その他取り組みOther Initiatives

株主・投資家とのコミュニケーション（ESG面談）Dialogues with Shareholders and Investors (ESG Meetings)

当社は、株主・投資家に、長期的な経営の方向性についてご理解いただくため、ESGを中心とした非財務面に焦点を当てたESG一体での面談を実施しています。

対話を通じていただいたご意見・ご要望・ご提案等は、取締役会を通じて経営層にフィードバックしており、対話を経営のPDCAに組み込むことで、持続的な成長を目指しています。

Mitsubishi Estate holds integrated ESG meetings that focus on the non-financial aspects of its ESG activities to enable shareholders and investors to gain an understanding of the direction of its management over the long term.

We relay the opinions, requests, proposals, and other feedback that we receive through such dialogues to senior management at meetings of the Board of Directors. By incorporating the results of the dialogues into a plan–do–check–act (PDCA) cycle, we aim to achieve continuous growth.

「E：環境」、「S：社会」を担当するサステナビリティ推進部、「G：ガバナンス」を担当する総務部に加え、ご要望に応じてIR室が同席の上面談を実施しています。

2023年度、2024年度に実施したESG面談の実績は以下の通りです。

In addition to the Sustainability Management and Promotion Department, which is in charge of environmental and social matters, and the General Affairs Department, which oversees corporate governance, the Company holds ESG meetings with the attendance of the Investor Relations Office when requested.

The total number of ESG meetings held by the Company in FY2023 and FY2024 is stated in the table on the right.

TSR順位		面談社数 (延社数)	構成比(発行済株式数)*
国内法人株主・機関投資家	24社	約27.2％
海外機関投資家	32社	約18.1%
計	56社	約45.3%

		Number of companies for which meetings were held (total number of companies)	Distribution ratio (number of shares issued)*
Corporate shareholders and institutional investors in Japan	24	Approximately 27.2%
Overseas institutional investors	32	Approximately 18.1%
Total	56	Approximately 45.3%

* 第三者調査機関に委託する株主名簿から実質株主を調査する株主判明調査結果から推計（2025年3月末時点）

* Estimated based on the results of a shareholder identification survey outsourced to a third-party institution inquiring into beneficial owners using the shareholders’ register(as of March 31, 2025)

面談終了後、ESG一体での面談の効果測定及び次回対話に向けた改善点等を把握すべく、対話の満足度や当社の取り組みに対する評価等についてアンケートを実施しています。

2024年度の結果は、ESG一体で総合的に意見交換する機会は、有益かつ効率的とのコメントを多くの面談先からいただいており、対話の満足度は、満足・概ね満足が約90％を占めたほか、当社評価の改善につながったとのご回答を約30％の会社からいただきました。

At the close of ESG meetings, we implemented a questionnaire of participants regarding their level of satisfaction with the dialogue and their rating of our ESG initiatives, in order to measure the effectiveness of integrated ESG meetings and ascertain areas of improvement and other matters for incorporation into future dialogues.

In the results of the FY2024 questionnaire, many participants commented that the opportunity to exchange opinions in a comprehensive manner in an integrated ESG meeting was instructive and efficient. In addition, approximately 90% of participants responded that they were “satisfied” or “generally satisfied” with the dialogue, and approximately 30% of the companies that participated responded that the meetings helped improve their rating of Mitsubishi Estate.

