Materials Innovation
Annual Report2016
For the year ended March 31, 2016

Contents

Overview

Our
Strategy

Creating
Corporate
Value

Creating
Sustainable
Value

02
02 Profile

05

06 JSR’s Vision

13

22

03 Business Outline

07 To Our Shareholders

15 Petrochemical Products Business24 Corporate Social Responsibility

04 Consolidated Financial Highlights

11 Special Feature

17

14 At a Glance

Fine Chemicals andOther Products Business17 Semiconductor Materials
18 Display Materials
19 Strategic Businesses

20 R&D Policy and Organization

23 Corporate Mission and CSR

26 Corporate Governance System
33

Directors, Audit & Supervisory Board
Members, and Officers

34 JSR Global Network
35 Corporate Data

Financial Section(Supplementary Volume)

Forward-Looking Statements

Statements regarding the Company’s future plans, strategies, projected performance and outlook are based on information available at the time of writing. Readers are cautioned that economic
trends in JSR’s target markets and other risks, and factors beyond the Company’s control could cause actual results to differ materially from those projected by management.

JSR CORPORATION

01

Annual Report 2016

Overview
ProfileJSR Corporation (formerly Japan Synthetic Rubber Co., Ltd.) was established in December 1957
under the Special Measures Law for the Synthetic Rubber Manufacturing Industry with the aim ofpioneering synthetic rubber production in Japan. Since that time, the Company has remained
among Japan’s market share leaders in synthetic rubber and other petrochemical materials. We
also apply our polymer technologies in the field of fine chemicals to produce semiconductor materials, display materials, and other products, which command among the highest market shares in
the industry.
JSR aims to leverage its stable core businesses of petrochemical products and fine chemicalmaterials, to pursue sustained growth through life sciences business.

Corporate Mission

Materials Innovation
We create value through materials to enrichsociety, people and the environment
JSR CORPORATION

02

Annual Report 2016

Overview

Business Outline
JSR Group aims to create new value through materials and to help in solving social problems.

1960s
SocialPriorities

Production of
Synthetic Rubber
in Japan

1980s

Petrochemicals played a vital role as industrial raw materials
during Japan’s postwar recovery and reconstruction phase.
There was an urgent need to establish synthetic rubber
manufacturing in Japan because reliance on imports left
Japan vulnerable to a tight supply-demand environment.

Changesin the Industrial
Structure

2000s

Electronic materials were vital to the emergence of the newcomputer industry and products such as electronicallycontrolled appliances with embedded microchips, and digitalcommunications devices.

Fine Chemicals and Other Products BusinessSocial Priorities
for the Future

Awareness of environmental problems is reflected in theneed to create environmentally responsible living.
Another major social priority in Japan, which is leading
the global trend toward super-aged societies, is thedevelopment of medical services.

Strategic Businesses

Use for polymer and precision
processing technology

Life Sciences
Business
Lithium Ion
Capacitors Business• in-vitro Diagnostics andLife Science Research• Bioprocess Materials• Lithium Ion Capacitors

Fine Chemicals Business

Our
Businesses• Lithography Materials• Process Materials• Device Integration Materials•	Chemical Mechanical Planarization Materials (CMPs)

Semiconductor
Materials
Business

Use for polymer
technology

Display
Materials
Business• LCD Materials• New FPD Materials

Petrochemical Products Business
Elastomers
Business• General-Purpose Synthetic Rubbers• Thermoplastic Elastomers• Special-Purpose Synthetic Rubbers• Emulsions

JSR CORPORATION

03

Plastics
Business

Annual Report 2016

• Wide Range of ABS Resins and ABS Alloys

Overview

Consolidated Financial Highlights
In the FY ended March 2016, business results fell significantly below the initial forecast due toyearlong weak demand in the core businesses. Fourth quarter results in particular were affectedby a sudden demand slowdown in our customers’ markets and the impact of the weak yen.

¥

Net Sales

Net Assets

Operating Income

ROIC

ROE

-4.3%

-0.6%

-9.6%

-2.0%

-1.9%

34.4

8%

6.8%

386.7 ¥ 362.4

Previousyearbillion¥404.1 billion

billionPreviousyear¥

364.7 billion¥
Previousyearbillion¥38.1 billion

10 %Previous
year

8.7%

Previousyear

Although SSBR sales rose

Net assets were lower, primarily

Income in the Petrochemical

ROIC decreased as a result of

ROE decreased by 1.9 points

sharply, and the net sales of life

because of a ¥10.3 billion year-

Products Business segment

factors including a year-on-year

because of factors including an

sciences business showedon-year decrease in accumu-

declined as higher profitability

decrease in income, despite

increase in equity and a decrease

growth, overall revenues de-lated other comprehensive

and income in the plastics

continuing investment to captureof ¥5.9 billion in profit attributableclined due to a slump in elasto-

income. The equity ratio wasbusiness could not offset lower

growth opportunities.

to owners of parent.

mer product prices, weakness in

68.4%.

income in the elastomers busi-

(%)

(%)

the semiconductor market, andness. Income in the Fine Chemi-

an abrupt second-half slowdown

cals and Other Products Busi-in the FPD market.

ness segment also declined on

13

13
10

9.7

10.3
7.9

10

8.7
6.8

8

lower sales of semiconductormaterials and display materials.
Note: FY means year ended March 31(FY) 2012

JSR CORPORATION

04

Annual Report 2016

2013

2014

2015

2016

(FY) 2012

2013

2014

2015

2016

Our Strategy

A Course Change to Realize
the Business Vision

MITSUNOBU (Nobu) KOSHIBA
Representative Director and President

In a difficult business environment, JSR has identified growth opportunities
in each business. We are examining and selecting areas for allocation of enterprise
resources. Nevertheless, our business vision is unchanged, and we will steadily
invest in growth opportunities to realize the vision.

JSR CORPORATION

05

Annual Report 2016

Vision for 2020

Our Strategy

The JSR Vision

l Establish a corporate structure
resistant to changes.

The trends toward diversification and the formation ofa multipolar world are expected to accelerate.
We see these environmental changes asopportunities to expand our corporate
Post JSR20i6
value through initiatives based on
Phase III
our business philosophy.

l Build up competitiveness that enables
us to achieve sustainable growth.
l Develop a third pillar of business.
Become an esteemed company with
¥1 trillion market capitalization

Sustained Growth
Development of strategic businesses
as third core source of earnings

JSR20i6Phase II

Following Our
Path to Growth
JSR20i3
Phase I

Activation
toward Growth

Sustained efforts to link priority
measures implemented under
JSR20i3 to earnings
Core business areas (Solution
Polymerization SBR (SSBR), advanced
lithography materials, etc.) as
growth drivers

Emergence as a company capableof stable, sustainable growth* The “i” in “JSR20i6” (twenty-sixteen) emphasizes
the “Innovation” to realize Materials Innovation,
which is the heart of our corporate mission.

Net Sales

Operating Income(Billions of yen)

350.0

371.5

(FY) 2012

2013

394.3

404.1

386.7

2014

2015

2016

395.0

(Billions of yen)

36.0

35.2

36.1

38.1

(FY) 2012

2013

2014

2015

34.4

35.0

Concentration on key businessareas and products capable ofdriving sustainable growth
Investment, business infrastructuredevelopment, improvement ofcompetitiveness in corebusiness areas

JSR20i3

2017(Forecast)

JSR20i6n Petrochemical Products Business

JSR20i3

2016

2017

(Forecast)

JSR20i6n Fine Chemical and Other Products BusinessNote: FY means year ended March 31

JSR CORPORATION

06

Annual Report 2016

Our Strategy

To Our Shareholders
To what do you attribute the decline
in revenues and income in fiscal year 2016?
The main factor was greater than expected
weakness in the demand environment
for customers of our core businesses.

Analysis of trends in JSR Group’s key industries in the FY ended March

Products Business fell year on year as an increase in operating income in2016 indicates that while worldwide production of automobiles and tires

the Plastics Business segment resulting from profitability improvement failed

increased slightly year on year, tire production in Japan slumped. Semi-

to compensate for a decline in operating income in the Elastomers Busi-

conductor production slowed abruptly as demand growth faltered andness segment. Net sales in the Fine Chemicals and Other Products Busi-

major production adjustments were implemented during the second half inness segment increased year on year on a substantial increase in net sales

the flat panel display (FPD) market. In addition, the yen strengthened at thein the life sciences area of the strategic business field, despite lower net

fiscal year-end.

sales in the Fine Chemicals business due to the impact of fluctuations inIn this business environment, overall net sales in the Petrochemical

the FPD market. Operating income in the Fine Chemicals and Other Prod-

Products Business segment declined year on year. In the Elastomers

ucts Business segment declined year on year due to the significant impact

Business segment, although sales of Solution Styrene-Butadiene Rubberof the net sales decrease in the Fine Chemicals business.

(SSBR) grew substantially, slumping domestic tire production had a signifi-

As a result, consolidated net sales in FY ended March 2016 werecant negative effect on sales of other elastomers. In addition, the supply-¥386,709 million (down 4.3% year on year), operating income wasdemand balance in East Asia failed to improve due to a state of oversupply¥34,408 million (down 9.6%), and profit attributable to owners of parent

coupled with slowing demand growth, resulting in continued weakness inwas ¥24,069 million (down 19.6%).

the elastomer products market. Operating income in the Petrochemical

JSR CORPORATION

07

Annual Report 2016

Our Strategy

To Our Shareholders
Will there be any changes in management policy
in light of the current situation?
Although our business vision remains
unchanged, we will make course
corrections in each business.

