Questions shareholders ask at the AGM
What shareholders asked at AGMs in 2026
Of the 377 TSE Prime companies in machinery, electrical equipment, chemicals and pharmaceuticals, 25 had published a Q&A summary of their latest AGM (November 2025 to October 2026). We sorted their 230 questions into thirteen themes. Use it as a guide to what is asked, and how often, when preparing an AGM Q&A book.
The summaries are chosen and edited by the companies, so they are not every question asked. Only 25 of the 377 companies (7%) publish one, and they may not be typical. We found them by crawling the companies’ sites, which can miss links drawn by JavaScript (we found at least one by hand), and summaries posted for a limited time and since removed are not included. The coding and the one-line summaries are ours.
What was asked
- STRStrategy, growth investment and R&D19 of 25 (77 questions)
- GEOGeopolitics, supply and FX12 of 25 (17 questions)
- RESResults and outlook11 of 25 (14 questions)
- PPLPeople, pay and culture10 of 25 (27 questions)
- BRDBoard, executives and pay9 of 25 (21 questions)
- RETDividends and buybacks9 of 25 (11 questions)
- PORTPortfolio, M&A and alliances8 of 25 (17 questions)
- DXAI, digital and cybersecurity7 of 25 (12 questions)
- CAPShare price and capital efficiency7 of 25 (7 questions)
- SPLShare splits and shareholder perks7 of 25 (7 questions)
- GOVGovernance and compliance7 of 25 (7 questions)
- AGMAGM, IR and communications5 of 25 (10 questions)
- SOCCommunity, sport and society3 of 25 (3 questions)
The themes raised at the most companies were Strategy, growth investment and R&D (19), Geopolitics, supply and FX (12), Results and outlook (11).
By industry
| Theme | Machinery n=6 | Electrical n=10 | Chemicals n=6 | Pharma n=3 |
|---|---|---|---|---|
| STR Strategy, growth investment and R&D | 5/6 | 6/10 | 5/6 | 3/3 |
| GEO Geopolitics, supply and FX | 1/6 | 7/10 | 3/6 | 1/3 |
| RES Results and outlook | 2/6 | 3/10 | 5/6 | 1/3 |
| PPL People, pay and culture | 3/6 | 5/10 | 1/6 | 1/3 |
| BRD Board, executives and pay | 2/6 | 4/10 | 1/6 | 2/3 |
| RET Dividends and buybacks | 1/6 | 5/10 | 1/6 | 2/3 |
| PORT Portfolio, M&A and alliances | 3/6 | 2/10 | 2/6 | 1/3 |
| DX AI, digital and cybersecurity | 1/6 | 2/10 | 3/6 | 1/3 |
| CAP Share price and capital efficiency | 3/6 | 2/10 | 2/6 | 0/3 |
| SPL Share splits and shareholder perks | 2/6 | 4/10 | 0/6 | 1/3 |
| GOV Governance and compliance | 2/6 | 3/10 | 2/6 | 0/3 |
| AGM AGM, IR and communications | 3/6 | 2/10 | 0/6 | 0/3 |
| SOC Community, sport and society | 1/6 | 2/10 | 0/6 | 0/3 |
Each cell is the number of companies in that industry asked about the theme. Pharmaceuticals has too few companies to compare.
Among the industries with five or more companies, the largest differences are in Results and outlook (Chemicals 83%, Electrical equipment 30%) and Geopolitics, supply and FX (Electrical equipment 70%, Machinery 17%). The groups are small: read these as hints, not findings.
Is the summary in English?
10 of the 25 companies also publish the Q&A for the same meeting on their English site. The other 15 publish it in Japanese only, so an overseas shareholder can read the dialogue at the meeting at only 10 of them.
Also in English (10)
- Konica Minolta ↗ 4902
- GS Yuasa ↗ 6674
- Renesas Electronics ↗ 6723
- Meiko Electronics ↗ 6787
- Hamamatsu Photonics ↗ 6965
- Ricoh ↗ 7752
- Tokyo Electron ↗ 8035
- Mitsubishi Chemical Group ↗ 4188
- Astellas Pharma ↗ 4503 (full English transcript, Q&A included)
- Nippon Shinyaku ↗ 4516
Japanese only (15)
- Sodick 6143
- Tazmo 6266
- Iseki 6310
- CKD 6407
- Sega Sammy Holdings 6460 (English summaries for the 19th and 20th meetings, none for this one)
- JTEKT 6473
- IBIDEN 4062
- KOKUSAI ELECTRIC 6525
- Azbil 6845
- Asahi Yukizai 4216
- Dai Nippon Toryo 4611
- artience 4634 (the English page’s “Summary of the Q&A” link opens the Japanese PDF)
- Kota 4923 (no English site found)
- Pola Orbis Holdings 4927
- PeptiDream 4587
Checked on each company’s English shareholders’ meeting page and IR library on 2026-10-24. A document posted elsewhere, or later, is not counted.
