CORPORATE GOVERNANCE

Message from the Chairman of the Board

Message from the Chairman of the Board

Mitsubishi Estate has positioned the development and promotion of its corporate governance system as one of the most important management issues for realizing its basic mission of contributing to the creation of a truly meaningful society by building attractive, environmentally sound communities where people can live, work, and relax with contentment.

Mitsubishi Estate has adopted the “Company with Nominating Committee, etc.,” structure, and the role of the Board of Directors under such a structure is to decide the Company’s basic management policies and supervise overall management. To that end, the Company is working to ensure the transparency and objectivity of management so that it can fulfill its accountability to its shareholders and other stakeholders. To date, Mitsubishi Estate has implemented a broad range of initiatives on an ongoing basis, such as introducing performance-based director remuneration, increasing the ratios of outside directors on the Board of Directors and other important committees, ensuring that independent outside directors serve as the chairpersons of all committees, and deciding not to renew its countermeasure program regarding possible hostile takeover attempts. In FY2021, the Company implemented for the first time a third-party evaluation of the effectiveness of the Board of Directors. Furthermore, continuing on from the share buybacks executed in FY2020 totaling approximately \100.0 billion, the Company decided to carry out additional share buybacks of roughly \30.0 billion in April 2021. Going forward, Mitsubishi Estate will strive to enhance capital efficiency and shareholder returns in an effort to achieve the capital policies adopted under Long-Term Management Plan 2030.

Our Long-Term Management Plan 2030, which began in April 2020, was formulated over a year of thorough discussions by the Board of Directors. In addition to a strategy that targets increasing shareholder value, the plan focuses on a strategy for social value improvement that involves making efforts toward realizing a sustainable society. By generating synergies between these two strategies, the plan aims to realize the Company’s basic mission and achieve sustainable growth. Our Long-Term Management Plan 2030 got off to a rough start in its initial year due to the impact of the COVID-19 pandemic. In these times of dramatic changes in the external environment, it is more important than ever for the Board of Directors to secure members who offer a diverse range of knowledge and experience and engage in active discussions. I am a non-executive chairman of the Board, experienced in business execution. My role in such a position is to encourage more active exchanges of opinions, including greater involvement of the outside directors, and lead lively discussions at Board meetings while also understanding the perspectives of the officers in charge of business execution. By fulfilling this role, I will help the Board establish a management supervision structure from a long-term perspective with a view to achieving the goals of the Long-Term Management Plan 2030 over the next 10 years.

Guided by the Company’s basic mission, the Board of Directors will remain committed to meeting the expectations of shareholders and investors by doing all it can to guide the Company in a way that takes into account future changes in society and the business environment.

August 2021

Chairman of the Board
Mitsubishi Estate Co., Ltd.

Hirotaka Sugiyama

CORPORATE INFORMATION

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