In the 2000s, when the JSR20i3 mid-term management plan was
launched, there was stable growth in the Petrochemical Products Business segment. We concentrated enterprise resources on the Fine Chemicals business, which benefited from an excellent market environment, as a
growth driver. Even in those favorable circumstances, we foresaw market
changes in the Fine Chemicals business and have invested cash flows
generated during good times in areas offering prospects for market growth
to prepare a third pillar of JSR Group’s business portfolio. Nevertheless,from FY ended March 2015 to 2016 we anticipated continued low growthin our core businesses, the Petrochemical Products Business and Fine
Chemicals business, and made course corrections in resource allocation.
Although we were exploring next-generation growth scenarios in fourareas, ultimately it was decided to concentrate enterprise resources on thelife sciences business and develop it as a third pillar. From the time of thelaunch of JSR20i3 to the present, net sales have grown as a result of
business scale expansion from these initiatives, selling, general andadministrative expenses have increased simultaneously, and operating
income has remained nearly flat.
In FY ending March 2017, the final year of JSR20i6, we anticipate
continued low market growth and intensification of competition in the corebusinesses. Although our corporate vision will remain unchanged, we will
examine business growth opportunities and carefully select areas forallocation of enterprise resources while preparing to reduce investment risk.

JSR CORPORATION

08

Annual Report 2016

Our Strategy

To Our Shareholders

The clearest answer will be to summarize our current operating policy. For
the time being, we will not actively be making business investments, butrather pursuing steady growth.
In the Petrochemical Products Business, we will focus on SSBR, a
product for which market growth is expected to continue. To accelerate
global business expansion, we decided to augment supply capacity in asecond phase of construction at JSR BST Elastomer Co., Ltd. (JBE) in
Thailand and start up production in Hungary. These movements mark a shift
to a policy of pursuing global expansion by leveraging JSR’s technologies.
In the Fine Chemicals business, we have shifted from a global networkof development sites and consolidated development at Yokkaichi, and ourWhat course corrections will be madeto secure growth opportunities?

semiconductor materials have captured high market share in 20nm, 16nm,
and 14nm node processes. The semiconductor industry is entering themultiple patterning era, and I think JSR occupies an advantageous position in the market. In our LCD materials business, while the business isdeveloping favorably in China, it is not progressing in line with expectations
in South Korea and Taiwan. We will pursue business cost reductions. WithWe will review the balance
between earnings opportunities
and business costs and steadily
develop growth sectors.

regard to strategic businesses, to turn around the lithium ion capacitor(LICs) business, we have withdrawn from the automotive market, where acertain level of demand existed, and will concentrate solely on high-output
applications. In the life sciences area, positioned as JSR’s third businesspillar, MEDICAL & BIOLOGICAL LABORATORIES CO., LTD. (MBL) and KBI
Biopharma, Inc. will act as drivers of value chain expansion.
By clearly defining a policy for each business in this way, we will
pursue a balance between earnings opportunities and cost and makecourse corrections in preparation for growth over the medium to long term.

JSR CORPORATION

09

Annual Report 2016

Our Strategy

To Our Shareholders
What is your thinking on capital strategy,
including shareholder returns?
We will take a flexible approachto shareholder returns, aiming fora gross payout ratio of 50% or higher.
The Company considers its most important priority to be improvement ofbusiness results over the long term through reinforcement of researchand development from a long-term perspective and measures to boost
corporate competitiveness, such as new business development.
We will maintain continuous, stable dividend payments while taking into
account business results and medium- and long-term capital requirements
and considering the balance between shareholder returns and enhancementof internal reserves for future growth. We will flexibly make treasury stock
purchases to supplement dividends as a form of shareholder return, taking
into consideration the market environment. We will allocate internal reserves
to a variety of investments that will lead to new growth and contribute toenhancement of corporate value. During the period of the JSR20i6 mid-term
management plan, we will aim for a gross payout ratio of 50% or higher
through dividends and treasury stock purchases. The dividend per share for
FY ended March 2016 was ¥50, up ¥10 from FY ended March 2015, andthe dividend payout ratio was 47.2%. The gross payout ratio was 84.2%,
substantially higher than the ratio of 64.5% in FY ended March 2015.
I request the continued support of our shareholders and investors in
the years to come.

JSR CORPORATION

10Annual Report 2016

Our Strategy

Special Feature

As a Third Pillar, Life Sciences Business
Establishment of Business Unit andNew Brand “JSR Life Sciences”

foundational to clinical. The joint research projects plans todevices. The center will be constructed at Keio University incover the following fields: precision medicine, stem cellTokyo, where Keio University Hospital resides. It is expected

JSR has decided to develop the life sciences business as a

biology and cell based medicine, and designed medical

to begin operations from October 2017.

third pillar. Therefore, JSR Life Sciences was established as a
global business unit and given its own logo and brand identity
in April 2016.

JSR Group companies that collaborate to comprise JSR Life Sciences
JSR Micro, Inc.

The new logo’s selected colors were determined to be

MBL
International
Corporation

unique in the current marketplace, but the industry is clearly
comfortable with blues and greens. JSR Life Sciences
Bioprocess division has adopted the tagline of “Innovationfrom Lab Through Launch.” The new brand and business
unit encompass all global life sciences-focused businesses
and departments.

Life Sciences
Department

KBI Biopharma

MEDICAL & BIOLOGICALLABORATORIES CO., LTD.
JSR Life Sciences
Co., Ltd

Establishment of JSR-Keio University
Medical and Chemical Innovation Center
Looking to the future and responding to the needs of clinical

J&W Beijing
Biotech Co., Ltd.

and medical research, we have agreed with Keio University toestablish “JSR-Keio University Medical and Chemical Innovation Center” as a research base for manufacturers, academia,
and medical researchers. The chemical materials researchers

Life Sciences
Department
Life Sciences
Department

Beijing B&M
Biotech Co., Ltd

at JSR Group developing advanced materials and products
can now work closely with Keio University School of Medicine, which is engaged in medical research ranging fromJSR CORPORATION

11

Annual Report 2016

JSR (Shanghai)Co., LtdJSR Micro NV

Our Strategy

Special Feature
JSR Life Sciences Global Structure

medical field. We have established an organizational frame-

the General Manager of JSR Life Sciences to oversee theTogether with JSR Group companies and strategic partners,

work for the biopharmaceutical and diagnostic/researchbusiness as a unified whole.

JSR is engaging in diverse businesses ranging from seeds

reagent drug businesses and have newly established the Lifeand functional materials to products meeting final needs in the

Sciences Division in JSR. We also appointed an American as

Global Structure
J&W Beijing Biotech Co., Ltd.

Beijing B&M Biotech Co., Ltd

JSR Life Sciences Corporation

JSR Micro, Inc.

*JSR ownership: 75%*Subsidiary of MBL

Established on Apr. 1, 2012
• Diagnostic reagent materials• Diagnostic/research reagent material(distribution)• Contract analysis/manufacturing of antigens

Established on Apr. 1, 2012
• Diagnostic/research reagent materials(manufacturing/distribution/R&D)• Bioprocess materials(manufacturing/distribution/R&D)• Diagnostic/research reagent materials(sales and marketing)• Bioprocess materials (applications center of
excellence, sales , marketing)–Diagnostic intermediates(marketing/manufacturing/R&D in China)

JSR Micro N.V.
• Diagnostic/research reagent materials(marketing in Europe)• Bioprocess materials(marketing/material manufacturing/R&D)

MBL International Corp
*JSR Micro, Inc ownership: 51%

Europe• Research reagents/diagnostic(marketing/research/manufacturing)- Advanced medical market

Japan- Particle material
marketAsia

North America- Advanced medical market- Emerging countries market

MEDICAL BIOLOGICALLABORATORIES CO., LTD.

KBI Biopharma, Inc.
*JSR ownership since 2014: 51%• Biopharmaceuticals(Contract analysis/manufacturing)*JSR ownership as of Oct. 2015: 51%• Research reagents/diagnostics(marketing/research/manufacturing)

JSR Corporation
Establishment of Life Science Division in Apr. 2016
• Diagnostic & Research Reagents (marketing/overall management)• Bioprocessing (marketing/overall management)(manufacturing/distribution/R&D)

JSR CORPORATION

12Annual Report 2016

CreatingCorporate Value
The three strategic domains for JSR Group are
Petrochemical Products, Fine Chemicals, and Strategic
Businesses. In each of these areas, we are developing businessactivities based on medium- and long-term perspectives.

Revenue Breakdown by Business Segment

Fine Chemicals andOther Products Business

40.1%

Elastomers

46.4%
Plastics

13.5%

Petrochemical
Products Business

JSR CORPORATION

13

Annual Report 2016

Creating Corporate ValueAt a Glance
Segment Sales
2014

203,478

57,764133,067

2015

198,958

55,161

149,954

2016

(FY)

179,253050,000100,000

52,207150,000

Elastomers Business
Plastics Business
Fine chemicals &other products Business

155,250

200,000

250,000

300,000

350,000

400,000

450,000(Millions of yen)

* Note: FY means year ended March 31

Petrochemical Products Business

Elastomers

General-Purpose Synthetic Rubbers
	Solution Polymerization Styrene-Butadiene
Rubber (SSBR), Emulsion polymerization
Styrene-Butadiene Rubber (ESBR),
Polybutadiene Rubber (BR)Special-Purpose Synthetic Rubbers
Nitride Rubber (NBR), Butyl Rubber (IIR)
Ethylene-Propylene Rubber (EPM/EPDM)
Thermoplastic Elastomers (TPEs)
Syndiotactic 1, 2-Polybutadiene “JSR RB™”
Hydrogenated Polymer “JSR DYNARON™”
Styrene-Butadiene Thermoplastic
Elastomers “JSR TR™”
Styrene-Isoprene Thermoplastic
Elastomers “JSR SISTM,” etc.
Emulsion Products
Paper Coating Latex, SB Latex,
Acrylic Emulsions, etc.
Performance Chemicals
High-Functional Dispersant “DYNAFLOW™”
	Organic/Inorganic Hybrid Coating Materials“GLASCA™”
Battery Materials
Thermal Management Materials

Fine Chemicals and Other Products Business

Plastics

Fine Chemicals

Styrenic Resins
Acrylonitrile-Butadiene-Styrene (ABS) Plastic
	Acrylonitrile-Ethylene-Propylene-Styrene (AES)
Plastic

Strategic Businesses

Semiconductor Materials

Display Materials

Life Sciences Materials

Lithography Materials
Photoresists, multilayer materials, etc.
CMP (Chemical Mechanical Planarization)
Materials
CMP slurries and pads
Packaging Materials
Thick-film photoresists, photosensitive
insulation materials, etc.

