optimizing production through the reorganization of manufacturing bases, promoting DX using ICT,and reforming work styles through the development of personnel
systems. Furthermore, in addition to defining materiality issues,
we were able to establish a foundation for our sustainability strategy, such as reviewing our greenhouse gas reduction targets in
May 2021. These achievements have also been utilized in theformulation of the new Medium-Term Management Plan which
I will talk about next.

Tell us about how the new long-term vision“Aspiration for 2050” was formulated and its
purpose.
In April 2022, the Group launched the 13th Medium-Term
Management Plan and at the same time established a new longterm vision, “Aspiration for 2050.”
In formulating the long-term vision, the CSR Management
Committee (now the Sustainability Management Committee*),in which outside directors also participate, has held a series of
discussions based on our founding spirit and Corporate Philosophy, business and environmental/social issues, and requests fromstakeholders. As a result, we have established our long-term vision as “a leading company for realizing a decarbonized societythat is highly valued in the global electronics market.” describing
our ideal state in 2050.
FY2024, the final year of the 13th Medium-Term Management
Plan, marks the 100th anniversary of our founding. In addition,
2030 will mark an important milestone in the pursuit of a decarbonized society - the year in which the SDGs will be achieved.
Our Aspiration for 2050, which is further down the line, is amajor goal for us to continue growing as a sustainable company
into the future, and I believe that the 13th Medium-Term Management Plan is the first step on a long road as the foundation forachieving this goal.

Please tell us about the targets and “businessstrategy” of the 13th Medium-Term Management
Plan that started this fiscal year.
The slogan for the 13th Medium-Term Management Plan is“Energize the Future 100.” This slogan was selected because wewant to evolve into a more powerful Tamura Group and create a*Name changed to “Sustainability Management Committee” in October 2022.

strong and wonderful future for society as we approach the 100th
anniversary of our founding and the Aspiration for 2050 Visionthat lies ahead. We will continue the tripartite reform initiatives(business strategy, work style reform, and operational reform)
that we have been promoting under the One Tamura Strategy,
and will make even bolder changes.
Our top priority is to quickly improve profitability and rebuild
our business performance. In the final year of the plan, we aim toachieve the following financial targets: an operating profit of atleast 6 billion yen, operating profit to net sales ratio of 6%, andROE of 8%.
In executing the Medium-Term Management Plan, the twopillars of growth and efficiency are our “business strategy” and“sustainability strategy.” With regard to our “business strategy,”
we will work on the following three basic policies. The first is
the promotion of fields related to carbon neutrality and energy.
We will strive for further growth by grasping the changes of thetimes more firmly than ever and sharpening it as a major pillarof our business.
The second is the development of products that utilize our material technologies. By leveraging the strengths of our unique core technologies, we aim to expand the market in the electronics industry.
Thirdly, we will strengthen the profitability of our Electronic
Components business field, which is an immediate issue. We willcontinue to develop our Electronic Components business into abusiness that will support the Company’s operations along with
the Electronic Chemicals/FA Systems business. To this end, we
will eliminate the barriers between business segments and builda system that can demonstrate the strength of “Only One” by,for example, making use of our superior knowledge of chemical materials in the development of electronic components.

Tell us about the “sustainability strategy” in theMedium-Term Management Plan.
The “sustainability strategy” will be developed based on eightmateriality issues. The materiality issues themselves were alreadyannounced in May 2021. However, in the process of formulating
the long-term vision and the 13th Medium-Term Management
Plan, the CSR Management Committee (now the Sustainability
Management Committee) and the Board of Directors held repeated discussions and revised some of the materiality issues, setting
new KPIs and targets.
Among them, we place particular importance on the promotion of carbon neutrality and “job satisfaction reform” that takes“work style reform” one step further.
With regard to carbon neutrality, in May 2021, we revised ourprevious greenhouse gas reduction target to reduce greenhousegas emissions by 51% or more from FY2013 levels by 2030.
Toward this end, we have set a target of reducing emissions by
33% or more by FY2024, the final year of the 13th Medium-Term
Management Plan.
Therefore, we will focus on reducing electricity consumption by saving energy in our own processes, installing solar
TAMURA REPORT 2022

10

TOP MESSAGE

The 13th Medium-Term Management Plan
(April 1, 2022 to March 31, 2025)
power generation facilities, and procuring renewable energy. By the end of
FY2022, we plan to achieve a 100% renewable energy usage rate at five major
sites in Japan. Furthermore, in Electronic Components and Electronic Chemicals/FA Systems, our core businesses,
we will continue to develop productsthat contribute to the reduction of greenhouse gas emissions.
In addition, we will focus even moreon human resources strategies centeredon “job satisfaction reform.” In the past,“job satisfaction reform” has focused on
responding to changes in systems and regulations, such as reducing working hours.
On the other hand, our new approach to“job satisfaction reform” aims to create an environment in which
each individual can feel satisfied in the workplace, such as experiencing the satisfaction and joy of work, a high level of “psychological safety” in the workplace, and a diversity of work styles andhuman resources. It is an effort to improve employee satisfaction.
I myself, as President, participate in the “Job Satisfaction Project,” where we identify issues in each business and discuss solutions to improve job satisfaction. In addition, we are enhancing
human rights and safety education, and developing psychologicalsafety programs. At the same time, we are working to increase
the ratio of female, non-Japanese, and mid-career hires in managerial positions, mainly in Japan, with the aim of securing diversity in human resources.
Through these initiatives, we aim to be a company that people
admire and a company where people gather over the long-term.

Tell us about the background behind Tamura
Group’s declaration of support for the TCFD
recommendations and future related initiatives.
In June 2022, the Company declared its support for the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD). As I mentioned in my explanations about
our long-term vision and Medium-Term Management Plan, weare promoting business strategies that emphasize sustainability asa leading company contributing to the realization of a decarbonized society. Recognizing that climate change can be a risk andopportunity for corporate management, we have disclosed information based on the TCFD recommendations. As a company listed on the Prime Market of the Tokyo Stock Exchange, declaring
support for the recommendations was also a move in response torequests for information disclosure from stakeholders.
In line with our sustainability strategy, I anticipate that we willcontribute to further enhancement of corporate value by concentrating management resources in areas that offer opportunities
for business expansion while appropriately addressing climatechange risks.

11

TAMURA REPORT 2022

The 13th Medium-Term Management Plan “Energize the Future 100,” was launched in April 2022, centering
on FY2024, the 100th anniversary of the Group’s founding. We are promoting measures in anticipation of our
newly established long-term vision “Aspiration or 2050.”

Transformation to create a robust future forthe 100th anniversary & beyond
Business strategy: Growth & Efficiency

Sustainability Strategy

Business growth contributing tocarbon neutrality

To achieve 2030 GHG emission
target and realize Aspiration for2050 based on defined materiality●

Finally, tell us about your outlook for the MediumTerm Management Plan and your enthusiasm forbusiness management.
The results for the second quarter of FY2022 were very goodfor the first year of the 13th Medium-Term Management Plan. By
continuing to maintain these results throughout the year, I thinkthat we will be able to at least meet our targets for FY2022.
In addition, by implementing the Medium-Term Management
Plan for each business sector, we will ensure that we achieve a
6 billion yen operating profit target for the final year of the planand establish strategies and tactics that will enable us to always
secure equal or higher profits as well as build a business structure. In addition, we will steadily improve profitability, which has
been an issue in the previous Medium-Term Management Plan.
The driving force behind the plan are primarily the actionsof each and every employee. We hold town hall meetings withthe aim of promoting and disseminating understanding about theinitiatives of the Medium-Term Management Plan. For a town
hall meeting, I will ask a few dozen employees to gather in thecompany cafeteria or other location where I will explain to them
about the plan in person. This is then followed by a Q&A session.
Town hall meetings have been postponed since the first town hallmeeting in July due to the impact of the COVID-19 pandemic.
However, we will continue to engage in dialog with employeeswith the aim of resuming it as soon as possible while monitoring
pandemic conditions.
The 13th Medium-Term Management Plan is currently being
implemented relatively smoothly. However, as you can see fromlooking back over the past three years, we must anticipate therisks in the business environment that are always changing drastically. It is my belief that the basis of creating corporate value inan era of uncertainty is to reduce risks by responding quickly tosuch changes and seizing opportunities.
I would like to ask all of our stakeholders for their continued
understanding and support of our corporate activities.

2050

Geographicalexpansion●

New
products &businesses

Profitability & capital efficiency
improvement
Operating Profit
6.0 billion yen(6%)

Materiality

2024
100th
Anniversary

ROE 8%❶ Sustainable business growth❷ Product quality improvement❸ Proper supply chain
management❹ Compliance❺ Fulfilling workplace❻ Cooperation with communities❼ Environmental protection &contribution to realization of adecarbonized society❽ Proactive information
disclosure

Aspiration for 2050
A leading company forrealizing a decarbonizedsociety that is highly
valued in the global
electronics market▼Business conditions surrounding the Group◆ Accelerating changes in the external environment such as supply chain disruptions and geopolitical risks◆ Striving to create corporate value by seizing new opportunities while enhancing agility and responding to risks■ Environmental requirements● Carbon Neutral, SDGs
● Multi-stakeholder needs■ Geopolitical changes● New world order● Supply chain disruptions, inflation■ Technological development● AI, DX, next-gen communications● Autonomous driving, electrification of automobiles■ Increased importance of talents● Diverse employees to drive growth● Workplace reform

Integration ofbusiness and sustainability strategies

Opportunities& Risks

New products &businesses /GeographicalexpansionMateriality,
GHG emission
reduction

Profitability &capitalefficiency

TAMURA REPORT 202212

13th Medium-Term Management Plan

Review of the 12th Medium-Term
Management Plan

warehouse costs. In terms of sustainability, we have definedmateriality issues and reviewed the numerical values in theplan associated with reducing greenhouse gas emissions.

Aspiration for 2050
In formulating the 13th Medium-Term Management Plan,
the Group established its new long-term vision ”Aspirationfor 2050.” After several meetings, including Board of Directors
meetings, based on the our founding spirit and Corporate Philosophy as well as business issues, environmental/social issues,and stakeholder issues, we have decided to become “a company that leads in efforts for the realization of a decarbonized society that is highly regarded in the global electronics market.”▼Growth: Geographical
Expansion and New Products
and Businesses

Concept Behind the 13th MediumTerm Management Plan
Under the 13th Medium-Term Management Plan “Energize
the Future 100,” we view the global trend toward carbon neutrality as a business opportunity and plan to advance reforms
for the 100th anniversary of our founding and for a strong future beyond.
For our Group, which operates worldwide, we expect to continue to see significant changes in the business environment,
including global environmental changes, geopolitical changes,
technological advancements, and the increasing importanceof human capital. In this environment, the foundation of corporate value creation is to seize opportunities with agility andreduce risks. In the 13th Medium-Term Management Plan, we
will deepen the integration of sustainability and business strategies, and work as one to face an uncertain future.

