SoftBank Corp. (TOKYO: 9434) held its 34th Annual General Meeting of Shareholders (AGM) on June 24, 2020, its second since listing on the Tokyo Stock Exchange in December 2018. To help prevent the spread of COVID-19, the meeting was held online this year. Shareholders were able attend, vote and ask questions through a dedicated website, and the chair and directors attended the meeting remotely.
President & CEO Ken Miyauchi, the chair of the meeting, began by conveying SoftBank Corp.’s heartfelt sympathies to all those affected by COVID-19 and by expressing appreciation to medical workers on the front lines. “Through this crisis, I felt once again our responsibility as a telecommunications carrier,” he said, showing renewed determination as an operator that provides a lifeline. “At SoftBank, we want to do as much we can to help.”
Accelerating growth strategy and aiming to realize a sustainable society
Reviewing the business results of the fiscal year ended March 31, 2020 (FY2019), Miyauchi reported that revenue, operating income, net income and free cash flow all increased compared to the previous fiscal year. He also noted the annual dividend was 85 yen, an increase over the previous fiscal year. Reviewing major business highlights, he mentioned the consolidation of Z Holdings, which owns Yahoo Japan, a leader in Japan’s Internet space in user numbers. In addition to growth at the core telecommunications business and Yahoo Japan, Miyauchi highlighted expansion in new businesses such as WeWork Japan, DiDi Mobility Japan and MONET Technologies, which are all contributing to the acceleration of the “Beyond Carrier” growth strategy.
Miyauchi also detailed initiatives to contribute to Sustainable Development Goals (SDGs) as part of SoftBank Corp.’s growth strategy. Miyauchi noted that by addressing six priority issues through business activities, SoftBank Corp. will aim to realize “a world where all things, information and minds are connected.” He said that by accelerating transformations of lifestyles and industry with the power of 5G, AI, and IoT, and by leveraging advanced technologies and partnerships with leading companies in Japan and around the world, SoftBank Corp. will promote its Beyond Carrier growth strategy and aim for further growth.
A company that thrives on change and adversity
Miyauchi said that in FY2019 SoftBank Corp. balanced both growth and shareholder returns, a commitment he made at the previous year’s meeting, and noted that “SoftBank is a company that adapts to change and thrives on adversity.” He added, “Further to our telecommunications business, which is generating stable profits through our smartphone strategy and digital transformations of enterprises, we have Yahoo Japan’s e-commerce as a growth market. I’m certain both businesses will continue to grow, even with the economic uncertainty caused by COVID-19.” Emphasizing SoftBank’s continued drive for growth, Miyauchi said, “5G will accelerate all of our businesses.” In closing, Miyauchi reaffirmed SoftBank Corp.’s policy of balancing growth and returns with a commitment to increased revenue, profits and dividends in FY2020.
Two proposals approved
The two matters for approval, “Election of Eleven Board Directors” and “Determination of Remuneration for Granting Restricted Stock to the Board Directors” both passed with majority votes before the close of the meeting.
The 34th AGM can be viewed at the links below.
（Original article posted on June 23, 2020）
by SoftBank News Editors
- *As a general rule, the names of companies and organizations in this article are abbreviated.