LCD Materials
Alignment films, protective coatings, color
pigment dispersed resists, photosensitive
spacers, etc.
New FPD Materials
Optical Coatings, OLED, etc.

in-vitro Diagnostic and Research Reagents
Beads for Clinical Diagnostics
Research Reagents
Magnetic Beads
Size Standard Beads
Bioprocess Materials
Protein A affinity material
Ion-exchange material

Optical Materials

Lithium Ion Capacitors

Precision Materials and Processing BusinessHeat-Resistant Transparent Resin “ARTON™”
ARTONTM Optical Films, etc.
Optical Materials
UV Curing Optical Fiber Coatings, etc.

JSR CORPORATION

14

Annual Report 2016

Cells
Laminate Cell
Prismatic Cell
Modules
Laminate Cell Module
Prismatic Cell Module

Creating Corporate Value

Petrochemical Products Business
Elastomers
Performance Overview-9.9%-30.2%

179.3 billion¥¥

The SSBR Business Strategy

7.5 billion
Operating Income

Net Sales

In the Petrochemical Products Business, the butadiene-naphtha spreadl Year-on-year increase in automobile tire production in North America,
China, and Europe; year-on-year decrease in Japanand the Company’s business income are linked. The key factor that putl Year-on-year decrease in total elastomer sales volumes

downward pressure on the Group’s overall income in FY ended Marchl Significant increase in SSBR sales volumes thanks to the contribution
from full-scale operation at JSR BST Elastomer Co., Ltd. (JBE), thejoint venture in Thailand

2016 was first quarter and fourth quarter income in the Petrochemical
Products Business. At this time, we forecast continuing market pricestagnation in FY ending March 2017 and beyond.

l Year-on-year decrease in net sales on a decline in product prices
accompanying falling raw materials prices and lower sales volumes

Change in butadiene and naphtha prices(Unit: $/ton)n Spread(Butadiene-Naphtha)
Butadiene price
Naphtha price*Source: Statistics of Platts
and JSR, etc.

4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
(CY)

2002

2003

2004

JSR CORPORATION

2005

15

2006

2007

Annual Report 2016

2008

2009

2010

2011

2012

2013

2014

2015

2016

Creating Corporate Value

Petrochemical Products BusinessWe also plan to increase supply capacity for SSBR, a product whose

Plastics

sales volume is steadily increasing, by 19% year on year in 2016 in asecond phase of construction at JBE and also plan to start production in

Performance Overview

Hungary in 2018. In addition, our capacity utilization rate of nearly 100% is
extremely high compared to other companies.

-5.4%

Production in Thailand started up behind schedule, due partly to
manufacturing delays and partly to approval delays. Our SSBR is used in¥original equipment applications, and it took time to obtain approval from

52.2 billion
Net Sales

automakers. Because the product is used in original equipment, once

+80.0%

5.1 billion¥

Operating Income

approval has been obtained, demand can be expected to continuously
increase. This is a business model that differentiates JSR from competitors. Future plans call for reinforcing the Group’s sales bases in Europe,
where SSBR demand will increase, and building a technical support
system in China, where market needs exist. Although we are now introducing fourth-generation SSBR in Thailand, we are also establishing thetechnology for a fifth-generation product. In addition, we are working to
introduce a product for the high-volume segment with the aim of increasing JSR’s global market share for SSBR.

l Sales increase in Japan and overseas, despite a year-on-year decrease in domestic automobile productionl Year-on-year increase in sales volumes for industrial material applications due mainly to strong sales of materials for miscellaneous goodsl Year-on-year decrease in net sales as the sales volume increase
failed to compensate for a decline in product prices accompanying
falling raw materials prices
l Year-on-year increase in operating income from profitability improvement and higher sales volumes

Change in JSR’s SSBR production capacity and sales volume(Ton/year)

250,000

Preparing for a Leap Forward in Plastics

Launch of production
capacity at Hungary plant

200,000

JSR, Ube Industries, and Mitsubishi Rayon are proceeding with integrationof our ABS respective resins businesses through the merger of Techno

Second-phase
expansion of production
capacity at JBE’s plant

150,000

Polymer, a wholly owned subsidiary of JSR, and UMG ABS, a company inwhich Ube Industries and Mitsubishi Rayon each holds a 50% equityn Germanyn Hungaryinterest. Due diligence is now underway. The three companies are pro-

100,000

ceeding with realignment of the synthetic resin industry to develop an Thailand
n Japan

50,000

SSBR
Sales
volume0(FY)business structure capable of stable supply into the future in the Japanesemarket, which is shrinking year by year. The aim to actively pursue overseas sales expansion by combining the differentiated materials technolo-

2012

2013

2014

2015

2016

2017

JSR CORPORATION

2018

16

2019

gies of the merging companies.

Annual Report 2016

Creating Corporate Value

Fine Chemicals and Other Products Business
Performance Overview+3.5%

155.2 billion¥

Net Sales

Preparing for Commercialization of EUV Resists-11.0%

21.8 billion¥

Operating Income

In the Semiconductor Materials business, JSR lithography materials havel Display materials business plunged sharply due to the demand
slowdown of our customers

captured a high market share in leading-edge 20nm processes, and wel Net sales of the life sciences business substantially expanded

expect to keep the high share in next-generation 16nm and 14nm processes. Furthermore, we will focus on extreme ultraviolet (EUV) lithographymaterials. EUV lithography is expected to be a key technology that will

Semiconductor Materials
Performance Overview

Image of an EUV joint venture company-2.6%

JSR’s advantage
Manufacturing technology and quality
control of high-performance materials¥

imec’s advantage
State-of-the-art equipment and process(Belgium)

EUV joint venture company
AnalysistoolContract
Manufacturing

Net Salesl Semiconductor demand was flat due to weakening demand forsmartphonesl Materials demand was week during the generation transition from
20nm process to 16nm and 14nm process

JSR Micro N.V.
Sales

62.6 billion

Manufacturing
facilities

Rights touse an EUV
exposuretool

JSR CORPORATION

EUV
exposure
tool

17

Annual Report 2016

Creating Corporate Value

Fine Chemicals and Other Products Business
Display Materials

propel advancement of the semiconductor miniaturization and density
growth predicted by Moore’s law even in sub-10nm generations. In Febru-

Performance Overview

ary 2016, JSR and imec, a world-leading nano-electronic R&D center,-9.3%

established joint venture company EUV Resist Manufacturing & Qualification Center N.V. (EUV RMQC). Investigation of practical application of EUV¥

technology is gaining impetus in the semiconductor industry, and estab-

62.2 billion
Net Sales

lishment of mass-production facilities and a quality assurance system isessential. EUV RMQC will leverage the key strengths of the JV partners,l Sudden slowdown in demand for large-screen TVs and multifunctional mobile devices from the second half onward
l Marked decline in selling prices due to intensifying competition

JSR’s high-performance materials manufacturing technologies and quality
control capabilities and imec’s state-of-the-art equipment and processes,
to provide EUV lithography materials technology to companies in thesemiconductor industry that manufacture leading-edge devices.

Development of the Display Business in
the Chinese Market

Business deployment for LCD panel manufacturers in China

China’s worldwide share of liquid crystal panel production is expected to
exceed 20% in 2016. JSR entered the Chinese market, where continued
Dongbeihigh growth is expected, ahead of competitors and will proceed steadily
with sales expansion in China. Specifically, we are constructing a plant at
JSR Micro (Changshu) Co., Ltd. (JMCH), a joint venture established in
China to manufacture display materials, and plan to start operation in

Huabei

Xibei

2016. In response to the commoditization of liquid crystal panels, we areworking to secure business income through operational reforms and are
pursuing expansion of the product line related to mobile products, fromwhich continued growth can be expected. Furthermore, we will work to

Huazhong
Xinan

l Location of customers’ LCD plants in China

maintain income from the business overall through drastic structural reform
Huadongof operations at each production site and aim to continuously expand the
product portfolio.

