With Shareholders and Investors - Promoting Dialogue with Shareholders and Investors -
Maxell is strengthening its Investor Relations (IR) activities, which value communication with domestic and overseas shareholders and investors. By disclosing information on management policies, business strategies, and financial and non-financial matters in a timely and appropriate manner, we aim to deepen understanding of Maxell Group and build a long-term relationship of trust through constructive dialogues. Also, we think it is important to promote proactive dialogues with shareholders and investors and to share interests and opinions of shareholders and investors with executives and head of business divisions, and to reflect such interests and opinions to management of the Group. In addition, we strive to prevent insider trading in order to contribute to the protection of our shareholders and investors and the formation of a sound stock market.
IR Basic Policy
To contribute to the sustainable growth of Maxell Group and the enhancement of corporate value over the medium- to long-term, we have established a basic policy on dialogue with shareholders and investors in our Corporate Governance Guidelines. In addition, we have established the PR&IR Department in Corporate Communications Division to manage Investor Relations (IR). Through organic collaboration with other related divisions, we are promoting constructive dialogues with shareholders and investors as well as stock market participants and enhancing corporate value and brand value.
Interactive Dialogue with Shareholders and Investors
Direct Dialogue through Briefings and Meetings
Maxell is actively engaged in IR activities, including holding various IR events for shareholders and investors. In addition to quarterly financial results briefings, we strive to enhance constructive dialogues by participating in medium-term management plan briefings and small meetings, IR conferences sponsored by securities companies and corporate briefings for individual investors, and by having meetings with domestic and overseas institutional investors and analysts by executives and the IR section from time to time.
Furthermore, with the aim of enhancing dialogues with domestic institutional investors and other major shareholders (SR (Shareholder Relations) meetings) toward the Annual General Meeting of Shareholders, in addition to IR section and Legal section, Sustainability section and Human Resources & General Affairs section have participated in the dialogues since 2022.
Progress of Dialogue with Shareholders and Investors by Executives
Presentations at quarterly financial results briefings are given by president, and other executives and head of business divisions are also giving presentation on business and financial strategies at business briefings and medium-term management plan briefings.
Furthermore, Maxell is promoting proactive dialogues with domestic and overseas shareholders and investors, by having 1 on 1 and small meetings, and SR meetings attended by executives. At the 1 on 1 meetings, president and financial director are holding dialogues.
In fiscal 2022, major topics of the dialogues were medium- to long-term business and financial strategies, progress of business reforms in portfolio management, and we have promoted better understanding from shareholders and investors through explanation of their interested subjects.
(*2) Continuously having opinion exchange since 2018
| Business Strategy | Growth strategy of existing businesses Development of new businesses, e.g. all-solid-state battery Progress of medium-term management plan IP strategy |
|---|---|
| Portfolio Management | Progress of business portfolio management and future direction Concentration to businesses based on Analog Core Technologies Future direction of Consumer business Business replacement progress through financial discipline (ABC-XYZ) |
| Business Reform | Business reform progress of BtoC business Business reform plan toward enhancement of portfolio management |
| Financial Strategy | Progress of enhancement of portfolio management through financial discipline Capital policy and future direction Policy on shareholder returns View on PBR less than 1.0 and future measures |
| Sustainability | Progress of environmental value creation, e.g. CO2 reduction Measures to enhance human capital Creation of environmental value through business |
Disseminating Information through Various
IR Tools and Enhancing Disclosure in English
Maxell actively communicates with shareholders and investors through a variety of IR tools, including integrated reports, business reports and financial results briefing materials. In addition, in consideration of fair disclosure, to and to avoid differences in information between domestic and overseas, we make timely disclosures on summary of financial results, both decided and occurred facts important for management, and integrated report in English as well as in Japanese on company websites of Maxell and of Tokyo Stock Exchange . We also post English presentation materials of financial results briefings, business briefings and medium-term management plan briefings on Maxell website.
We will further strengthen the dissemination of this information in light of the medium- to long-term interests of our shareholders and investors.
Reflecting the Opinions of Shareholders and Investors
Systems for Reflecting the Opinions of Shareholders and Investors
The opinions, interests and concerns of shareholders and investors identified through dialogues are reported to our executives in a timely manner according to their content. In addition, information related to our business, such as market and technological trends, is fed back to relevant divisions within the Group as appropriate to assist in business activities.
Since fiscal 2018, we have held various seminars for executives and managers. In the past, we held study sessions on the latest trends in SDGs, inviting experts and heads of sustainability strategies from other companies, and study sessions on the automotive marketplace, which is closely related to the Group's businesses. Going forward, we will continue to share the opinions of the capital markets, including shareholders and investors, throughout the Group and utilize them in our business strategies and capital policies.
| Way of feed back | Major points of reports | Improvement examples | |
|---|---|---|---|
| ・IR Reports to directors, head of business divisions ・IR reporting to directors Annual number of reports 4 |
Status of shareholders, stock markets Investors' points of interest | Management policy | Redefinition of Management policy |
| Business strategy | Portfolio strategy, measures to unprofitable businesses | ||
| Direction of medium-term management plan | |||
| Financial strategy | Promotion of management with awareness of capital cost (Introduction of ROIC management) | ||
| ・SR reporting to directors Annual number of reports 1 |
Matters pointed out by investors relating to ESG | Financial strategy | Definition of policy on Cross-Shareholdings |
| Governance | Disclosure of Skill Matrix and improvement | ||
| Review of evaluation items for Director remuneration | |||
| Sustainability | Enhancement of awareness on environmental activities and enforcement of measures | ||
Return to Shareholders
Maxell's basic policy on distribution of profit is to implement three balanced measures: returning profits to shareholders, current short-term investments, and growth investments with an eye to medium- to long-term business development. Our basic policy on direct shareholder returns is to pay continuous and stable dividends, with dividend payout ratio of 30％ to 40％ for ordinary dividends, and to pay dividends twice a year, interim and year-end dividends.
In fiscal 2022, as we have secured profits by thorough cost reduction measures and by revision of selling prices under the severe business environment such as soaring raw material prices and delay in recovery of market demands, we decided to pay 20 yen per share for both interim and year-end dividends (annual dividend was 40 yen per share).
In addition, through thorough financial discipline, we will identify growth businesses and continuously review business portfolio and promote business replacements. At the same time, for capital investments, we will focus on strengthening growth businesses and creating new businesses in the future, thereby increasing the profitability of Maxell Group as a whole and achieving higher returns to shareholders.
Thorough Prevention of Insider Trading
In order to contribute to the protection of shareholders and investors and the formation of a sound stock market, Maxell Group has established rules for the control of insider information and the prevention of insider trading by executives and employees of Maxell Group, and thoroughly prevents insider trading.