Embed Size (px)
Citation preview
東京 TEL.03-5226-2212 大阪 TEL.06-6205-6221URL: http://www.ginsen-risk.com
東京 TEL.03-5226-2203 大阪 TEL.06-6202-2511URL: https://www.ginsen-gr.co.jp
©2016 Ginsen Risk Solutions Co., Ltd. All rights reserved.
表紙表4
Risk Solutions Report 2016 Winter_A-3
第１章 コーポレートガバナンス強化の背景第２章 日本版スチュワードシップ・コード第３章 コーポレートガバナンス・コード第４章 社外取締役に関する規律第５章 両コード適用以降の動き
2016年 Winter
Vol.14
コーポレートガバナンス強化に向けた近年の展開
!
!
!
!
!
!
!
!"#$"%&'()*+,-./012345!
!
!
!"#$ ...................................................................................................................................... 1 !
%&'( )*+,*-./01234567 ............................................................................ 2 "#$%&'()*+,-./-012345+67 ........................................................... 2 8#9:;/.-0<=>?* ................................................................................................ 3 @#,-./-012345AB+CD+EF ..................................................................... 4
!
%8'( 9:;2<=>*?@ABC)*? ............................................................................ 6 "#GHI5JKL-MNOPQ,-M(R ......................................................................... 6 8#GH5JKL-MNOPQ,-MSTUVWXYZ[\ ................................................ 7 @#]^_`a+bcde ..................................................................................................... 8 !
%D'( )*+,*-./012C)*? .............................................................................. 11 "#,-./-012345Q,-MSTUVWXYZ[\ .............................................. 11 8#fghijk .................................................................................................................. 14 @#lmnopq .................................................................................................................. 15 !
%E'( FGHIJ$KLMNO ............................................................................................ 17 "#rsfgh+tuv ....................................................................................................... 17 8#wxirD=yz{rsfgh=^|{}~ ................................................................ 17 @#,-./-012345Q,-M=yz{��rsfgh=^|{}~ ..................... 19 �#rsfghy����rsfgh+��de ................................................................ 20 !
%P'( Q)*?RSTU5VW ............................................................................................ 22 "#9�GH��&'�w�2015<S��WX�m ............................................................... 22 8#irD+����+�$Q�� ..................................................................................... 22 @#��(_`a+b��7m ............................................................................................ 24 �#pY�iP��5+��) ............................................................................................ 25 !
XYZ$ .................................................................................................................................... 27 !
[\]^_`2010aTU5)*+,*-./012bcdefgh^i ............................... 28 [\]jk` ............................................................................................................................ 31
!
!
!
1 !
678-9
!
�+� ¡��¢£¤¥¦9,-./-012345<§+AB=¨zX©ª«¬ª7®)*
?¯|° 2014 2±¡]^_`a«²³´µ¶·+XU=¸%¹ºZ_`»¼-4+½¬¾¿À*?ÁSoÂ(ÃÄVW{Å[\¤9Æ�Ç{]^_`a<+Å[\¡¥¦9GHI5JKL-MNO
PQ,-M<§«���W¡È«ÉÊ�W¯)X°�W=R¡]^_`a+Ë©¾ÌÍ*_`b
Î��+,-./-012345¾AB|{(?ÏÐÑ«¹Ò�W*?¯|°¯X¡2015 5±=R¡rsfgh+ÓÔ¾�7|{XU+}TÕ«Ö×دWXwxirD«�Ù�W¯)X°
�V=Ú+Û±=R¡ÜкZ,-./-012345+ÜÝ=`|{YuZ[\¾fׯ(U
X,-./-012345Q,-M+Þ«ʯׯ)X° �+�Ï=¡,-./-012345=^|{�m«ßàáâ=Ü��W*yס2015 R9,-./-012345ã <(äåæW{�Ï=Zׯ)X° Ú�S¡H/.-0SR¡Áç+D~y��,-M+èé¾êë)XÁ¡ÚWV¾ì¯Ä*í
îÜÝ)*?ªÚÏZïXZ�m+èé¾ðñ)¡Ú+òó¾ÃÄX?(ô?¯|° Zy¡H/.-0«f×Áõ*?{D~´,-MR¬��¯XRÁöir¾bÎ()Xä+S
|«¡ÚW=�À*bÎ��+÷ôøT«ùB)*Wú¡ÚWV(fû^ü=Ç{��=äò
ó«ýþ�(«ÿ!�W¯|°Ú+÷"S¡�WV+D~´,-M+bÎSRZ?��=(À*
ä,-./-012345Rt#)ä$^üSRZ¡Ú+©ª¾%&)*y�(«tuS
)'Ï°!
!
! !
!
2 !
:;<<2 <:=>? @ABCD3EFG-HIJKLMNO3PQ
:;<:2 R=<? @ABCD3EFG-HIJSTNO3PQ
:;<U2 V=<W? @?XYZ[\O3PQ]?X^_Y`Xab
:=:V? @?Xc*def"ghijk!"gO3PQ
l=:U? @?XY`mno)O3PQ]pqrstk?X^_Y`Xab
V=:;? @uvABCOwx
V=:W? @y?XYZ[\zu{:;<WO3PQ]?X^_Y`Xab
R=V? @|}$#"%O3PQ~����9��9��
U=l? @!"#$"%&'()*k!"g�NO3PQ
W=:U? @���w�-./0������3������AO���
l=<? @uvABCO��
V=<? @!"#$"%&'()*k!"gO3��5�
V=<R? @?X3y ¡¢z£¤��AO�¥¦�8
V=U;? @y?XYZ[\zu{:;<lO3PQ]?X^_Y`Xab
>=:W? @!"#$"%&'()*kh*§¨3©¥ª-HIJ��AO���
]�«b¬PQ�«¥®B¯w°
:;<W2
:;<l2
���9 !"#$"%&'()*+,3±²9
!
&lmnopqrs5)*+,*-./0125tu
¿�1R¡9()+,-./-012345AB+©ª<¾¯(UXä+S|°(*=ʯÀX+R¡D+,+-.i=yz{2010 /V+irD��)+.0S|°Ú�SR¡,-./-012345+1×2´34ir=^|{}~«.0+¸5=Zׯ)X°ÚÏ)X¸¡2011 =¡678-9-+i%=�{4ir/V+`:;Â<=¡>?]@8-9-+ABøC<=ZD+
EF·«VG+HI<«JK?SLM)¤NO+PÃ<Q+R-51y��R-52¾PS§¡}T¾AB|{2¨S.0«7US?ª¯)X°rsfgh+���7m´VWX�YZT[+ÓÔ
ÕS|° ! )/)¡,-./-012345AB¾7U{ÁSÚW¥Á=\4]^0«ÇÀX+«¡2012 12±=5¼-0)X_`Kabèc=y?*¡,-./-012345+AB«?æd{efgh^5+¸=ijkzVWX�(S|°efgh^5SR¡9lm_`¾no|{$%&'<«¡
9¬pZ:qlm<(9]©ºZrllm<=s9_t+ß<(�W¡,-./-01234
5+ABRÚ+u>(�WX+S|°
vw&( xy5)*+,*-./012345VW(
(
!
!
!
!
!
!
!
!
!
!
!
!
!
!
ÚW¯S¡,-./-012345(?Äú¡Y=EF·+vw¾xy|{(?Ïz{/V|
}�W*ª¯)X°(�~«¡efgh^5=�À*¡,-./-012345=b)¡��+
��¶��¾w�)¡_`+��¾ÌÍ*E�+���¾ÜÝ|{(?ÏïXZh�«�ÄVW
X+S|°!
Áç+2�¾��B)X+«¡2013 6±=GHE���H�¤èc+¦=j/WX$%&'¾ÜÝ|{XU+���ê]^§«��)X9GH��&'<S|°�+¸=¡]^_`a«_
!
3 !
`bÎ��(+b�¾ÌÍ*��+¸%¹ºZ$%¾�|�Ï=|{XU¡GHI5JKL-M
NOPQ,-M¾TT|{�(«�m()*Ö×دW¯)X°:q�+o&·|}iS+-.