(Millions of yen)
16,00013th Medium-Term
Management Plan

Operating profit(%)
9

Record highoperating profit of 6
billion yen or more

140,000

14,000120,000

12,0007

100,000

10,000680,0008,000

560,0006,000

440,0004,000

20,000

2,000

0

8

Chemicals :Electronic 3
Components≒1:1 2
1

0

19/3

20/3

21/3

22/3

23/3

24/3

Electronic Components

25/3

―

28/3

Increase sales of
new products bydeveloping newtechnologies

Existing business

Developmentof products andtechnology for
future beyond
100thanniversary
Increase salesin Europe andthe UnitedStates▼Group Financial Targets
The 13th Medium-term Management Plan

Financial targets
2022/3 (Actual)2023/32024/32025/3Operating profit

1.56 bn

3 bn

5 bn or more

6 bn or more

Operating profit to
net sales ratio

1.8%

3.2%

5%

6%

8%

ROE

-0.2%

8%

10%

100 bn or more

130 bn or more

Guidelines for achieving targets
88.3 bn

94 bn≒ 100 bn

■ Electronic

0.9%

1.5%

4%

5%

■ Electronic Chemicals/

7.7%

8.7%

9%

10%

-30.7%

4.2%

12%

15%

Consolidated sales

Components
FA Systems■ Information

Equipment

ROIC

1.6%

6%

-2,000Electronic Chemicals & FA Systems

19/3

20/3

21/3

Information Equipment

22/3

23/3
Others

24/3
OPR

25/3

―

28/3

0

To meet the growing needs associated with the electrification of automobiles, expanding
demand for renewable energy, and tighter energy conservation regulations in various countries, we will aim for growth by leveraging our high-frequency technology to respond to theincreasing efficiency of high-capacity electrical control and energy conversion.

For high-frequency magnetic parts
Press-molded magnetic
powder core
For power semiconductor
High heat resistantsoldering materials
For ref low soldering
equipment
Heat convection
control

Large transformers/
reactors for wind power
generation applications

Reactors for cars

Reactors for air
conditioners

High heat resistantsoldering materials

Transformers/Reactors forindustrial use

For high frequency, high voltage
Next-gen power semiconductor(Gallium oxide)
Mobility

TAMURA REPORT 2022

8%Power Electronics

Reflow soldering system

13

BeyondBusiness OP%

New markets

Growth created by strong core technologies

160,000

13th Medium-Term
Management PlanSales

As for the Group’s financial targets, the top priority is toquickly improve our profit margin, which we struggled toachieve under the 12th Medium-Term Management Plan, andto restore business performance. In addition to expanding highvalue-added products through price revisions, thorough costmanagement, and growth strategies, we will improve profitability by realizing the effects of production improvements implemented in the previous Medium-Term Management Plan.
In the 13th Medium-Term Management Plan, we will steadilyreap the results of measures implemented during the 12th Medium-Term Management Plan, including the commencementof full-scale operations at new plants in Japan and China in theautomotive field. In addition, ROIC will be adopted internally as
an indicator to improve asset efficiency.

▼Business Areas Contributing to Carbon Neutrality▼V-shaped recovery in business profit(Millions of yen)

■ Improve business profit and asset efficiency

In our growth strategy, we will continue to focus on threebusiness growth areas that contribute to carbon neutrality: Power electronics, mobility, and IoT. In order to achieve
growth, we aim to increase the ratio of sales from new products and new markets from the current single-digit level to30%, and to increase our ratio of sales to the European and U.S.
markets from the 10% level to more than 20% for the fiscal year
ending March 31, 2025. We aim to achieve a V-shaped recovery
in business profits by promoting measures to integrate business sectors, strengthening the profitability of the Electronic
Components business, which is an issue, and aiming to achieve
an operating profit level comparable to that of the Electronic
Chemicals/FA Systems business.

New products & technologies

The Group focused its efforts on the 12th Medium-Term Management Plan “Biltrite Tamura GROWING ANEW,” covering thethree-year period from April 1, 2019 to March 31, 2022. During
this three-year period, the global spread of COVID-19 began inearly 2020, forcing us to take unexpected measures to balance
infection prevention measures and corporate activities.
Although the electronics market in which the Group is conducting business, also had a significant impact on corporate
activities, demand recovered relatively quickly, mainly in thefields related to home appliances and industrial machinery, due
to the increase in stay-at-home demand and the need for automation at factories triggered by the spread of COVID-19. In contrast, supply shortages and soaring prices were also significantly impacted by supply chain fragmentation. Prices of copper,
iron, tin and other materials used in transformers, reactors, andsolder pastes, which are our core products, have risen sharply.
Despite diligent efforts to counterbalance this by raising sales
prices, etc., the profitability of the business deteriorated. As aresult, we regrettably failed to achieve the financial targets presented in the 12th Medium-Term Management Plan.
On the other hand, we have seen some results in business foundation creation. Due to One Tamura activities, R&D
and sales activities that transcended the boundaries of business sectors were able to develop. In the automotive field, inwhich we expect to see growth, we have established a system
to increase production in China and Japan in line with plans.
These are state-of-the-art, automated factories capable of integrated production, from materials to finished products. In
China, we restructured our bases to improve our cost base.
In the South China region, we reconstructed two major electronic component factories in Shenzhen and Huizhou, converting them into smart factories. In addition, we have establisheda new factory specializing in chargers in East China, which isadjacent to a key customer, in an effort to reduce logistics andBusiness Strategy■ Develop businesses that contribute to carbon
neutrality

High-frequency insulation material

IoT
TAMURA REPORT 2022

14

13th Medium-Term Management Plan

Information Disclosure Based on
TCFD Recommendations

Sustainability Strategy
Sustainability strategies, which go hand in hand with business strategies, will be developed around materiality. Materiality issues were selected based on two axes, importanceto stakeholders and importance to the Group, and were an-nounced in May 2021. In the course of discussions on the 13th
Medium-Term Management Plan, some of the items were reviewed and targets as well as KPIs were established.

Materiality

Target for FY Ending March 2025

❶ Sustainable business growth

Ratio of new product and market sales: 30%❷ Product quality improvement

Quality cost: 15% reduction against the average during the 12th Medium-Term Management Plan period❸ Proper supply chain management SAQ survey on key suppliers: 100%
❹ Compliance

Compliance training: 100%

❺ Fulfilling workplace

Global: Improvement of employee survey implementation score: 3 pt/year
Japan: Ratios of female, non-Japanese, and mid-career employees: 10%, 5%, and 50% respectively❻ Cooperation with communities

Social contribution cost: 1% of ordinary profit

As we consider addressing climate change to be a key issue for business continuity, the Company declared its support
for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in June 2022 and disclosed
information in accordance with the TCFD. Going forward, we will continue to aim for business growth while contributing to transitioning into a decarbonized society in order to realize “Aspiration for 2050,” which is to become “a company
that leads in efforts for the realization of a decarbonized society that is highly regarded in the global electronics market.”Impact of risks and opportunities associated with realizing a decarbonized society on businessClassification

Type

Description

Physical
risk

Acute

Intensifying natural disasters(flooding, drought, scorching heat, etc.)

Chronic

Climate pattern changes, average temperature rise, etc.

Policies andregulations

Strengthening and acceleration of GHG
emission regulations

Market/Technology

Obsolescence of existing technologies
and development of new technologies
Loss of existing markets
Mandatory recycling

Reputation

Failure to meet disclosure requirements
and delay in GHG emissions response

Market/Product/
ServiceExpansion of related markets❼ Environmental protection & contribution Ratio of sustainability-contributing product sales: 27%

to realization of a decarbonized society❽ Proactive information disclosure

GHG (Scope 1&2) reduction: 33% or more from 2013 level*
Publication of integrated report

Climate related disclosure based on TCFD
*2013 figure adjusted on a like-for-like basis.

■ Carbon Neutrality Strategy

We have declared our aim to reduce greenhouse gas emissions by 51% from FY2013 level by FY2030 and have set a target to reduce emissions by 33% from the FY2013 level during
the 13th Medium-Term Management Plan period. To achieve

Transition risk

those targets, we will focus on reducing electricity consumption by saving energy in our own processes, installing solar
power generation facilities, and procuring renewable energy.

Technologicaldevelopment

Target for the 13th Medium-term Management Plan

Aspirationfor 2050

Reduce greenhouse gas emissions by 33% or more fromthe FY2013 level by FY2024*
Target set by backcasting● Priority on scope 2 reduction, accounting for 99.5% in emission●●●

PV installations
Renewable energy certificate, etc.

2030

Visibility improvement
Facility & equipment
improvement● Energy saving assessment etc.
●

2/3
Switching to
renewable energy●

GHG reduction target
51% or more reduction
from 2013*

Reputation(Energy usage improvement)* Scopes 1&2; 2013 figure adjusted on a like-for-like basis

Aiming to be a company that people admire and a company
where people gather over the long term, we plan to increase
job satisfaction. As a human resources strategy, we are enhancing human rights and safety education, and developing psychological safety programs with the aim to increase employee

satisfaction. In Japan, we have set a targets for the ratio of female, non-Japanese, and mid-career hires in managerial positions and are working on achieving those targets in order toensure a level of diversity that meets the expectations of global
stakeholders.

Actions to create fulfilling workplace across the Group

Diversity in Japan

Ensuring an improvement in employee survey by taking actions based on PDCA cycle
Human rights andsafety training

Psychological security
actions roll-out

Updating programs

Improvement in employee survey score
Improvement: 3pt p.a. for the Group

15

TAMURA REPORT 2022

Impact on BusinessBusiness site shutdowns (localized)
Supply chain disruptions (suppliers, customers,
and logistics)
Deterioration in site conditions (environment,
securing human resources, etc.)
Cost increase resulting from introducing energy-saving systems renewable energy
Carbon tax
Higher technology development costs
Business transformation
Increased raw material costs
Reputation negatively impacted in the eyes ofinvestors, loss of reputation among customers,
and deterioration in business performance
Infrastructure and equipment to respond to abnormal weather and natural disasters
Infrastructure and equipment contributing to theenvironment (energy savings, energy creation, etc.)

