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December 2005

Update : Apr. 18, 2006

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1. Resignation of Board Members and Reassignment of Representative Directors

In order to clearly demonstrate the responsibility of Tokyo Stock Exchange's current management for the turbulence caused in the market due to the recent series of system malfunctions and other occurrences, the resignation of Board Members and reassignment of Representative Directors was decided at the Board of Directors meeting held on December 20 of this year.

The executives and staff of the TSE are committed to devoting their full efforts towards prevention of a reoccurrence and for stable system operation in the future. We ask for your kind understanding in this matter.

2. Partial Revision of Securities Listing Regulations, Etc., for Enhancement of Corporate Governance

These regulatory revisions will be made based on the "Development of the Listing System for the Enhancement of Corporate Governance" system guidelines published on November 22 of this year.

These revisions were made with the awareness of the need for listed company managers to be responsible in making efforts to disclose company information. The aim of the revisions is also to prevent unilateral actions from management through the utilization of independent human resources from outside the company. The revisions promote the realization of this goal by ensuring that the situation of companies' efforts in corporate governance is presented in a way that is easy for investors to understand.


Implementation for these revisions is scheduled for March 1st, 2006.

3. Beginning of the Voting Rights Execution Platform Service

Taking into account the elimination of cross-shareholdings, an increase in the proportion of shares held by domestic and international institutional investors, and a heightened interest by these institutional investors in exercising voting rights, the goal of this service is to create an environment for institutional investors to execute their shareholder rights. TSE joined with the Japan Securities Dealers Association and Automatic Data Processing, Inc. to establish ICJ, Inc. (below ICJ) in July of last year, and has been making preparations to begin the service with companies whose accounting terms end in December of this year.


In October, ICJ conducted tests of system integration with participants (transfer agents, asset management banks and sub-custody banks), and formally decided to begin offering the service with companies whose accounting terms end in December of this year.


Through this service, institutional investors will have easy access to information on motions brought up in general shareholders meetings, and exercise of voting rights will be expedited. It will also offer issuing companies the benefits of enhanced investor relations and streamlining of general meeting administration.


ICJ will proactively engage in various activities in the future to encourage the participation of as many issuing companies and institutional investors as possible.


As of the December starting period, the total number of participating companies is 12, among which 5 have fiscal terms ending in December.

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