¾E*¡Û 2±=���W*?¯|° �V=¡2014 6±+9�GH��&'�w�2014<SR¡��=�sºZ��k�¨Á+XU
+�~ºZbc¾�|XU¡,-./-012345=^|{�HºZÃÄ2¾¯(UX,-.
/-012345Q,-M¾TT|{�(«Ö×دW¯)X°Û 3±=:q�+o&·i./V[�«���W¡6±=R����fû�Õ«Áöir=b)*Þ¾ÉÊ)¯)X° ,-./-012345Q,-MR¡��=b)¡�V+12345Á+��=>?*�~º
Zbc¾�U{ä+SÇ{+=b)¡GHI5JKL-MNOPQ,-MR¡]^_`a=b)¡
_`���(+^ü=y?*}~¾�U¡m º=_`���=yz{12345+AB¾¡�
)*?¯|°�+{¾ì¯Ä¡¢,-MR¡,-./-01234567+¢£¾Z|(åæW
*?¯|° 8lz{|,+*-}$~Ys
¤¥+9GH��&'<¾µz*¡E�¦�,SR¡5JKL-MNOPQ,-M=^|{o
&·i.+L§(¨©ª«¹=¡GH��+9�sº�¬¶v<+®(Ú+w�m¾|}|{
XU+P�¯°^0«�±ÁõVW¡Û 8±=²³´«¯(UVW¯)X°µ%SÇ{:;¶·¸¹¤uº¬?¬?»¼?½¾¿§+À¤/V¡9:;/.-0<(ÁúW¯|°ÂÃP�¯°^
0RGHI5JKL-MNOPQ,-M(,-./-012345Q,-M+-.=äòó¾�
Ä¡ÚWV¾ë0Ä/VÅ.-0|{h�¾ÑX)X(jk�W*?¯|° :;/.-0+ðuRK+Ì×S|° Æ�÷&+5¼-0R¡GH��«�sºZ�¬¶=ÇÀ*?{+RZÈ/(?Ï�(S|°
ä(ä(GHSR¡`HÉöRʹºZ˨¾�À*?X+=b)¡��EFR%¹ºZz{S
ÙæW*ªX(åæW*?¯|°(�~«¡90 XîÌ=Z{(¡��Rbsº=R ROE¤�Í`H�¶Î§Õ+`HÉö«Wz|{�Ï=>?*Ð{�Ï=Zׯ)X«¡ÜÑ+(�~¡E
F+ÝöSR`HÐδ��k�¨Á(?Ïz{RÒÓZ¯¯S)X°Ô2¡_`a+de¾�
{(¡ÕÖ(×Ø)*%¹_`a«ÙZ?(?Ïde«s?*yס_`aR§ã+�Ú+G=
Û¡)*¸%¹ºZË©=^5«Z?(åæW*ª¯)X¤Û1§° Ú+ÜÑ¡��EF·(_`a+m=ÝU«X?÷&ÞßOP«�Í*?{(?Ï+«:;/
.-0+�H%&S|¤¿�2¡Á�¾PS§°ÚW¾ì¯Ä¡ª/.-0R¡GH��«àÖZ\gf-Ná4âãäå(æ?9çèå<¾ª«=ÜÝ)*?XU¡¥¦+bc¾é�)*?
¯|¤ª¡¦�¾PS§° ¯#¡��«<�Ë©¾às|{XU+`:¾íîä�ê)*?XU=R¡¸%¹º=`H
,50¾Áë{ ROE¾Áõsz{tu«Ç{()*¡��R¡(�ì8í¾Áë{ ROE¾ê$|{�(¾,hO0|îªï()¯)X° �V=¡��(_`a+m=ð1|{%&ÞßOP¾�ñ|{XU¡¢·+mS9æ�+b�<
«tuï()¯)X°uòº=9i�<«ó?=ë�ôäZõö+m+�)�?SÇ{+=b)¡
9b�<Rt#)ä÷�«�Ï(RìVZ?Â<·X±=�{�)�?¾�)¯|°ÚÏ)XÂ
<·«¡÷¯À*.0)¡ø?«D�=Ç{+/¡Ú+ø?«D�/V�¯W*?{+/¡ø?
!
4 !
~~~~]�«b@|}$#"%O³´µ�-®B¯w
���¶·¸¹
º»¼")
��]K�½�¾b
@º¿3��OÀÁÂ
3IÃÄÅ´ÆÇ
ROEÈÉ]Ê·Ë8Ì3Íw´!Îi%Ï)%b
���
K�½���*¼ÐÑ
��
��]Ò½�¾b
�XÓÔk��ÕÖ.×
�ÅØÉÙ3ÚÛkÜÝ
���
Ò½Þ.
��
��ß©-Jà8
á0ÅâÂãäij
·»¼")
åæÀ
æç Ðèéêho)£¤ë¢�
ºÅì ¡¢í3îïðñ
��-�IJòó
k!"#$"%&'()*k!"g
���-�IJòó
k?Xc*def"ghijk!"g
ôv
¾�ñ|{XU=RD+�Ï=)XV�?+/¾�)�Ï�(¾!T)¡9b�<(?Ïåù¾
úÀ*?¯|°!
�Ï)X9b�<+�7Õ¾ÌÍ*��+12345(9çèå<¾æU{(?Ï¡ºSTT
�WX+«¡GHI5JKL-MNOPQ,-M(,-./-012345Q,-MS|°
vw8( z{|,+*-}5��qQ)*?5K��(
!
¤Ûû§GH��+¬¶v«�?ëü=>?*Rý0äÇׯ|°X(Äú¡ès:�þ«YÿSÇÀX(|{!S|°uò=�ê:��×äæ?�ë׫�ØU{_`]i«ÇWúÂÃ_`RÜ��W{�(=Zׯ|«¡"#+ù©JöT$+%ÙîRGÖmS¬ªZ:�þ«�s)XXU¡Ö&�×ä_`�ë׫�?<�«Ü��W¡ROA¤�`¦�¶Î§´ ROE¤�Í`H�¶Î§«�ZÀX(?Ïä+S|°!
!
Dl)*+,*-./012345��5��
¤¥+�Ï=¡) +,-./-012345+AB=y?*R¡2>+,-M«YuZh�¾ÑX)*?¯|°SR¡Ú+CD=RD+�ÏZEF«Ç{+S)'Ï/°
¤"§'(0Q�-+ËÂ!
D~R�Hº=u~=ÞÂ�W{ä+S|«¡,-MRÚÏSRÇׯ)U°!
GHI5JKL-MNOPQ,-M+ö�¡:q�«mT)Xä+SRÇׯ|«¡Ú+µÔ
W¾�Yº=�*)X]^_`a«�÷S+Ï}~SÇסAT�W{ä+SRÇׯ)U°)
/)Z«V¡µÔW¾�*)X]^_`a=(À*R¡Ü�º=,-,()*]ä)¯|°!
!
5 !
Ô2¡,-./-012345Q,-MR¡lm+-�SÇ{����fû�Õ+ok��Á
ö}.+¸=f×دW¡ÂÃfû�=pq¾Áö)*?{��=ÞÂ�W¯|°!
�+�Ï=¡íë+,-./-012345+ABR¡D/SRZ?,-,¡?æd{'(0Q
�-«ËÂ�W*?{{«E0S|°!
D~(,-M+ú?1zR¡u~=AT|îª<2=>?*RD~=�À*}T)¡u~=A
T|{�(«Þ3SZ?ö�´¡ÞÂ�4Õ¾*5=|{�(«t#)äÞ3SZ?ö�=R¡
D~¥s+,-,=�À*}T|{+«Þ3S|°íëä¡Ú+�ÏZú?1z¾ËÂ|{�(
=�À*¡,-./-012345+AB¾¿À*?¯|°!
!
¤8§9,-,f-5</V9P»4NP,f-5<$!
