Corporate Governance

Based on our Group Management Policy and Group Vision, we have formulated basic corporate governance policies aimed at improving the Group’s corporate value over the medium and long terms. We are working constantly to enhance corporate governance.

Basic Policy

TIS will constantly strive to pursue, sustain, and enhance the highest level of corporate governance.
TIS believes that the key to corporate governance is to ensure transparency and fairness in decision-making, make full and effective use of its management resources, and increase the vitality of management through swift and accurate decision-making, from the viewpoint of ensuring the Company's sustainable growth and enhancing its medium- and long-term corporate value. Accordingly, TIS will strive to enhance its corporate governance in line with the following basic views.

  1. To respect the rights of shareholders and to ensure their equality.
  2. To consider the interests of stakeholders including shareholders, and to cooperate appropriately with them.
  3. To disclose corporate information appropriately and to ensure its transparency.
  4. To engage in constructive dialogue with shareholders with a medium- to long-term investment policy.

Corporate Governance Structure

Form of Organization Company with audit & supervisory board
Chairman of the Board Chairman
Number of Directors 10, including 3 external directors
Director's Term of Office 1 year
Number of Audit & Supervisory Board Member 5, including 3 external audit & supervisory board members
Term of Office for Audit & Supervisory Board Members 4 years
Number of Independent Directors 6, including 3 external directors and 3 external audit & supervisory board members

Organizational Chart

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Reason for Selection of Current Corporate Governance Organization

The Company has selected the organization of a company with an audit & supervisory board, which has the double-check function through which business execution is overseen by the Board of Directors, while the Audit & Supervisory Board conducts audits of legality and appropriateness. In addition, the Company aims to strengthen the supervisory function of the Board of Directors by electing external directors with experience and insights regarding industry and corporate management and by providing advice and recommendations to ensure the validity and appropriateness of the decision-making of the Board of Directors from an independent standpoint.

Directors and Board of Directors

As stipulated in its Articles of Incorporation, the Company's Board of Directors will comprise at least three and no more than 15 directors, and to strengthen the supervisory functions of the Board of Directors, a policy has been established that two or more of the directors must be independent external directors. At present, three independent external directors have been appointed.

For swift and dynamic decision-making by the Board of Directors, the Board of Directors convenes in principle once monthly and also meets on an ad hoc basis whenever necessary.

Furthermore, materials are provided for all Board of Directors meetings as well as agenda items raised in important meetings to the external directors and external auditors in advance for them to raise questions. In addition, support is provided when necessary, such as having the parties involved provide explanations in advance to promote active discussion in order to vitalize the meetings.

Management Committee

The Company has established the Management Committee to deliberate and report on important matters affecting business execution at the Company and the Group as a whole.

Executive Officer System

The Company has adopted an executive officer system to accelerate management decision-making and supervisory functions of the Board of Directors. Directors delegate business execution to Executive Officers, and these Executive Officers provide specific direction, orders, and supervision to each business unit head.

Audit & Supervisory Board Members and Audit & Supervisory Board

The Audit & Supervisory Board comprises five auditors (of which three are external auditors). Each auditor will perform audits of directors' business execution in accordance with the audit & supervisory policies established by the Audit & Supervisory Board. In addition, the Company works closely with its financial auditors, exchanging information and sharing opinions on a regular basis in addition to receiving the annual financial audit plan and reporting on results of financial audits from Ernst & Young ShinNihon LLC, with which the Company has entered and auditing contract. Furthermore, the Audit & Supervisory Board receives the audit reports of the auditing department and exchanges opinions on a regular basis.

Viewpoint regarding Composition of Board of Directors

The Board of Directors shall be composed of no more than 15 directors, at least two of whom shall be independent external directors. The Board of Directors recognizes its fiduciary responsibility toward shareholders, supervises management strategy, management plans and other important decision-making and business execution of the Company, as prescribed by laws and regulations, the Articles of Incorporation and Company regulations, and bears a responsibility to ensure sustainable growth and enhance medium- to long-term corporate value. In the case of directors that constitute the Board of Directors, after engaging in discussion at meetings of the Board of Directors, the Company shall nominate persons who have extensive experience, strong insights and a high level of specialization that is appropriate for these obligations based on the election criteria prescribed by the Company.

