Chubu Electric Power Company, Incorporated | Partial Amendment to the Articles of Incorporation (1) at Chubu Electric Power Company, Incorporated

Status
AGM passed
AGM date
Previous AGM date
Proposal number
7
Resolution details
Company ticker
9502
Resolution ask
Amend board structure
ESG theme
  • Social
ESG sub-theme
  • Diversity, equity & inclusion (DEI)
Filer type
Shareholder
Company sector
Utilities
Company HQ country
Japan
Resolved clause
Article 20, Paragraph 1 (Number of Directors) shall be amended as follows: Before Amendment: The Company shall have no more than fifteen (15) Directors. After Amendment: The Company shall have no more than fifteen (15) Directors, of whom at least 30% shall be female Directors.
Supporting statement
The Partial Amendment to the Securities Listing Regulations, etc. (Effective October 10, 2023; Tokyo Stock Exchange, Inc.), establishes the target for domestic companies listed at the Prime Market to achieving the female officer ratio of at least 30% by 2030. The Company shall meet the target of 30% female officer ratio promptly by providing it in the Articles of Incorporation. The implementation of the foregoing is necessary for the following reasons: The Company has repeated illegal acts because the mindset of the management has not changed. Accordingly, bold reforms are urgently needed. In addition, a survey by the Cabinet Office shows that companies with higher female Directors ratios tend to achieve better ROE (Return on Equity) and EBIT margins (ratio of Earning before Interests and Tax to the sales), and a diverse workforce contributes to the prevention of outflow of personnel. In order to build and develop a new energy system centered on energy conservation and renewable energy which relies on neither nuclear power nor fossil fuels, it is necessary to reform rigid, outdated organizational structures, to foster a diverse organizational environment, and to secure and develop talent.

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