Shareholders

We aim to keep our shareholders informed through a focused international investor relations program. This encompasses regular communications throughout the financial year, through meetings, publications, plant visits and our websites.

Annual and Interim reports are produced in both Japanese and English and widely distributed to stakeholders who may have an interest in our performance. These documents are also made available on our websites.

The CEO and Chief Financial Officer (CFO) make regular reports to the Board on investor relations and on specific discussions with major shareholders. The Board receives copies of all research published on the Group. Shareholders have an opportunity at the General Meeting of Shareholders to ask questions of the Chairman and the Board.

Our Investor Relations (IR) Policy reflects our aims to be open and fair and to comply with corporate ethics. The NSG Group is listed on the Tokyo Stock Exchange (TSE) and the Osaka Securities Exchange and we disclose information in line with the TSE ‘Rules on Timely Disclosure of Corporate Information by Issuers of Listed Securities’.

Where information does not fall under the category of timely disclosure rules, our policy is to communicate it swiftly and fairly, once it has been determined that the disclosure of such information is beneficial to investors.

Communicating our strategy

In April 2011, we launched our Strategic Management Plan that sets the course for the NSG Group over the next three years. Announced in November 2010, it replaced the Medium-term Plan issued in November 2006. The new Plan covers FY2012 to FY2014, but implementation is well under way, with announcements and the start of work on new investment projects in support of the Plan.

The objective is to take the NSG Group to the next level of its development, building on progress on our ‘Phase 1’ priorities and leveraging our technology into growth opportunities. The Plan places important emphasis on our commitment to Sustainability and our intention to develop a sustainable enterprise.

Strategic Management Plan objectives

To take the NSG Group to the next level in its development, by:

• Maximizing profitable growth while reducing our net debt/earnings (EBITDA) ratio.
• Ensuring highest standards of ethics, safety, environmental responsibility and Sustainability in all our activities.
• Being innovative in everything we do.

Communicating our performance

We report our results on a quarterly basis. We hold half-year and year-end financial results briefings for securities analysts and investors in Japan, with further communications in the intervening quarters. The CEO and CFO personally present and discuss financial results, charting our progress against our strategy and the future outlook for the Group.

Supplementing this, the CFO and IR team give background briefings to analysts and investors following the release of financial results. From time to time, we arrange plant visits, to enable analysts to see to our operations at first hand.

Over the past year, we have continued our focus on non-financial aspects of our performance relating to Sustainability. The current report is an important channel for communicating our progress. Our Sustainability Report is made available to shareholders in both English and Japanese versions, with additional data available on our website.

Evolving shareholder composition

A major issue for us has been the significant changes in shareholder composition over the past five years. The acquisition of Pilkington plc in 2006 transformed NSG from a regional Japanese glass company to an international group headquartered in Tokyo. Following the acquisition, the proportion of non-resident foreign corporations and foreign individuals owning NSG Group shares has risen markedly.

We hold half-year and year-end financial results briefings for securities analysts and investors in Japan, with further communications in the intervening quarters.

We have consequently expanded our global IR effort to meet the requirements of shareholders and potential investors around the world, including a range of additional publications, some of which are published in both Japanese and English. Details can be found on our website. We organize ‘road shows’ for analysts, investors and potential investors outside Japan, when appropriate.