Summary of Results of Analysis and Evaluation of Effectiveness of Entire Board of Directors

Since fiscal 2016, ended March 31, 2016, the Company has evaluated the effectiveness of the Board of Directors each fiscal year in order to reveal issues and points for improvement that will lead to initiatives to increase the effectiveness of the Board of Directors. With respect to the evaluation in fiscal 2017, the Company provided an anonymous questionnaire to comprehensively conduct self-evaluation and self-analysis regarding the composition and operation of the Board of Directors to all directors and auditors, and the Board of Directors held discussions based on the results of the questionnaire. The method of evaluation, results of the evaluation, as well as current and future issues and responses to them in light of the evaluation are described below.

1. Method of evaluation

The Company distributed a questionnaire regarding the effectiveness of the Board of Directors to all directors and auditors, and obtained responses. Based on these responses, the Company's Board of Directors analyzed and evaluated the effectiveness of the Board of Directors.

2. Results of analysis and evaluation of effectiveness of the Board of Directors

The Company's Board of Directors concluded that a certain degree of effectiveness had been ensured to appropriately supervise the approval of important management matters and business execution, such as the state of business implementation and investments at the Company and Group companies, through deliberation based on collective decision-making regulations and Group administration regulations.
The Board of Directors confirmed that external directors and auditors had actively participated in discussions at meetings of the Board of Directors due to the provision of assistance such as holding advance briefings for the Board of Directors and providing necessary information for management decisions.
On the other hand, the Company's Board of Directors recognized that although discussions regarding the medium- to long-term vision and strategy had been conducted, there had been a tendency not to adequately discuss medium- to long-term strategy in accordance with individual themes. Furthermore, the Board acknowledged that it was necessary to strengthen the supervisory function further in order to enable plans to be appropriately reviewed and changed in light of factors such as changes in the management environment that arise in the process of business execution at Group companies.

3. Current and future issues and responses to them based on analysis and evaluation

In light of the analysis and evaluation previously mentioned, the Company will focus its efforts on tackling the following issues especially.

  1. 1) Improvement of discussion regarding medium- to long-term management issues at the Board of Directors
    The Company will further improve discussion regarding medium- to long-term management issues at meetings of the Board of Directors. In particular, with respect to the formulation of the next medium-term management plan, the Board of Directors will more fully discuss major issues and individual themes such as business strategy, human resource strategy and investment strategy in light of the medium- to long-term state of competition and market trends.
  2. 2) Enhancement of supervisory function for execution of important business at Group companies
    We will continuously strengthen management of Group companies at the Board of Directors and enhance functions to supervise the state of execution regarding proposals that are judged to be important matters in terms of medium- to long-term strategy and management.

Policy and Procedures for Election and Nomination of Directors, etc.

When nominating candidates for director, auditor and other such positions, the Company shall nominate people who have extensive experience, strong insights and a high level of specialization that is appropriate as a director or auditor, after conducting discussions at meetings of the Board of Directors based on the selection criteria that the Company prescribes. The purpose of this is to realize effective corporate governance and contribute to the Company's sustainable growth as well as its medium- to long-term corporate value.

