Kureha Group recognizes the importance of providing timely and appropriate information and promoting constructive dialogue with all of our stakeholders, primarily shareholders and investors in order to be a company needed by society and earn widespread public understanding and trust. Our Corporate Governance Guidelines set policies to promote constructive dialogue with shareholders and investors. In line with these Guidelines, we are conducting various IR activities that help us communicate to all of our stakeholders about our Company in a way that is easy to understand.

Based on the Basic Policy on Information Disclosure, we will disclose information in a timely and appropriate manner in compliance with relevant laws and regulations and the Timely Disclosure Rules set out by stock exchanges, with a basic principle of information disclosure aimed at being a company that is trusted and supported by society. We also disclose information in a timely and appropriate manner when we judge that the information is useful to our stakeholders, unprompted by laws and regulations. We believe that disclosing information in a fair and continuous manner will lead to increased management transparency and stakeholder trust.

At Kureha, the Corporate Communications Department is the lead department for matters related to the disclosure of corporate information, and it works with related departments, including group companies, to ensure timely and appropriate information disclosure. In addition, in accordance with the Basic Policy on Information Disclosure, we have an Information Disclosure Subcommittee, which is a subordinate organization of the Sustainability Coordination Committee. The Disclosure Subcommittee is responsible for promoting the disclosure of corporate information, including that of group companies, and verifying its appropriateness, as well as formulating an annual plan for information disclosure and managing its progress. These annual plans and results are reported to the Sustainability Coordination Committee which verifies their appropriateness.
In addition, we strictly manage undisclosed vital corporate information in accordance with the Insider Trading Management Regulations to prevent insider trading.

Kureha holds its annual general shareholders' meetings in late June each year. The convocation notice is posted on our website and sent out by mail in early June, allowing shareholders the necessary time to examine the agenda. When exercising voting rights, shareholders may choose to exercise their voting rights via the Internet. At the general shareholders' meetings, we make use of video and other innovative methods, and we strive to provide frank and detailed explanations in response to questions. In addition, we began live streaming meetings in fiscal 2022 for shareholders who are unable to attend the meeting in person.
Twice a year, we provide our shareholders with the Kureha Report, which summarizes our financial results and other topics to promote a better understanding of our Company. We have also established an Inquiries about IR contact form and enhanced the content on our website to assist shareholders and investors in obtaining information and understanding our Company.
For institutional investors and securities analysts, we regularly hold briefings on growth scenarios based on our mid- to long-term management plan, financial results, and future prospects, and answer their questions. In order to deepen their understanding of our Company, we also engage in proactive dialogue through individual interviews and small meetings in Japan, as well as visits to directly meet with overseas institutional investors. We have set financial and non-financial KPIs in our mid- to long-term management plan based on the opinions of our shareholders and investors, aiming to achieve sustainability management that combines improvement of corporate value and contribution to a sustainable society.

The Kureha Group's mid- to long-term management plan has set a basic policy to maintain stable dividends with a target payout ratio of 30% or more, setting the minimum amount for the annual dividend per share at 86.7 yen by FY2025, while enhancing internal reserves to enable active investment in future business expansion. In addition, we aim to achieve a total payout ratio of 50% or more through share repurchases, acquiring a cumulative total of approximately 40 billion yen in treasury stock during the three-year period ending fiscal 2025 to meet the expectations of our shareholders.