资生堂（4911）：外部董事与投资者对话：讨论重点聚焦增长举措

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

16 September 2026

Shiseido (4911)

Dialogue between external directors and investors:

Discussions focus on growth initiatives

Yoshihiko Hatanaka (external director and chair of the Board of Directors) and

Yasuhiro Nakajima (external director and Audit Committee member) took part in

Shiseido’s September 16 briefing. Our impression from the two speakers’

presentations is that discussions between the board of directors and management

team about initiatives and issues to redirect the company towards growth are

deepening. We will watch when the impact of these starts to materialize in

Shiseido’s earnings.

Summary of external directors’ presentations on their assessment of key

themes: (1) Oversight of Execution of the 2030 Medium-Term Strategy:

Identify unexpected events and recommend that the management team take

action. Discuss how AI utilization can be linked to corporate value. Start to

verify measures to improve the top line. (2) Improving margins/ROIC/ROE/

cash flow: Eliminate ambiguity over where authority over brands and regions

lies, advise management team on the overall optimization and control of the

organization. (3) Oversight of response to various risks: Given the increase in

geopolitical risk, the external directors recognize there are still major supply

chain issues to address. (4) Nomination and remuneration matters: A system is

needed to secure excellent human resources in the global HR market. The

directors will continue to examine KPIs for the executive compensation

system.

Summary of external directors’ responses to key questions: (1) Mediumto long-term portfolio and M&A based on past experience: The emphasis is on

Shiseido’s strengths. In R&D, which is a strength, discussions focus on lifting

brand value by incorporating technology. In new areas where technology can

be utilized, the directors are looking for optimal investment efficiency. (2)

Measures to realize Shiseido’s potential value: It is important to realize the

value of Shiseido as a whole and to clarify timeframes. (3) Shiseido’s

leadership and issues under the new corporate governance code: Shiseido

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