Reason for Election of Directors and Audit & Supervisory Board Members

  • Directors
Norio Maenishi Mr. Norio Maenishi was for a long time mainly involved in the planning and development of industrial systems and duties in the Corporate Department. After having assumed the office of Director and Executive Vice President of the Company in June 2010, he served as President and Representative Director of the Company. Since June 2016 to the present, he has been serving as Chairman and Representative Director of the Company. He has a wealth of experience and knowledge about the Company's and its Group's business, as well as in business administration. He has also been assuming duties as Board Chairman in the administration and supervision of management, making such efforts as encouraging active discussions at Board meetings and reforming the Board of Directors in view of the Japan’s Corporate Governance Code with the aim to strengthen corporate governance. Based on these experiences and past achievements, he was appointed as a Director since he is highly expected to continue to fulfill the duties of significant decision-making for the Company Group and the administration and oversight of business management as a Director of the Company.
Toru Kuwano Mr. Toru Kuwano was for a long time mainly involved in the planning and development of financial systems. After assuming the office of President and Representative Director of the Company's Group company in April 2011, he was appointed as a Director of the Company in June 2013. Since June 2016, he has assumed the office of President and Representative Director of the Company. He has a wealth of experience and knowledge about the Company's and its Group's business, as well as in business administration. Based on these experiences and past achievements, he was appointed as a Director since he is highly expected to continue to fulfill the duties of significant decision-making for the Company Group and the administration and oversight of business management as a Director of the Company, so that the Company will fulfill the function as an operating holding company in the execution of the Company's Third Medium-term Management Plan, which commenced in April 2015.
Mitsushi Nishida Mr. Mitsushi Nishida was for a long time mainly involved in the planning and development of financial and industrial systems. He assumed the offices of Executive Vice-President and Representative Director, and President and CEO of the Company's Group company. Since June 2016 to the present, he has been serving as Representative Director of the Company. He has a wealth of experience and knowledge about the Company's and its Group's business, as well as in business administration. Based on these experiences, he was appointed as a Director since he is highly expected to continue to fulfill the duties of significant decision-making for the Company Group and the administration and oversight of business management as a Director of an operating holding company.
Josaku Yanai Mr. Josaku Yanai was mainly engaged in corporate business in the Corporate Planning Department of the Company and its Group company. He assumed the office of Executive Officer and Division Manager of Corporate Planning Division of the Company in April 2011. Since June 2016, he has been serving as a Director of the Company. He has a wealth of experience and knowledge about the Company's and its Group's business, as well as in business administration. Based on these experiences, he was appointed as a Director since he is highly expected to continue to fulfill the duties of significant decision-making for the Company Group and the administration and oversight of business management as a Director of an operating holding company.
Katsuki Kanaoka Mr. Katsuki Kanaoka was for a long time involved in duties in the Corporate Department, Financial System Department, Infrastructure Department, etc. at the Company’s Group company. After having assumed office as a Director of the Company in April 2008, he has been serving as Chairman and Representative Director of the Company. He has a wealth of experience and knowledge about the Company's and its Group's business, as well as in business administration. In addition, since May 2015 to the present, he has been serving as Chairman of INTEC Inc., the Company's major subsidiary. He was appointed as a Director since he is highly expected to continue to fulfill the duties of significant decision-making for the Company Group and the administration and oversight of business management as a Director of the Company in the group-wide execution of the Company's Third Medium-term Management Plan, which commenced in April 2015.
Shigeki Kusaka After having worked for a trading company, Mr. Shigeki Kusaka was involved in the management of the industrial system business division at the Company's Group company from April 2011. He has been serving as President and Representative Director of INTEC Inc., the Company's major subsidiary, since May 2015 to the present, while concurrently serving as a Director of the Company since June 2015. He has a wealth of experience and knowledge about the Company's and its Group's business, as well as in business administration. Based on these experiences, he was appointed as a Director since he is highly expected to continue to fulfill the duties of significant decision-making for the Company Group and the administration and oversight of business management as a Director of an operating holding company in the group-wide execution of the Company's Third Medium-term Management Plan, which commenced in April 2015.