Innovation

Creation of new markets

Changes in transportation
Manufacturing process efficiency (innovation)
Evolution of energy creation (hydrogen,ammonia, etc.)
Mandatory recycling
Appropriate decarbonization measures
Improvement of business continuity bystrengthening BCP
Accurate information disclosure

Electrification of vehicles, miniaturization, andincreased use of public transportation
Reduced manufacturing costs
Reduced renewable electricity purchasing costs
and energy creation costs
High value-added product development
Business expansion by following business modeltransformation
Prevention of loss by addressing physical risks
Business expansion through improved reliability

HighMediumHigh

MediumLow

MediumLow

High

MediumHigh

Medium

High

Low

High

Low

High

MediumHigh

MediumHigh

Indicators and Targets

1/3
Energy saving●

Resource
efficiency

Resilience(announced in May 2021)(Procurement improvement)■ Talent Strategy

Opportunity

Level of Impact
4°C or Less than
2°C
Above

Securing diversity in people, responding to the requirements of global
stakeholders and aiming to realize Aspiration for 2050●

Priority on the improvement of less-diverse Japan during the 13th plan
periodRatio among managers (FY2025/3)
Non-Japanese: 5%

The FY2030 targets for reducing greenhouse gas emissions (Scope 1&2) have been set to reduce greenhouse gas
emissions by 51% or more compared to FY2013 and havebeen applied since FY2022. Moving forward, in addition to
reducing Scope 1 and Scope 2 emissions, we will set Scope
3 emission reduction targets and aim to contribute to therealization of a decarbonized society through the entire supply chain.

An Overview of Our Response to Climate Change
Assumed Scenario…… W ith developed countries aiming to limit the temperature increase to less than 1.5°C, we believe thatthe temperature increase is likely to be minimal.

●

Female: 10%

In the Tamura Group Environmental Policy, we have set
three common goals: 1. Increase the sales of environmentally friendly products, 2. Reduce the use of environmentallyhazardous substances, and 3. Reduce GHG emissions. Furthermore, in our sustainability strategy, we consider “Environmental protection & contribution for the realization of adecarbonized society” as one of our materiality issues andare working on environmental conservation activities suchas energy conservation and the use of renewable energy.

Mid-career: 50%

Risks………………… I f we follow the assumption above, the degree of increased risk of transition to a decarbonized society
is likely to be higher for our Group than the degree of increased physical risk occurrence. As a measure
to mitigate this, we will continue to consider and implement measures that contribute to decarbonization throughout the entire supply chain, while promoting decarbonization in our company, recognizing that delays in decarbonization response are a transition risk. We will respond to increasing
physical risks by maintaining, improving, and implementing effective our business continuity plan.
Opportunities……… W e believe that climate change will present increased opportunities for products and markets that contribute tocarbon neutrality in our business fields during the transition to a carbon neutral society. We will work to expand
business by strengthening cooperation among business segments and concentrating management resources.
TAMURA REPORT 2022

16

Electronic Components
Highly reliable and highly efficient power technology
contributes to the future of power electronics, realizing safer
and more secure lives as well as a decarbonized society.

Social value of business●W e focus on products that provide high-reliability and high-efficiency that are required for power supply systems that

handle large currents, such as those used for renewable energy, eco cars, infrastructure, and industrial equipment. We
are developing large-scale transformers and reactors for renewable energy applications, current sensors, and gate driver
modules for driving power semiconductors. Demand for these products is particularly strong in the European market. In
addition, we will contribute to the realization of a decarbonized society with products for the carbon-neutral market, suchas step-up reactors for eco-cars and components for charging and storing electricity.

● We use proprietary algorithms in vending machine, security, and IoT related products to grasp and analyze the state ofhuman activity and space, and provide sensing services and marketing information useful to society.

●W e provide transformers and reactors, LEDs, power supply devices, and piezoelectric ceramic products that contribute to

Yuji Nakayama

Mitsutaka Nakamura

Senior Executive Officer
Director of Electronic Components
Director of Unit Business Sector

Senior Executive Officer
Head of ASEAN Operations/Assistant Director of
Electronic Components and Unit Business Sector
Director of Magnetic Business Sector

As the demand for renewableenergy is increasingly required
to realize a decarbonized society, the Unit Business Sector has
developed a series of gate driver
modules for power semiconductor control, ASIC current sensors for inverter current detection, and high-efficiency power supplies using next-generation semiconductor technologies such as gallium oxide,
which are required in the renewable energy, power electronics, mobility, and electrification markets. Furthermore, in
response to increasing geopolitical risks in recent years, inaddition to China, we are building supply systems in ASEAN countries and Europe.
In order to respond to the market demand for higher power consumption, we will review our materials and manufacturing processes and develop products that are required toprovide high-reliability and high efficiency, thereby contributing to the realization of a decarbonized society.

We are expanding our businessby focusing on targets in our threemajor markets of focus: Electrification, charging, and power
supply in the Mobility market,
renewable energy (solar, hydro, and wind power) in the Power Electronics market, and increased communications anddata processing in the IoT market. Through collaboration as“One Tamura” across multiple businesses, we will increase
the speed of response to diversifying and changing needs
by responding to customer needs by leveraging our agility,
strengthening core technologies and product development thatapproaches from materials, and through a global production
system that is effective in BCP measures. In order to solve theissues of accelerating carbon neutrality to realize it, we will
work to create social value and enhance our corporate value,
centering on products such as transformers and reactors thatoffer high-performance, high-reliability, and high-efficiency.

on-board equipment related energy savings and resource conservation on a global scale in a wide range of fields. In thisway, we help solve social problems through Eco technology.

Vending machine
related products

3D motion sensor

2%

Environmentvisualization sensors
Vending machine, security,and IoT related products

7%◆Aiming to expand business with multipath approach, responding flexibly to changing needs under uncertainty◆Making semiconductor drive modules business comparable to power supply business through product development and geographical market expansion

High-frequency transformers

Reactors for cars

Large transformers andreactors

Unit related productsElectronic
Components
FY2021 Net Sales

59.3 billion yen

Magnetic related
products

48%

43%
Transformers and reactors for aerospace use

MomentumMarket and geoHigh
Return onof CN market × graphical growth × profitability ＝ investment

+22%
59.3

Reactors and coils

OthersBusiness Strategy: Electronic Components▼Sales (Billion yen)Price display unit with builtin communication device

72■Market opportunities: robust carbon-neutral market●Mobility: boosting reactors, transformers/coils for battery chargers (in-vehicle and stationary types)

High voltage/frequency gate drivers, EMC enhanced current sensors●Energy: large-size transformers and reactors, gate drivers●Region: Growth in Europe and US market (renewable energy, battery chargers)
’22/3

’25/3

▼Operating Profit (Billion yen)
OP%
5.0%

0.9%

3.6

0.6
’22/3

17

’25/3

TAMURA REPORT 2022

■Profitability improvement

Current sensors

Power modules

Gate driver modules

Power supply foroutdoor LED lighting●Return on investments during the 12th Medium-Term

Management Plan
Establishment production systems at three automotive bases (Sakado, Wakayanagi, and Foshan)
Completed restructuring of Chinese factories(Shenzhen, Huizhou, and Suzhou)●Increase of high value-added modules●Differentiation through the development ofhigh-frequency dust cores●Production footprint reorganization to satisfy local
content requirements

TAMURA ELECTRONICS (SUZHOU) CO., LTD.

AC adaptors

Small high voltage
power supply

Ultrasonic sensors andoscillators
TAMURA REPORT 2022

18

Electronic Chemicals/FA Systems
We contribute to the sustainable growth of the electronics
industry with environmentally-friendly materials andequipment based on highly reliable and high-density
mounting solder joint technology.

Social value of businessElectronic Chemicals● As cars are becoming more fuel-efficient and highly functional, automotive components are becoming more electroni-

cally controlled, lightweight, and miniaturized. Our materials have high reliability and show good performance responding to reliability requirements that are becoming stricter year after year, including crack resistance, heat resistance, andhumidity resistance, even in a harsh engine room environment. In addition, as smartphones and wearable devices are
becoming more multi-functional, lightweight, and miniaturized, there is a demand for further high-density mounting
and various joining methods. We provide materials that meet such demand, supporting high-speed and high-capacity
communication in 5th generation (5G) mobile network systems.
● We provide solder paste using recycled tin obtained by collecting and refining waste solder. We will fulfill our social responsibility through resource recycling initiatives.

FA Systems

Seiji Shibata● We provide high-performance soldering systems compatible with other assembly equipment. Such systems are need-

Senior Executive Officer
Director of Electronic Chemicals/FA Systems Business Sector

Due to the recent surge in raw material and energy prices, we continue to be exposed to a harsh business conditions. Under such circumstances, the Electronic Chemicals/FA Systems Business Sector aims
to contribute to a sustainable society by providing products and services that can grow by customer,
market, and area, with bonding reliability and insulation reliability as its keywords in order for Tamura
to become a company that plays a key role in the supply chain. As an effective use of resources, wehave marketed a 100% recycled tin solder paste made from waste solder collected from the market. In
addition, we are developing energy-saving reflow equipment and low melting point solder products thatwill help customers reduce their energy consumption and are planning to launch these products on the market in the future. We arealso strengthening our efforts to solve customer issues, such as the photo imageable coverlay coat (PICC), which realizes flexible
function modules that offer high-density mounting, feature light-weight, thin designs, and can be flexibly designed.
The Electronic Chemicals/FA Systems Business Sector will contribute to the global society by constantly creating new products
and services that are not affected by the external environment, and continuously advancing initiatives that not only enhance theeconomic value of the Group but also enhance social value.

ed due to an increase in demand for in-vehicle PCBs associated with advances in automotive electronics or against
the backdrop of development in smart factories. Our systems show good environmental performance that helps savepower and resources. Using this advantage, our systems streamline mounting lines and support manufacturing inevolving factories around the world.

Reflow soldering system

FA Systems

15%

Solder paste

Solder wires/Solder bars

Solder paste
related products

Selective soldering material

Business Strategy: Electronic Chemicals/FA Systems◆More proactive pricing strategy, following significant impact of raw material price rises during the12th Medium-Term Management Plan period◆Improving business resilience by increasing high value-added products and reducing costs; creating markets with custom-in approach into growth areasNew
products

Production
Preparation toward future
× New markets × improvement＝
profit expansion●Coverlay market products

33●Solder paste for new semiconductor construction method▼Operating Profit (Billion yen)
OP%
10.0%
7.7%

3.3
2.1
’22/3

19

TAMURA REPORT 2022

27.1 billion yen

22%

Flux

High heat resistance solder●Seeking approval of US and European customers

for automotive solder paste●Sales expansion of solder resist for Mini LED
market●Sales expansion of reflow soldering systems for
non-Japanese customers■Production improvement●Reorganization of production footprints for local

supply’25/3

55%

FY2021 Net Sales

Solder resist
related products●Energy saving reflow soldering systems■New market expansion’25/3

Electronic
Chemicals/
FA Systems

8%●High heat -resistant soldering materials for next-generation power semiconductors

+22%

’22/3

Flux related
products■New product development▼Sales (Billion yen)

27.1

Wave soldering system

Solder resist
High Heat Resistant Soldering Materials for
Next-Generation Power Semiconductor

White reflective
material

Solder resist for flexible
PCBs

Photo imageable coverlay
coat (film or liquid form)

Black absorbing
material
TAMURA REPORT 2022

20

Information Equipment

Sustainable Value Chain ～Creation of added value～
value ～

Improving safety and security of social infrastructure
through sound to deliver value andexcitement to customers.

