Questions shareholders ask at the AGM 13
Broader disclosure
Shareholder proposals often include the complaint that "the company discloses nothing": about uses of its products that customers have already announced, about assets at market value, and in English. Proposals that would write disclosure duties into the articles almost always fail, but the question remains.
Published 19 October 2026; sources re-checked 24 October 2026. Vote figures come from extraordinary reports and company disclosures.
The questions as asked
Customers have announced that our products are used in generative-AI data centres and cutting-edge servers, yet the company discloses nothing about it.
Summary of the reasons for SANYO DENKI's (6516) 2026 shareholder proposals (Strategic Capital).
Where unrealised gains on rental property exceed equity, disclose net assets and ROE adjusted for those gains.
Summary of Ishii Iron Works' (6362) 2024 shareholder proposal (VASANTA MASTER FUND; an articles change).
What an answer needs to contain
- Sales and customers in growth areas: as far as confidentiality allows, sales or orders by application or market.F5S4
- Profit and capital by business: segment profit and ROIC.F5
- The metrics investors use: cost of capital, assets at market value. If not disclosed, why.
- Where and when it is disclosed: in the mid-term plan, the results briefing or the integrated report.S2
- In English, on the same day: results summaries, presentations, the governance report, the AGM notice and voting results.F1R1G6
Case: SANYO DENKI (6516), 2026
The board opinion (18 May) mentioned growing AI and data-centre demand but did not answer the point that the company does not disclose where its products are used. Two days later the 10th mid-term plan (20 May) listed, as growth measures, low-power fans for the rear-door cooling units used to cool AI servers, a wider range of products for the liquid-cooling market, and winning new customers in the AI market. The plan was published in English the same day (S1 = 5). The proposals were withdrawn the following day.
What the answer covered
- Put the use the proponent pointed to (cooling AI servers) into the plan, as products and measures.
What it left unanswered
- No figures for AI or data-centre sales or orders.
Case: Ishii Iron Works (6362), 2024
The proposal to require gain-adjusted metrics in the articles failed with 20.03%. The board said it constantly works to improve disclosure, and opposed writing detailed disclosure items into the articles because it would make disclosure inflexible. Four months after the AGM the company began going private. Theme 11 →
Does it reach English readers? Evidence from this series
For the companies in this series, the table shows, from Japan IR Index review records (September–October 2026), what cannot be read in English.
| Company | Not available in English |
|---|---|
| Fuji Media Holdings (4676) | Governance report, AGM notice, voting results, cross-shareholdings (G1, G5, G6, G7) |
| Toyo Seikan Group Holdings (5901) | Results summary is the cover page only (F1 = 2); voting results (G6) |
| Stella Chemifa (4109) | Annual securities report (F4), governance report (G1), cross-shareholdings (G7) |
| Mitsui Kinzoku (5706) | Vote counts in the voting results (G6 = 2) |
| Taiyo Holdings (4626) | Vote counts in the voting results (G6 = 2) |
| santec (6777) | Results presentations (S2), mid-term plan (S1) |
On the other hand, SANYO DENKI, Stella Chemifa, MinebeaMitsumi, Resonac and ADEKA publish every timely disclosure in English on the same day, including board opinions on shareholder proposals and mid-term plans (R3 = 5). Stella Chemifa also publishes its voting results in English with vote counts (G6 = 5).
The proponents in this series include many overseas funds (AVI, Nippon Active Value Fund, Oasis, VASANTA and others). If the answer can only be read in Japanese, it does not reach the people who asked.
Sources
- Board opinion on the shareholder proposals
- Formulation of the 10th Medium-Term Management Plan
- Board opposition to the shareholder proposals
- Extraordinary report: 158th AGM voting results
- Japan IR Index review records: 4004, 4109, 4401, 4626, 4676, 5706, 5901, 6479, 6516, 6777 (September–October 2026)