Huananl Location of JSR Group companies and their business areas

JSR CORPORATION

18

Annual Report 2016

Creating Corporate Value

Fine Chemicals and Other Products BusinessBusiness Policies for Strategic Businesses

Strategic Businesses

The Company will reposition its activities in the life sciences area, which has

Performance Overview

been positioned as a strategic business in the Fine Chemicals and Other+77.7%

Products Business segment, as a new pillar of the business portfolio
comparable to the Fine Chemicals business. Building on our success in¥

expanding the scale of this business, we will newly establish a Life Sciences

30.5 billion
Net Sales

Business Division and focus on two fields: bioprocess fields and diagnostic
and research reagent fields. Although the importance of the Japanesel Substantial increase in net sales due to the effect of two newly
consolidated Group companies

market will not change, leading-edge technologies and markets in thesefields are concentrated mainly in the United States and Europe. An American JSR senior officer will serve as general manager of the division and leadthe business globally.
In the area of bioprocess materials, the Group will make efforts toincrease KBI’s contract development and manufacturing, biopharmaceuti-

Sales of the Life Science Business(Billions of yen)cals for which demand is growing year by year, in Europe as well as the70

United States. We will work to increase overseas sales of diagnostic andresearch reagent materials by leveraging the strengths of MBL. We are60

also considering entering new fields to further expand the business.
The diagnostic intermediates business of J&W Beijing Biotech Co.,
Ltd. (J&W), a joint venture in China, is also progressing steadily. In Japan,

50

we are proceeding with construction of JSR-Keio University Medical andChemical Innovation Center, a joint research facility with Keio University

40

School of Medicine.
Although the Group completed construction of a new plant with the
expectation of increasing sales in the lithium ion capacitors (LICs) busi-

30

ness, JSR LICs were not adopted for high-volume applications. To turn the
LICs business around, we have undertaken operating cost reductions and20changed the market. We will aim to achieve profitability by focusing thebusiness on applications where the ultra-low resistance, high voltage, andhigh durability characteristic of LICs can be expected to result in highTurning MBL into
a consolidated subsidiary

10

Turning KBI into
a consolidated subsidiary

added value.

0

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
FY ended MarchJSR CORPORATION

19

Annual Report 2016

FY ending MarchCreating Corporate ValueR&D Policy and Organization
We will use accumulated technologies toopen up new fields of technology
We see our R&D achievements as keys that will unlock the future for JSR.
We have consistently striven to enhance an R&D organization that hascreated many new high-performance materials based on our original technologies. JSR’s involvement in the petrochemical field began at the time of
our founding with elastomer technology. We have since developed ouractivities globally by creating highly competitive materials and technologies
for a wide range of technology fields, including the seemingly disconnectedarea of IT. We have accumulated a record of continual research and development to expand business areas behind our main business. That is, notonly to deepen our knowledge of our core polymer technology, but also to

Number of Patents

develop ways of combining it with other technical fields such as optics,
inorganic chemistry, and precision processing technology. We continue to

The number of patents held by JSR is steadily increasing in Japan and overseas,
mainly in the Fine Chemicals and Other Products Business.

challenge ourselves to develop new fields that offer major growth potential,
such as next-generation electronics, life sciences, environment, and energy.

As of March 31

Japan

2010

2011

2012

2013

2014

2015

2016

374

377

387

358

334

308

303

1,465

1,685

1,972

2,331

2,633

2,717

2,867

Others

75

67

79

89

104

99

90

Subtotal

1,914

2,129

2,438

2,778

3,071

3,124

3,260

492

489

507

523

516

531

545

2,164

2,365

2,516

2,741

2,957

2,810

3,075

Others

39

36

33

34

33

29

22

Subtotal

2,695

2,890

3,056

3,298

3,506

3,370

3,642

4,609

5,019

5,494

6,076

6,577

6,494

6,902

Petrochemical Products

Integrating R&D with business activities
After discovering seeds of innovation through our R&D activities, weFine Chemicals and Other Products

need to link those seeds to actual business activities. Another exampleof the accelerating integration of R&D and business activities throughdirect interaction between our researchers and customers. The leading
countries and regions for cutting-edge research vary according to every
field such as elastomers, semiconductor materials, display materials, life

Overseas Petrochemical Products
Fine Chemicals and Other Products

Total

sciences, environment, and energy. By locating our R&D and businesssites in the most advanced areas, we are building a structure that willallow us to respond quickly to new trends. We also make extensive useof strategic investments and business partnerships to secure rapid
access to the advanced specialist technologies and knowledge, andconnect our businesses that we need for our next-generation businesscreation. We are evolving a structure that can provide new value tosociety by flexibly integrating R&D with business activities within JSRGroup and beyond.

JSR CORPORATION

20

Annual Report 2016

Creating Corporate ValueR&D Policy and Organization
Creating materials for the future through materials innovation
R&D Structure
Petrochemical
Products
Business

Fine
Chemicals
BusinessCore Business

A Global Approach to Technology Innovation
Centering on Four R&D Facilities in Japan
JSR currently has R&D facilities in Yokkaichi and Tsukuba in Japan. These

Life Sciences and others

R&D facilities support existing business activities while also helping toThird Pillar

Next Generation

launch new businesses.
In our existing businesses, we are enhancing technical service support
in a number of countries and constructing a system capable of providing
timely support for customers’ business promotion. To launch new businesses, they therefore participate in highly innovative and exploratory

Support Research

Next Generation
Technology Researchresearch initiatives with customers, domestic and international universities,

Seed Researchand research institutes. Located within Kinki University’s Molecular Engineering Institute, JSR Functional Materials Research Center is the focus of•	Performance Polymer
Research Laboratories

Business
Division•	JSR Functional Materials
Research Center•	Fine Electronic Materials
Research Laboratories•	Advanced Materials
Research Laboratories

Customer andMarket Needs•	Precision Processing
Technology Group,
Precision Processing Lab.
•	Tsukuba ResearchLaboratories

Market Needs

JSR-Keio University Medical and Chemical Innovation Center, a joint
research facility, within Keio University Shinanomachi Campus, and are•	Display Materials
Research Laboratories
Collaboration

seed investigation and research in JSR Group. We have establishedconducting research relating to new medical fields to realize health andCollaboration

Collaboration

longevity.

Proposal on
Technology Seeds
Consignment
Research

Universities

Consortia

Research
Institutes

Joint Research

External Projects
institutions

Technology Seeds
CVC Activities(Corporate Venture Capital)

JSR CORPORATION

21

Annual Report 2016

JSR aims to become a corporate group that is essential to a wide rangeof stakeholders from its ability to create useful new value through its
business activities. We will achieve this by integrating management
based on our business philosophy with CSR as an indicator of theappropriateness of our business activities.

Creating
Sustainable ValueJSR CORPORATION

22

Annual Report 2016

Corporate Mission And CSR

By integrating business management with CSR, we will generate income for society
and JSR Group. We will also contribute to the creation of a sustainable society.
Proactive CSR

Corporate Mission

We aim to respond to society’s needs through our business activities.

Materials Innovation
We create value through materials to enrichsociety, people and the environment
Management Policies—Fundamental Pillars of Managementl Continuous creation of businesses
l Enhancement of corporate culture
l Increase in corporate value
Management Policies—Responsibility to our Stakeholders
l Responsibility to our customers /business partnersl Responsibility to our employeesl Responsibility to societyl Responsibility to shareholders
Course of Action (4Cs)
Challenge
Communication
Collaboration
Cultivation

Petrochemical Products BusinessBusiness
Strategy

We will globally market products that offer new value in response to the needs of society
and markets, such as Solution Polymerization SBR (SSBR).
We will base our business activities
on specific priorities leading to therealization of our vision for 2020.

Fine Chemicals Business
By taking JSR’s advanced technologies global, we will help support the further growth ofdigital industries while contributing to the quality of the IT society and social convenience.

To respond to social priorities throughbusiness activities based on our corporate philosophy, management policies
and medium-term management plan
(April 2014–March 2017)

Strategic Business
The environment and aging are both major areas of social concern. By combining its
materials and technologies to create solutions for these problems, JSR aims to contribute to the creation of a society in which people can enjoy healthy, fulfilling lives while
using energy in environmentally responsible ways.

Keeping them
foremost inmind to qualify
our products
for environmental labeling

Supply Chain Management
We work to improve value across entire supply chains by establishing standards for
CSR initiatives and other actions by suppliers, as part of our efforts to ensure that ourcustomers are reliably supplied with quality products.

Business
Base

Voluntary Environmental, Health and Safety Activities (Responsible Care)
Initiatives by chemical manufacturers to protect the environment and the safety and health of all stakeholders

A business base is essential to therealization of our strategies and corporate management.

Compliance
We will maintain our status as a trusted company by complying with rules and moral standards.

Governance

Key Social Priorities and Issues
Energy, resources, water, food, biodiversity,
disaster prevention and safety, aging
society, climate change, human rights, U.N.
Global Compact, U.N. Sustainable Development Goals (SDGs)

E2
Initiative™

The aim of our management policies is to maintain the value of JSR for society and a wide spectrum of
stakeholders.

Human Rights

Defensive CSR
A foundation for sustainable business activities

JSR CORPORATION23

As a company with a presence in society, we will always consider and respect the individuality of all
stakeholders.

Annual Report 2016

Creating Sustainable ValueContributing to Society through Materials Innovation
JSR Group practices a unique brand of CSR. For us, CSR is becoming a company
that continuously grows while contributing to society through the provision of
essential materials and a company that discharges its responsibilities tostakeholders in accordance with the Corporate Mission.
CSR Management

identified in the survey. To strengthen compliance, in April 2013 we pre-CSR Advancement Structure

pared the Compliance Handbook containing key points concerning laws

JSR promotes CSR through a system of committees and a CSR Depart-and regulations to be observed and distributed it to all employees inment established to reinforce CSR-related initiatives. There are fourJapan. In March 2015, JSR had issued a Korean compliance handbook

committees that function under the supervision of the CSR Committee: thebased on Korean regulations and have distributed to JSR Group compa-

Corporate Ethics Committee, which implements corporate ethics stan-nies in Korea. We will thorough law compliance in Korea, too.

dards and works to prevent improper actions throughout the Group; theResponsible Care Committee, which works to realize a sustainable society

Risk Management

through the implementation of initiatives that safeguard the environment,

JSR Group considers preventing major crises from occurring and minimiz-

health, and safety; the Risk Management Committee, which seeks to

ing the effects of crises on business activities an important management

further strengthen the Group’s risk management system; and the Social

priority and engages in risk management activities. Using an independently

Contribution Committee, which devises and promotes activities to help thedeveloped system, each division and Group company each year periodi-

Group make a contribution to society.

cally identifies, assesses, and formulates countermeasures against a wide
range of risks, including explosion, fire, major earthquake, and pandemic

Complianceoutbreak. We designate particularly serious risks as “major company-wide

JSR Group’s concept of legal compliance is grounded in the principle ofrisks,” and the Risk Management Committee and the CSR Committee

ethical action based on compliance with the law. The Corporate Ethics

manage improvement in risk management. JSR Holds crisis management

Committee promotes activities to encourage employees to maintain hightraining once a year, and our president directors the emergency headquar-

ethical standards and act with fairness and integrity. We conduct a Corpo-

ters. On FY ended March 2015, the training was held assuming that there

rate Ethics Awareness Survey at business sites in Japan and overseas towas an earthquake under the capital of Japan (North of Tokyo bay). JSR

ascertain the state of awareness of corporate ethics among employees

will continue to prepare to ensure safety, reduce damage and continue

and identify issues and we prepare a follow-up plan to address any issues

business in case of serious crisis by various trainings.