MissionR&D

Kazuyoshi Ishida

With the aim of continuously providing safe and secure high-quality products and services that satisfy customers
from all over the world, the Tamura Group has been working on resolving social issues by promoting businessactivities while taking social and environmental impacts into account in all processes ranging from R&D, procurement, and production to sales.

Executive Officer
Director of Information Equipment Business Sector

We provide products andservices that can contribute to resolving social issues through the creationand development of original technologies that meetcustomers’ expectations.

Our worldwide supply
chain works in cooperation to procure socio- andenvironmentally friendly
raw materials in a stablemanner.

Production

We carry out monozukuri(manufacturing) in which
we work on productivity
improvement through production at optimal locations
while making efforts to reduce environmental loadand ensure safety and quality.

Sales

We provide high-quality
products and reliable services in a speedy manner by
accurately understanding
customers’ requests throughcommunication.

Business Strategy: Information Equipment◆Securing semiconductors and other essential components; returning to and increasing profit with
next-generation audio mixing consoles◆Coping with changes in needs and technologies such as network-based broadcasting equipment▼Sales (Billion yen)

+92

Seizing market opportunity by responding to the needsof key customers in a timely manner

%

4

’22/3

●Timely launch of new products by early development completion, keep up with facility▼Operating Profit (Billion yen)
OP%
15.0%

0.6
-0.6

●Streamlining business and production systems●Promote collaboration with companies providing peripheral product and services tocope with changes in network and other technologies

Social value of businessproducts that can help resolve social issues

geopolitical risks, COVID-19, and other factors●Promoting CSR Procurement and Green Procurement●Improving management of chemical substances contained in products●Taking measures against conflict minerals●Creating and operating a system forwhistleblowing and consultation bybusiness partners●Restructuring of area-completion type global production system●Improving production efficiency by automating production lines and utilizing IoT●Promoting effective use of natural resources/energies and appropriate waste

management●Reinforcing continuous improvement activities by promoting quality man-agement system● Fully implementing

safety and sanitation
management

by utilizing the global manufacturing and sales system●Supplying appropriate information on products and services●Improving maintenance quality regarding FA

systems and information equipment● We have accumulated sound and communication technologies in the areas of broad-casting and telecommunication. Using these technologies, we provide customers, particularly broadcast stations, with wireless intercoms and more as well as audio mixing
consoles compatible with high-resolution 4K/8K TV broadcasting, thereby delivering
new experiences to the audience and contributing to comfortable living.

-30.7%’22/3●Developing technologies and products such as sustainability-contributing●Responding to customers’ requests for delivery on a flexible and timely basis●Securing key components such as semiconductors’25/3●Addressing needs of customers worldwide in a detailed and speedy manner■Next-generation audio mixing consoles

renovation demand of key broadcasting stations

2.1●Creating new products through cross-business-unit R&D projects●Responding to supply chain disruptions and rising raw material prices due toProcurement

As one of the key strategies of the 13th Medium-Term Management Plan, the Information Equipment
Business Sector aims to secure independent profitability (business value creation) and stable profitability in the Information Equipment business. First of all, we urgently need a V-shaped recovery in ourcore business, which plummeted in the previous fiscal year. We have established an efficient businessstructure that specializes in broadcasting equipment and wireless devices, and are proceeding withstructural reforms.
Broadcasting systems have undergone a transition from analog to digital and are now rapidly shifting to using Internet Protocol(IP). Taking this major transformation as an opportunity, we will secure sales and profits by responding to the demand for updating
broadcasting station equipment with the NTX series of audio mixing consoles equipped with IP functions. We will also work tocreate new business value through new products. Broadcasting infrastructure is an extremely public infrastructure. Broadcasting
equipment must be highly secure and reliable, even during emergencies. We will fulfill our social mission with our high productstrength and an extensive service and maintenance system unique to domestic production.

Major challenge

The foundation that supports the value chain
With the aim of creating additional value in each process in the value chain, we endeavor to reinforce the securing anddevelopment of diverse human resources who engage in functions and business activities useful for governance and compliance, and efforts that contribute to local society and environmental conservation at each base.

’25/3

Corporate
governance

NTX800Compliance

Facilitation of humanresource development
and diversity

Respect forhuman rights

Regional
contribution

Environmental
management

Wireless microphone
for railways
NTX60021

TAMURA REPORT 2022

Audio mixing console
for broadcast use

DECT-based Intercom

Wireless devices
TAMURA REPORT 2022

22

Environmental Topics
Contributing to Realization of a Decarbonized Society through Acquisition ofWorldwide Integrated Certification
The Tamura Group began building a globally unified environment management system in FY2006 and had integrated
24 sites of 16 companies by FY2021 in an attempt to improve
its environmental performance and enhance environmental
governance.
Since FY2022, we have been working to achieve our new
greenhouse gas reduction targets (Scope 1&2) based on two
pillars: Promotion of energy savings and procurement of renewable energy.
In the promotion of energy savings, we are working to visualize energy consumption, which is the first step in energy savings, utilize energy savings diagnoses, replace aging facilities
with energy-efficient ones, improve the efficiency of operation
control, and improve energy use efficiency.
In the procurement of renewable energy, we are working
on the introduction of solar power generation equipment tocreate energy and the strategic use of renewable energy certificates.

GHG reduction target●Greenhouse gas emissions* (Scope 1&2):

FY2030

Reduction of 51% or more(compared to FY2013 level)

Renewable Energy Introduction Target●Amount of renewable energy introduced:

FY2030For more information on our environmental activities, please visit our website.
https://www.tamuracorp.com/sustainability/e_report/environment.html

Tamura Group Environmental Policy
Environmental Concept
The Tamura Group conducts all its business activities in harmony with the environment by promoting sustainable resource use, climate change mitigation and adaptation, andbiodiversity and ecosystem protection. These activities are
based on the Group Mission Statement: “The Tamura Groupsupplies an original range of products and services, highly
regarded in the global electronics market, to satisfy the
evolving needs of customers, employees, and shareholders
supporting the Group’s growth.”

Main Measures
Fully recognizing the global targets specified in the SDGs
(Sustainable Development Goals) and the Paris Agreement
and with the aim of achieving continuous business growth,
the Tamura Group focuses on the following environmental
protection activities in its business operations, including
design, development, production, and after-sales service ofelectronic components, electrochemical materials, soldering
equipment, and information equipment, by utilizing its environmental management system, effectively using resources
observing pollution prevention practices as well as laws andregulations, and working on their consistent improvement.

1. The supply of eco-friendly products.
2. C
 ontrol and reduction of environmental burdenmaterials.
3. P romotion of energy conservation and saving
resources.

More than double(compared to FY2019 level)

Focusing on Products that Contribute to Sustainability
The Tamura Group carries out product environmental assessment in the development and design phases to minimize environmental impact, and strives to contribute to achieving a sustainable society through the development and provision of products that
contribute to sustainability.

Compact Low-frequency Reactor with Newly Designed Structure
Low-frequency reactors are installed in air conditioners as well as in other various inverter devices and are key components essential for efficient control of the devices.
For this product, CAE technology was utilized to partially revise the existing product structure
and realize the following.
1) A unique gap shape (patent pending) makes the body smaller, lighter (approx. 30% lighter),and less expensive.
2) A new terminal structure to reduce the volume of the connection to the device by more than 20%.
We contribute to the improvement of production efficiency, energy saving, and resource saving at our customers.

We have developed the RPW Series, which are white reflective
material products that enhances the reflectivity of low-power,
long-life LED lighting, contributing to higher brightness and longer life of LEDs.
For rigid PCBs, we have the RPW-200 Series, which achieves
92% reflectivity and heat discoloration resistance, and the RPW300 Series for flexible substrates which achieves both high reflectivity and bendability.
We will continue to promote further development in anticipation of development in the LED field in the display and lighting
markets.

●

*1
*2

23

 PA stands for Power Purchase Agreement. It is type of contract in which electricity users purchase renewable electricity directly from PPA operators. In an onsite
P
PPA model, power generation facilities are installed using spaces such as roofs of electricity users.
This project was implemented under the scheme of the Ministry of the Environment’s “2020 Subsidy for Carbon Dioxide Emission Control Measures Project (Projectfor Promoting Local Renewable Energy Mainstreaming and Resilience Enhancement through On-site PPA, etc. for Realization of Green Society (Project to Promote
Price Reduction of Photovoltaic Power Generation Facilities, etc. to Achieve Storage Parity))”.

TAMURA REPORT 2022

RPW-300-17 coated LED mounted FPC▼RPW-200-01 Reflectance rate based on coating thickness

100
90
80
70
60
50
40
30
20
10
0

●

The office building at the Sakado Plant (located in Sakado City, Saitama Prefecture) is promoting environmentally-friendly initiatives, such as by being a nearlyzero-emission building (NZEB), which reduces the energy consumption of thebuilding and achieves net energy consumption by more than 75% in total energy
supply through energy creation. In FY2021, we introduced a solar power generation system using an onsite PPA model.*2
The capacity of solar panels is 310.50 kW, with an expected onsite consumption of 280,000 kWh in the first year. This is expected to reduce CO2 emissions from the electricity used at the Sakado Plant by approximately 5%. In addition, some of the
PCSs (power conditioners) installed are equipped with stand-alone operation functions, so that even in the event of a grid
blackout, the system can supply power generated from the sun to emergency outlets during daylight hours.

RPW-200-01 coated LED mounting board

Dry film thickness of 20 μm over copper (1 coat)
Dry film thickness of 40 μm over copper (2 coats)

Reflectivity (%)●

I ntroduction of solar power generation facilities
using an onsite PPA model*1

Conventional product

White reflective material for LED mounting
boards RPW-200 series and RPW-300 series*  Within Scope 1 (direct emissions from our own fuel use or production process) or
Scope 2 (indirect emissions from the use of electricity or heat we purchased).
Emissions related to new plants are added to those of past fiscal years including
the base year to appropriately evaluate reduction efforts made after the start ofoperation.
Emission coefficients represent those of electricity purchased based on agreements in principle.