,-M=��W*?{[\«bÎ��=��º=D+�Ï=ÞÂ�W{/R¡ir+�6¡}
7¡<�ET¡ir¾f×8�9Õ=�À*ýZ{�(«ÿ!�W¯|°Ú�S¡,-M=y
?*R¡ir«({îªÙ©=>?*:;=}T|{9,-,f-5QeP�-J<¤;\Y<§
SRZ¡ir«ÚW=W+j/WXde=cÍ*ÜкZbc¾ÙÄ{�Ï¡9P»4NP,
f-5QeP�-J<¤[\Y<§«>Â�W¯)X°Ú�SR¡?κS¬@GZ[\¤P»4
NP,§«��W¡Aö+bÎ��R¡�V+Ë©=>?*¡[\+BqºZNåQçCSRZ
¡Ú+DEQFG=SV)*Ü�|{�(«Þ3/H/¾IJ|{�(«�UVW*?¯|°!
¯X¡ªK+ëüS¡¢,-MSR9,4PL\QMeQN^5P/\4<¤[\¾Ü�|{/¡
Ü�)Z?ö�=RÚ+ëü¾!*|{§+CD«>Â�W¯)X°|Z污,-M+O[\
+¸=¡�V+AP<Q=SV)*Ü�|{�(«Þ3SZ?(ÃÄVW{[\«ÇWú¡ÚW
¾9Ü�)Z?ëü<¾R1=!*)XÏÄS¡Ü�)Z?�(«%UVW*?¯|°!
Zy¡Áç+9,4PL\QMeQN^5P/\4<+CDR¡wxirD=y?*ä¡rs
fgh¾j?*?Z?ö�=R9j�(«JÂSZ?ëü<+!*¾pY�iÕS<+Sz{
(?ÏBSf×ÔWVW*?¯|°!
!
! !
!
6 !
���9 ?Xc*def"ghijk!"g!
!
&l9:;2<=>*?@ABC)*?q!
GHI5JKL-MNOPQ,-MR¡2013 6±+GHE���H�+9GH��&'<S*U*lm��()*��W¡o&·i.S+.0¾E*¡Û 2±=���W¯)X°9GHI<(´/W*?{�Ï=¡�W=RM»¯3,«Çׯ|°T&+5JKL-MNOPQ,-MS
|° T&SR2000 X=Ôס,-./-012345+�+¨Á+XU=R¡pY+h�=U{
¾j?*.0|{�(«Wu(+%&«æ¯×¯)X°Ú+;W+¸S¡VÙ(:q]^+,-
./-012345¾��|XU¡r+J/V+WXS²³´«�$�W¯)X°Ú+¸S¡]
^_`ay��(Y4MZ[-¯ß-=5JKL-MNOPÆ�¾�×u\ÑX)*äVÏ�Ï
=|{XU¡5JKL-MNOPÆ�=^|{�1¾,-./-012345Q,-M/V1]
|{�(«éå�W¯)X°ÚW¾µz*¡2010 =r+²³j.i¤Financial Reporting Council§=�À*5JKL-MNOPQ,-M«TT�W¯)X° (�~S¡5JKL-MNOPÆ�(RÚäÚä^¾÷"|{+S)'Ï/°�WR¡9Ôõ+
`¦¾_ë|{<(?Ï^ü«ð1|{ö�=¡Ú+Ôõ+�¶+XU=Ù©|{îªSÇ{�
(¾�|ð`S|°�×uòºZÂÐSÇ{9µX·Æ�<SRZ¡95JKL-MNOPÆ�<
(?ÏÂоúæW*?{+R¡µ¶·¤ :µa·§b :�:´ncir¤`¦no·()
*+]^_`a§b_`ÈÂir¤`¦È·()*+]^_`a§¡(?Ï^ü¾¤é=¡_`
ÈÂir«� +de^ü«Z?µ¶·=b)*äÆ�¾fÀ*?{�(¾�|XUSÇ{(+
�(S|°)X«À*¡_`ÈÂir«`¦È¾ÙÀ*?{ö�¡²³Ç{?R(gµ¶·+
�¶+XU=`¦¾Û÷h_ë|{�(«�UVW¯|°Ú+Æ�¾ÑX|XU=R¡_`�
��¾Þ3=iz)¡ÚWV=b)*÷�¾�*)*?ZD+bc«tu(Z{+S|° GHI5JKL-MNOPQ,-M=y?*R¡5JKL-MNOPÆ�R¦ç+�Ï=T<
�W¯)X°efgh^5+9_t+ß<()*¡��+�sº$%´_`»¼-4+½¬(?
Ï¡º«A��W*?{{«Û¡�W¯|°Zy¡��S+]^_`aR¡`¦no·()*+
]^_`a(`¦È·()*+]^_`a+¢2¾jUS?¯|° �K���b����59:����5^����$KLM�Y��$������h
z���� f¡¢}£¤1¥*¦§1-¨h©ª«"s�¬��5��®¯5°±��
²�mnª³L´q$µ¶�·¸C¹º»5¼n½�h��¾¿*15ÀÁªvMÂÃ(
H,-MR¡¤¥+�Ï=Dºklå¾o|{ä+SRÇׯ)U°H,-M+DE=mª)¡
�W¾µzÔW{]^_`a«¡,-M+O[\=�k?*Ù©)¡Ú�=}T�WX��2¡
=>?*�V+n°oÅ\0S��|{(?ÏBSÞÂ�W{�(=ZÀ*?¯|°2015 11±O«{S201r«µzÔW¾�*)*yס�+¸=R¡¬C��irpq´8124^pq+_rQ_`²Æir+Ô¡�n¬C4r¡81sn3r¡rXV¬C4Ù«j¯W*?¯|°
!
7 !
8l9:;2<=>*?@ABC)*?ÄÅ#ÆefghÇÈ
5JKL-MNOPQ,-MR¡7>+[\(Ú+¦=ç�WX��+2tu$(ZÀ*?¯|°[\+ðuR¥¦+Ì×S|°
ÇÈ&( �K���!�2<=>*?@ABÂêÉfLf#5ÊËhÌͪÎÅr�´eªÏ
wLÐWÄÑMÒ(
]^_`aR¡9¡º¾�ÀXb�<¤N4v-¯840§ZD¾ÌÍ*¡ÂÃ��+��k�
+¨Á´Ú+�sº$%¾�|�(=�ס²³Qµ¶·+¸%¹ºZ_`»¼-4+½¬¾¿
VZzWú?z¯)U°ÚW¾¤é=¡]^_`a()*5JKL-MNOPÆ�¾D+�Ï=
ÃÄ¡Ú+ÃÄ=\À*Ú+Æ�¾D+�Ï=ÑX)*?+/Õ=>?**5Z2�¾mT)¡
ÚW¾��|{�(¾�U*?¯|°!
ÇÈ8( �K���!�2<=>*?@ABÂêÉfL±ÄÓ�LÐWÔºÕÖ$~Ys�Ê
ËhÌͪÎÅr�´eªÏwLÐWÄÑMÒ(
�¶Jw=>?*ä*5Z2�¾mT)¡��|{�(¾�U*?¯|°]^_`a�V«�
x|{��y,-P+�¶(²³Qµ¶·+�¶«Jw|{�ÏZ<z«L�)Xö�=¡]^
_`«î·+�¶¾{�)*Ù©Sª{�Ï=)*yXUS|°!