JSR CORPORATION

24

Annual Report 2016

Creating Sustainable ValueContributing to Society through Materials Innovation
Responsibility to Our Stakeholders

Responsibility to Shareholders

JSR’s Group’s Essential Elements include values to be shared among all

Through investor relations activities, we strive to promptly and accurately

JSR employees to enable them to act responsibly and with confidence

communicate to shareholders and investors information about the busi-

towards all stakeholders. For JSR, the term “stakeholder” refers to allness situation and corporate policies. We hold the Ordinary Generalcustomers and business partners, employees, society, and shareholders.

Meeting of Shareholders at an early date, promptly send the notice ofconvocation to shareholders, enable the exercise of voting rights via the

Responsibility to Customers and Business Partners

Internet, and take other measures to ensure smooth exercise of voting

We believe that JSR Group’s most important role is to offer innovative

rights by shareholders. We hold quarterly results briefings, seminars formaterials and excellent products that meet customer needs and contributeinstitutional investors and analysts, and technical seminars (JSR Tech

to a better society. We devote effort to initiatives to ensure the quality and

Seminars) and promote wide-ranging two-way communication.

safety of our products so that our customers can use them with peace ofmind. These efforts are recognized and appreciated, and we have re-

Aiming to increase corporate value by creating business opportunities

ceived top-rank supplier awards from global customers.

through materials
l Constantly enhancing its management efficiencies
l Inspiring trust by being highly transparent and conducting soundResponsibility to Our Employees

corporate management practices

JSR Group develops mechanisms and fosters a corporate culture thatenables all employees to accurately recognize and solve issues and thatl In April 2009, JSR Group became a participant in the United Nations

maintains and enhances organizational capabilities. We have put in place

Global Compact. Amid growing calls for corporate social responsibility,

JSR Group global personnel system and engage in personnel development

the Global Compact enables companies that operate on a worldwide

and management at the Group and global levels. Throughout JSR Group,level to declare their commitment to observing the Compact’s ten

synergies are generated through the contributions of a diverse workforce.

principles. The principles include human rights, labor, the environment,
and anti-corruption. Having declared its participation in the Global

Responsibility to Society

Compact and its commitment to act responsibly as a member of the

JSR Group engages in responsible care management by means includinginternational community, JSR Group will work even harder to actively

the creation of highly trustworthy business sites and initiatives to reduce

fulfill its social responsibilities.

environmental impacts. We also engage in activities that contribute todevelopment of a sustainable society, such as the promotion of biodiversity conservation and socially beneficial activities.

JSR CORPORATION

25

Annual Report 2016

Creating Sustainable ValueContributing to Society through Materials Innovation
JSR Recognized Internationally for Socially Responsible Investment
JSR has been selected for inclusion in three international indices and one

Our selection proves that our corporate activities are highly valued aroundinvestment universe for socially responsible investment (SRI).

the world, and guarantees our value.

In Japan, few companies are selected for inclusion in three indices.

JSR has also been selected for inclusion in the Global Compact 100.

Recognition for Ethical Investment

MS-SRI (Japan) *(January 4, 2016)
We have been selected as a member ofthe Morningstar Socially Responsible
Investment Index, Japan’s major SRI index,
since 2009.

EURONEXT Vigeo
World 120 (France)
We were selected as one of the top 120
global companies included in the Euronext
Vigeo World 120 Index.

FTSE4Good (U.K.)
We have been listed in the FTSE4Good
Index Series since 2004.

ETHIBEL PIONEER &EXCELLENCE
Investment Registers(Belgium)
We have been reconfirmed for inclusion in
the Ethibel Pioneer & Excellence Investment
Registers since June 2015.

*	The Morningstar Socially Responsible Investment Index comprises 150 companies selected from among listed companies in Japan by assessing their social responsibility. This index does not guarantee future
performance, accuracy, completeness, etc. Morningstar Japan K.K. and Morningstar, Inc. shall not bear any responsibility for damage that might result from use of the index. Copyright and all other rights rest with
Morningstar Japan K.K. and Morningstar, Inc. Copies, reproductions, and citations without permission are prohibited.

JSR CORPORATION

26

Annual Report 2016

Creating Sustainable Value

Corporate Governance System
Aiming to Maintain a Trusted, Appealing Corporate Constitution

Target Period: April 1, 2015—March 31, 2016
(Some parts include activities and initiatives conducted since April 2016)

JSR is constantly improving its system of corporate governance with the aim of obtaining the trust of shareholders
and all other stakeholders and building an appealing corporate constitution. We will strengthen and enhance ourcorporate governance to ensure that management processes are implemented fairly, transparently and promptly, byimplementing initiatives targeting each of the items required under the corporate governance code.

(As of June 17, 2016)

Strengthening Corporate Governance

Shareholders’ Meeting

2004

2015

l Term of office of directors reduced fromtwo years to one year

l Establishment of Nomination Advisory
Committee of which majority members
are outside directors in order to ensure
the transparency of the policy andprocedures of nominating candidates for
directors and Audit & Supervisory Board
members.
l Establishment of Remuneration Advisory
Committee of which majority members
are outside directors in order to ensure
the objectivity and transparency of its
directors’ remuneration scheme.
l Introduction of Mid-term performancebased bonuses by using three years
average of the consolidated ROE as
performance evaluation reference.
l Disclosure of policies for cross shareholding, policies and procedures fornominating candidates for directors andAudit & Supervisory Board members,
policies and procedures to determine
remuneration for directors, and JSR’s
own criteria for judging independence foroutside directors and Audit & Supervisory
Board members.

2005
l Introduction of the officer systeml Discontinuation of the retirement bonus
system for directors and Audit & Supervisory Board members

2011
l Invitation of two independent outside
directors to its Board of Directors consisting of six directors

2012
l Establishment of the Remuneration
Advisory Committee, with participation byoutside directors

2014
l Appointment of three independent outside
directors to its Board of Directors consisting of seven directors and appointment of
two independent outside Audit & Supervisory Board members to its Audit & Supervisory Board consisting of three members

Appointment/
Dismissal

Appointment/
Dismissal

Report

Audit &
Supervisory
Board

Financial
AuditsAuditsBoard of Directors
ReportAppointment/
Dismissal

Independent
Auditors

Nomination
Advisory Committee

ReportOversight/
Supervision

Remuneration
Advisory Committee
Cooperation

ReportCooperation

Internal Audit
Department

JSR CORPORATION

Appointment/
Dismissal

Report27

Representative
Directorand President

Appointment/
Dismissal
ReportReportOversight/
Supervision

Executive
Committee

Corporate Ethics
Committee

Business Issues
Committee

Responsible Care
Committee

Officers
Committee

Internal
AuditsAnnual Report 2016



CSR
Committee

Risk Management
Committee
Social Contribution
Committee

Officers
Business Operations









Creating Sustainable Value

Corporate Governance System
Directors and Corporate Auditors

n Audit System(As of March 31, 2016)

Enhancement of the management monitoring function and assurance oftransparency

Representative Director and President

Mitsunobu Koshiba

Under the Company’s audit system, business execution audits and ac-

Representative Director

management. Business audits cover the execution of duties by directors,

count audits make significant contributions to fair, transparent, and timely

Hozumi Satoand account audits cover financial statements submitted at Ordinary

Director

General Meetings of Shareholders. In order to further enhance monitoring

Hisao Hasegawa
Hayato Hiranoand checking functions of its Audit & Supervisory Board, the Company
appoints independent attorney and certified public accountant as outside
Audit & Supervisory Board member.

Standing Audit & Supervisory
Board Member

Shoichi Kataoka

n Internal Control System

Outside Director

Efforts to ensure the effectiveness of and improve internal controls

Michio Kariya
Kazunori Yagi
Yuzuru Matsuda

In accordance with The Companies Act of Japan, JSR Group has
established a basic policy governing its internal control system. Guided
by this policy, the Company works to strengthen and augment its
internal controls. The Internal Audit Department systematically audits

Outside Audit & Supervisory
Board Member

business execution and compliance systems in each division and Group

Hiroichi Uekusa
Hisako Kato

company, and confirms that rigorous legal compliance is observedn Officer Systema Board of Directors

Clear segregation of the management and business execution functions

Management decisions that reflect outside opinions

JSR has introduced an officer system to separate Company-wide man-

The Board of Directors discusses and makes decisions on important

agement monitoring by directors and business execution by officers. The

business matters, and also supervises directors and officers’ execution ofsystem accelerates decision-making from the functions of businessbusiness duties. The Board holds meetings monthly, in principle. It also

execution by directors and officers, respectively, and also strengthens theincludes three outside directors who, together with three Audit & Supervi-

supervisory function of directors and clarifies roles and responsibilities.

sory Board members (including two outside ones) engage in robust

throughout the Group.

exchanges of opinions at Board meetings. By introducing independentand neutral outside directors with extensive business experience, we seek
to reinforce the appropriateness of judgments made by management andmonitor the legality of their execution of duties.