STR Strategy, growth investment and R&D
19 companies, 77 questions
Examples (our summaries)
- When will the advanced-packaging equipment show up in orders and sales? — Tazmo (6266)
- Which products and services do you expect to generate cash and value in the next three to five years? — JTEKT (6473)
Asked at: Sodick, Tazmo, Iseki, Sega Sammy Holdings, JTEKT, IBIDEN, Konica Minolta, Renesas Electronics, Hamamatsu Photonics, Ricoh, Tokyo Electron, Mitsubishi Chemical Group, Asahi Yukizai, Dai Nippon Toryo, Kota, Pola Orbis Holdings, Astellas Pharma, Nippon Shinyaku, PeptiDream
GEO Geopolitics, supply and FX
12 companies, 17 questions
Examples (our summaries)
- How much of the Middle East situation and US tariffs is in the profit forecast? — IBIDEN (4062)
- How are you handling the risk in rare-earth supply? — Tokyo Electron (8035)
Asked at: Tazmo, IBIDEN, Konica Minolta, GS Yuasa, Renesas Electronics, Hamamatsu Photonics, Ricoh, Tokyo Electron, Mitsubishi Chemical Group, Dai Nippon Toryo, Pola Orbis Holdings, Astellas Pharma
RES Results and outlook
11 companies, 14 questions
Examples (our summaries)
- What is the forecast for this year? — Azbil (6845)
- Will there be further impairments in the EV-related business? — artience (4634)
Asked at: Tazmo, JTEKT, Renesas Electronics, Azbil, Hamamatsu Photonics, Mitsubishi Chemical Group, Asahi Yukizai, artience, Kota, Pola Orbis Holdings, PeptiDream
PPL People, pay and culture
10 companies, 27 questions
Examples (our summaries)
- Is there a gap between men and women in pay, bonuses or promotion in Japan? — Renesas Electronics (6723)
- Your pay rises trail the market. What is this year’s rate, and what is it benchmarked against? — Ricoh (7752)
Asked at: Tazmo, CKD, JTEKT, IBIDEN, Konica Minolta, GS Yuasa, Renesas Electronics, Ricoh, Mitsubishi Chemical Group, Astellas Pharma
BRD Board, executives and pay
9 companies, 21 questions
Examples (our summaries)
- Why pay directors bonuses when the share price has been below book value for years? — Ricoh (7752)
- Why is there no woman among the director candidates (other than audit committee members)? — Astellas Pharma (4503)
Asked at: Tazmo, Sega Sammy Holdings, Konica Minolta, Renesas Electronics, Hamamatsu Photonics, Ricoh, Pola Orbis Holdings, Astellas Pharma, PeptiDream
Themes in this series
RET Dividends and buybacks
9 companies, 11 questions
Examples (our summaries)
- Will you cancel some of the treasury shares you buy back? — Sodick (6143)
- Buybacks have not lifted the share price. Shouldn’t the money go to growth instead? — Ricoh (7752)
Asked at: Sodick, IBIDEN, Konica Minolta, Renesas Electronics, Hamamatsu Photonics, Ricoh, Dai Nippon Toryo, Astellas Pharma, PeptiDream
Themes in this series
PORT Portfolio, M&A and alliances
8 companies, 17 questions
Examples (our summaries)
- What happened to the ten non-core businesses you said you would exit or sell? — Ricoh (7752)
- How do you judge which new businesses worked, and what are your exit criteria? — JTEKT (6473)
Asked at: Sodick, Sega Sammy Holdings, JTEKT, Renesas Electronics, Ricoh, Mitsubishi Chemical Group, Dai Nippon Toryo, Astellas Pharma
Themes in this series
DX AI, digital and cybersecurity
7 companies, 12 questions
Examples (our summaries)
- How are you handling cybersecurity? — Konica Minolta (4902)