ÇÈD( �K���!������5�²�mn$°×s2<=>*?@ABÂêRØ$Éf
Lf#�¬��5ÙÚª�Ë$ÛÜLÐWÄÑMÒ(
[\3/V5¯S«¡_`���=äE=¬ªZ\4]^0¾�Ä{2¡SÇס,-./-012345+67=(À*¬ªZh�¾ÑX|(ÃÄVW¯|°! [\3SR¡_`���+�sº$%=¨z*¡ÂÃ��+de¾º5=|}|{�(¾�U*?¯|°|}|îªèé()*R¡_`���+,-./-012345¡��&'¡�Ú¡`
Hu~¡»5^¤riQ�9Æ�=^�|{»5^¾j�§«Q��W*?¯|°�WVR¡¸
%¹ºz{/V_`¾ÙÏÁSWuZQ²SÇ{(ÃÄVW{/VS|°Xï)¡]^_`a�
(=ÈÂ2�«ýZ{�(´¡_`����(=|}|îª<2+Wuv=ø?«Ç{�(¾ì
¯Ä¡E=D+�ÏZ<2=�¡|{/R]^_`a��«IJ|îª(�W*?¯|°
ÇÈE( �K���!������q5���hz��ª� f¡¢}ª«"s������q
ÝÞ5ßàªvMqq�$�cá5âã$ä#MÐWÄÑMÒ(
¤2+[\3=+À*|})X_`���+èé¾ì¯Ä¡_`���(��ºZ9¡º¾�ÀXb�<¤N4v-¯840§¾ÙÏ�(¾�U*?¯|°��SåÏ9¡º¾�ÀXb�<(R¡
9¸%¹ºz{/V_`���+��k�ý�`HÐξæU¡Ú+�sº$%¾�|�(¾¡
º()Xb�<¤��4-1§(�W*yס��º=R¡APÄ�´øC!*iÕ+ IR^ü+\f40=y?*¡��EF·´ IR�·Õ(� b�|{�(«!T�W*?{�ÏS|°
ÇÈP( �K���!�åæç5èéqèéêÉ5Ïw$~YsÊËhÌͪ�~qq�$�å
æçèé5ÌÍ$~Ys!�ë$ìí�hîï�ð$q©ñM5Ä!h�������
!
8 !
5�²�mn$�LM�5qhMµòóôLÐWÄÑMÒ(
.ø�Ùú+*5Z2�(¡Ú+ÙúÜÑ+��=>?*+*5Z2�¾�>�(«�UVW
*?¯|°.ø�Ùú+2�=>?*R¡�=BqºZIJ�4=(D¯{+SRZ¡_`�
��+�sº$%=`|{�Ï��|{�(«u��W*?¯|° �V=¡��/f,=y?*¡�*+nopq=>?*.ø�¾Ùú|{�Ï�U{îª�(
¤��5-1§¡Ú+2�=�À*Þ3=.ø�¾Ùú)*?{/H/¾ôzBSª{�Ï=¡ÙúÜѾ.�+YZ6��(=êëQ÷�)*��|{�(¾�U*?¯|¤�� 5-3§°Xï)¡÷�+��=Xæ{Ô+2D=�ס�V+5JKL-MNOPË©��=>?*�׺5Zë
�«�VW{(ÃÄVW{ö�=R¡Ú+ëü¾!*)>>¡Ô+2D=�×��¾ÙÏ�(ä
é%)¯)X° �Ï)X[\=�ס�Í+TUX2�=w)*Ú+«öS�÷=IJ|{�ÏZbcR�)
Z{(ÃÄVW¯|° Zy¡.ø�Ùú�åir+Å-�5¾�Â|{ö�=R¡Ú+�å=]�º=��|{+S
RZ¡�V+Æ�(IJ+¦S.ø�¾Ùú|îª(�W¯)X¤��5-4§°
ÇÈõ( �K���!�åæç5èé�ö#�2<=>*?@ABÂê©5µò$ÉfrsY
M5÷$~Ys�ÇÈqrs�·¸C¹º»$¡rsŽ�$øùªèòÐWÄÑMÒ(
9`¦È·()*+]^_`a<R¡5JKL-MNOPË©¾ÌÍ*Æ�¾D+�Ï=Ñ
X)*?{/¾� +²³=T¹º=²³|{�Ï�UVW*?¯|¤��6-1§°Ô2¡9`¦no·()*+]^_`a<R¡5JKL-MNOPÆ�¾ÑX|XU+2�(Ú+Ü�de¾¡
=1[¡µ¶·=²³|{�Ï�UVW*?¯|¤��6-2§°
ÇÈú( �K���!������5�²�mn$�LMµò��������5^����$
KLM�Y��$��W�¬��q5¡¢�2<=>*?@ABûV$üòîïªR
Ø$èòf#5ýþªÿ!MÐWÄÑMÒ(
ÂÃ��(+b�´5JKL-MNOPË©=�ÏIJ¾Þ3=ÙÄ{�Ï¡Ú+XU=tu
ZÜå¾�Ä{îª�(¾]^_`a=�U*?¯|°!
Dl�K���5¡"ÙÚ
5JKL-MNOPQ,-M«.ø�Ùú+2�(ÙúÜÑ=>?*¡]^_`a«D+�Ï
Zèé¾É�)*?{+/�*G¯)'Ï° GH(¬+]^_`aR :��:_ëÈÂ��ÙlDõ¤ GPIF§S|°2014 [O«{S
30.2��+&èpqȾÙÀ*?¯|°�+]^+ö�¡.ø�ÙúRȵX]^+IJ=W�*?¯|«¡9ȵX]^=yz{.ø�Ùú+2�´.ø�Ùú+¡º«%¹ºZpY�
¶+(¬B¾¡�|ä+SÇ{�(¾ÈÂ1\ML\4=�)¡OȵX]^=y?*��º
Z.ø�+Ùú+2�¾�$)¡�W=�kªÞ3=Ùú|{�Ï�U*<?¯|° Zy¡ªDõ+ȵX]^=�{.ø�+Ùúde¾�{(¡iré�+.�=b)*wbQ
!
9 !
]õb�ö6÷ihøù�úûüH<<ýþ)gÿ!"§#øù�úûüH:$ýþ)g°
]�«b2¾%x¾&'ù�(x�)C*PQ�«°
0.52.2
2.83.6
8.1
12.1
10.3
10.2
8.7
11.6
13.3
11.6
11.5
9.5
0
5
10
15
2001 02 03 04 05 06 07 08 09 10 11 12 13 14
]Ìb
]2b
]�«b?X`+,-./ABPQ�«
�ö��
01
23âÂ3Q4
5678
9:;<-;=>
23��3?¤
]@b
AROE5ÌBCáD�AE®F.á15ÌBCABGHIJáß©
��´K70L9M3
dNi"OP3QÁ�ÿ
®B23âÂ3Q4
]@b
A¸¹F.×R3H¥ST
Aw���R3�¾U"V
A&'()*+,-./0
æç3H¥ST
��3WX-Y70
ÊZ78´ð�
@[\]�^01S_O
-;=>*"»"U)`
��)X×ÎR¿�3+�Ï=6%)*?¯|° =2000 XÌú/Væ?¡4=Çׯ|«¡) R11í¾¸5=Á¦)*?¯|°2015 [RGHI5JKL-MNOPQ,-M+òó«H¢º=�W{(*+ SÇסD+�ÏZòó«ÇÀX+/«Û¡�W¯|° !
vwD( #$%&5'F()$¡LMÖ¡C*ç+,5t-(
!
!
!
!
!
!
!
!
!
!
!
!
!
.ø�+Ùú2D+Q()*¡¬C�£ncirSÇ{GH�£+��èé¾�*G¯)'Ï°
ªr+.ø�Ùú+P��5R¿�4+Ì×S|° !
vwE( 9:./5åæçèéB012(
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
10 !
¯#¡rè�4SÇ{9.ø�ÙúF¤u¥<=\ס�*+pY�i.�/VF¤bÎ(|
{.�¾�P)¯|°ÂÃu¥R¡ROE5í¦§«às¡¨Âv¨«15í¦§¡rsfgh«H1¡Õ+³ñºZ�4/Vu$�W*?¯|°�P�WX.�=>?*RÂÃ��(b�¾Ù?¡
¬¶v¨Á$+f©¡$%_`$+`:ª-«¡12345AB=¨zXíî+f©Õ¾J°O
^)XÁS¡.�$+mH¾IJ|{()*?¯|° Ô+]^_`a=>?*ä¡5JKL-MNOPQ,-M=\À*ÚW=W.ø�Ùú+2�
¯XR�4¾*5=)*yסÚW=�À*.ø�Ùú¾ÙÏ�(¾¬å)*?¯|°Ú)*¡
Ú+èé=�À*_`bÎ��=b)*b�¾�U*?�(=Zׯ|°�W=�ס]^_
`a«�#(9åÏpY<()*+®¨¾AU*?ôäv«Çׯ|°ÚÏZWú¡_`b
Î��=yz{EF+}~RA¯À*?�(=Zׯ|°
!
