Disclosure of Company Information
Basic approach regarding timely disclosure
In the Yakult Code of Ethics and Code of Practice, the Company makes the following commitment: “The Company will actively disclose all relevant information to all stakeholders, including our customers, shareholders, employees and business partners, and increase the transparency of management, to gain the full trust of society through our corporate activities.” Based on this approach, the Company discloses information in a timely manner.
Internal structure related to timely disclosure
Facts and data appropriate for public disclosure from each department within the Company (including subsidiaries) are compiled by the Public Relations Department. In parallel, each department within the Company, pursuant to the Rules for Decision-Making, decides items for disclosure based on prescribed decision-making procedures. Facts and data not vetted in this manner are not publicly disclosed. When making final decisions, the disclosing department liaises with the General Affairs Department, the body responsible for coordinating timely disclosure, as it moves decision-making procedures forward, during which time a determination is made regarding the necessity for timely disclosure. The General Affairs Department refers to two standards in making this determination: the Rules for Timely Disclosure and the status of other finalized disclosure decisions within the Company. The decision is then made to officially conduct the timely disclosure of facts and data meeting these criteria.
The Company is listed on the Tokyo Stock Exchange (TSE). Any information from the Company marked for timely disclosure is registered on TDnet, a system for timely disclosure provided by the TSE. The registration of information for timely disclosure and responses to inquiries from TSE personnel are conducted by the General Affairs Department, the body responsible for coordinating timely disclosure. Following registration, information targeted for timely disclosure is quickly transmitted simultaneously to all relevant media outlets, with related materials disclosed at the same time on the Company’s website.
Check function for risks of inappropriate timely disclosure
The Company has considered a variety of risk scenarios, including those in which information marked for timely disclosure is inadvertently overlooked; information is prematurely disclosed; and data pertaining to sudden crises are not promptly disclosed. A single department, the General Affairs Department, which is responsible for coordinating timely disclosure, acquires and shares information about the criteria for determining the necessity of timely disclosure, and checks information pertaining to final decisions made internally, as well as primary information when sudden crises and incidents arise. This configuration allows check functions to work and enables timely disclosure without any omissions.
Method of information disclosure
For the disclosure of important matters that fall under the rules for timely disclosure stipulated by the Tokyo Stock Exchange, Yakult registers these in the TSE’s timely disclosure system, TDnet. Following registration, information targeted for timely disclosure is quickly transmitted simultaneously to all relevant media outlets, with related materials disclosed at the same time on the Yakult website.
To avoid leaks of financial results information and maintain fairness, Yakult enters a quiet period one month prior to the announcement of quarterly financial results. During this period, we refrain from answering questions or making comments regarding financial results.