JSR CORPORATION

28

Annual Report 2016

Creating Sustainable Value

Corporate Governance System
Outside Directors (As of March 31, 2016)

Kazunori Yagi

The Company has appointed three outside directors in order to further

Kazunori Yagi is a corporate advisor for Yokogawa

reinforce the monitoring function of the Board of Directors. By welcoming

Electric Corporation. Mr. Yagi has extensive experi-

outside directors with extensive experience and highly impartial, neutral

ence in the management of Yokogawa Electric, aperspectives, we will ensure more appropriate management decision-

globally renowned producer of control systems andmaking and reinforce our ability to monitor the legality of business execution.

measurement instruments. JSR anticipates that Mr.
Yagi will help strengthen corporate governance bydeploying this experience to ensure reasonable judgments by manage-

Michio Kariya

ment from external, independent and neutral perspectives, as well as

Michio Kariya served as president, CEO and COO ofmanagement transparency and soundness. For this reason, Mr. Yagi has

Nikon Corporation and is currently a executive

been named an outside director as he was in the previous year.

advisor. Mr. Kariya has extensive experience in the
management of Nikon, a globally renowned optical

Major activities in the year under review

equipment company. He has helped strengthen

Mr. Yagi participated in all 16 meetings of the Board of Directors held

corporate governance by deploying this experienceduring the year under review, at which he contributed amply to fair andto ensure reasonable judgments by management from external, indepen-

reasonable management decisions and transparent and sound manage-

dent and neutral perspectives, as well as management transparency andment by addressing the Board as appropriate concerning matters undersoundness. For this reason, Mr. Kariya has been named an outside direc-

discussion. Mr. Yagi brought to the Board an independent outside per-tor, as he was in the previous year.

spective based on his extensive experience in the management of acompany that operates an international business in control systems andMajor activities in the year under review

measurement instruments.

Mr. Kariya participated in all 16 meetings of the Board of Directors held
during the year under review, at which he contributed amply to fair andreasonable management decisions and transparent and sound management

Yuzuru Matsuda

by addressing the Board as appropriate concerning matters under discus-

Yuzuru Matsuda has served as the President andsion. Mr. Kariya brought to the Board an independent outside perspective

COO of KYOWA HAKKO KOGYO CO., LTD andbased on his extensive experience in the management of a company that

Kyowa Hakko Kirin, Co. Ltd. Mr. Matsuda has vast

operates an international business in optical machinery and equipment.

experience in corporate management of global
companies, especially in the field of medical products and biochemicals. Mr. Matsuda also possesses an independent perspective as an outside director. Mr. Matsuda has
utilized his experiences and independent viewpoints to assist the Company in making crucial decisions, to supervise the Company at the BoardJSR CORPORATION

29

Annual Report 2016

Creating Sustainable Value

Corporate Governance System
of Directors level, and to strengthen the fair corporate governancec Business Issues Committee

through enhancement of objective and reasonable business judgment

Review of policies and strategies for individual projects

and transparent and sound management. For this reason, Mr. Matsuda

The Business Issues Committee engages in broad-ranging debate about

has been named an outside director as he was in the previous year.

items related to fundamental management policies and policies strategies, basic policies behind specific projects, and changes to business

Major activities in the year under review

strategies. It also shares information to ensure a common understanding

Mr. Matsuda participated in all 12 meetings of the Board of Directorsof such matters and discusses company directions. Its findings areheld during the year under review after his appointment as a director. Mr.

reflected in deliberations of the Board of Directors and the Executive

Matsuda has greatly contributed to continuous improvement of corpo-

Committee. The Business Issues Committee, which meets once a week,rate value by ensuring reasonable judgment for, and accountable andconsists of the president, officers with directorship status, and officers

sound management of, the businesses of the Company, by utilizing theappointed by the president.

range of his knowledge and vast experience on management of companies in the major global industries of medical products and biochemicals,d Officers Committee

and by providing necessary appropriate advice, as well as a neutral andSharing of information on business conditions and issues

independent viewpoint, at the Board of Directors meetings.

This committee is held in order to share information from all departments
concerning the execution of business activities, to ensure members’
thorough understanding of important business matters and to enhanceb Executive Committee

their communications. This committee consists of the president, senior

Rapid response to changes in the business environment

officers, officers and a standing Audit & Supervisory Board member,

The Executive Committee holds extensive discussions on items con-except overseas representatives. As a rule, this committee meets twice acerning fundamental management initiatives, management policies, andmonth and is chaired by the president.

management plans, along with important matters concerning theexecution of business activities at each department. The committeee Audit & Supervisory Board

thus gives direction concerning these issues. As required, certain items

Auditing by specialists in an independent position

submitted to this committee are passed on to the Board of Directors

This Board meets every month as stipulated in the regulations governing

for further discussion.

this body. The Audit & Supervisory Board receive reports on important

This committee is made up of the president, officers with directorshipmatters, hold discussions, and make decisions.

status, and officers appointed by the president, and responds to important

In accordance with standards for audits by Audit & Supervisorybusiness execution with the aim to expedite decision-making and improve

Board members of the Company, the Audit & Supervisory Board mem-the efficiency of such operations. As a rule, this committee meets once abers attend meetings of the Board of Directors, and the standing corpo-

week, and is chaired by the president. The standing Audit & Supervisory

rate auditor attends Executive Committee and other important commit-

Board member also attends these committee meetings.

tee meetings to monitor how important decisions are reached andbusiness activities are executed. The Audit & Supervisory BoardJSR CORPORATION

30

Annual Report 2016

Creating Sustainable Value

Corporate Governance Systemmembers also receive reports from the independent auditors, directors,

Hisako Katoand others. Through these activities, the Audit & Supervisory Board

Hisako Kato as a Certified Public Accountant both inholds deliberations in order to form auditing opinions.

Japan and U.S. and a Certified Tax Accountant
greatly contributes to further enhance its corporate

Outside Audit & Supervisory Board Members

governance by providing fair and reasonable judg-

To ensure the fairness and transparency of management, the Company

ment for, and accountable and sound management

appoints one standing Audit & Supervisory Board members, as well asof, the businesses of the Company through utiliza-

two outside Audit & Supervisory Board member. The outside Audit &tion of her range of professional knowledge and vast

Supervisory Board members have no personal, financial, or businessexperience on counting and tax matters, as well as independent andinterests in the Company. They are called upon to ensure the sound gover-neutral view point as an independent outsider.

nance of the Company while drawing on their respective careers.

Major activities in the year under review
Ms. Kato attended all 16 meetings of the Board of Directors and all 18

Hiroichi Uekusa

meetings of the Audit & Supervisory Board held during the year under review.

Hiroichi Uekusa has vast experience as a lawyer andShe contributed amply to the auditing of the Company and to fair anddoes not concurrently hold the position of director inreasonable management decisions and transparent and sound manage-

another company. Mr. Uekusa contributes to ensur-

ment by addressing the Board of Directors and Audit & Supervisory Board

ing reasonable judgments by management, as well as

as appropriate concerning matters under discussion. Ms. Kato brought tomanagement transparency and soundness byboth boards an independent outside perspective based on her extensive

auditing the Company from a position of indepen-

experience as a certified public accountant, certified public tax accountant

dence while drawing on the extensive knowledge and experience in legal

and her expert knowledge in a broad range of finance and accounting.

matters he possesses as an attorney.

Major activities in the year under review

f CSR Committee

Mr. Uekusa attended all 16 meetings of the Board of Directors and all 18

Implementation of CSR activities and rigorous compliance

meetings of the Audit & Supervisory Board held during the year under

The CSR Committee was established to ensure that JSR fulfills its respon-

review. He contributed amply to the auditing of the Company and to fairsibilities to society and complies with laws and regulations. Under the CSR

and reasonable management decisions and transparent and soundCommittee, four committees were established: the Corporate Ethics

management by addressing the Board of Directors and Audit & Supervi-

Committee, the Responsible Care Committee, the Risk Management

sory Board as appropriate concerning matters under discussion. Mr.

Committee, and the Social Contribution Committee. The CSR Committee

Uekusa brought to both boards an independent outside perspective

integrates and guides the activities of the above four committees andbased on his extensive experience as an attorney at law and his expert

meets four times each year along with special meetings as necessary toknowledge in a broad range of legal matters.

further strengthen the Company’s CSR efforts.

