A shareholder proposal was received, but the board resolved to oppose. The proposal includes changes to the Articles of Incorporation to designate the decision-making body for retained earnings dividends and disposal of surplus, and proposes a specific dividend of 30 yen per share; the company states that it supports a proactive capital policy under the current Articles of Incorporation.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","meta":{"Ticker":"","DATE":"","longName":"","company_name_ja":"","fullTimeEmployees":0,"address":"","phone":"","website":"","industry":"","sector":"","regularMarketPrice":0,"financialCurrency":"","marketCap":0,"fiftyTwoWeekLow":0,"fiftyTwoWeekHigh":0,"epsTrailingTwelveMonths":0,"epsForward":0,"bookValue":0,"totalRevenue":0,"OperatingIncome":0,"operatingMargins":0,"NetIncome":0,"profitMargins":0,"ebitda":0,"trailingPE":0,"forwardPE":0,"priceToBook":0,"returnOnEquity":0,"recommendationMean":0,"recommendationKey":"","targetMeanPrice":0,"numberOfAnalystOpinions":0,"analyst_earnings_data":"","dividendRate":0,"dividendYield":0,"payoutRatio":0,"totalEsg":0,"environmentScore":0,"socialScore":0,"governanceScore":0,"title":"","providerPublishTime":"","link":"","longBusinessSummary":"","longBusinessSummary_ja":"","quarterly_revenue":0,"quarterly_net_income":0,"quarterly_operating_profit":0,"enterprise_value":0,"company_officer_1_name":"","company_officer_1_title":"","company_officer_2_name":"","company_officer_2_title":"","company_officer_3_name":"","company_officer_3_title":"","company_officer_4_name":"","company_officer_4_title":"","company_officer_5_name":"","company_officer_5_title":"","company_officers_update_time":"","get_dividend_history_year1":0,"get_dividend_history_year2":0,"get_dividend_history_year3":0,"get_dividend_history_year4":0,"get_dividend_history_year5":0,"get_dividend_history_year6":0,"get_dividend_history_year7":0,"get_dividend_history_year8":0,"get_dividend_history_year9":0,"get_dividend_history_year10":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"jir_stock_code":"9514","jir_company_name":"EFON","jir_importance":"\u2605\u2605\u2605\u2606\u2606","jir_publication_date":"2026-08-12","jir_source_link":"https:\/\/japanir.jp\/wp-content\/uploads\/2026\/08\/9514-20260812-04.pdf","jir_short_summary":"A shareholder proposal was received, but the board resolved to oppose. The proposal includes changes to the Articles of Incorporation to designate the decision-making body for retained earnings dividends and disposal of surplus, and proposes a specific dividend of 30 yen per share; the company states that it supports a proactive capital policy under the current Articles of Incorporation.","jir_summary":"### Section heading\nThis IR discloses the shareholder proposal; the Board opposes the current Articles of Incorporation that assign authority for decisions on retained earnings and dividends to the Board of Directors through the articles. The proposing shareholder argues for changing the dividend decision to be approved by the General Meeting of Shareholders and for introducing an interim dividend, raising questions about the consistency with balancing shareholder returns with growth investments.\n\n### Section 2 heading\nThe company regards power retail, wood biomass power generation, and forestry as pillars for medium- to long-term corporate value enhancement, and believes a flexible capital policy and dividend policy should be maintained. Since adoption of the proposal could affect current financial soundness and future investment plans, the conclusion is to oppose it.","jir_financial_highlights":"Dividend conditional on proposal: 30 yen per share (described in the proposal)\nYear-end dividend record date: October 16, 2026 (based on the current plan)","jir_category":"","jir_hashtags":"#EFON, #ShareholderProposal, #ShareholderReturns, #CapitalPolicy","jir_key_figures":"1 share: proposed dividend 30 yen (as proposed)\nYear-end dividend record date: 2026-10-16\nTotal dividends: unknown","jir_meta_title":"EFON\uff5cBoard of Directors' Opinion on Shareholder Proposal | August 2026","jir_meta_description":"EFON discloses the Board of Directors' opinion on the shareholder proposal. The proposal includes changes to the Articles of Incorporation regarding the decision-making body for retained earnings dividends and interim dividends, but the Board intends to maintain the current Articles of Incorporation. Please see the main text for details.","jir_og_title":"EFON\uff5cBoard of Directors' Opinion on Shareholder Proposal | August 2026","jir_og_description":"EFON publishes the Board of Directors' opinion opposing the shareholder proposal, explaining the policy of prioritizing a balance between mid- to long-term growth investments and shareholder returns.","jir_og_image_url":"\/assets\/og\/company-general_ir.jpg","jir_chart_data_collection":"[]","ir_related_company":59331,"ir_release_date":"","ir_type":"","ir_is_new":false,"ir_document_url":"","jir_ir_type":"general_ir","footnotes":""},"sector":[],"importance":[],"class_list":["post-102984","ir_release","type-ir_release","status-publish","hentry"],"yoast_head":"\n