11 !
�a�9 !"#$"%&'()*k!"g9
!
&l)*+,*-./012C)*?ÄÅ#ÆefghÇÈ
H,-MR¡9�GH��&'�w�2014<=�kª¡$%&'+u�()*TT�W¯)X°Ú+èéR¡�H[\¡[\¡¯°[\+3t±Su$�W*?¯|°¯X¡,4PL\QMeQN^5P/\4+,-,=+?¡,-./-012345Q,-M+èé¾Ú+¯¯Ü�)Z?
ö�=R¡Ú+ëü¾!*|{�(«�UVW¯|°!*¾çC|{²�R,-./-0123
45²³´S|° H,-M+ÞÂbÎRÁöirS|¤¿�5§°Xï)¡����fû�+ö�¡Z³-«y��¯ß5´O^+Áöir=>?*R¡Ü�)Z?ö�+!*«�UVW{+R�H[\+GS
|°ÚWV+��ä[\y��¯°[\+DEQFG¾µW|{tu«Çׯ|«¡ÚW¾Ü�
)Z?ö�Säëü+!*R�UVW¯)U°Zy¡s&��+ö�R¡H&+12345=^
|{}T«H,-M(¶·|{�(äÃÄVW{(+ëüS¡Þ¸s(Zׯ)X°
vwP( )*+,*-./012C)*?5RS23£4567H895:;¨
SR¡,-./-012345Q,-M+èé¾�*?ª¯)'Ϥ2¡R¿�6§°
�:ÇÈ&<=g5çÔC>��5Ë?(
H[\R¡pY�i«pY(+��ºZb�+öSÇ{�(¾%&)XÁ¡pY«pY�i=
y?*��Ùú¾|{=ÇXÀ*+Þ3Z�9ê�¾ÙÏ�(¾�U*?¯|°��º=R¡p
Y=Þ3ZIJ¹º¾é»)Xפ¯°[\1-2¼§¡pY«�i.�¾R1=|}|{¹m¾5n)X×|{�(S|¤¯°[\1-2½§° �V=¡`Hlm=^|{u�«sª¯|°`Hlm+�HºZ2�=>?*!*¾�U{(
(ä=¤[\1-3§¡lmnopq()*Áöpq¾no|{ö�=Rno=^|{2�¾�|�(¤[\1-4§¡¾¨�+ù©´¬}7Z`H+Ò�B¾äXV|lm´¿¬xÀm=>?*R¡tuvQ�ëv¾)À/×|�)XÁSpY=R1!*|{�(¤[\1-5¡1-6§¾�U*?¯|°�+ϱlmnopq=>?*R2¡¾wU*!*)¯|°
�:ÇÈ8<=gTG52@*ABCD*q5RØhEF(
ir=RpY¥s=äWuZ5Á-^Â,´-«ð1)¯|°Ú�S¡ir+�sºZ$%(
¸%¹ºZ��k�+âã+XU¡ÃV(+Þ3ZÄžÙÏ�Ï�U*?¯|°EFë`+m
T¤[\2-1§¡Ù©4\+mTQÜƤ[\2-2§¡riQ�9Æ�Õ$+bc¤[\2-3§¡Çv+ËÈ�7Õ¤[\2-4§«��ºZu�2¡S|°
×bcb3de !"#$"%&'()*k!"g3��fg
cb��aÿ��a !"g];X�hk�hkij�hb´ð�G¶Åbk-6l3'q´m4°
no"Vÿnä*pi" !"g3Øqÿ@;X�hOar´ð�G¶Åbk-l3'q´m4°
Gs�� ���öG°
]�«btuvwHxy
!
12 !
�:ÇÈD<RØhGøHIqJÊ�5Ë?(
H[\R¡D/=�k?*É�«�UVW*?{¥s+Q²=>?*ä¡Y�º=É�¾ÙÏ
�Ï�U*?¯|°�+[\=�kªÉ�«�U{�Ï=ZÀX<2R¡EF&'QEF�É¡
,-./-012345=^|{�HºÃÄ2(�H2�ZD52¡S|¤¿�6PS§°¯X¡[\3-2SR¡s�i�i¤õ=�{Þ3Zi¤«ÙæW{�Ï=|{XU+fשG¾��(s�i�i¤õ=�U*?¯|°
�:ÇÈE<HIJ'�5ÂK(
H,-M+¸S(äÊ»K-Ë«¬ª?�1S|°��SR¡fghi¡i¤hQi¤hi¡
��rsfgh+ÚW=W=�UVW{h�¾}T|{((ä=¡fghi¾R1=]ä�){
XU=tuZfשG¾�)*?¯|°¥¦¡Û¡|îªä+¾f×Áõ¯|° ¯#¡fghi=¡9EFÌÍ�=�{Þ3Z»5^Á\^¾¾Ä{�9ê�¾ÙÏ�(¾Yu
Zh�QÆ++u>(ÎÄ<{�(¾�U*yס�sºZ$%(¸%¹ºZ��k�â~+X
U=RÞ3Z»5^Á\^RHôÏ(+�ö¾*5=)*?¯|°Ú+ÏÄS¡Ú+2¨$+\
4�4ÁÐo¾EFÌ=�Ä{�ÏZ²Ñ�p¾ÓÔ|{�Ï=fghi=�U*?¯|¤[\
4-2§° Ô2¡9Ò×+]ä<¾�>i¤hQi¤hi=b)*R¡9�V+Ò�ÓÔ¾Õ[=Ö(V
Ä{�(RÞ3SZ¡ä©ºQ�׺=�ì¾Ùú<|{�(¾�U*?¯|°()+,4P
L\e45^�+W¬Z0Lo,<Q+¸=ä¡äÏÙ)i¤h¤jØrsi¤h§´rsfg
h«©?*?XV(ôæW{R-5äÇפPÃ<Q+R-54§¡HI<+xyQâ¹L�+XU=WuZ{S|° Ú+ÔÛ¡|îª{()*R¡��rsfgh+2À¥Á+��¤[\4-8§¡fghijk+ÓÔ¤[\4-11§«Çׯ|«¡�WV=>?*RKÙSwU*!*)¯|°
�:ÇÈP<=gq5¡¢(
H[\R¡��=b)¡pY�i+ö¥s=y?*ä¡pY(��ºZb�¾ÙÏ�Ï�U*
?¯|°GHI5JKL-MNOPQ,-M«]^_`a=b)*¡_`���(9¡º¾�À
Xb�<¤N4v-¯840§¾ÙÏ�Ï=�U*?¯|«¡ÂÃ�H[\RÚW(b¾Z|ä+
S|° ��º=R¡pY/V+b�¤Ä�§+Ú)ØG=b)*R�ëºZÓÔS¤¨ª=bc|{
�(¤[\5-1§¡EF&'´EF�ɾpY=æ/×´|!*|{�(¤[\5-2§Õ¾�U*?¯|° ! !
!
13 !
