Under the direction of our CEO, and in line with the Basic Investor Relations Policy expressed below, Advantest’s IR team promotes dialogue with its shareholders and investors as an essential aspect of corporate value. Our commitment to open communication both ensures accountability to our stakeholders, and plays an important role in growing our corporate value over the medium to long term.
1. Disclosure Policy
(1) Disclosure of Material Information
Advantest discloses material information as appropriate in a transparent and timely manner, in compliance with Japan’s Financial Instruments and Exchange Act, other related laws, and the regulations of the stock exchanges on which the Company is listed.
Material information is defined as corporate information that must be disclosed in a timely manner under the Financial Instruments and Exchange Act, the regulations of the stock exchanges on which the Company is listed, as having decisive import for the Company or its subsidiaries or relating to important events with respect to the same laws and regulations, and other corporate information requiring timely disclosure under other applicable laws and regulations.
(2) Voluntary Disclosure
Advantest also discloses general corporate information other than material information, when we deem it may have a material impact on the investment decisions of our shareholders and investors, as rapidly and transparently as possible.
2. Disclosure Methods
To ensure our fair disclosure to shareholders and investors, material information is disclosed via the methods stipulated by law and by the regulations of all the stock exchanges on which the Company is listed, both in Japan and overseas. Additionally, all such information is promptly posted on our corporate website.
Information falling outside the scope of material information is disclosed via news releases, at press conferences and our quarterly information meetings, and is also posted on our website. We reserve the right not to respond to enquiries regarding certain information related to competitiveness or privileged information that the company has a duty to protect.
3. Forward-Looking Statements
In its disclosures, Advantest may make forward-looking statements that reflect management’s views with respect to future plans, strategy, and financial performance. Such statements are based on information available at the time of disclosure and are subject to various risks and uncertainties. To ensure that investors are aware of these risks, Advantest’s disclosures are accompanied by cautionary statements.
4. Communication Structure
Advantest’s IR Section handles communications with shareholders and investors. In principle, all Advantest’s IR communications go through our IR spokespersons—the CEO, Corporate Vice President, CFO, Executive Vice President and Vice President in Corporate Relations Group and IR personnel—but other executives, including outside directors, may also be appointed IR spokespersons in certain cases through IR personnel, depending on individual requirements and the content to be communicated. The IR section supports our IR spokespersons by liaising with other divisions and collating relevant and specialized information to enhance our dialogue with shareholders and investors.
5. Comprehensive Communication
In addition to our earnings announcements and postings on our public website, Advantest strives to maximize shareholders’ and investors’ awareness of our business environment and management strategies through individual meetings, site tours, segment-specific briefings, and other such opportunities for communication.
6. Incorporation of Feedback Through Dialogue
Feedback and opinions received from shareholders and investors is shared at board meetings, and incorporated into our planning for sustainable growth and medium to long term corporate value enhancement.
7. Management of Insider Information and Fairness in Disclosure
Advantest has defined internal rules for the prevention of insider trading, as explained in the sections of Advantest’s “Code of Conduct” related to management of material facts and executive buying and selling of shares. Moreover, our IR spokespersons are consistently prudent in avoiding the disclosure of material facts and other sensitive information in conversation or other venues for communication, where multiple personnel are typically present to check on one another.
8. Quiet Periods
To ensure fair disclosure of financial information, Advantest stipulates a quiet period that runs from the day after the closing of each quarter until earnings for that quarter are announced, to prevent information leaks and to maintain disclosure fairness. During this period, the Company refrains from answering inquiries about business performance and related matters. However, material information subject to disclosure rules will be disclosed in an appropriate and timely fashion, even during quiet periods.
9. Analyst Reports
Advantest will not evaluate or comment on any analyst reports concerning the Company. However, if a report contains factual errors relating to past events, those errors may be pointed out.
10. Market Rumors
Our basic policy is not to comment on market rumors. However, in the event a market rumor exerts a significant influence on the capital markets, or one of the stock exchanges on which the Company is listed approaches us for clarification, we will respond appropriately and responsibly.