In today’s briefing:
- Q4 Follow-Up – NITTO KOGYO CORPORATION (6651 JP)
- Companies Formalized Independence of Voluntary Nomination Committees, but No Signs of Improvements
Q4 Follow-Up – NITTO KOGYO CORPORATION (6651 JP)
- Nitto Kogyo Corporation (hereafter, the Company) announced full-year earnings results for FY2025/3 after market close on May 15, 2025.
- The Company reported net sales of JPY 184,683 mn (+14.9% YoY), operating profit of JPY 13,432 mn (+12.2% YoY), ordinary profit of JPY 13,516 mn (+7.6% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 12,097 mn (+38.8% YoY).
- Price revisions and improvements in transaction prices substantially boosted profits. Net profit rose substantially as it recorded a gain on bargain purchases of JPY 2,395 mn under extraordinary income, in line with the acquisition of consolidated subsidiary Tempearl Industry in April 2024.
Companies Formalized Independence of Voluntary Nomination Committees, but No Signs of Improvements
- Most companies with voluntary nomination committees have majority of committee members as outside directors, and two-thirds have outside directors as chairpersons, but it’s difficult to establish a statutory nomination committee.
- It’s unclear whether voluntary nomination committee can make proactive proposals or whether it simply follows proposals made by CEO, and to how much influence the decisions of voluntary committee have.
- More than half of listed companies have former presidents and other executives serving as advisors or consultants. Concerns remain that former board directors may still be involved in management.
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