- How is AI being used to improve margins, and what does it mean for headcount? — Astellas Pharma (4503)
Asked at: Sega Sammy Holdings, Konica Minolta, Ricoh, Mitsubishi Chemical Group, Asahi Yukizai, Kota, Astellas Pharma
CAP Share price and capital efficiency
7 companies, 7 questions
Examples (our summaries)
- Please aim for a price-to-book of 1 and ROE above 8% within this year. — Ricoh (7752)
- Is the share-price goal set at the president’s appointment achievable, and who is responsible for it? — Konica Minolta (4902)
Asked at: Tazmo, Iseki, Sega Sammy Holdings, Konica Minolta, Ricoh, Kota, Pola Orbis Holdings
Themes in this series
SPL Share splits and shareholder perks
7 companies, 7 questions
Examples (our summaries)
- What is your thinking on a share split? — Tokyo Electron (8035)
- A large group company has started shareholder perks. Will you offer anything besides dividends? — JTEKT (6473)
Asked at: CKD, JTEKT, IBIDEN, KOKUSAI ELECTRIC, Meiko Electronics, Tokyo Electron, Astellas Pharma
Themes in this series
GOV Governance and compliance
7 companies, 7 questions
Examples (our summaries)
- What are you doing to correct expense and fixed-asset accounting and strengthen compliance? — JTEKT (6473)
- With no staff assigned to the audit committee, how is its audit effective? — IBIDEN (4062)
Asked at: Sega Sammy Holdings, JTEKT, IBIDEN, Renesas Electronics, Tokyo Electron, Kota, Pola Orbis Holdings
Themes in this series
AGM AGM, IR and communications
5 companies, 10 questions
Examples (our summaries)
- Will you hold the AGM online? — JTEKT (6473)
- Many companies meet on the same day. Could you move the date or meet in the afternoon? — Iseki (6310)
Asked at: Sodick, Iseki, JTEKT, Renesas Electronics, Ricoh
Themes in this series
SOC Community, sport and society
3 companies, 3 questions
Examples (our summaries)
- Why was the company baseball team closed, and what did it cost a year? — Sega Sammy Holdings (6460)
- What is the future of the company’s athletics team? — Konica Minolta (4902)
Asked at: Sega Sammy Holdings, IBIDEN, Konica Minolta
Themes in this series
Sources and method
Universe: the 377 TSE Prime companies in machinery, electrical equipment, chemicals and pharmaceuticals (JPX list of listed companies). We crawled each company’s IR pages for links mentioning the AGM and Q&A, and opened every one (2026-10-24). Results-briefing and merger-briefing Q&As, meetings outside the window and removed summaries are excluded. Each question is coded to one theme, its main subject.
- Sodick（6143）第50回 AGM Q&A
- Tazmo（6266）第54回 AGM Q&A
- Iseki（6310）第102期 AGM Q&A
- CKD（6407）第106期 AGM Q&A
- Sega Sammy Holdings（6460）第22期 AGM Q&A
- JTEKT（6473）第126回 AGM Q&A
- IBIDEN（4062）第173回 AGM Q&A
- Konica Minolta（4902）第122回 AGM Q&A
- KOKUSAI ELECTRIC（6525）第11期 AGM Q&A
- GS Yuasa（6674）第22期 AGM Q&A
- Renesas Electronics（6723）第24期 AGM Q&A
- Meiko Electronics（6787）第51期 AGM Q&A
- Azbil（6845）第104期 AGM Q&A
- Hamamatsu Photonics（6965）第78期 AGM Q&A
- Ricoh（7752）第126回 AGM Q&A
- Tokyo Electron（8035）第63期 AGM Q&A
- Mitsubishi Chemical Group（4188）第21回 AGM Q&A
- Asahi Yukizai（4216）第105期 AGM Q&A
- Dai Nippon Toryo（4611）第143期 AGM Q&A
- artience（4634）第188回 AGM Q&A
- Kota（4923）第47回（継続会） AGM Q&A
- Pola Orbis Holdings（4927）第20期 AGM Q&A
- Astellas Pharma（4503）第21期 AGM Q&A
- Nippon Shinyaku（4516）第163期 AGM Q&A
- PeptiDream（4587）第20回 AGM Q&A