Yoshiyuki Suzuki Mr. Yoshiyuki Suzuki was for a long time involved in the Corporate Department, Technology Department, etc., at the Company's Group company. Since May 2015 to the present, he has been serving as Executive Vice-President and Representative Director of INTEC Inc., the Company's major subsidiary, while concurrently serving as a Director of the Company since June 2016. He has a wealth of experience and knowledge about the Company's and its Group's business, as well as in business administration. Based on these experiences, he was appointed as a Director since he is highly expected to continue to fulfill the duties of significant decision-making for the Company Group and the administration and oversight of business management as a Director of an operating holding company in the group-wide execution of the Company's Third Medium-term Management Plan, which commenced in April 2015.
Yoshinobu Ishigaki Mr. Yoshinobu Ishigaki holds extensive experience and broad insight as a corporate executive with wide-ranging experience and a wealth of expertise in the IT service industries. His advice and suggestions from an independent perspective will ensure that the decisions to be made by the Company’s Board of Directors will be reasonable and appropriate. For this reason, he was appointed as an External Director.
Koichi Sano Mr. Koichi Sano worked mainly in the Finance and Accounting Departments, and served as Executive Vice-President and Representative Director of Mitsui Chemicals, Inc., and has a wide range of experience and a wealth of expertise in corporate management. He was appointed as an External Director since his advice and suggestions from an independent perspective by utilizing these experiences and expertise in the Company's business will ensure that the decisions to be made by the Company's Board of Directors will be reasonable and appropriate, and he is highly expected to be a person who will contribute to the enforcement of the corporate governance of the Company.
Fumio Tsuchiya Mr. Fumio Tsuchiya previously worked in an important position in overseas offices and the Corporate Planning Department of Japan Airlines Co., Ltd. After having assumed the office of Director of Japan Airlines in June 2004, he served as Managing Director and was thereafter appointed as President & CEO of JALCard, Inc. in June 2007, which is a group company of Japan Airlines. He has a wide range of experience and a wealth of expertise in corporate management. He was appointed as an External Director since his advice and suggestions from an independent perspective by utilizing these experiences and expertise in the Company's business will ensure that the decisions to be made by the Company's Board of Directors will be reasonable and appropriate, and he is highly expected to be a person who will contribute to the enforcement of the corporate governance of the Company.
  • Audit & Supervisory Board Members
Takuho Shimodaira Mr. Shimodaira served as president and representative director and audit and supervisory board member, etc. at various companies including a financial institution, and since June 2013, has served as a full-time Audit & Supervisory Board Member of a Group company. Based on his experience, he was appointed as an Audit & Supervisory Board Member as he can be expected to oversee the execution of duties of the Company's Directors in a fair and appropriate manner.
Katsuhiko Ishii Mr. Ishii worked for a financial institution and served as General Manager of the Corporate Department of a Group company. He also served as an advisor at the same Group company. Based on these experiences, he was appointed as an Audit & Supervisory Board Member as he can be expected to oversee the execution of duties of the Company's Directors in a fair and appropriate manner.
Taigi Ito Mr. Ito is a licensed Certified Public Accountant. His expertise and knowledge in the field of finance and accounting and professional experience are beneficial to the Company in enforcing its audit system. Although he was not directly involved in corporate management, he was appointed as an External Audit & Supervisory Board Member as he was considered to be well qualified to appropriately perform the duties of Audit & Supervisory Board Members given the above credentials.
Muneaki Ueda Mr. Ueda has a wealth of experience and wide-ranging insight as a corporate executive. He was appointed as an External Audit & Supervisory Board Member in expectation of obtaining his overall management advisory and management oversight on execution of duties from an external perspective.
Sadahei Funakoshi Mr. Funakoshi has a wealth of experience and knowledge in corporate management, with his experience in the management of investment and loan, credit and administrative departments of Mitsubishi Corporation, as well as his service as an auditor at IT companies. He was appointed as an External Audit & Supervisory Board Member in expectation of obtaining his overall management advisory and management oversight on execution of duties from an external perspective.