TopicsThis productReflectance at a wavelengthof 450 nm
Dry film thickness 20 μm: 86%
Dry film thickness 40 μm: 92%

250

350

450

550

650

750 Wavelength (nm)

Solder Paste for Fine Printing Designed for
Mobile Devices
As mobile and wearable devices become smaller and thinner,
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TLF204F-KSM has improved printability by using finer solder powder than conventional products in order to support
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expected. In addition, because it has excellent cleaning performance for disposable substrates, it can be expected to reduce thenumber of cleaning steps and cleaning solvents.
Compared to conventional products, there is less viscosity
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▼Stencil Life
Viscosity [Pa/s]

TLF204F-KSM

Conventional product

400
350
300
250
200
150
100
50

Compared to the conventional product, there is less viscosity
change on the plate, and you can expect a stencil life of 72 hours
Early Stage After 12 hours After 24 hours After 36 hours After 48 hours After 60 hours After 72 hours

TAMURA REPORT 202224Social Topics
Promotion of Job Satisfaction Reform
We are striving to create a corporate culture in which employees can concentrate on their work comfortably and withless stress by striving to balance improvement of job satisfaction and appropriate labor management, as well as building
an organizational structure that values communication. In addition to establishing the “Job Satisfaction Reform & Business
Reform Project” with the President serving as the head of the
project, a department was also established in April 2022 to promote those efforts. We are strengthening our job satisfaction
reform efforts with the aim of becoming a “company where
employees are satisfied with their jobs.”

Efforts to Improve Psychological Safety
The Company is working to create a workplace that ensures
psychological safety where “everyone in the organization andteam can openly express their opinions, regardless of position
or experience.” This is because, in an uncertain and rapidlychanging business environment, it is necessary for each site to
make decisions flexibly, take on challenges, and respond autonomously and swiftly, instead of the conventional method
in which only a few managers make decisions and give instructions from top to bottom.
We started this initiative in 2019 and conduct training andperiodic surveys in Japan. Since FY2021, we have introduced
the concept of psychological safety into our personnel evaluation system and implemented 360-degree evaluations, withthe expectation that managers can demonstrate high management skills and create an environment in which employees canplay an active role with peace of mind. Furthermore, since April
2022, as one of the priority measures of the “Job Satisfaction
Reform Project,” we have formed a “Psychological Safety Promotion Team” consisting of selected members from each business site to practice psychological safety in each workplace
and work to instill it throughout the Company.
In recognition of these efforts,
the Company was selected toreceive the Gold Ring Award at
Psychological Safety Award 2022
organized by ZENTech, Inc.

For more information on our social contribution activities, please visit our website.
https://www.tamuracorp.com/sustainability/c_report/humanrights.html

Development of a working environment where
employees can concentrate on work in a pleasant way
We are working to create a work environment where employees can concentrate on their work comfortably. As a measure to respond to diverse work styles, we have introduceda system that allows employees to take multi-purpose leavesuch as for childcare, nursing care, and volunteer work, as wellas paid leave on an hourly basis. In addition, we have established a system to accept employees who have left the company for certain reasons including childcare, nursing care, andthe relocation of their spouse, for supporting both work andfamily. We have also introduced a telecommuting system toimprove infrastructure including the IT environment and regulations.
To ensure that teamwork is not compromised even whenface-to-face communication opportunities are reduced, we arefocusing on initiatives to improve management skills suitable
for remote environments and mental health care. In FY2021,
we provided training on communication skills and self-care
for new employees who had difficulty building personal connections or receiving on-the-job training in the workplace. In
addition, since employees who are assigned overseas may be
confused by differences in lifestyles, values, work methods,
etc., we have built a system that allows them to receive counseling online at any time.
In addition, we conduct labor management training andstress management training for managers and supervisors andpromote efforts to ensure proper labor management based oncompliance and to realize a stress-free workplace environment.

Boosting Work Efficiency
In the Business Reform Project, we are working to improvebusiness efficiency across business divisions. In FY2021, we
achieved significant reductions in man-hours by standardizing
sales management operations and promoting the use of RPA
and automation tools for approval flows. We are continuing
to automate routine tasks and shift employees to high-value-added tasks.

Promotion of Participation by Women
Tamura is focusing on efforts to recruit and promote excellent human resources regardless of gender and create conditions so that they continue working for the Company. As of theend of FY2021, the ratio of female managers in our company
was 7.7%, achieving the target of 6% set in the Action Plan
(2019-2021) based on the Act on the Promotion of Women’s
Active Engagement in Professional Life. In our Action Plan up
to FY2024, we set out to “reform the mindset of people and organizations,” “create a work environment that enables diverse
work styles,” “support women’s careers,” and “aim to actively
promote women.” We aim to increase the ratio of female managers to 10% by the end of FY2024.

Development of management (forcurrent management and selection ofyoung next-generation managers)
Since 2019, we have been conducting management training
for executive officers and business sector directors who play acentral role in our business. The aim is to improve the skills ofstrategic planning, business management, and leadership, andto be able to manage at a higher level. Since 2019, we haveinvited our Outside Director Takeo Minomiya to lead a training school for the next generation of executive candidates.
In FY2020, the program was suspended due to the COVID-19
pandemic but resumed in FY2021. The program covers a wide
range of topics, including not only management and businessadministration, but also psychology, history and culture. We
aim to develop human resources who have acquired not only
practical learning but
also education.
Through thesetraining programs,
we are also looking
forward to building
and strengthening
human networks
that transcend business boundaries.

In FY2021, we
promoted awareness of quality
policies andaction guidelines
through online
seminars for all
Group employQuality Policy Videoees in Japan(available in Japanese, English, Chinese, Bengali, Myanmar)and overseas,
workshoptype education for each department, and creation and distribution of short videos for explanatory purposes. We continuously promote these activities. In addition, top management
conducts group quality reviews to further raise quality
awareness throughout the entire Group.

COVID-19 Support
In response to the spread of COVID-19, each Tamura Groupsite has been donating masks, disinfectants, etc. to local governments, etc., and conducting volunteer activities at epidemic prevention sites since February 2020.

Donation of 8 oxygen concentrators to medical facilities (Myanmar)

Promoting Our Quality Policy
In January 2021, we revised our Quality Policy, based on ourbelief that it is necessary to foster a corporate culture in which
the idea of quality first is once again the norm, as quality is essential as one of the factors for further corporate growth. The
new Quality Policy defines the Group’s compass as “Creating
Correct, Quality Products” which is what “Biltrite” meant when
it was founded. In addition, by expressing the meaning of thisQuality Policy as a concrete action guideline (Eight Articles of
Manufacturing for production and 10 Rules of Design for development), we aim to establish Tamura’s quality culture thattranscends generations.

Volunteer activity at an epidemic prevention site (China)

Psychological Safety Promotion Team members

25

TAMURA REPORT 2022

TAMURA REPORT 2022

26

Governance
A Tripartite Discussion on Corporate GovernanceExamining the roles that Board of Directors
should play in reforms for the 100th anniversaryof our founding and for a strong future beyond

Takeo Minomiya

Naoki Tamura

Haruko Shibumura

Lead Outside Director
Independent Officer

Representative Director, Chairperson
Chairperson of the Board of Directors

Outside Director
Independent Officer

Naoki Tamura, Chairperson of the Board of Directors, Takeo Minomiya, Lead Outside Director, and Haruko Shibumura, Outside Director who is also an attorney, discussed the roles required of the Board of Directors of Tamura Corporation, which willsoon celebrate its 100th anniversary in this rapidly changing era. There was a frank and constructive exchange of opinions
on the newly established long-term vision “Aspiration for 2050”, the Medium-Term Management Plan, sustainability initiatives, risk management, and corporate governance.

Impressed by efforts ahead of the times
Tamura: Prior to your appointment as Outside Directors, what
was your impression of Tamura Corporation?
Minomiya: Around 1985 when I was still at Sony when the
Betamax system was in its prime, we decided to build a video factory in Malaysia. As a manager, I would often go there
on business trips. At that time, I heard that Tamura had established a factory in Malaysia in the early 1970s, so I got the impression that Tamura was a company that had been working
on overseas expansion quite early on. In addition, as a component manufacturer, Tamura is far ahead of set manufacturers
in terms of the speed at which we can take measures based

27

TAMURA REPORT 2022

on the current trends in the world and the ability to respondto cost reductions. So when I was later approached about becoming an Outside Director, I was delighted to accept the offer
because I thought the Company was worth learning about.
Shibumura: Around 2006, Tamura was the first to establish
a system called “Alarm Escalation,” which allows information
to be immediately presented and shared with management
when a risk event occurs in the field or when a very small risk
is discovered. At a time when the terms CSR and compliancewere not yet widely used, I was very impressed by President
Tamura’s enthusiasm and earnest commitment to risk management ahead of other companies.

The roles that an Outside Directors should play
Tamura: Currently, our Company has three outside directors,
including the two of you. If we only have internal directors,
they tend to prioritize sales and profits. From your position as
an Outside Director, we expect you to give us your opinionsfrom the same non-financial perspective as our shareholders,such as how a company should be in society, but what are yourown thoughts on each of these issues?
Shibumura: I believe that my role is to provide advice from two
perspectives based on my expertise and experience as a lawyer. The first is that I have a sense of the important points that I
need to be aware of on a daily basis regarding governance andrisk management, so I would like to express my opinions fromthat perspective. The other is to give advice from an objective
point of view, taking a step back to see what Tamura is doing
well in, what it is lagging behind in, and what its future direction should be, based on the trends of other companies and society in general (within the bounds of attorney confidentiality)
as the times change rapidly.
Minomiya: I think my role is to contribute to creating a place
where employees can feel energized and enjoy coming to in
the morning. In addition, I would like to see the executive candidates move across departments every three years. By cultivating a culture that allows employees to actively learn new
fields outside of your specialty, you can cultivate highly motivated and talented people. As a result, Tamura will become aCompany that everyone longs for, a company that is exciting
to join, and employee engagement will increase.
Tamura: It is often said that a company is its people, so ourCompany’s growth depends on how many employees we cancreate that will possess an “I love Tamura” mindset. If you stayin one department for a long time, it will inevitably become
an “I Love My Division” mindset. By introducing a job rotation
system, etc., I hope that people will experience various departments, and that Tamura, the company as a whole, will continue
to grow.

Shibumura: At first, with 2050 as our ultimate goal, we envisioned the kind of company we wanted to become and thekind of company we should be for each milestone year, such as2024, when we will celebrate our 100th anniversary, and 2030,
and discussed when and what we should do to achieve thesegoals, using the concept of back casting to create this vision. As
a result, I think it has become a very important indicator thatshows the path that Tamura will take in the future.
Tamura: The regular half-year committee could not fully discuss it, so we held ad-hoc committees many times to discuss
it. Through repeated discussions with everyone, including materiality, the current Medium-Term Management Plan, which
integrates sustainability and business strategies, has been
completed.
Minomiya: Yes, but I think it would have been good for me
to spend a little more time discussing it at various levels.
For example, executive officers and above could have gathered for a training camp and held thorough discussions on
the topic. This is something very important for Tamura in
the future. The next challenge is how to ensure that information and awareness are shared throughout the company.
For this purpose, each business sector will spend about threedays and two nights together discussing and putting into concrete terms in their own business. Also, at factories, we canhave thorough discussions with everyone in the same way. By
doing so, everyone will be able to work with ingenuity and asense of speed. If we spare that time and effort, I don’t thinkthat job sites will ultimately be very strong. From now on, I
would very much like to see top management take the lead inpromoting such a trend.

