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On June 28, Nippon Paint's 182nd annual general shareholders' meeting was held with an agenda that included two reports and eight proposals requiring deliberation. The meeting went smoothly with all items on the agenda approved by a majority vote. At Nippon Paint, the term of directors is one year. Accordingly, we sought shareholder approval for the election of directors, which was approved as originally proposed. At the Board of Directors meeting soon after the closing of the shareholders meeting, I was officially appointed to take the position of President for another year. This appointment allows me to renew my determination to dedicate my utmost efforts and energy to promote business growth for the Nippon Paint Group and contribute to society.
For Nippon Paint, with its 126-year tradition to achieve sustained growth toward the 140th and 150th year, it is crucial to transform the company into an organization that can continually boost its corporate value. We must shift from our conventional stability-focused path to a more aggressive growth- and challenge-oriented path. I also believe that a longer-term perspective is necessary for our strategies, another change from our former approach. Based on this awareness, we embarked during the previous fiscal year on a new five-year management plan, aiming at 2010 as the final target year.
In fiscal 2006, the initial year of the plan, we were able to attain target figures set forth at the start of the period. While working diligently to reach our targets, we also concentrated on exploring problems and challenges that our Group faces, and united our Group-wide efforts to solve them. However, there are still many unsolved issues left resulting in a massive task ahead of us. This makes it absolutely necessary to continue working diligently during fiscal 2007, the second year of the plan. This is not only to meet our target figures but also to solve these issues and overcome other weaknesses. Carrying out this process all the way through without cutting corners is obviously the key to achieving our long-term goals by fiscal 2010. I also believe that this is the key to attain sustainable corporate growth beyond that time and the right way to meet the expectations of all stakeholders.
Your continued support and patronage will be greatly appreciated.
