Industrial materials: director elections, shareholdings

Research evidence excerpt

Industrial materials: director elections, shareholdings

1 July 2026

Mizuho Securities Equity Research Glass and Ceramics

Industry Overview

3 nominees fall short of 80% support; 3 firms with 10%+ strategic share ratios

Senior Analyst: Summary

Hiroshi Matsuda As of 29 June 2026, all of the industrial materials companies (glass/

+81 3 6202 8419 ceramics, nonferrous metals) with fiscal years ending in March have concluded

hiroshi.matsuda@mizuho-sc.com their FY25 general shareholders’ meetings and filed their respective annual

securities reports (including any extraordinary reports). In this report, we

provide a summary for the sector’s 16 major companies (inclusive of AGC

and Nippon Electric Glass, which have Jan–Dec fiscal years) with respect

to the following: 1) results of shareholder voting on director nominations

(approval rates for chairpersons and presidents); 2) investment securities held

for purposes other than pure investment (number of individual stocks held and

total value as stated on balance sheets); and 3) directors who received total

compensation of ¥100m or more.

In terms of the percentage of votes in favor of the appointment of directors

(chairperson and president), three nominees—including Sumitomo Osaka

Cement’s president Hirotsune Morohashi—received less than 80% support.

Meanwhile, the stated balance sheet value of investment securities held for

purposes other than pure investment, as a percentage of total net assets,

exceeded 10% at Sumitomo Osaka Cement, Furukawa Electric, and Nittobo.

Mitsui Kinzoku’s shareholder proposal No. 6 (partial revision of the Articles

of Incorporation: disclosure of individual executive compensation) garnered

43.1% support (see Figure 3).

Shareholder voting on director (chairperson and president)

nominations