コーポレートガバナンス強化に向けた取り組み

当社では、経営の最重要課題の一つとしてコーポレートガバナンス体制の整備・推進を位置付け、継続的な取り組みを実施しております。

The Company positions the development and promotion of the corporate governance system as one of the most important management issues, and implements ongoing initiatives to strengthen corporate governance.

コーポレートガバナンスの変遷
取締役会の実効性評価

The Evolution of Mitsubishi Estate’s Corporate Governance System
Evaluation of the Effectiveness of the Board of Directors

コーポレートガバナンスの変遷

The Evolution of Mitsubishi Estate’s Corporate Governance System

当社は経営の最重要課題の一つとしてコーポレートガバナンス体制の整備・推進を位置付けています。
　2016年に指名委員会等設置会社へ移行してからは、「経営監督と業務執行それぞれの役割明確化と機能強化を図るとともに、株主をはじめとするステークホルダーに対する説明責任を果たすべく、経営の透明性及び客観性の担保に努めること」を基本的な考え方とし、社会情勢及び企業を取り巻く経営環境の変化、ステークホルダーの要請等を踏まえ、コーポレートガバナンス体制の改善を着実に推進してきました。

2024年3月期は、ガバナンス体制の拡充を企図し、取締役会構成に関し執行兼務の取締役を1名減員（取締役数：15名→14名）し、取締役会に占める社外取締役構成比率を向上（47％→50％）させたほか、数年に一度実施することとしている取締役会の第三者評価を行い、取締役会の実効性等について検証を実施しました。
　　また、「長期経営計画 2030」で掲げる資本政策の一環として、資本効率及び株主価値向上を図るため、約1,000億円の自己株式取得（2023年3月期決議済み）を完了しました。更にダイバーシティの拡充を企図し、国連が策定した女性のエンパワーメント原則（WEPs）に賛同し、同原則に基づき行動するためのステートメントに署名を行いました。

これまでのコーポレートガバナンス体制の変遷の概要については以下の通りです。

Mitsubishi Estate has positioned the development and promotion of its corporate governance system as one of its most important management issues.

Since transitioning to a Company with Nominating Committee, etc., in 2016, the Company's basic policy has been to “develop and promote its corporate governance system to bring about greater clarity with regard to roles and the strengthening of functions in both management supervision and business execution, while also working to ensure the transparency and objectivity of management in order to fulfill its obligation to be accountable to its shareholders and other stakeholders.” To this end, the Company has steadily promoted the improvement of its corporate governance system, giving due consideration to changes in social conditions and the business environment as well as to the demands of its stakeholders.

In FY2023, Mitsubishi Estate revised the composition of the Board of Directors, reducing the number of directors concurrently serving as corporate executive officers by one to lower the number of directors from 15 to 14 and raise the proportion of outside directors serving on the Board from 47% to 50%. The Company also examined the effectiveness of the Board by conducting a third-party evaluation of it, held once every few years, to improve its corporate governance system.

The Company also completed share buybacks approved in FY2022 of approximately ¥100.0 billion to increase capital efficiency and shareholder value as part of policies set out in Long-Term Management Plan 2030.In addition, it endorsed the Women's Empowerment Principles (WEPs), formulated by the United Nations, signing a statement for taking action in accordance with the WEPs, in its efforts to further improve diversity.

The following is an overview of the changes made to Mitsubishi Estate's corporate governance system to date.

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Evolution of Corporate Governance System

取締役会の実効性評価

Evaluation of the Effectiveness of the Board of Directors

取締役会実効性評価を行う目的

Purpose of Evaluating the Effectiveness of the Board of Directors

取締役会は、中長期的な企業価値向上の実現及びコーポレートガバナンスの向上に、取締役会が監督機能を通じて有効に機能しているか確認することを目的に、年に１回、各取締役による評価に基づき、取締役会全体の実効性についての分析・評価を行い、その結果の概要を開示するとともに、必要に応じ実効性を向上させるための施策を策定・実施することとしています。

With the aim of confirming that the Board of Directors is functioning effectively through its oversight function to improve corporate value on a medium- to long-term basis and to enhance corporate governance, the Board of Directors analyses and evaluates its effectiveness as a whole based on evaluations conducted annually by each director. In addition, the Board discloses a summary of the evaluation results and subsequently formulates and implements policies based thereon to enhance its effectiveness where necessary.