Profiles of our corporate officers are available here .

Training Policy for Directors and Auditors

For directors and auditors, including external directors and external auditors, the Company will provide and arrange training opportunities that are appropriate for individual directors and auditors and support the cost of such training. The objective of such training is to provide an opportunity to acquire necessary knowledge regarding the Group's businesses, financial affairs and organization and to understand the duties and responsibilities required of directors and auditors when assuming office, as well as to continuously update these attributes during the term of office.

External Directors and External Auditors

The Company has three external directors and three external auditors. The determination of the independence of external directors and external auditors is prescribed by the requirements of the Companies Act as well as judgement criteria to ensure the independence of external directors and external auditors (referred to as "external officers" hereafter) as described below, with reference to the rules and regulations of the Tokyo Stock Exchange.

For reference: Criteria Concerning Independence of External Officers (revised December 21, 2016)

The determination of the independence of external directors and external auditors is prescribed by the requirements of the Companies Act as well as judgement criteria to ensure the independence of external directors and external auditors (referred to as "external officers" hereafter) as described below, with reference to the rules and regulations of the Tokyo Stock Exchange.

  1. External directors (including candidates) are defined by Article 2, Paragraph 15 of the Companies Act (Requirements of External Directors) and have never served as an executive director, manager or other employee of the TIS INTEC Group (Note 1) even in the past.
  2. External auditors (including candidates) are defined by Article 2, Paragraph 16 of the Companies Act (Requirements of External Company Auditors) and have never served as a director, manager or other employee of the TIS INTEC Group even in the past.
  3. In the current fiscal year and during the past three fiscal years, none of each of the following items shall apply to external officers.
    1. A counterparty which has transactions principally with the Company (Note 2) or a person who executes that counterparty's business
    2. A counterparty which has transactions principally with the TIS INTEC Group (Note 3) or a person who executes that counterparty's business
    3. A consultant, accounting professional or legal professional who has received a large amount of money or other assets (Note 4) other than remuneration of officers from the Company. In addition, when these are received by an organization such as a corporation or partnership, this includes persons who belong to the applicable organization.
    4. A major shareholder of the Company (Note 5). In addition, when the major shareholder is a corporation, this includes a person who executes the business of the corporation.
    5. A person other than those in (Ⅰ), (Ⅱ) and (Ⅲ) above who executes the business of a counterparty of the Company (Note 6)
    6. A person who was formerly a member of a counterparty which is in a situation of cross-assumption of offices of external officers
    7. A counterparty or former member of the counterparty that receives donations from the Company
  4. External officers must not be a relative within the second degree of a person who falls under each of the following items.
    1. A person mentioned in (Ⅰ) to (Ⅲ) of the previous clause
    2. A person who executes the business of a subsidiary of the Company
    3. A non-executive director of a subsidiary of the Company (limited to external auditors)
    4. A person who fell under (Ⅱ) or (Ⅲ) above or a person who executes the business of the Company (including a non-executive director in the case of an external auditor) recently (in the current business year and during the past four business years)
  5. In addition to the above, there exist no circumstances in which duties imposed on an independent external officer are reasonably deemed not to be achieved.
  • Note 1: The "TIS INTEC Group" means the Company and its subsidiaries.
  • Note 2: A "counterparty which has transactions principally with the Company" means a counterparty which provides products or services to the Company and whose payments from the Company constitute at least 2% of the sales of such counterpart in one fiscal year. The main bank (The Bank of Tokyo-Mitsubishi UFJ, Ltd.) and the lead managing underwriters (Nomura Securities Co., Ltd., Mitsubishi UFJ Morgan Stanley Securities Co, Ltd., and SMBC Nikko Securities Inc.) of the Company shall also each be a "counterpart which has transactions principally with the Company," regardless of the transaction amount.
  • Note 3: A "counterparty which has transactions principally with the TIS INTEC Group" means a counterparty with sales exceeding 2% of the total consolidated sales of the TIS INTEC Group.
  • Note 4: "A large amount of money or other assets" means the total value exceeds 10 million yen per fiscal year. This shall apply also to a consultant, accounting professional or legal professional that enters a consulting agreement or similar arrangement and periodically pays an amount of money or other assets, regardless of the amount.
  • Note 5: A "major shareholder" means a person or company, and the like, that directly or indirectly holds 10% or more of total voting rights. However, the Company's leading shareholders (the top 10 approximately) shall be treated as "major shareholders."
  • Note 6: A "counterparty which has transactions with the Company" means the case when transactions with the Company per fiscal year constitute at least 2% of non-consolidated sales of the Company.

Primary Activities of External Directors and External Auditors (Fiscal 2017)

Status Name Primary Activities
Director Shingo Oda Mr. Oda attended 14 of 16 meetings of the Board of Directors held in fiscal 2017. He provided comments as necessary in discussions of matters for resolution, based on his experience in the industry and in corporate management and the insights thus gained.
Director Yoshinobu Ishigaki Mr. Ishigaki attended all 16 meetings of the Board of Directors held in fiscal 2017. He provided comments as necessary in discussions of matters for resolution, based on his experience in the industry and in corporate management and the insights thus gained.
Director Koichi Sano Mr. Sano attended all 11 meetings of the Board of Directors held after his appointment on June 24, 2016. He provided comments as necessary in discussions of matters for resolution, based on his experience and insights regarding corporate management.
Auditor Taigi Ito Mr. Ito attended 15 of 16 meetings of the Board of Directors and 12 of 13 meetings of the Audit & Supervisory Board held in fiscal 2017. He provided comments as necessary in discussions of matters for resolution, from the specialized perspective of a Certified Public Accountant.
Auditor Muneaki Ueda Mr. Ueda attended 14 of 16 meetings of the Board of Directors and all 13 meetings of the Audit & Supervisory Board held in fiscal 2017. He provided comments as necessary in discussions of matters for resolution, based on his experience and insights into corporate management.
Auditor Sadahei Funakoshi Mr. Funakoshi attended all 11 meetings of the Board of Directors and all ten meetings of the Audit & Supervisory Board held after his appointment on June 24, 2016. He provided comments as necessary in discussions of matters for resolution, based on his experience and insights regarding corporate management.