JSR CORPORATION

31

Annual Report 2016

Creating Sustainable Value

Corporate Governance System
The CSR Committee is chaired by the officer responsible for CSR andmanagement. This committee approves Responsible Care plans, evalu-

consists of officers responsible for manufacturing, manufacturing technol-

ates and verifies results of activities, and helps to maintain and upgradeogy, environment & safety, R&D, human resources development, account-

JSR’s programs to eliminate accidents, reduce environmental impact,

ing & financing, corporate planning, corporate communication, legal,manage chemical substances, and ensure safety of products. Details

general affairs, petrochemicals businesses, fine businesses and life sci-and results of Responsible Care activities are disclosed through the CSR

ences businesses and secretaries of the four committees listed above also

Report and Responsible Care Reports prepared by Yokkaichi plant.

attend meetings of the CSR Committee. The Committee clarifies the Com-

The CSR Report is audited by a third party to improve the reliability

pany’s stance toward CSR and works to strengthen CSR efforts at JSR.

and transparency of the content. Through these activities, the committee
is dedicated to winning greater trust from customers and addressing any
concerns among residents in the neighborhoods of JSR’s facilities.

g Corporate Ethics Committee

To make the information widely available, the CSR Report is posted on

Promotion of ethical business activities group-wide
The Corporate Ethics Committee, chaired by the officer in charge of

the JSR website (http://www.jsr.co.jp/jsr_e/csr/).

general affairs, was established under the CSR Committee to implement
corporate ethics standards and prevent improper actions throughout JSR

i Risk Management Committee

Group. JSR Group Principles of Corporate Ethics have been prepared toFurther strengthening risk management systems

provide a code of conduct for executives and employees. It is also pre-JSR places strong management priority on preventing serious crises frompared in Traditional Chinese, Thai, and Korean, in addition to English andoccurring and on minimizing the impact of crises that do occur on its

Simplified Chinese, so that Group employees all over the world canbusiness activities. To this end, the Company established the Risk Man-

become better acquainted with the Principles. As for the reporting system,

agement Committee under the CSR Committee, with the officer respon-

along with the internal hotline linked to the Corporate Ethics Committee

sible for Corporate Planning as chair. The Committee decides policies andand the external hotline linked to an external attorney, JSR introduced aplans in response to crises, both present and potential, and promotes

hotline that is linked to a specialized external agency and is also available

continuous improvement.

in English, Chinese, Korean and Thai.
j Social Contribution Committeeh Responsible Care Committee

Examining and promoting socially beneficial activities

Working to enhance safety, the environment, and quality

The Social Contribution Committee was established under the CSR Com-

JSR conducts a Responsible Care program to fulfill its obligations tomittee and is chaired by the officer responsible for Corporate Communica-

achieve sustainable development. The Responsible Care Committee wastions. JSR has been involved in many activities that contribute to society at

established under the CSR Committee to ensure that Responsible Carethe local level. JSR will expand its activities to cover the whole society andactivities are conducted effectively across the entire company. The

provide more active approaches. The Social Contribution Committee studies

committee is chaired by the officer for safety and environmental affairs,

the formulation of new programs and pursues initiatives according to its

demonstrating Responsible Care position as a core component of JSR’s“Basic Approach to Social Contribution,” published in January 2009.

JSR CORPORATION

32

Annual Report 2016

Creating Sustainable Value

Corporate Governance System
Status of Internal Audit, Audits by Audit & Supervisory Board Members

Remuneration

and Financial Audits

Deliberation on remuneration for corporate officers byManagement oversight from various perspectives

the Remuneration Advisory Committee

JSR has adopted the Audit & Supervisory Board member system. There

The remuneration of the Company’s directors consists of a basic salary,

are three Audit & Supervisory Board members, including two froma bonus based on consolidated performance for the year, and stock

outside JSR Group. These auditors are staffed by one individual. Audits

options that serve as a long-term incentive. The level of remuneration isare performed as described in the section concerning the Audit & Super-commensurate with the Company’s business results and is comparedvisory Board.

with those of other companies in the same industry and of similar size.

The Audit & Supervisory Board members work closely with the

The total limit for monthly salaries is decided by resolution at the Ordinary

independent auditors. The Audit & Supervisory Board members receive

General Meeting of Shareholders. Performance-based bonuses and stockreports on the financial accountant’s audit plan and audit results. Further-

options are also approved by resolution at the Ordinary General Meeting

more, the Audit & Supervisory Board members and financial accountantsof Shareholders. Total remuneration paid in FY ended March 2016, wasexchange information and opinions as necessary in the course of each¥196 million, paid to eight directors, including four outside directors. Audit

fiscal year. The internal audit has been conducted by the Internal Audit& Supervisory Board members are paid a basic fixed salary that is not

Department as a specialized internal auditing unit. The Audit & Supervi-

performance- based. In FY ended March 2016, total salaries paid to Audit

sory Board members receive reports on the audit plan and audit results& Supervisory Board members amounted to ¥43 million, including ¥28

from the Internal Audit Department regularly, exchange opinions, andmillion paid to internal Audit & Supervisory Board members and ¥15

enhance the auditing system.

million to outside Audit & Supervisory.
The Company recently established the Remuneration Advisory Com-

Nomination

mittee of which majority members are independent outside directors. The

Deliberation on nominations for corporate officers by

Committee deliberates about matters such as the basic remuneration

the Nomination Advisory Committee

policies, the remuneration system, and the annual bonus scheme andJSR established the Nomination Advisory Committee of which majority

reports to the Board of Directors.

members are independent outside directors in order to ensure thetransparency of the policy and procedures of nominating candidates for
directors and Audit & Supervisory Board members. The committee
deliberates criteria for ensuring the diversity in breadth of knowledge,
experience, and capability as well as the size necessary for the Board of
Directors, criteria and procedures for the nomination, and candidates for
future president, directors, officers with directorship status (including
senior officers), and Audit & Supervisory Board members, and submits
its findings to the Board of Directors.

JSR CORPORATION

33

Annual Report 2016

Creating Sustainable Value

Directors, Audit & Supervisory Board Members, and Officers(As of June 17, 2016)
Directors and Audit & Supervisory Board Members

Charman of the Board

Hozumi Sato

Representative Director
and President

Mitsunobu Koshiba

Representative Director

Koichi Kawasaki

Officers (*Directors)
Executive Managing Officer

Senior Officer

Koichi Kawasaki*

Tsuyoshi Watanabe

Procurement, Logistics, Manufacturing andTechnology, Product Safety & Quality
Assurance, Safety and Environment Affairs,
General Manager of Manufacturing andTechnology Group

China Business, Chairman of JSR (Shanghai)Co., Ltd.

Nobuo Kawahashi*
Research & Development

Hayato Hirano
Petrochemical Products Sector (including
Plastics), General Manager of Petrochemical
Products Div., President of Techno Polymer
Co., Ltd. and Japan Butyl Co., Ltd.
Director

Nobuo Kawahashi

Takao Shimizu

Standing Audit &Supervisory Board Member

Atsushi Kumano

Kazunori Yagi

Yuzuru Matsuda

Shiro Sugata

Business Planning and Business Development, Fine Chemical Business, General
Manager of Business Planning and Fine
Chemical Business, Chairman of JSR Micro(Changshu) Co., Ltd.

Koichi Saeki

Legal, General Affairs, CSR, General
Manager of Legal Department

Yokkaichi Plant, Yokkaichi Plant Manager

Eiichi Kobayashi
Executive Vice President of JSR Micro, Inc.
Officer

Hiroaki Nemoto
LCD Materials Business, Display Solution
Business, General Manager of Display
Solution Division, General Manager of Display
Materials Research Laboratories, Representative Director of JSR Micro Korea Co., Ltd.

Electronic Materials Business, General
Manager of Electronic Materials Division

Senior Officer

Hiroichi Uekusa

Hisako Kato

Takao Shimizu*

34

Seiji Takahashi

Officer

Kiichiro KamiyaLife Science (deputy), Deputy General
Manager of Life Science Division, Presidentof JSR Life Sciences Corporation, Director of
MEDICAL & BIOLOGICAL LABORATORIESCO., LTD.

Office of President, Accounting, Finance,
Corporate Communications, IT Strategy,
General Manager of Office of President

JSR CORPORATION

Officer

Optical Materials Business, General Manager
of Optical Materials Division
Officer

Life Science, North America Business,
General Manager of Life Science Division,
President of JSR Micro, Inc.

President of ELASTOMIX CO., LTD.,
President of ELASROMIX (FOSHAN) CO.,LTD., The Chief Director of JSR Group
Corporate Pension Fund

Yoichi Mizuno

OfficerTakeshi Sugimoto

Kazushi Abe

Manufacturing and Technology (deputy),
General Manager of Yokkaichi Plant
Production Department III, General Manager
of Manufacturing & Technology Group, SSBR
Global Manufacturing & Technology
Management Dept.

Senior Officer

Eric Johnson

Outside Audit &Supervisory
Board Member

General Manager of Department of Business
Development for Fine Chemicals
Officer

Senior Officer

Outside Audit &Supervisory
Board Member

Yoshikazu Yamaguchi

OfficerPresident of JSR MOL Synthetic Rubber Ltd.
Outside Director

Officer

Makoto Doi

Officer

Katsuya Inoue

Takatoshi Nagatomo

Outside Director

Corporate Planning, Diversity Development,Group Companies Coordination, General
Manager of Corporate Planning, General
Manager of Diversity Development Office,General Manager of Group Companies
Coordination Department

Senior Officer

Managing Officer

Senior Officer

Outside Director

Kazumasa Yamawaki
Petrochemical Products Sector (deputy),
Deputy General Manager of Petrochemical
Products Division, General Manager ofBusiness Planning Department, Petrochemical Products, President of KRATON JSR
ELASTOMERS K. K., Director of JSR
Elastomer Europe GmbHManaging Officer

Managing Officer

Director

Senior Officer

OfficerMika Nakayama

Annual Report 2016

Yasufumi Fujii
Human Resources, General Manager of
Human Resources Development Department, The Chief Director of JSR Health
Insurance Society, The Chief Director of JSR
Pension Fund

JSR Global Network
JAPAN

HEAD OFFICEJSR Corporation
1-9-2, Higashi-Shimbashi, Minato-ku, Tokyo
105-8640, Japan
BRANCH OFFICES
Nagoya Branch
Taiwan Branch
Singapore Branch
PLANTS
Yokkaichi Plant
100 Kawajiri-cho Yokkaichi,
Mie 510-8552, Japan
Chiba Plant
5, Chigusakaigan, Ichihara,
Chiba 229-0108, Japan
Kashima Plant
34-1, Tohwada, Kamisu,
Ibaraki 314-0102, JapanOVERSEAS
ORGANOGENIX, Inc.
Sales of three-dimensional (3D) cell culture
plates, technology development, commissioned
business, and consulting related to 3D cell
culture.