取締役会の目指す役割に向けたこれまでの取り組み

Initiatives Undertaken Thus Far to Realize the Desired Role of the Board of Directors

当社は2016年6月に指名委員会等設置会社に移行し、経営監督と業務執行それぞれの役割明確化と機能強化の観点から、取締役会の主たる役割を経営の基本方針及び重要な業務執行の決定、並びに取締役及び執行役の職務執行の監督としています。これまでも、毎年の実効性評価の分析結果を踏まえ、議題の精査を行い経営計画に関する議論を充実するとともに、執行役からの報告機会・内容の充実、社外取締役に対する情報提供の充実などを行い、役割を適切に果たすための取り組みを実施してきました。

2020年度からは、2020年1月に策定公表した「長期経営計画 2030」を踏まえ、長期的な視点で株主価値・社会価値向上に向けた経営を適切にモニタリングしていく観点から、従来の評価項目に加え、今後充実すべき取り組み等に関する項目を追加しました。なお、質問票の作成、回答結果の分析、課題の共有等各フェーズにおいて2020年度及び2023年度に第三者評価機関の助言を得ています。実施した取締役会の実効性評価のプロセス及び結果の概要は、以下の通りです。

Mitsubishi Estate transitioned to a company with nominating committee, etc., structure in June 2016. The Company defines the primary duties of the Board of Directors as deciding on basic management policies and important matters of business execution as well as supervising the execution of duties by directors and corporate executive officers from the perspective of bringing about greater clarity with regard to roles and the strengthening of functions in both management supervision and business execution. In accordance with the results of the analysis of the annual evaluation of the Board of Directors’ effectiveness, the Board has thus far implemented initiatives to enable it to carry out its role appropriately. These include enhancing discussions regarding management plans by carefully examining agenda items as well as increasing opportunities for and improving the content of reporting from corporate executive officers, in addition to ensuring that information is provided more extensively to outside directors.

In FY2020, based on Long-Term Management Plan 2030—unveiled in January 2020—the Company began including items regarding initiatives to be improved going forward in addition to existing items from the perspective of appropriately monitoring management to increase social value and shareholder value over the long term. Furthermore, in FY2020 and FY2023, the Company consulted with a third-party evaluation organization at each phase of the evaluation process, which involved the creation of questionnaires, an analysis of the questionnaires’ responses, and the sharing of recognized issues to be addressed. An overview of the evaluation process and results of the third-party evaluation conducted on the effectiveness of the Board of Directors are as follows.

1評価のプロセス

1Process of Evaluation

（1）評価の手法

(1) Method of Evaluation

取締役会及び指名・監査・報酬の各委員会の構成・運営・実効性などに関する質問票に回答する形で、すべての取締役が自己評価を行い、その結果を踏まえ、取締役会において課題の共有、対応策の検討などを行いました。

All directors conducted self-evaluations in the form of a response to a questionnaire related to the composition, operation, effectiveness, etc., of the Board of Directors and each of the Nominating, Audit, and Remuneration committees. Taking these results into consideration, directors discussed the issues with each other and examined proposed corrective measures at a meeting of the Board of Directors.

Step1: 全取締役を対象にアンケートを実施; Issuance of a questionnaire to all directors

Step2: 取締役会において結果を踏まえて議論; Discussion at a meeting of the Board of Directors in light of the evaluation results

Step3: 決定に基づき取り組み開始; Launch of initiatives based on the Board's approval

（2）評価の項目

(2) Items of Evaluation

「長期経営計画2030」を踏まえた評価項目として、取締役会の役割・構成として「モニタリング・経営監督機能を発揮するためのダイバーシティ」を、取締役会の実効性、取締役会の運営として「モニタリングのために今後議論を充実すべきテーマや、執行役からの業務執行状況報告の在り方」を確認しています。

In terms of evaluation items based on Long-Term Management Plan 2030, the Company has confirmed “diversity for fulfilling the oversight function of the Board of Directors” as part of the evaluation of the Board’s role and composition and “topics to be fleshed out in future discussions for monitoring and the nature of reports on the status of business execution from corporate executive officers” as part of the evaluation of the Board’s effectiveness and operation.

取締役会の役割・構成	取締役会の役割、社外取締役比率、人数規模、多様性、スキル
取締役会の実効性	経営計画、業務執行（業務リスク含む）、内部統制リスク管理、サステナビリティ、株主・投資家との対話及び情報開示、指名・監査・報酬の各委員会の運営等
取締役会の運営	開催方法、開催頻度・所要時間、執行役の業務執行状況報告、取締役会以外での情報提供、質疑応答、トレーニング等
その他	取締役会の実効性評価の手法等

Role and Composition of the Board of Directors	Role of the Board of Directors, proportion of outside directors, membership size, diversity, and skills
Effectiveness of the Board of Directors	Management planning, business execution (including business risk assessment), internal control and risk management, sustainability, dialogue with and information disclosure to shareholders and investors, operation of the Nominating, Audit, and Remuneration committees, etc.
Operation of the Board of Directors	Method and frequency of meetings, required time, report on status of business execution of corporate executive officers, provision of information outside of Board of Directors’ meetings, questions and answers, training, etc.
Others	Method of the evaluation of the effectiveness of the Board of Directors, etc.

