Japan Association of Corporate Directors

In Recognition of Distinctive Corporate Governance

Grand Prize Company

ASICS Corporation

Winner Company

Disco Corporation

SWCC Co., Ltd.

METI Minister's Award for Corporate Governance of the Year

Fujikura Ltd.

Tokyo Governor Prize for Corporate Governance of the Year

Chugai Pharmaceutical Co., Ltd.

Corporate Governance Initiative Individual Award

Mr. Atsushi Saito (Chairman, KKR Japan Co., Ltd., Former President, Japan Exchange Group)

Japan Association of Corporate Directors (Chairman: Kazuhiko Toyama, Chairman of JPiX.), the independent organization for the board and directors, dedicated to promoting excellence in governance and directorship, has announced its Corporate Governance of the Year Prize winners 2025.

The selected companies were all recognized as firms that leverage corporate governance in their management, reforming while achieving sustainable medium-to-long-term growth.

Grand Prize Company ASICS Corporation was praised by Yuri Okina, Chair of the Judging committee (Senior Fellow, Japan Research Institute, Ltd.), as "a role model for stakeholder-dialogue-based governance. By selling all strategic holdings, it aims for board operations with a focused mindset, sincerely engaging in dialogue with investors and disclosures. It thoroughly debates key issues at board meetings to continuously transform its business and pursue management focused on reducing capital costs, while organically linking this to the compensation system for executives and employees. This is a comprehensively commendable approach."

The company selected as the Winner Company, SWCC Co., Ltd., was described as: "A true model for implementing the Governance Code. Under Chairman Hasegawa's leadership, steady and rational governance reforms have transformed management, leading to sustained improvement in performance. Outside directors with executive backgrounds participate in management meetings, contributing to substantive board discussions. The company has also consistently implemented ROIC-based management internally and institutionalized portfolio reviews."

About Disco Corporation, also selected as a Winner Company: "An outstanding example of an internal discipline governance model. By aligning employee compensation with metrics like RORA, ordinary profit margin, and stock price, they have introduced an innovative incentive design. This structure continuously drives sustained excellence in core business profitability. The CEO is rigorously evaluated annually by the Chief Executive Officer Evaluation Committee, composed of outside directors. This system allows for potential termination if performance is poor, effectively holding the CEO responsible. CEO Sekiya's management stance and his unique, continuous efforts to achieve ever-better management stand out."

In addition, special awards will be presented: the Minister of Economy, Trade and Industry Award to companies demonstrating excellence in succession planning for their CEOs, and the Governor of Tokyo Award to companies excelling in ESG initiatives.

This year, the Individual Award for contributions to promoting corporate governance will be presented to Mr. Atsushi Saito, former President of Japan Exchange Group.

Corporate Governance of the Year

The awards go to the companies which have achieved and maintained long term profitability by implementing good corporate governance with the goal of revitalizing the Japanese economy, since 2015.

Endorsed by Financial Services Agency, Minister of Economy, Trade and Industry, Ministry of Justice, Tokyo Metropolitan Government, Tokyo Stock Exchange/Japan Exchange Group, The Japanese Institute of Certified Public Accountants (JAPAN), IR Association of Japan and Asian Corporate Governance Association.