���~zs3]{k|³F3Q,~�h<}<~�h<}:~�h<}U
~ )�,�-HIJª�~ )�,�z�-�J[\]3�^-�Å�ÿ��¶�Y´Q,IJ083;<
~�h<}l~�h<}V~�h<}>
~ J��sSzs³�3Hx]H�®��L3Hxb´�Øbk3��¶���3�ST���~zs�G3*§""�Ñp"�3��¶��~�h:}<~�h:}:~�h:}U~�h:}W~�h:}l�a�~��¶��5���4F3Q,
~ AB3P�I�å�]^�'�³b�^�[\ÿ^���~ !"#$"%&'()*-HIJ;X�¶��ª�;Xª�~ HIJAá^���akHIJ3� ´\¡IJ-®0¢�3ª����~ HIJAá^���a3£¤�HIJk¥1J¦i3�§´�Ø-®0¢�3ª����~ ¨O3£¤k�§´�Ø©3ÿª«3£¤k�§-�Å�3m4
~�hU}: GaA�¥1*�¬�~HIJA³3®
~ ^��-�IJ¯¤3°±3²S]ij�h³b~�hW}:~�hW}U~�hW}W~�hW}l~�hW}V~�hW}>
~ ps�¶78-¥ÿ´¶>�µUr3<�×3(xBGHIJ´£¤IJå�áµS���Jbkÿl3083HSTª�
~ (xBGHIJ�¶J�3(xF´l3ð¿¶-·Å�¸,IJå�-s¹´ºÅ0(xF78;<
~�hW}<;
~ HIJA3»¼�G�3½Âk^¾kë¢3'¿)*ÿÀÁFÂÃòÄ-HIJ��ª]ij�h³b
~ HIJk¥1JáÅ3×bAB3J�´Æ¤IJbk3ƤWX]ij�hÇb~ HIJA»¼3ðÓF-�Å�3rÈkÉÕ3ÊË3²S]ij�hÌb
~�hW}<:~�hW}<U
~ HIJk¥1J-�IJ%$"U)`3ª�]ij�hÇb�Í�~zs�3��
~ zs�3ÎÏ�¶��´��IJ083¼DÐÑkHST-HIJª�~�hl}:
]õb~Ò6ÿ®Ó�h-;=�SÔÕÃJ5�SÔOP°]�«btuvwHxy@Ö×ØÙÚ×ÛÜÝÞÝßàákÖ×ÛÝOÿî@Ö×ØÙÚ×ÛÜÝÞÝßàákÖ×ÛÝ3�¡-âØ×bDã3ÐÑ-�Å�O
HIJA3Jäk®]<b
zs3]{3Q,zsåA-·/J]{�^�X)�3;X�¶ª�ÅæçJ)�,�z�
ÅæçJè¸éê�zs3{¹´ëIJìëF3íJ�X)�H�®��L3Hx
K�½�¶��ÕÖ.×3;î�¶J^�'�3�¡
^�[\�^���3�¡kPQ
~�hW}R
~�hW}$
~�hW}<<
~�hW}<W
~�hl}<
(xBGHIJ3�Ó¶ï�
(xBGHIJ3(xF78;<ÂÃ�¿
¤â3ðST3ï�HIJAk¥1JA3ðÓFQ,3083¨ñòó
HIJA-·/Jô[3ïF,��õ��ö÷¼D
~�h<}W
~�hU}<
~�hW}<
HIJk¥1J3%$"U)`
zs�3ÎÏ�¶��-HIJª�
HIJA3Jäk®]:bHIJA3Jäk®]Ub¥1JÂÃ¥1JA3Jäk®HIJk¥1J³3úû�¤^�3¥ø�ù�(xBGHIJ3Jäk®
AB3�ú<h3�¡kðû
BAküýþ3´678�IJÿ*§(m»§#"´!J23"F3ï#��´$%Bf3ÀÁF3Q,faK�
��5�3jð
vwõ( )*+,*-./012C)*?5LmqHI�MN�(
!
! !
!
14 !
HIJA3&w³ ABáF¶IJ23-�'G�HIJA3*(Ñÿ^¾ÿ½ÂÿÀÁF³á)3Ø-&wÕÃ�ÅJ*
HIJA3ù�Ç AB3P+ÿª.FÿÕÖá4Q*ÿ¦0lÃ'-�G�»"p"hijá,-ÕÃ�ÅJ*
Ì HIJ3£¤-�Å�3��6��*
. HIJAá)3Ø-/¼�G�üëG�ÅJ*ÿ¦0[��012álÃ-)3ض34´5��ÅJ*
6 HIJA-·/JsS¶H�ÿ7-[��012ÿ[��×8(xHIJÿ[��AB9�Jÿ�®ù�HIJ�:�®ù�HIJ3H�6)Ø*
; ª«3:�®ù�HIJ·Ã�®ù�HIJ6�Ó-üëG�ÅJ*
< ×8(xJ�3Jä64Q*
= HIJA>3¯�Aá�Ó-üëG�ÅJ*ÿ¦0lÃ'áHIJA�)3Ø-�?G�ÅJ*
HIJARñ@ÕÃJ��³A ABÂÃl3÷ýB"n)*-�Å�ñ@ÕÃJ/C�¶��3¿6)Ø*
D HIJARñ@ÕÃJ�e·Ãj$E)§"ho)3¿6)Ø*
âF\¡3jGH*I ªM3ñN-HIJ[J3¿6)Ø*
K sS¶\¡�LÙ-�Å�Mr¶J[á�æÃJØ[�á��¶jGH*´N�G�ÅJ*
O HIJA�®Pá�Ó-üëG�ÅJ*
Q âF\¡jGH*�]Ëá4Q*
R »*"37¡�ÉÕ3083jGH*6)Ø*
Ga�3��S HIJAázsl3Å3*§""�Ñp"�)3Ø-!ÎeUT"ho)´�¥ÿâE´U�ÿ�YG�ÅJ*
]�«bVWXYXZWY[9\]^_`a90_bXZW[9cdbWeYXZ]9_X9f_Y`e91gg]ZaWh]X]iic
8lHIJ'O®
H,-M+[\4-11ÛSR¡9fghiR¡Ü ¡Ofgh+�ÍjkZDäPÃ=)>>¡fghi��+ÜÐv=>?*1ÝQjk¾Ù?¡Ú+ÜÑ+ðu¾É�|îªSÇ{°<(�W¯
)X°�WR¡uò=fghijkT[(ÁúW{ä+S|° �Ï)XT[R =Ås&SRÓÔ�GS|°Ö&SR¡ªK-Þ-^��fû�+Áö}\
=�À*¡fghiQWßiQfghAõ=>?*¡Ü +�Íjk«<+SzVW*?¯|°
¯X¡T&SR¡2003 +¢�}Ó¤the Combined Code§+wx=�סÁöir¾bÎ=¡fghi´Aö+fgh+�Íjk«tu=Zׯ)X°�V=2010 TT+,-./-012345Q,-M=�À*¡FTSE350¤�4M4��fû�+pk��S¡«k�àÁi350rSu$§��+ö�¡ÙZ(ä3 =1[¡�ÍjkÜÑ+s�jk¾Ü�|{�(«<+SzVW¯)X° �+T[+ÓÔ¡ºäfghi+12345]ä+ABS|°12345Á¡(äWuZ]ä
¾ÑX|�(«¹Ò�W*?{+RfghiS|«¡�W¯S+��HI<=�VW{�Ï=¡
t#)äÞ3=]ä)*�Z/ÀX/VS|°Ú�S¡fgh+ÈF¾izQjk|{(?Ïe
\áÐe«S*ªX+S|«¡rè=P=iâ]^¾�j)*fgh+ÈF¾ãª¼-�){�
(RÐÎÄSäÆ«Ç{XU¡fghi´fgh=�V+Ë©¾jk�){�(=)X+S|° fghijk+��ºZ2¡R¡T&r+²³j.i¤FRC§+9fghi+ÐÎv=^|{
1\´45<+5Ù«PÃ=Zׯ|°Ú�=R¡¿� 7=��WX162¡«qå�W*?¯|° !
vwú( HIJ'O®5O®N�_!
!
!
15 !
Ü�2D()*R¡fghi842-$+e4R-0�¤´\4¼�K-¾ÌÍ*2¡Ü=d
e¾|})¡Ú+ÜѾ²³´()*¯(U{�(=Zׯ|°�V=¡Ú+²³´¾ì¯Ä¡
fghi=y?*��¾*5B)¡ÜÐv+¨Á¾¿À*?�(ätu=Zׯ|° Zy¡H,-M=R¡fghijk=yz{_t·jk+Ü�RææW*?¯)U°_t·j
k(?Ï+R¡�ÍjkïzSR³ñv+�n«�)?�(/V¡_t·¾^��)�Ï(|{
ä+S|°Xï)¡_t·«���=jk|{(?Ïä+SRZ¡ir«Ü�)Xfghi
jk¾�=¡Ú+èé+x5v¾5%)XסeM2\5¾Ü�|{ä+S|° (
(
DlPÎ?à=í
¤"§[\+èé!
