TOYO TANSO CO.,LTD.

The board is currently composed of 2 internal and 3 outside directors (5 total), chaired by the representative director/chairman/president/CEO; this is a settled current-fact governance baseline but is subject to a pending AGM resolution to re-elect a 5-member slate, which if approved would swap one outside director for another individual while keeping the 2-internal/3-outside split. IC should treat the current composition as the operative baseline and flag the AGM vote as a pending confirmation event rather than a completed change.

The nomination and compensation committee is currently a voluntary advisory body to the board comprising 1 internal director and 2 outside directors, chaired by an outside director, with a mid-year committee membership change (one outside director departing, another joining) already reflected in current attendance disclosure. This confirms an active, functioning committee structure with outside-director chairmanship, which is a modest positive governance signal, though the committee remains advisory only (答申) rather than having binding authority.

During the fiscal year, Toyo Tanso's policy-shareholding book showed no disclosed sales or reductions (sale value nil for both listed and unlisted categories), while listed-issue count increased via routine purchases through a business-partner shareholding association; this indicates the policy-shareholding book grew modestly rather than contracted, despite the board's annual verification language, showing unwind is not yet in active execution.

Toyo Tanso explicitly discloses a reciprocal shareholding (相互保有) with an equipment-purchase counterparty tied to isotropic graphite product manufacturing, held to maintain and strengthen the cooperative relationship, with the share count unchanged year-over-year (52,400 shares both periods); this is business-relationship capital rather than a pure investment position, and the flat count shows no progress toward reduction for this specific holding.

Toyo Tanso's annual board-level review of policy shareholdings currently finds all held stocks satisfy the company's holding criteria, with a stated process to consult with issuers and re-verify at the board if a stock falls below standard; however, no concrete reduction targets, timelines, or sale commitments are disclosed, indicating this is process boilerplate rather than an active unwind program at this filing vintage.

Top holder is a trust-bank nominee at 9.58%, with the next four largest positions held by individuals and an entity sharing the 近藤 (Kondo) name surname prefix, together with an affiliated foundation and corporation, indicating a founder-family-adjacent bloc alongside institutional trust holdings; listed holders sum to 48.07% of shares outstanding, implying meaningful concentration but not outright majority control.