Corporate Governance Policy

Regarding Corporate Governance
Basic Concept

In order to meet society's expectations and fulfill its responsibilities to society by providing economic and environmental value, the J-Oil Mills Group has established a system for executing business operations and a system for monitoring and supervision in accordance with the Companies Act.
The Group ensures that its internal control system, which was established in accordance with the Companies Act and the Financial Instruments and Exchange Act, is operated properly, and the effectiveness of the system is improved by conducting internal audits and correcting any deficiencies.
In order to realize honest and transparent management that can earn the trust of stakeholders, we are strengthening our corporate governance and enhancing our internal controls with the aim of improving its implementation.

最新のコーポレートガバナンス報告書は下記よりご覧いただけます。（2026年8月 更新）

History of efforts to improve governance

Basic capital policy

当社は、企業価値向上に向けて、資本コストを把握した上で、適切な資本政策を実施します。加えて、営業キャッシュ・フローと外部からの資金調達をあわせ、M&Aを含む成長投資、設備投資と株主還元にバランスよく配分します。
重要な経営指標としてROEおよびROICの目標値を設定することにより、当社の事業構造に見合った最適資本構成を構築し、安定的に資本コストを上回る構造の実現を目指します。
配当については、収益拡大を通じて創出するキャッシュ・フローを成長への投資に充当するとともに、連結配当性向40％を目安としつつ、短期的な業績変動に左右されない安定配当を継続するため、中期的に純資産配当率（DOE）3%を目標とし、株主還元の充実と企業価値向上の両立を図ってまいります。

Presence or absence of takeover defense measures

It was abolished at the conclusion of the Ordinary General Meeting of Shareholders for the fiscal year ended March 31, 2020.

Policy regarding cross-shareholdings

The Group has a policy of holding the minimum amount of shares deemed to contribute to the enhancement of its corporate value in the medium to long term, and gradually reducing such holdings.
We will hold the minimum amount of shares that are deemed to contribute to improving our corporate value. When deciding whether to hold shares, we will confirm the significance of holding them individually from various perspectives, such as the economic rationale of holding them and the likelihood of improving profitability. Shares that are deemed to be meaningful to hold will be verified regularly by the Board of Directors. For shares whose appropriateness for holding cannot be confirmed, we will proceed with selling them only after obtaining the full understanding of the business partner.
Furthermore, even if the Company recognizes the significance of holding certain shares, the Company may sell them in accordance with its basic policy for reducing cross-shareholdings, taking into consideration the market environment, management and financial strategies, etc.

Voting standards for cross-shareholdings

We will comprehensively determine whether an investment will contribute to the sustainable growth and medium- to long-term corporate value of the investee company in accordance with the following criteria, with the premise that it will contribute to improving our corporate value.

• Quantitative evaluation: safety, profitability, performance, dividend payout ratio, impairment risk due to falling stock prices, etc.
• Qualitative assessment: significant subsequent events, notes regarding the going concern assumption, unusual opinions of accounting auditors, significant illegal or antisocial acts, etc.

2025年度の状況

当社保有の政策保有株式のうち6銘柄（売却金額1,608百万円）の売却を実施し、このうち3銘柄の全株売却を実施しました。

Trends in the amount of securities recorded on the balance sheet (by submitting company) and the number of issues

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