H,-M=Ö×دWXpY$+}~=^|{<2()*¡lmnopq=^|{ä+«Ç×
¯|°lmnopq¾no|{ö�¡lmno=^|{2�¾É�|{�(«�UVW{�(=
Zׯ)X¤[\1-4§°¯X¡Ü ¡fghi=y?*¡YuZlmnoçè=>?*»¼-4(»5^ZD¾ì¯ÄX¸%¹ºZE��ëv´éê�Ì)¾|�)¡Ú+ÜѾwë)Xno
+ì?(�ëv=>?*¡��ºZ!*¾ÙÏ�(¾�U*?¯|°�V=¡lmno=ü{.
ø�+Ùú=>?*¡Þ3ZÙú¾5n|{XU+�4¾mTQÉ�|{�(ä�U*?¯|°
¤8§.0+Eí!
GHI5JKL-MNOPQ,-MR]^_`a#####
$+}~¾ÌÍ*��=b|{,-./-0
12345¾AB)�Ï(|{ä+S)X«¡,-./-012345Q,-M+H[\R¡l#
mnopY#####
$+}~¾ÌÍ*��$+12345AB¾¿~Ï(|{ä+S|° H[\=TUVWXèé=>?*(*=*5Zåý«�WX+R¡2014 +9GH���¯á4<=y?*S)X°pq�±�?´VÙÕ+:q]^=�{pqno«��EF/Vîïð¾
ñ?¡¦�+òó¾ô?*ªX(?Ï%&«®=Çׯ)X°Ú+�ÏZÆ�¾�ñ|{XU
+u>+Ct()*¡9pq�±�?<´9åæõpY=�{pqno<+�ñ«¡��WX+
S|° Ú�S¡H,-M+Â*�=y?*R¡lmnopq¾×åö÷|{�(¡lmno+pq¾
no)*?{ö�=Rno¡º=�Ä*Ú+�ëv¾!*|{�(«Ö×دW*?¯)X°Ú
+�=b)*R¡lmnopqR¡JC��/VQ²¾ÔC)X×rø^ü¾uù|{ÁS÷<
+Ç{EFCD+u>SÇסÚW¾u~=HT|{�ÏZ%&RúÂSZ?(+ûI´¡lm
no+¡º=R��üý=//æ{<2«j¯W*?{XUÚW¾��º=É��){+RúÂ
SZ?(+÷�«Çס(gº=¡É�<2R¡lmnopq=>?*+�HºZÃÄ2(¡.
ø�Ùú+�4(Zׯ)X°¯X¡GHI5JKL-MNOPQ,-M=�kª]^_`a=
R.ø�+ÙúÜÑ+��«�UVW*?¯|«¡lmnopq+no��=RÚ�¯SR�U
VW*?¯)U°
¤@§ÂÃ[\+òó!
2o,E�þÿ¥!¡pq+�±�?R"¯{®¨=Çׯ)X«¡íë+lmnopq=^
|{}~+ÓÔ=�ס�V=�+©ª=#$«//{ôäv«Çׯ|°!
!
16 !
]õb<j¾k6¬2U=lïÙÿ�zAB�Êé"*ÿHmïÕé"*°
~~~~9-�Å�ÿ��¶�Y´Q,IJ083;<O-HIJnofg3²S°
~~~:j>pq3r�6ÿ!"#$"%&'()*���-5�G�ÅJ@)�,�z�-�J[\]3�^
]�«b¾st@*def"ghijk!"gÂÃ!"#$"%&'()*k!"g3ýBG"!ijA[Oñ¤�«Å
0
1
2
3
4
5
6
7
04 05 06 07 08 09 10 11 12 13 14 15
uvwxyxz
T{|FG
u}~�FG
Hx����3Mr¶��´^0×
Àÿ)���P�À,�IJz�3�
º��´;Xª��IJ°
,�3â�áÁ8'ÃJbk´��ÿ
,�G¶Åå�´;Xª��IJ°
,�3k'FáÁ8'ÃJbk´�
�ÿ�h�G�ÿ)�,�z�´,�G
¶Å°2003
]��b
]2b
lmnopq¾no)*?{ö�¡fghiSE��ëvÕ¾|�Q!*)ZzWúZׯ)
U«¡Áöir+¨Â�ë×R`H,50�×ä/Z×�¡E��ëv¾�|�(Ré%SR
Çׯ)U°��=¬ªZf�¾A?{�(=Z{(ôæW¯|° òóR =�W*?¯|°8124^+ö�¡no&æ+'(+©ªRu))*?¯)X«¡
pk¦*=�{�Í`H+s+»5^¾ë,|{(?ÏtuäÇÀ*¤Û2§¡u\+'(¾¿{2�¾ =��)*?¯|¤¿�8§°Or(ä¡� /z*e3�.[+'(¾¿{ÿTS|¤Û3§°¯X¡uò+��=ä�±�?�ñ+©ª«-«À*?{(+².äÇׯ|¤Û4§° �Ï)X©ª«-«{�(R¡��=(À*R9åæõpY<«({�(¾÷")¯|°G
HI5JKL-MNOPQ,-M+ÓÔ=(äZ?_`���=b|{Lå¾AU>>Ç{]^
_`a+òó«¡Jbº=A¯À*?ôäv«Çׯ|°
¤Û2§GH+38124^y,-PSR¡pqno&椫k§+ Tier1=b|{×Ϋ/0S50í)?��(ZÀ*yפ2014 [O§¡10í¦§SÇ{ÕÖ+y�-2,24^=×î¡pk¦*«+�Í`H$+òóR/Z׬ªZÀ*?¯|°
¤Û3§_3ë5JKL-MNOPQ,-Mý�,-./-012345Q,-M+(1-�-eOPi.¤2015 11±24G§.<2=yz{<+3¤:q�§!*�×°
¤Û4§GHE�ï42015 11±29G95Q�±�?p! ��©< (
vwQ( §./1A5PÎ?à=í5?àRSq?àÌÍ5��(
!
!
! !
!
17 !
�¬�9 BGHIJ-HIJòó9
!
rsfghRwxirD+.0=y?*äYuZÁ-Z(Zׯ)X°��SR¡ÚäÚär
sfghRZÈtu(�W{+/¾êë)XÁ¡wxirD(,-./-012345Q,-M
SD+�Ï=}~�W{�Ï=ZÀX/¾!*)¯|° !
&lFGHIJ5T��
rsfgh«tuZëüR^S)'Ï/°�WR¡fghi+h�=>?*+%&(^ü)¯
|°Ì6¡fghi+h�()*åõVW{+R¥¦+2>S|¤Û5§° 7§�+8Ù=b|{iâ]ä! 9§�+8Ù+÷ôøT]ä �+8Ù=b|{iâ]äR¡EF·«mT)XEF&'Q�É+!*¾µzXס�V=R
Ú+$Ñ«úÂSÇÀX/¾|�)¡fgh+�À´²Ñ=^|{.ø=^�|{�(=�À*
L:�W¯|°Ú+IJ=Ñ)*rsfgh=�UVW{+R¡pY+z{/VÞ3=IJSª
{äåS|°Ú+iâ]ä¾ÑX|XU=R¡t#)äÂÃ��+<�èé´�;�9Õ=ÌÍ
*?{tuRZ?(�W*?¯|° fghi+iâ]ä¾Wz|{ö�¡iâ�W{<SÇ{EF·<+·«Ú+øT=�æ{�
(R�Hº=Þ3SZ?(äÃÄVW¯|°r%¾jUÂÃ��+EF=FÌ)X842-ä�
æ{tuRÇׯ|«¡pY+X�()*iâ|{�ö=Ç{rsfgh«ÙZ(äÕÌ�¾
=U{tu«Ç{(+Yï=R!�å«Çׯ|° íë+wxirD+.0=y?*R¡i¤hi�jir+ö�=R =rsi¤h¾2À¥Á�j|{�(«<+SzVW*?{XU¤irD_ 335>_32§¡fghi=rs+z{RR1=wë�W*?{()*¡rsfgh+�j+<+B=HTºZ÷�äÇׯ)X°ÚÏ)X÷�
=b)*R¡i¤h=Rfghi+.ø�«Z?XU¡rsfgh«?Z?fghiRiâ]ä
¾R1=RÑX)Z?(+w0«Çׯ)X° ?;ºZ@;()*äiâ]ä«Wz�W{�Ï=ZÀ*ª*yסÚ+]ä¾AB|{îª
ï(+÷�«¬A¾=U¡wxirD´,-./-012345Q,-M=wë�W{�(=Z
ׯ)X° SR¡��º=D+�Ï=wë�WX+S)'Ï/° ¤Û5§�+Ô¡ir(EF·(+mZDSL�|{�¶JwÙ"+izäWuZ]äS|°
!