2評価の結果と今後の対応

2Results of Evaluation and Future Initiatives

（評価の結果）

取締役会は「有効に機能している」と評価しました。

(Results of Evaluation)

The evaluation confirmed that the Board of Directors was functioning effectively.

（分析結果）

各取締役による実効性評価の質問票では、目まぐるしく変化する経営環境を踏まえた事業計画及び適切なモニタリングのあり方や議論の更なる活性化に向けた提案などが挙げられたものの、過半の項目について「適切である」との回答が高い割合を占めました。
各評価項目については、取締役から課題の指摘、今後に向けた提言などが建設的に意見交換され、特に、長期経営計画の適切なモニタリングを行うために、執行役の業務執行状況に関わる報告の内容や、モニタリング強度を高めるべきテーマ、活発な議論を展開するための運営などについて、高い課題意識が見られました。
また、取締役会における有益な示唆を振り返るなど、経営監督の実効性を高める取締役の発言について相互に確認を行いました。

(Analysis of Results)

Despite proposals on the need for business plans to reflect rapid changes in the business environment, the ideal approach to monitoring, and ways to further invigorate discussions, a high proportion of respondents rated the majority of items as appropriate in the questionnaire on the evaluation of Board effectiveness completed by each director.
The meeting saw constructive discussions on each evaluation item, including issues pointed out by directors and suggestions for the future. In particular, there was a strong recognition of the challenges inherent in conducting appropriate monitoring of the long-term management plan, including the content of reports on the status of business execution by corporate executive officers, themes that require stronger monitoring, and operation of the Board of Directors to ensure lively discussions.
The meeting also verified statements by directors that were intended to enhance the effectiveness of management supervision, including by reviewing helpful suggestions at meetings of the Board of Directors.

（1）前回の評価から改善した主な事項

(1) Main Items Improved Since the Previous Evaluation

2024年3月期実効性評価における、更なる実効性向上に向けた主な課題と今後の対応

地政学リスクや物価変動等、経営環境の変化に対応した経営戦略の実行状況の監督を深化すべく、社外取締役の更なる知見活用を可能にする情報提供方法、モニタリングの手法、取締役会で議論すべき論点等について、現状の改善に向けて、改めて検討・整理すること。
取締役会の更なる実効性向上に向けた取締役会の構成と多様性について継続検討すること。

Major Tasks for Further Enhancing Board Effectiveness Since the FY2023 Effectiveness Evaluation and Future Initiatives

Reexamine and revise ways to improve the current provision of information, monitoring methods, and points at issue to be discussed at meetings of the Board of Directors to enable it to further utilize the expertise of outside directors in order to facilitate closer oversight of the execution of management strategies in response to changes in the business environment, such as geopolitical risks and price fluctuations.
Continuously examine the composition and diversity of the Board of Directors to further improve its effectiveness.

2024年度の対応

FY2024 Initiatives

モニタリングの実効性を高めるため、株主価値向上戦略における事業戦略の執行状況について、事業担当役員及びコーポレート担当役員双方から報告することで、議論を深めるための情報提供を行ったこと。
取締役会として備えるべきスキルについての議論を行ったうえで、スキル自体の見直しは行わないものの、スキル選定理由の明文化と開示を行うこととしたこと。
Ensured the provision of information to deepen discussions by having both executive officers in charge of businesses and corporate officers report on the progress of business strategies stipulated in the strategies for increasing shareholder value to enhance the effectiveness of monitoring.
Without revising the skills requirement, stipulated and disclosed the rationale for their inclusion in the skills matrix after discussing the skills required for membership on the Board of Directors.

（2）更なる実効性向上に向けた主な課題と今後の対応

(2) Main Issues and Future Initiatives Aimed at Further Improvements in Board Effectiveness

取締役会における検討・議論の結果、以下の点が確認されました。

目まぐるしく変化する経営環境に対応した経営戦略・事業計画の実行状況の監督を深化すべく、既存のフレームに捉われない実効性のあるモニタリングのあり方を検討・整理すること。
経営環境変化に応じた最適なスキルをはじめとする取締役会構成と多様性について継続検討すること。

Examinations and discussions at meetings of the Board of Directors identified the following points.

The Board of Directors must examine and identify the ideal approach to effective monitoring that transcends existing frameworks to enable it to closely oversee management strategies and business plans that reflect rapid changes in the business environment.
Continually examine the composition and diversity of the Board of Directors, including to ensure that its members have the optimal skills matched to changes in the business environment.

コーポレートガバナンス強化に向けた取り組み