Accelerating diversity and human resource
development initiatives
Tamura: In terms of diversity in managerial positions and management, we have so far appointed women and non-Japaneseemployees as ouside directors and general managers of Tamura Corporation, as well as officers at subsidiaries, but these“Aspiration for 2050” and the Medium-Term
Management Plan - topics that have been deeply
discussed
Tamura: The Tamura Group has launched its long-term vision,“Aspiration for 2050” and the 13th Medium-Term Management
Plan, which is the first step toward the realization of “Aspirationfor 2050.” The impetus for establishing “Aspiration for 2050”
came from a proposal made at the October 2020 meeting of
the CSR Management Committee (now the Sustainability Management Committee) stating that we should discuss our future
vision from a long-term perspective, given that major changes
in the business environment are expected to continue in the
future. After a year and a half of discussions, we came to theconclusion of the 13th Medium-Term Management Plan.

TAMURA REPORT 2022

28

Governance

A Tripartite Discussion on Corporate Governance

Building and listen to the stories of members of the Diet, learnauthentic tea ceremony from a teacher, etc. We are working oncomprehensive human resource development through multifaceted experiences.

Respond to evolving risk management andgovernanceTakeo Minomiya
At Board of Directors meetings, Takeo Minomiya provides proactive and candid
guidance and comments on overall management strategies, including product development, based on his advanced knowledge and experience as a person with management experience at multiple companies, including global companies representing
Japan. As Lead Outside Director and Chairperson, Mr. Minomiya plays a leading rolein the deliberations of the Nomination & Remuneration Advisory Committee. Also, asa member of the Sustainability Management Committee, he has provided valuable
input for the formulation and promotion of our sustainability strategy.

were not internal officers at Tamura Corporation. In July 2022,
we finally appointed one female and one non-Japanese Executive Officers. We have been receiving opinions from outside
directors and others for a long time and we have finally beenable to respond to this.
Minomiya: That’s right. Recently, such a trend has finally begun to emerge. From now on, I think we need to boldly recruit
more foreigners and women, including on the factory floor andas general employees, and make diversity something familiarand commonplace.
Tamura: Until now, there has been an image that women in
management and executive positions are those with outstanding abilities or those who have worked harder than their malecounterparts. This image has been a factor that has deterred
women from becoming more active in the workforce. Instead,
it is necessary to create actual examples and role models where
you can become more than a manager if you do your job welllike a man and achieve results.
Shibumura: In addition to diversity, it is also an important issue to enhance the deliberation of the successor plan, which
will be entrusted with the future of Tamura Corporation. We
are currently studying how to nurture them, but we should beaware that if the management of a company consists of people of the same type, it will be judged that it will not be possible to expect an increase in corporate value over the medium
to long term. Diversity is also important in this regard. Our discussions on the development of successors and the issues ofnurturing young employees and diversity are all linked, andthis is a major challenge that we must take on in the future.
Minomiya: I started the “Minomiya Juku” in 2019 to develop the next generation. Ms. Shibumura also served
as a lecturer at a Minomiya Juku session where we areholding study sessions with future Director candidates.
In addition to classroom lectures, we sometimes visit the Diet

29

TAMURA REPORT 2022

Shibumura: As I mentioned earlier, Tamura is ahead of othercompanies in building and operating a risk management system. However, when it comes to risk management and compliance, it is absolutely unacceptable to stop related efforts.
As the times change, laws and regulations and the concept
of compliance change, and holes and leaks emerge without
being noticed. As a company, it is essential to catch up withsystems and operations, and at the same time, it is necessary toconstantly provide basic education and awareness to ordinary
employees.
Tamura: In terms of awareness, the alarm escalation systemitself is highly appreciated, but sometimes it takes a while forthe alarm to move up in level. Outside directors often pointout that true risk management cannot be achieved unless one
hones their own sensitivity or sense of risk judgment.
Shibumura: It is important to have the ability to sense thatsomething is not good. It is risky to think that we should domore research and check before raising the alarm level. Whensomething happens, you can raise the alarm level first and thenexamine the situation carefully later.
Minomiya: And don’t forget to properly praise and reward employees who discover bad things and report them. Since wehave prevented accidents at the company before they happen,
I think it is important to foster a culture that evaluates such behavior.

Haruko Shibumura
Based on her deep expertise and broad experience as a lawyer, Ms. Shibumura has

Improving the effectiveness of the Board of
Directors
Minomiya: In the future, more often than not, a company’s business crisis will be due to governance and compliance issues rather than declining profits or sales.
When it comes to compliance and risk management,
there is something called the “Three Lines of Defense.”
The first line of defense is management by onsite personnel,
the second line is the control by management sections, andthe third line is the verification by the Board of Directors and internal audits. Governance is strengthened when all three linesof defense are effective. In order to achieve this, it is important to have discussions among the Board of Directors, young
employees, mid-level executives, executive candidates, andexecutive officers, and build consensus on important issues
that are common across generations. I believe that this will
also lead to an improvement in
effectiveness.
Shibumura: At meetings of Tamura’s Board of Directors, eachof the outside directors can say
what they want to say. Moreover, what is wonderful about
Tamura is that it responds tothe opinions of outside directors with sensitivity. In thatsense, I feel that the effectiveness of the Board of Directors
is quite high. Personally, I think
it would be a good idea for
executive officers to also attend meetings of the Board of
Directors when necessary toprovide reports. If they wereable to participate in certain
discussions and deliberations,
it would probably lead to even livelier discussions.
Tamura: Discussions during Board of Directors meetings are fullof energy, during which we always receive various opinions that
I am grateful for and sincerely welcome. Satisfaction among outside directors is also relatively high when evaluating the effectiveness of the Board of Directors. We hope that you will continue
to give us your opinions and suggestions that will help us make
improvements while maintaining the current atmosphere inwhich directors can talk with each other easily during meetings.

Beyond the Tamura Group’s 100th anniversary

gained a wealth of experience in crisis management, risk management, CSR, andsustainability. She is objective and candid in her comments, focusing on mattersrelated to the fundamentals of corporate governance and corporate legal affairs. Asa member of the Nomination & Remuneration Advisory Committee and a member of
the Sustainability Management Committee, she has provided useful comments that
contribute to the sound and sustainable growth of the Group and the creation of corporate value over the medium to long term.

external stakeholders can look up to us as a company to be admired. To this end, we will become a more wonderful company
if we keep our goals high, and if we all engage in dialogue andpool our wisdom toward their realization. We directors will doour best together so that all of our employees can realize thesegoals.
Shibumura: I believe that Tamura’s greatest strengths are its
technical capabilities that it has cultivated over the years andthe excellence of its employees. In addition, what will be important from here on is corporate governance, and I believethat ultimately it will be all about how transparent the organization is. Nothing should ever be hidden. If a problem arisesin the field, it is properly conveyed to top management andthe areas that need to be improved are communicated at worksites. If this two-way communication flow is firmly established,I think Tamura can grow into a wonderful company that we canbe proud of anywhere.

Tamura: Thank you very much. As both of you mentioned earlier, in the future, not only the quality of technology and products, but also corporate governance, sustainability, and otheraspects of how the company should be will become more important. To that end, we need people who can support these
activities, and we want to focus on diversifying and developing
human resources.
The 100th anniversary of our founding is a goal but by nomeans the final destination. We will continue to move forward
tirelessly for the next 150 years and even 200 years beyond
that. I would like to thank our outside directors for their frankopinions and suggestions.

Minomiya: As we approach the 100th anniversary of the company’s founding soon, once again, in order to become a worldclass company, I would like us to solve various issues such as
diversity promotion and business succession planning, so that
our employees and their families can be happy, and also so that
TAMURA REPORT 202230

Governance

Messages from an Outside Director andMembers of the Audit & Supervisory Board
Look forward to accelerating the development of new products
and markets as well as strengthening ESG promotion

Akira Kubota
Outside Director
Independent Officer

In the 13th Medium-Term Management Plan, we set out a business strategy that aims to grow bycontributing to carbon neutrality. We have been focusing on the electrification of automobiles, windand solar power generation, energy conservation, and other business areas that are expected to growfurther due to rising social needs, and it is becoming increasingly important to maximize our strengths.
In various phases such as development, manufacturing, sales and marketing, we are consciously promoting cross-company activities in Electronic Components, Electronic Chemicals/FA Systems, andInformation Equipment, and we expect to accelerate the development of new products and new markets by combining our strengths. In addition, along with its business strategy, the company views theenvironment, society, and governance as elements that all need to work together smoothly, and has
set specific goals for further enhancement from the perspective of a global company. I would like toemphasize the importance of these activities.
At meetings of the Board of Directors, Mr. Kubota proactively provides comments and advice that contribute to global business development,
including technology development strategies, based on his extensive experience in administrative agencies and his extensive experience anddeep insight in management of companies operating globally. He also voluntarily contributes to the activation of deliberations in the Nomination & Remuneration Advisory Committee and the Sustainability Management Committee based on his broad knowledge, including knowledge about technology.

Fulfilling my mission as an Audit & Supervisory Board Member
and contributing to the development of Tamura Corporation
I understand that the basic duties of outside Audit & Supervisory Board Members are to strictly
monitor and supervise the execution of duties by Directors from the perspective of ensuring legality
through the Board of Directors and to check whether controls over overall management are functioning effectively under the established corporate governance system.
However, beyond these basic duties I would like to continue to be a part of serious discussions on
how we, as a company with 100 years of history, should develop in order to contribute to the well-being of the entire planet, including response to the rapid shift to IoT and global warming, while being
aware of what is expected of an Outside Audit & Supervisory Board Member, especially as a lawyer,
and accurately grasping the Japan’s situation under the tense world affairs.

Based on his expertise as an attorney, Mr. Moriya has made necessary and appropriate comments to ensure the legality and appropriateness of the decision-making of the Board of Directors from the perspectives of corporate governance, internal control,risk management, etc. In accordance with the audit policy and plan established by the Audit & Supervisory Board, he works from a
broad perspective, including exchanging opinions with executive officers.

Serving as an Outside Audit & Supervisory Board Member at
Tamura Corporation

Atsuji Toda
Outside Audit & Supervisory
Board Member
Independent Officer

31

TAMURA REPORT 2022

Basic Views on Corporate Governance
The Company and its group companies have a basic management philosophy of respecting the interests of shareholders.
The Group thrives to realize compliance management based ona strong sense of mission of the management team entrustedwith management by shareholders and a high sense of corporate ethics. The basic policy and purpose of the Group’s corporate governance is to maximize its corporate value for shareholders by improving management efficiency and transparency.

