[Survey] Recent Trends in Shareholder Meetings (Review of March 2026 Shareholder Meetings)

Mitsubishi UFJ Trust and Banking Corporation (President: Hiroshi Kubota) has conducted a survey and analysis of the shareholder meetings held in March 2026. In addition to the "Overview of Shareholder Meetings" and "Status of Shareholder Proposals," the report also summarizes "Future Outlook and Challenges in Light of Activism Trends," "Examples of Dialogue with Shareholders," and "Corporate Governance Status." To assist you in understanding the latest trends for upcoming shareholder meetings, please first review the summary below.

I. Overview of Ordinary General Meetings of Shareholders - Compared to the previous year, the required time and number of attending shareholders decreased slightly, while the number of speaking shareholders increased slightly. Implementations of souvenirs, social gatherings, etc. are on an increasing trend but still below pre-COVID levels. - Shareholder comments were mostly on "business," "stock price," and "investment." Acceptance of prior questions is increasing year by year. Examples of operational innovations to rationalize proceedings were also seen. II. Approval Status of Company Proposals - Rejection cases were seen in 1 company (down 3 companies YoY), and there were cases where dissenting votes were likely cast due to violations of voting rights exercise standards. - For the appointment of top management, proposals with low approval rates were seen, likely due to conflicts with performance standards, and for the appointment of outside directors, due to conflicts with independence standards. III. Trends in Shareholder Proposals - The number of companies and proposals reached a record high for March meetings. Institutional investors, etc. made proposals to 8 companies. Active movements included cases presumed to be coordinated among shareholders. - Proposals from institutional investors, etc. covered corporate value enhancement measures in general, such as disclosures related to capital cost, in addition to shareholder returns. IV. Information Disclosure / Dialogue with Shareholders - Pre-meeting disclosure of securities reports was implemented by 70% (80% for Prime-listed companies). Lightening of convocation notices is progressing, especially among companies with many shareholders. - The implementation rate of virtual shareholder meetings remained at just under 20%. The number of shareholders exercising voting rights online accounted for over 70% of prior exercises. V. Corporate Governance Status - Centered on the Prime Market, the transition to companies with an audit and supervisory committee is progressing in the Standard and Growth Markets as well (45.8% of the entire TSE). - In the Prime Market, over 20% of companies have appointed 30% or more female executives. Steady progress is seen toward achieving the government's target. For detailed information or requests for interviews/articles, please contact the email address below. [Contact for inquiries regarding this matter] Mitsubishi UFJ Trust and Banking Corporation Corporate Consulting Department, Planning Group Mail: cc-planning_post@tr.mufg.jp End