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October 2026 edition · Methodology GNT-BDS v1.1.1 · Last updated 2026-10-23日本語 / English
Japan IR IndexIndependent research · English disclosure & shareholder communication

Questions shareholders ask at the AGM 07

The annual securities report before the AGM

Can shareholders read the annual securities report (yuho) before they vote? In March 2025 the FSA asked every listed company to publish it before the AGM, and called "three weeks or more before" the most desirable. In 2026 a wave of proposals sought to move the AGM record date so the yuho would come out well in advance. Foreign investors face a further question: can they read it in English?

Published 19 October 2026; sources re-checked 24 October 2026. Vote figures come from extraordinary reports and company disclosures.

The question as asked

Change the AGM record date so the annual securities report is published well before the meeting, and shareholders can study it before voting.

Summary of Stella Chemifa's (4109) 2026 shareholder proposal (Nippon Active Value Fund; an articles change on the AGM record date). Proposals with the same aim were filed at several companies in 2026 (according to press reports and compilations).

The FSA's request (28 March 2025)

The request, issued in the name of the Minister for Financial Services, asked companies that do not yet publish the yuho before the AGM to start by considering filing it "the day before, or a few days before" the meeting. It added that filing "three weeks or more before" the meeting is the most desirable.

What an answer needs to contain

  1. This year's and next year's dates: how many days before the AGM you published it, and what you are aiming for next year.
  2. What stands in the way, and what you are doing: the audit timetable, a faster close, and whether a change of record date is being considered.
  3. What you provide meanwhile: if the yuho comes late, how far the AGM notice and business report cover what voters need.G5
  4. The English yuho: a full translation, or the financial statements with the audit report, and when.F4R2

Case: Stella Chemifa (4109), 2026

Proponent
Nippon Active Value Fund
Proposal
An articles change on the AGM record date
Outcome
Rejected (24.48%)

In its English opinion (14 May 2026) the board agreed that publishing the yuho at least three weeks before the AGM is "most desirable". It explained that the FY3/2025 yuho had come out the day before last year's meeting and that it was considering ways to publish far enough in advance, but it opposed changing the record date.

What the answer covered

  • Accepted the desirable standard (three weeks) and stated its current position (the day before) openly. The opinion was published in English the same day (R3 = 5).
  • The English AGM notice, with the reference documents, was posted 21 days before the meeting (G5 = 5).

What it left unanswered

  • The 2026 yuho again came out the day before the meeting (18 June; AGM on 19 June). No target date for bringing it forward was given.
  • There is no English yuho (F4 = not found). English readers cannot read the statutory annual report at all, before the AGM or after.

Sources