Corporate Governance Framework
Board of Directors and Executive Officer System
The Board of Directors consists of eight members. Three ofthese directors are independent outside directors, accounting
for more than one third of the Board of Directors. The Group has
established its own Independence Criteria for outside directors,
available on its website. The Group shall select such candidates
of independent outside directors who meet our independence
Criteria in addition to those set by the Companies Act and theTokyo Stock Exchange. Regular meetings of the Board of Directors are held once a month, and extraordinary meetings of theBoard of Directors are held as necessary. We have introduced an
executive officer system to separate supervision and execution
roles so that the Board of Directors can perform its functions
more effectively.

Audit & Supervisory Board System and Internal
Auditing
The Audit & Supervisory Board comprises three members(including two outside members). The Audit & Supervisory
Board members audit the performance of directors’ duties
by attending the Board of Directors meetings and executive
meetings, listening to the directors and other executives about
current performance of their duties, inspecting important documents requiring approval, and investigating operations andfinances at major business sites, among others.
In accordance with annual audit plans, the Integrated Audit Division works with them to conduct internal audits of the
Head Office as well as the domestic and overseas bases of theGroup companies.

Nomination & Remuneration Advisory
Committee
With the objective of making fair and transparent decisions
on the nomination and compensation of board members, etc.,
the Tamura Group has established a Nomination & Remuneration Advisory Committee. The Committee is composed of two
representative directors and three outside directors, and ischaired by the lead outside director. The Nomination & Remuneration Advisory Committee meets several times a year.

▼Corporate Governance Framework

General Meeting of Shareholders
Appointment/Dismissal

Appointment/Dismissal

Appointment/Dismissal

Supervision System

Koichi Moriya
Outside Audit & Supervisory
Board Member
Independent Officer

Corporate Governance

The two pillars of growth and efficiency are the cornerstones of our 13th medium term management plan of the Company, which will reach its 100th year of operation in 2024. Specifically, we have
set targets for the creation of new products and businesses aiming for decarbonization, an operating
profit margin of 6%, and an ROE of 8%. At the same time, as a good member of society, the Company is working to achieve eight important issues, such as sustainable business growth, improvementof product quality, realization of job satisfaction, and coexistence with local communities. It goes
without saying that this goal must be achieved through legal and appropriate corporate activities with
an emphasis on compliance. As an Outside Audit & Supervisory Board Member, I will continue tomonitor the operation of the management organization to ensure that the company does not deviate
from the ideal direction of corporate governance.
As a certified public accountant, Mr. Toda has extensive knowledge of finance, accounting and taxation. He has made necessary
and appropriate comments to ensure the legality and appropriateness of the decision-making of the Board of Directors from an
objective and fair standpoint. In accordance with the audit policy and plan established by the Audit & Supervisory Board, he focuses on financial accounting, including exchanging opinions with executive officers and accounting auditors.

Nomination & Remuneration
Advisory Committee

Consultation

Sustainability Management
Committee

Consultation

AdviceBoard of Directors
8 directors

Audit(includes 3 outside directors)

AdviceReportSupervision

Execution of
Operations(includes 2 outside members)

Evaluation
ReportReportAudit

Appointment/Dismissal
Cooperation

Cooperation

AdviceDepartmental
Management Meetings
Consultation

Accounting
Auditor3 members

President
Executive Officer Committee
Consultation

Cooperation

Audit & Supervisory
Board

Advice Instructions

Business Divisions
Head Office Functions
Group Companies

ReportIntegrated Audit Div.

Report
Audit
Audit

TAMURA REPORT 2022

32

GovernanceCorporate Governance

Basic Policy for Internal Control Systems
The Tamura Group acknowledges “stable and efficient management,” “appropriate accountability,” and “compliance withlaws and regulations, as well as in-house rules,” as the objectives of internal systems established to enhance management
control. Risk management, compliance, and internal auditing
have been identified as methods for achieving these objectives
with structures being put in place accordingly.

Effectiveness Evaluation of Board of Directors
With the aim of improving the effectiveness of the Board of
Directors, analysis/evaluation of the Board of Directors is conducted every year.

Analysis and evaluation method
An anonymous questionnaire survey is carried out for all directors and Audit & Supervisory Board members regarding theeffectiveness of the Board of Directors including the Nomination & Remuneration Advisory Committee that was arbitrarily
formed by the Company. Based on the results of the questionnaire survey and the analysis/evaluation reported by an outside third party, measures for improvement, etc. are discussed
at board meetings.

Summary of results of effectiveness evaluation ofboard meetings for the fiscal year ending March 2022
As in the previous year, each Director and Audit & Supervisory Board Member expressed many constructive and motivating opinions, and the overall evaluation was positive.
It was also confirmed that the Board of Directors is operating
in an appropriate manner. In addition, it was confirmed that therisk management system is properly in place and its operation
is appropriately supervised, that outside directors and outside
auditors contribute to constructive discussions at board meetings, that the board of directors considers issues multilaterally
and fully, and that they support management’s decision-making. The Board of Directors also supports management’s decision-making. Based on the above, we confirmed that the effectiveness of the Company’s Board of Directors is ensured.
With regard to improvements based on the evaluation of
the effectiveness of the previous fiscal year (fiscal year ended
March 31, 2021), it was confirmed that the results of the efforts
were steadily improving with regard to the methods of managing meetings and providing information to further enhance
the quality of discussions. However, further improvements are
expected to be made to Board deliberations, management
succession planning, and executive training. We confirmedthat further efforts should be continued in the future.
Going forward, in order to further improve the effectivenessof the Board of Directors, we will continue to improve initiatives that contribute to the sustainable growth of the Company, such as exercising the functions of the Board of Directors
and ensuring the diversity of core personnel.

Compensation of Board Members

Policy for Compliance

Compensation of Directors

The Company has established a policy for determining thedetails of remuneration, etc. for individual Directors in the Director Remuneration regulations, and the method for determining such policy is discussed and reported by the Nomination & Remuneration Advisory Committee and resolved by the
Board of Directors.
Remuneration Structure
The Company’s remuneration for directors used to consist of “fixed remuneration,” “stock-based compensation typestock options (not available to outside directors),” and “performance-linked remuneration.” However, from the FY2022,
the Company has decided to discontinue new grants of stockbased compensation type stock options and introduce stockbased compensation for directors, excluding outside directors.
Accordingly, remuneration for directors will consist of “fixed
remuneration,” “performance-linked remuneration,” and “stock
remuneration.”
The remuneration ratio by type is determined in a way that
contributes to the provision of sound incentives for improving
performance in each fiscal year and increasing corporate value over the medium to long term. It is calculated as a percentage of the total amount paid by position based on the rate ofachievement.

TAMURA REPORT 2022

In order to perpetuate an enterprise and to continuously
respond to stakeholders’ requests, it is necessary for the enterprise to conduct its corporate activities in compliance withlaws and regulations and with a high sense of ethics. Based on
the “Ethics Compliance Standard” and “the Tamura Group Codeof Conduct,” the Tamura Group has prepared the ComplianceHandbook and has set the following behavioral criteria to beobserved in the course of daily operations, aiming to prevent
any and all dishonest and unlawful acts.
●Respect of human rights and prohibition of power harassment and sexual harassment●Management of classified information and prohibition of its leakage●Protection and handling of personal data
●Prohibition of retention of insider information and transaction
based on it●Proper use and protection of the Company's assets and intellectual property●Prohibition of bribery and excessive entertainment/gifts●Prohibition of involvement in anti-social activities●Other risks inherent in each type of work that are identified
by division

Establishment of Whistleblowing andConsultation System

Remuneration for Audit & Supervisory Board Members

Internal Reporting and Consultation System

Remuneration, etc. for Audit & Supervisory Board Members
is stipulated in the Audit & Supervisory Board Member Remuneration regulations that monthly remuneration consists ofbasic remuneration and additional remuneration (fixed remuneration only and no stock-based compensation type stock
options) and bonuses. Both remuneration and bonuses are
determined through discussion among Audit & Supervisory
Board Members.

The internal reporting system has been developed to establish and strengthen the compliance system by accepting consultations/reports on, whether or not organized or individual,suspected illegal or similar acts occurring inside the Tamura
Group, aiming to ensure early detection, correction, and prevention of problematic acts.
As contact windows for internal reporting and consultations
regarding illegal behaviors, etc., the “Ethics Consultation Windows” have been set up in order to quickly respond to and resolve compliance issues. Everyone including officers, employees, etc. of the Tamura Group can choose an “in-house window”
or an “independent window” that functions independently
from top management, for reporting or consultation. In orderto mitigate anxiety associated with reporting or consultation,an outside system is used to ensure information confidentiality.
Furthermore, protecting the anonymity of persons who make areport or hold consultations and prohibiting unfair treatment
are stipulated in the Internal Reporting Regulations.

▼Total Amount of Remuneration, etc. for Directors andAudit & Supervisory Board Members (FY2021)
Total amount of Remuneration
Total
by Type (Millions of yen)
Numberamount ofof
Perfor- Stock-based
RemuCategorycompen- Eligible
manceFixedneration
Officers
linkedsation(Millions of Remuneration
Remunera- type stock (persons)
yen)
tion
options
Directors(Numbers
in parentheses
pertain tooutsidedirectors)
Audit &
Supervisory Board
Members(Numbers
in parentheses
pertain tooutsidemembers)

155
(21)

24
(8)

121
(20)

21
(8)

20
(0)

2
(-)

12
(-)

(-)

8
(3)

3
(2)

Note: The amount paid to directors does not include employee salaries for directors who
concurrently serve as employees.

33

Compliance and Risk Management
Risk Management
In order to strengthen its overall risk management system,
the Tamura Group established the Risk Management Regulations, which stipulate how to respond to risks that can seriously
affect the management of the Group. These Regulations makeit a principle that if management crises occur, executives andemployees shall work as one to cope swiftly and calmly withthem, and that if the crisis affects human life, they shall give top
priority to protecting and saving it. Furthermore, Alarm Escalation Levels A and B are defined according to the degree of risk
involved and the magnitude of its influences.

Web-based Alarm Escalation Notification
SystemThe Web-based Alarm Escalation Notification System is a reporting system that, on occurrence of any of the risk-related
events defined in the Risk Management Regulations, enables
direct reporting to top management without delay via the intranet and facilitates information sharing so that concerned
parties can collectively respond as appropriate. Based on the
Risk Management Regulations, executives, employees, andother personnel of the Tamura Group are required to swiftly
report an event that may lead to a managerial crisis once theydetect it.