Note :
Director Shingo Oda completed his term as of the 9th Annual General Meeting of Shareholders convened on June 27, 2017, and retired from his position.

Outline of Liability Agreements

In accordance with Article 427, Paragraph 1 of the Companies Act, each external director and external auditor enters into an agreement with the Company that limits legal responsibility for liability compensation as set forth under Article 423, Paragraph 1 of the same law.
The limit of liability compensation, based on these agreements, is an amount prescribed by the provisions of Article 425, Paragraph 1, of the same law.

Outline of Policy on Officers' Remuneration

The basic policy on determination of officers' remuneration is to provide incentives to improve performance through a system of remuneration linked to measures of company performance. The Company's remuneration for Directors consists of basic remuneration and performance-linked remuneration. Basic remuneration is paid according to the size of the role and scope of responsibilities of each position. Performance-linked remuneration is linked to attainment of the measures of company performance established on the basis of the management plan for each fiscal year, and shall not exceed the proportion of basic remuneration (up to a maximum of 30%) determined for each position.
Remuneration paid to external directors consists only of basic remuneration and performance-linked remuneration will not be paid. In addition, remuneration is paid to auditors after being determined through consultation at the Audit & Supervisory Board and is not linked to performance and consists solely of basic remuneration in order to ensure a high degree of independence.
Furthermore, based on the viewpoint of reflecting medium- to long-term business performance, Directors (excluding External Directors) shall contribute at least a certain portion of their basic remuneration to the purchase of the Company's own stock through the share ownership plan for directors and officers, and they shall retain such stock in full for the duration of their period in office. The Company believes that the current remuneration system contributes to sound motivation and has not introduced a remuneration system utilizing the Company's own shares (stock option system).

Remuneration for Directors and Audit & Supervisory Board Members (Year ended March 31, 2017)

  Recipients
(Persons)
Remuneration
(Millions of yen)
Directors
(including external directors)
8 (3) 196 (23)
Audit & Supervisory Board Members
(including external members)
7 (4) 62 (26)
Total
(including external officers)
15 (7) 259 (49)
  • Note 1: Remuneration for directors does not include the employee portion in the case of directors who serve concurrently as employees.
  • Note 2: As of March 31, 2017, the Company had ten (10) directors, including three (3) external directors. The discrepancy between the number of directors and the number shown under "Recipients" is because five (5) directors, including one (1) director who retired in the fiscal year ended March 31, 2016, served without compensation and are thus excluded from the above figure.
  • Note 3: As of March 31, 2017, the Company had five (5) Audit & Supervisory Board members, including three (3) external Audit & Supervisory Board members. The discrepancy between the number of Audit & Supervisory Board members and the number shown under "Recipients" is due to the inclusion of two (2) Audit & Supervisory Board members, including one (1) external Audit & Supervisory Board member, who retired as of the conclusion of the 8th Ordinary General Shareholders' Meeting held on June 24, 2016.
  • Note 4: Per resolution of the 1st Ordinary General Shareholders' Meeting held on June 25, 2009, the combined remuneration for directors and Audit & Supervisory Board Members is limited to ¥400 million (¥50 million for external directors) and ¥85 million per year, respectively.
  • Note 5: The Company does not maintain a retirement bonus system for directors, and does not pay any directors' bonuses.

Constructive Dialogue with Shareholders

In the case of dialogue with shareholders, the corporate communication department will strive to ensure that the opinions of shareholders are shared at the entire Board of Directors by responding appropriately after considering the method of response with the President and Representative Director, the director in charge, and the executive officer in charge.

Strategically Held Shares

1. Policy regarding acquisition and ownership of strategically held shares

The Company holds the shares of other companies only when it believes this is necessary for such purposes as establishing long-term, stable relationships with customers and promoting business that will contribute to the Company's sustainable growth and the enhancement of its medium- to long-term corporate value. Each year, we regularly verify that major strategic holdings will contribute to the Company's sustainable growth and the enhancement of its medium- to long-term corporate value.

2. Policy on exercising voting rights relating to strategically held shares

The Company appropriately exercises voting rights for listed shares that it holds after comprehensively determining whether this will contribute to the Company's sustainable growth and the enhancement of its medium- to long-term corporate value and whether this will contribute to the common interests of the shareholders of the investee company.

Takeover Defense Measures

TIS has not introduced takeover defense measures.

Update : November 1, 2017, 16:54

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