政策保有株式Shares Held for Strategic Purposes

1.政策保有株式に関する方針1. Policy on Shares Held for Strategic Purposes

当社は、中長期的な取引関係の維持・強化や安定した資金調達に資する場合等、当社グループの事業活動の円滑な推進に有用と判断した場合には、保有目的が純投資目的以外の目的である株式を取得･保有しています。
  保有目的が純投資目的以外の目的である投資株式として保有する上場株式については、取得経緯、取引実績、協力・協業関係の状況、配当実績等、当社グループの事業活動の円滑な推進に有用か否かといった観点から保有の合理性の検証を行い、その内容、削減実績及び今後の削減方針について、少なくとも年に1回以上の頻度で取締役会に報告し、適宜売却を進めています。
 他方、新事業創出機能グループを中心に、既存事業の付加価値を高めること、テクノロジーの活用や外部パートナーとの連携によるビジネス領域の拡大を目的に、2015年度よりベンチャー企業等への出資を継続的に実施しています。
 なお、当社は2025年5月に資本の有効活用を図ることを明示するため、2027年度末までに保有する非上場株式以外の株式（上場株式）の残高を50％（2024年度末比）以上削減し、以降も継続的に売却を進め、将来的には原則保有しない旨の定量削減目標を開示しました。

The Company acquires and holds shares for other than purely investment purposes if it deems such shareholdings to be useful in facilitating the Group’s business activities smoothly in cases such as when seeking to maintain or reinforce medium- to long-term transactional relationships or in procuring funds on a stable basis.
　In regard to the holding of listed shares as investment shares for other than purely investment purposes, we examine the rationality of such holdings from the perspective of whether they are useful or not in facilitating the Group’s business activities smoothly, focusing on such aspects as the background of the acquisition, record of transactions, status of cooperative and collaborative relationships, and level of dividend payouts. The findings of these examinations, as well as the number of reductions of such shares and the policy on reductions going forward, are reported to the Board of Directors at least once a year, and we are proceeding with sales in an appropriate manner.
 In addition, the Company has been conducting ongoing investments in venture businesses since FY2015. Centered on the Innovation and Business Transformation Group, these efforts are aimed at heightening the value of existing businesses and expanding the Company’s business domains through the utilization of technologies and coordination with external partners.
&emsp In May 2025, to express the Company’s intention to effectively use its capital, the Company disclosed its quantitative reduction target to reduce the balance of shares other than non-listed shares (i.e., listed shares) held by the Company by 50% or more by the end of FY2027 (vs. the end of FY2024), and from thereon, continue to sell them so that the Company will not, in principle, hold such shares in the future.

2.政策保有株式の縮減状況2. Status of Reduction of Shares held for Strategic Purposes

2024年度に売却した上場株式の銘柄数は11銘柄（一部売却を含む）、売却額は589億円となり、2023年度の408億円も含め、直近5年度の累計売却額は約1,180億円となりました。
 開示目標の達成に向けて、取引先との対話を重ね、政策保有株式の縮減を進めます。

The Company sold 11 holdings of listed shares (including partial sales) in FY2024, with the sales amount of ¥58.9 billion. The accumulated sales amount over the past five fiscal years reached approximately ¥118.0 billion, including ¥40.8 billion for FY2023. To achieve the disclosed target, we will continue to have a series of dialogues with our business partners to reduce shares held for strategic purposes.

2024年度有価証券報告書（2025年6月25日提出）での開示内容Details Disclosed in FY2024 Securities Report (Filed on June 25, 2025)

イ．投資株式の区分の基準及び考え方a) Criteria for and basic approach to categorizing investment shares

保有目的が株式の配当及び売却利益の収受である投資株式を純投資目的の投資株式、それ以外の当社事業の維持・強化等による企業価値の向上である投資株式を純投資目的以外の目的の投資株式としております。

The Company categorizes investment shares held for the purpose of receiving dividends or gains on sales as investment shares held purely for investment purposes, and shares held for other purposes, such as to enhance corporate value by maintaining or reinforcing the business of the Company as investment shares held for other than purely investment purposes.

