Tosei Corporation (8923) released its latest Corporate Governance Report on Mar, 2 2026.

The document confirms that the company’s Board of Directors comprises nine members, including three independent outside directors, with each director serving a one-year term. The Board is chaired by the President and CEO, Seiichiro Yamaguchi.

Tosei maintains an Audit & Supervisory Board with four outside members and has established a Nominating and Compensation Advisory Committee consisting of six members—two internal directors, three independent outside directors and one independent outside Audit & Supervisory Board member. An independent outside director serves as chair of this committee.

The company stated that, as of the report date, it holds no cross-shareholdings for strategic purposes and does not operate a corporate pension fund. It also reconfirmed that foreign shareholders owned between 20% and 30% of its issued shares as at Nov, 30 2025.

Key diversity disclosures include a target for appointing women to managerial roles; however, Tosei has not set numerical targets for the appointment of foreign nationals or mid-career hires to management positions.

The report outlines the outcome of the most recent Board effectiveness assessment conducted in Nov, 2025. All 13 Board members participated in a questionnaire covering Board composition, discussion quality, nomination processes and stakeholder engagement. The company concluded that the Board is functioning effectively and noted plans to further strengthen diversity and leadership development.

Regarding capital management, the company reiterated its Medium-Term Management Plan “Further Evolution 2026,” targeting a return on equity of at least 13%, an equity ratio of approximately 35% and a net debt-to-equity ratio of 1.4 times. The assumed market cost of capital is approximately 8% with a weighted average cost of capital around 4%.

Tosei’s long-term vision, “Tosei Group Long-Term Vision 2032,” aims to position the group as “a unique real estate portfolio manager with diverse solution capabilities,” supported by six core businesses.

The company continues to support the Task Force on Climate-related Financial Disclosures and provides sustainability data and strategies—including Scope 1 and Scope 2 greenhouse-gas reduction targets—on its corporate website.

Tosei remains listed on both the Tokyo Stock Exchange Prime Market and the Mainboard of the Singapore Exchange and affirms that it complies with the disclosure requirements of both venues.