For more information on governance, please visit our website.
https://www.tamuracorp.com/sustainability/governance/index.html

Reporting and Consultation System for
Business Partners
In October 2020, we opened a supplier reporting and consultation service on our website and notified our major suppliersof the service, with the aim of early detection and correction ofviolations of laws and regulations by having suppliers inform
us when Tamura Group-related persons have committed or aresuspected of committing such violations. Currently, the system
is only available in Japan but we will expand it for use at overseas bases in the future.
TAMURA REPORT 2022

34

Financial and Non-Financial Data
Consolidated Financial Results▼Net sales▼Operating profit/Operating profit to net sales ratio(Millions of yen)

(Millions of yen)

120,000

7,000

100,000

85,55887,00880,00079,6556,000

88,328Operating profit to net sales ratio

Operating profit

6.3

3,000
40,0002,000

20,000070,000

2017

2018

2019

2020

0

2021 (FY)(Millions of yen)

Ordinary profit

7,000

6.4

Ordinary profit to net sales ratio

5.6

3,000

3.2
5,480

2.3

2,000

0

2017

2018

2019

2,384

2020

Shareholder’s equity (end of term)

2,001
2021 (FY)

ROE

14.3

50,00040,00030,00020,0009.042,61046,76410,00046,40947,88620,0001

10,00000

1,5642021 (FY)

8

7,000

7

6,000

6

5,000

5

4.2

1.2

2018

2019

2020

6,397

2,000

1.3

1,000

1

0

2

0.7

1

1,024

542

-0.1

2019

2020

2021 (FY)

0-84-1,000

0

3

3,630

2017

2018

2017

961
2018

30,00025,00025,44220,00012.8-128,164

0.5
275
2019

3,244

5,000
0

2017

3,571
2018

(Millions of yen)
6,000

15

6,000

3,000

5,000

3

2,000

0

1,000

-3

0

27,131

25,44022,7439.42021 (FY)

(yen)
700

(yen)

600

12

14

10

500

2017

2018

Dividend per share
During Period

9

8
400

583.09

2019

2020

2021

5,902

1,000

4,180

5.0

0

0.0

4,232

4,202

11.6
490

2019

2,148
2020

2017

2018

(FY)

(MWh)

28

450

24

350
20

7.7

385

400

16

250

12

200

8

2,098
2021 (FY)

4
0

320

310

2019

2020

300

150

68

50
0

2017

2018

2021

(FY)

▼Social contribution activity expenses(%)(Millions of yen)

30

50

(%)

Social contribution activity expenses
vs. ordinary profit ratio

2.5

25

3,499

3,474

11.4
481

(%)

8.0
2.2

0

76

279

20

2,079

15

5

-638

40

2.0

36
31

32

33
29

30

1.4

10
20

0.6

0

2019

2020

-4,0002021 (FY)

-30.7
2017

2018

2019

2020

2021 (FY)

-40

1.6

1.5

1.2

0.7

1.0

0.5

607.89

6
4
2

200

0

5
4

20.3

10
5

5

(%)

Payout ratio

End of the year

10
80.1
5

0

2017

2018

2019

2020

2021

(FY)

0

* Calculated by converting payroll costs of those who are involved in offering money, goods, or facilities,
and activities into monetary amounts▼Dividend per share/Payout ratio

565.34

26.2

10.0

100

2,553

2,000

4,522

2021 (FY)Net sales
Operating profit
Operating profit to net sales ratio

4,000

6,119

27.2

▼Use of renewable energy

10,000

7,000

6

28.2

25.0

1

562

165

2020

10.0

15,000(Millions of yen)

4,000

0.3

0.9

12.7

(%)
18

9

29.5

15.0

Net sales
Operating profit
Operating profit to net sales ratio▼Information Equipment

5,000

29.8

* Emission factors: Japan (market basis), others (IEA Emission Factors 2021)▼Capital expenditure

12

30.0

10

▼Net assets per share

570.00

2,197

4

3,000

35.0

2

35,000

3

6
5

1.8

9

Profit attributable to owners of parent
Ratio of profit to net sales attributable
to shareholders of parent

7.4

40.0

3

9,000
8,000

(1,000 t-CO2)

7

4

7

4,993

-0.2

519.592

59,2583.9(Millions of yen)

49,9370300

30,000

3,000

2.2

2017

3

(%)

47,751▼Electronic Chemicals/FA Systems▼ROE (Return on Equity)(Millions of yen)
60,00040,00050,871

(%)

2

2,510

2020

4

4,000

4,848

1,000

2019

50,00054,794(Millions of yen)

4

3.2

2018

5

55,874

(%)

5

4,000

2017

1,969

60,000▼Profit attributable to owners of parent/Ratio of profit to
net sales attributable to shareholders of parent

6

5,000

1.8
2,289

6

Net sales
Operating profit
Operating profit to net sales ratio

20.0

2.7

4,600

1,000

▼Ordinary profit/Ordinary profit to net sales ratio

6,000

5,407

▼Greenhouse gas emissions (Scope 1, 2)(Millions of yen)

4,000

2.9

▼Electronic Components
7

5.3

60,000Non-consolidated financial results

(%)

5,000

73,906Net Sales, Operating Profit, and Operating Profit to Net Sales Ratio by Business Segment

121.1
8

140

* Due to the elimination of intracompany transactions (mainly company-wide future
development expenses), the total operating income of all companies does not coincide with the total operating income of the business segments.

For details on non-financial data, please visit our website.
https://www.tamuracorp.com/sustainability/data/index.html

120

10

100
80

5

60

5

40

5

12.8

3

5

3

20
0

100
0

35

-980.4
2017

2018

TAMURA REPORT 2022

2019

2020

2021 (FY)

2017

2018

2019

2020

2021 (FY)-1,000TAMURA REPORT 2022

36

Corporate Information
Company Profile
Company
name▼Composition of net sales by region (consolidated) (FY2021)

Organization Chart (as of October 1 2022)
Board Directors and Audit &Supervisory Board Members

Tamura Corporation

FoundedMay 11, 1924
Incorporated November 21, 1939
Capital¥11,829 million (as of March 31, 2022)
Share(as of Mar. 31, 2022)
capitalAuthorized
252,000,000 shares
Issued and outstanding
82,148,676 shares(Not including 622,797 shares of treasury
stock)

Closing date

March 31

Number of shareholders

30,606

Officers(as of July. 1, 2022)（as of June. 28, 2022）

Representative Di- Naoki Tamura
rector, Chairperson
Representative Di- Masahiro Asada
rector, President
Yusaku Hashiguchi
Director
Takeo Minomiya
Outside Director
Akira Kubota
Outside Director
Haruko Shibumura
Outside Director
Norihiko Nanjo
Director
Shoichi Saito
Director
Audit & Supervisory Yuji Yokoyama
Board Member
Outside Audit & Super- Koichi Moriya
visory Board Member
Outside Audit & Super- Atsuji Toda
visory Board Member

Chairperson
President
Managing Executive Officer
Senior Executive
Officer
Senior Executive
Officer
Senior Executive
Officer
Senior Executive
Officer
Senior Executive
Officer
Senior Executive
Officer

Naoki Tamura
Masahiro Asada
Yusaku Hashiguchi
Norihiko Nanjo
Shoichi Saito
Seiji Shibata
Yuji Nakayama
Mitsutaka Nakamura

Executive Officer Seigen Kohakura
Executive Officer Kenichi Kamiyama
Executive Officer Kazuyoshi Ishida
Executive Officer Kensuke Maeno
Executive Officer Naoya Kakiuchi
Executive Officer Ryo Ito
Executive Officer Iksoung Kim
Executive Officer Jun Bamoto
Executive Officer Sachiyo Nishie
Tatsuya Kiyota
Fellow
Hirotoshi Aoki
Fellow

Board of Directors

Audit & Supervisory Board

US and Europe

Chairperson・President

Integrated Audit Division

Other Asian Countries

15,393 Million yen (18%)

R&D Strategy Division
Strategic Market Development
Division

88,328Million yen

Japan32,117 Million yen
(36%)

China

25,874 Million yen (29%)

Corporate Governance Division
Security Trade Control Department▼Number of employees by region (consolidated) (as of March 31, 2022)

Corporate Management Division

Ryo Nakatsu

Total

14,943 Million yen(17%)

US and EuropeJapan

374 (8%)Human Resources & General
Administration Division

1,188
(27%)

Other Asian Countries

Electronic Components

1,084 (25%)

Global Network

Total

4,405

Electronic Chemicals/FA Systems
China

1,759 (40%)

Information Equipment

EUROPE■ Tamura Chemical Korea Co.,Ltd.
■■ Tamura Corporation of Korea

AMERICAS■■ Tamura Corporation of China Limited■ Shanghai Xiangle Tamura Electro Chemical
Industry Co.,Ltd.
■ Tamura FA System (Suzhou) Co., Ltd.
■ Tamura Electronics (Suzhou) Co., Ltd.

■ Tamura Elsold GmbH■■ Tamura Europe Limited■■ Tamura Kaken Corp., U.S.A■ Tamura Electronic Material (Tianjin) Co.,Ltd.
■ Tamura Magnetic Engineering S.R.L.

■ Tamura Corporation of America■ Tamura Power Technologies de Mexico, S.A de C.V.

■ Hefei Ecriee-Tamura Electric Co.,Ltd.
■ Op-Seed Co., (BD) Ltd.
■ Earth Tamura Electronic (Myanmar) Co.,Ltd.

■ Tamura Elcomponics Technologies Pvt.Ltd.

■■■■ Tamura Corporation (Thailand) Co.,Ltd.
■ Tamura Electronics (M) Sdn.Bhd.
■ Tamura Kaken (M) Sdn.Bhd.

■■ Taiwan Tamura Technology
Co., Ltd.
■■■ Tamura Corporation of Hong Kong Limited■ Tamura Kaken (Dongguan) Ltd.
■ Tamura Electronics (S.Z.) Co.,Ltd.
■ Tamura Electronics (Huizhou) Co.,Ltd.
■Tamura Automotive Electronics(Foshan) Co., Ltd.
■■ Tamura Corporation Vietnam
Co.,Ltd.
■■■ Tamura Corporation Singapore Pte.Ltd.

ASIA

JAPAN
■ Telepart-Tamura Industria e Comercio Ltda.
■ Indusul Industria de Transformadores Ltda.

■ Wakayanagi Tamura Corporation■■■ Nagoya Sales Office■■
Aizu Tamura Corporation■ Industria Sul Brazil de Transformadores Ltda.
TAMURA CORPORATION■ Head Office/Regional Headquarters■ Electronic Components■ Electronic Chemicals■ FA Systems■ Information Equipment

37

TAMURA REPORT 2022■■■■ Osaka Sales Office■■ Head Office / Tokyo Office■ Sakado Factory■ Iruma Factory■■ Sayama Factory■ Kodama Factory■ Koha Co., Ltd.

TAMURA REPORT 2022

38