　　

ロ．保有目的が純投資目的以外の目的である投資株式の保有方針及び保有の合理性を検証する方法並びに個別銘柄の保有の適否に関する取締役会等における検証の内容 b) Policy on the holding of investment shares for other than purely investment purposes and methods for verifying the rationality of such holdings, and details of verification conducted by the Board of Directors, etc. with regard to the suitability of holding individual issues

当社は、中長期的な取引関係の維持・強化や安定した資金調達に資する場合等、当社グループの事業活動の円滑な推進に有用と判断した場合には、保有目的が純投資目的以外の目的である株式を取得・保有しております。
保有目的が純投資目的以外の目的である投資株式として保有する上場株式については、取得経緯、取引実績、協力・協業関係の状況、配当実績等、当社グループの事業活動の円滑な推進に有用か否かといった観点から保有の合理性の検証を行い、その内容、削減実績及び今後の削減方針について、少なくとも年に1回以上の頻度で取締役会に報告し、適宜売却を進めております。
なお 、当社は資本の有効活用を図るため、2027年度末までに保有する非上場株式以外の株式（上場株式）の残高を50%（2024年度末比）以上削減し、以降も継続的に売却を進め、将来的には原則保有しない予定です。

The Company acquires and holds shares for other than purely investment purposes if it deems such shareholdings to be useful in facilitating the Group’s business activities in cases such as when the shareholdings contribute to maintaining and reinforcing medium- to long-term transactional relationships or to establishing stable procurement of funds.
In regard to listed shares that the Company holds as investment shares for other than purely investment purposes, it verifies the rationality of shareholdings from the perspective of whether it facilitates the progress of the Group’s business activities by looking at the history of the Company’s acquisition of such shares, the track record of business transactions, the status of cooperative partnerships, dividend performance, and other factors. The Company then reports to its Board of Directors, at least as frequently as once a year, the details of such findings, the reductions in such shareholdings and the guidelines followed by the Company regarding future reductions, and, where necessary, the Company proceeds with the sale of such shares.
To express the Company’s intention to effectively use its capital, the Company disclosed its quantitative reduction target to reduce the balance of shares other than non-listed shares (i.e., listed shares) held by the Company by 50% or more by the end of Fiscal 2027 (vs. the end of Fiscal 2024), and from thereon, continue to sell them so that the Company will not, in principle, hold such shares in the future.

ハ．保有目的が純投資目的以外の目的である投資株式の銘柄数及び貸借対照表計上額の合計額 c) Number of issues held as investment shares for other than purely investment purposes, and total amount recorded on balance sheet

　

	銘柄数（銘柄）	貸借対照表計上額の合計額（百万円）
非上場株式	95	9,405
非上場株式以外の株式	55	292,032

(注）当社は、新事業創出機能グループを中心に、既存事業の付加価値を高めること、テクノロジーの活用や外部パートナーとの連携によるビジネス領域の拡大を目的に、ベンチャー企業等への出資を継続的に実施しています。
上記銘柄数には29銘柄（非上場株式27銘柄、非上場株式以外の株式2銘柄）の新事業創出を目的とする新事業株式が含まれております。

(Note) Aiming to enhance added value in existing businesses, and expand the scope of business domains by utilizing technology and cooperating with external partners, the Company, mainly through the Innovation and Business Transformation Group, is continuously making investments in start-ups.
In the above number of issues, 29 issues (27 unlisted shares and three shares other than unlisted shares) are new business shares held for the purpose of new business creation.

　

（当事業年度において株式数が増加した銘柄）

	銘柄数（銘柄）	株式数の増加に係る取得価額の合計額（百万円）	株式数の増加の理由
非上場株式	2	504	既存事業とのシナジー創出等のため
非上場株式以外の株式	-	-	-

（当事業年度において株式数が減少した銘柄）

	銘柄数（銘柄）	株式数の減少に係る売却価額の合計額（百万円）
非上場株式	2	50
非上場株式以外の株式	11	58,939

　　

ニ．特定投資株式及びみなし保有株式の銘柄ごとの株式数、貸借対照表計上額等に関する情報d) Information on the number of shares of each issue and amount on balance sheet for specific investment shares and deemed holdings of equity securities

（保有の定量的な効果については、相手先との取引、協力・協業関係等に関する情報管理の観点から記載しておりません。）

コーポレートガバナンスに関する詳細情報については、コーポレート・ガバナンスに関する報告書をご参照ください。

Please refer to our Corporate Governance Report for more information on our corporate governance system.CORPORATE GOVERNANCE REPORT