Elastomers Business
ELASTOMIX CO., LTD.
Compounding of crude rubber and sales ofcompounded products.
Japan Butyl Co., Ltd.
Production, processing, and sales of butyl
rubber.
KRATON JSR ELASTOMERS K. K.
Production, purchase, and sales of thermoplastic
rubber.
Emulsion Technology, Co., Ltd.
Production and sale of acrylic emulsions, latex
processed products including CL, adhesives,and cement admixture.

Business in Other Fields
JSR Trading Co., Ltd.
Export, import, purchase, and sales of thefollowing: various chemicals, machinery,equipment, physical distribution materials,
living necessaries, foodstuffs, beverages, andnon-life insurance.
JEY-TRANS CO., LTD.
Freight forwarding, warehousing, and delivery
management.

Plastics BusinessTechno Polymer Co., Ltd.
Production, sales, and R&D of synthetic resin.

JSR Logistics & Customer Center Co., Ltd.
Customer service agent andlogistics management.

JAPAN COLORING CO., LTD.
Coloring of synthetic resin and sales of coloredproducts.

JSR ENGINEERING CO., LTD.
Engineering and consultation for chemicalengineering equipment.

Fine Chemicals and Other Products Business
D-MEC LTD.
Commissioned generation of 3D models, sales ofsolid modeling systems, and optically-hardened
resins, and commissioned analysis by CAE.
JSR Micro Kyushu Co., Ltd.
Production of photoresist, semiconductors, andmaterials for displays.
JSR Optech Tsukuba Co., Ltd.
Production of UV curing type optical fiber coating
materials.

JSR Business Services Co., Ltd.
Undertaking of general affairs, accounting,payroll calculation, and welfare.
JN System Partners Co., Ltd.
Computer system design, programming andsystem operation, and maintenance.
CMIC JSR Biologics Co., Ltd.
Developing design and manufacturing processes
for next-generation antibodies

Elastomers Business
Kumho Polychem Co., Ltd.(*)
Production and sales of ethylene-propylene
rubber (EPR).
ELASTOMIX (THAILAND) CO., LTD.
Compounding of crude rubber and sales ofcompounded products.
PT.ELASTOMIX INDONESIA
Compounding of crude rubber and sales ofcompounded products.
ELASTOMIX (FOSHAN) CO., LTD.
Compounding of crude rubber and sales ofcompounded products.
Tianjin Kuo Cheng Rubber Industry
Co., Ltd.
Compounding of crude rubber and sales ofcompounded products.
JSR BST Elastomer Co., Ltd.
Sales and manufacturing of SSBR (Solution
Polymerization Styrene-Butadiene Rubber).
JSR MOL Synthetic Rubber, Ltd.
Sales and manufacturing of Solution Polymerization Styrene-Butadiene Rubber (SSBR).
JSR Elastomer Korea Co., Ltd.
Sales agency of products such as synthetic
rubbers.
JSR Elastomer Europe GmbH
Sales agency of products such as synthetic
rubbers.
Plastics BusinessTechno Polymer Hong Kong Co., Ltd.
Sales and technical services of synthetic resinin Hong Kong and neighboring regions.

JAPAN FINE COATINGS Co., Ltd.
Sales of coating materials for fiber-optic cables
reinforced by ultraviolet or electron radiation andfor other apparatus.
JM Energy Corporation
Development, manufacturing, and sales oflithium ion capacitors and modules.
JSR Life Sciences Corporation
Production and sales of life science relatedmaterials.
MEDICAL & BIOLOGICAL LABORATORIESCO., LTD.
Research, development, manufacturing, andsales of diagnostic and research reagents.

35

TECHNO POLYMER AMERICA, INC.
Sales of plastics and technical services related toplastics in North America.
Fine Chemicals and Other Products Business
JSR Micro N.V.
Production and sales of semiconductor materials.
JSR Micro, Inc.
Production and sales of semiconductor materials.
JSR Micro Korea Co., Ltd.
Production, development, and sales of display
materials and semiconductor materials.
JSR Electronic Materials Korea Co., Ltd.
Sales agent for semiconductor materials.
JSR Micro (Changshu) Co., Ltd.
Production of display materials.
JSR Micro Taiwan Co., Ltd.
Production, development, and sales of display
materials.
EUV Resist Manufacuturing & Qualification
Center N.V.
EUV Resist Manufacturing(Production & Quality Control)
JSR (Shanghai) Co., Ltd.
Sales agency of products such as synthetic
rubber, semiconductor materials, liquid crystal
display materials, and performance chemicals.

Techno Polymer (Thailand) Co., Ltd.
Sales and technical services of synthetic resin
in ASEAN region.

J&W Beijing Biotech Co., Ltd.
R&D of intermediate diagnostics, wholesale ofintermediate diagnostics, processed goods,
electronic products, and hardware. Import andexport of cargo, commission agency services(exclude auction), assignment of technologies,
consulting, and services.

Techno Europe N.V.
Sales and technical services of synthetic resinin Europe.

KBI Biopharma, Inc.
Biopharmaceutical contract development andmanufacturing services.

Techno Polymer (Shanghai) Co., Ltd.
Sales and technical services of synthetic resin
in China.

JSR Trading, Inc.
Purchases and sales of synthetic rubber.

Techno Polymer Shanghai TechnicalDevelopment Co., Ltd.
Production and processing of plastics andtechnical services related to plastics in China.

JSR CORPORATION

Techno Polymer Guangzhou Co., Ltd.
Sales and technical services of synthetic resin in
Guangzhou and neighboring regions.

Annual Report 2016

JSR Trading (Shanghai) Co., Ltd.
Export, import, and purchases of industrial-use
chemical products.
JSR Trading Bangkok Co., Ltd.
Exports and imports, purchase and sales ofchemicals and testing machinery.

Corporate Data
(As of March 31, 2016)

JSR Corporation

Composition of Shareholders

Established
December 10, 1957

Individuals and others

Capital (Common Stock)¥23,320 million
Employees
6,587
Closing date
JSR books are closed on March 31, each year.

16,030484

93,604

Other domestic corporations

241

41,631

FY2007

Financial institutions

77

71,646

Securities companies

40

3,164

17,449226,075

Foreigncorporations
and individuals
41.40%

Other domestic
corporations
18.41%
Financial
institutions
33.09%

Major Shareholders
Percentageof shares
held (%)

Number ofshares held
(thousands)

12.35

27,866FY2012FY2013
FY2014FY2015

By Number of Shares Held
Less than 1
trading unit
0.02%

1 tradingunit or more
3.94%

Japan Trustee Services Bank, Ltd.
(trust account)

4.37

9,855

50 trading
units or more
4.32%

The Master Trust Bank of Japan, Ltd.
(trust account)

3.54

7,988

500 trading
units or more
1.86%

Japan Trustee Services Bank, Ltd.
(trust account 9)

3.22

7,282

BNYML-NON TREATY ACCOUNT

2.92

6,602

JP MORGAN CHASE BANK 385632

2.57

5,809

each year. The 2016 annual general meeting was held on

STATE STREET BANK CLIENT OMNIBUS OM04

2.47

5,592

June 17, 2016.

HSBC BANK PLC A/C CLIENTS 1

2.11

4,771

Mizuho Bank, Ltd.

1.87

4,225

Nippon Life Insurance Company

1.64

3,716

* 488,223 shares of treasury stock held by the Company are not included in the above
breakdown of major shareholders.

FY2009FY2011

Individuals/others
7.09%

Number of Shareholders
17,449FY2008FY2010By Type of Shareholders

Number of Shares Issued
226,074,545 shares

Bridgestone Corporation

16,607(Yen/share: Tokyo Stock Exchange)

Foreign corporations and individuals

Stock Listing
Tokyo Stock Exchange

Name of shareholder

Shares held
(thousands)

FY2006

Total

Shareholders Information (As of March 31, 2016)

Common stock price range
Shareholders

FY2016

High
Low
High
Low
High
Low
High
Low
High
Low
High
Low
High
Low
High
Low
High
Low
High
Low
High
Low

1st Q

2nd Q

3rd Q

4th Q

2,395
2,000
3,710
2,535
2,985
2,540
2,460
2,000
1,687
1,162
1,999
1,436
1,724
1,413
1,695
1,255
2,360
1,748
1,933
1,622
2,296
1,998

2,635
2,175
2,930
2,280
3,120
2,445
2,180
1,246
1,960
1,561
1,666
1,201
1,655
1,221
1,455
1,274
2,073
1,713
1,975
1,681
2,227
1,626

3,150
2,370
3,170
2,505
3,020
2,465
1,397
795
1,959
1,545
1,543
1,341
1,582
1,218
1,644
1,224
2,049
1,663
2,229
1,711
2,054
1,688

2,810
3,040
3,240
2,530
2,875
1,886
1,312
990
1,974
1,714
1,875
1,183
1,790
1,408
1,994
1,670
2,085
1,694
2,171
1,893
1,903
1,455

(Yen)
2,500

1,000 trading
units or more
89.86%

Ordinary General Meeting of Shareholders

2,000

1,500

The annual general meeting of shareholders is held in June
1,000

Transfer Agent and Register

500

The Chuo Mitsui Trust and Banking Co., Ltd.
0

Auditors’12/3

KPMG AZSA & Co.

JSR CORPORATION

36

Annual Report 2016

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’13/3

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