!
8lâU'F�$V×MFGHIJ$KLMNO
¤"§�j)Z?ö�+ëü+!*QçC!
2015 5±=�Ù�WXwxirDSR¡rsfgh+��+<+BR�BVW¯)X«¡rsfgh¾j?*?Z?ö�=R¡9rsfgh¾j�(«JÂSZ?ëü<¾pY�iS!*
|{((ä=¡ÚW¾pY�iPÃ`º´<�²³$çC)ZzWúZVZZׯ)X°bÎ
(Z{+R¡9ok�²³´éã<+«Ç{�É/>¬ir+i¤hi�jir<¤Û6§S|°
!
18 !
9rsfgh¾j�(«JÂSZ?ëü<()*R¡rsfgh¾j�(«/ÄÀ*Ú+
ir=Z\35+òó¾ý©|<QSZzWúZVZ?(ë��W*?¯|°¯X¡irD�Ù
}\=R¡9ÂÃpqir+Ú+«{=yz{<Q=cÍ*çC)ZzWúZVZ?<�(¡9r
si¤h«2õ¥ÁÇ{�(+G¾äÀ*ÂÃëü(|{�(RSªZ?<�(«*ç�W¯)X¤_74>+2_32¡_124>_32§°! �+�Ï=¡ëü=>?*+Te«¬ª?XU¡rsfgh+�jRÜ�º=R<+B�WX
(G{�(äSª{S)'Ï° Zy¡wxirD+C\¤_25>§=y?*¡�Ùî2 ¾EÕ)Xt±Srsfgh+��deÕ¾D�)¡tu«ÇWúrsfgh+�j+<+SzÕ+Ej¾F#{(�W*?¯|°
¤Û6§�ÉirØTG=y?*��¯XRu�+pq+HI=fghi+J%¾u|{(TU*?Z? ir°¬irØ`H:5K�¥Á¡fL:à200K�¥Á+?#W/¾§X|ir°
!
¤8§i¤ÕWßi�jirT[+ï�!
Ô2¡rsfgh+�j¾�7|{u�()*¡fghi�jir´Wßi�jir¤íë+
wxirD=�×ÀMR�ÀWßi�jir=ùN§=sir+O©G()*¡i¤ÕWßi
�jir+T[«ïX=�zVW¯)X° i¤ÕWßi�jir=y?*R¡fghi+¸=i¤ÕWßi«j/W¯|°i¤ÕWßi
R�+¾ÙæZ?fgh3õ¥ÁS©P�W¡Ú+ÕÌ�RrsfghSZzWúZׯ)U° i¤hi�jir+ö�¡ =2õ¥Á+rsi¤h«���W*?{+S¡i¤hi�jir«i¤ÕWßi�jir=%Ù)¡�W¯S+rsi¤h¾rsfgh$QR×�)Wú¡rs
hß+��¾�´�Z*���(=Zׯ|°�+XU¡2015 11±«{S250r¾SÄ{Áöir«i¤ÕWßi�jir$+%Ù¾��)*?¯|°
¤@§rsfgh+u=+ùN!
íë+wxSR¡rsfgh(rsi¤h+9rs<u=«T)Zׯ)X°¥¤R¡rs
fgh=ZWZ?·R¡ÂÃir¯XR4ir+�+8ÙfghÕSZ?·¡y��ÕU=ÚÏ
SZ/ÀX·=ìVW*?¯)X°)/)¡íë+wxS¡3iry��VWir+^ü·´)
3·¤fghÕ+23Õè+3XÕ§ärsu=¾§X�ZZׯ)X°)3·REF=b|{iâ]ä¾R1=ÑX|�(«SªZ?XUS|«¡3ir´VWir+^ü·«¸/WX+R¡
3ir+�¶¾{�)XÙ©=�סÂÃir+�¶¡Y?*RÂÃir+pY+�¶¾Z|{
[W«Ç{XUS|° ¯X¡ÕU=u[Sä9rs<+Ï¢uÿ(Z{�ö=ÇÀX·Rrsfgh=RZW¯)U
S)X«¡íë+wxS¡[\()*\�¤10 m=ìT�W¯)X°�+]^Ej=�סQÄú10 ¥Á¤=ÂÃir+�+8Ùfgh¾_UXõR¡rsfgh=\�Sª{�(=Zׯ)X° !
!
!
!
19 !
Dl)*+,*-./012C)*?$V×MWXFGHIJ$KLMNO
¤"§��rsfgh2À¥Á+�� ,-./-012345Q,-MSR¡9��rsfgh¾2À¥Á��|îªSÇ{°<¤[\
4-8§(�W¯)X°��)Z?ö�=R¡Ú+ëü¾,-./-012345²³´=çC|{�(=Zׯ|¤Û7§° �V=¡9�6Q}7Q<�EvQir¾(ׯ�9ZD¾��º=D�)*¡�YºZIJ
=�סÙZ(ä31+1¥Á+��rsfgh¾��|{�(«tu(ÃÄ{Áöir<R¡Ú+XU+fשG2�¾É�|îª(�W¯)X°iâ]ä«�×A�UVW{(?Ï{S¡
<�»5^+æ?�6¤�©$6~¡IT ]@6~¡6`¡¼r¡f4Jß-^��6Õ§¡}7+¬ª?��¡y�-2,B«7®)X��¡<�1a«b-?��¡HI<Õ«cL)*?{
��Õ«�W=ÃÂ|{(ôæW¯|° ¯X¡��rsfgh«Ú+h�¾Þ3=ÑX){�Ï¡rsfgh«��rs·+G¾u$
ß(|{i�¾T¹º=Éd|{ZD)*Q²ef´%&go¾¿ÀXסó�Shirsfg
h¾��|{ZD)*EFÌ´i¤h(+�j¾¿ÀX×|{�(ä�U*?¯|°
¤Û7§����fû�R¡,-./-012345Q,-MÓÔ¥¤/V¡��hߤ��rsfghy����rsi¤h§¾1õ¥Á5n|{�(¾<+Sz*?¯|°�W=b)¡��rsfgh¾2À¥Á(|{,-./-012345Q,-M+ukR<+SzSRZ¡��¾ÙæZ?ö�=R!*«�UVW{=ÕáZ?(?Ï!*«Z�W*?¯|°
¤8§��rsfgh+9��v<�4+ùN ��rsfghR¡irD+rsfgh�×äu=«T)ZÀ*?¯|°irD«TU{Ï
¢<ü+Ô=¡YuZfû�¡ÂÃ��¾YuZfû�(|{·¡Và+:l¾�*?{,4Å
,¼40Qi�mnaQD~mnaÕR��v�4¾§X�Z?(�W*?¯|°�V=¡Ú+
�4=¶·)Z?ö�SÇÀ*ä¡Ü�ºZIJ+ÜÑ¡uòpY(+�¶Jw«�Í{yÚW
«Ç{ö�=R�4¾§X�Z?(�W*?¯|° ,-./-012345Q,-MR¡����fû�Õ«TU*?{�+��v�4¾ì¯Ä¡
����«9��v¾Ü�Ä=y?*�n|{�(¾Yo=j?X��vIJ�4¾mTQÉ�<
|{�(¾�U{�(=)¯)X¤[\4-9§°
¤@§HI<xy=^|{}T!
()ä,-./-012345Á+W¬Z<=Q<p«?>äL�)*?¯|¤PÃ<Q+
R-53y��R-54¾PS§°?#Wärsfgh¾�j)*?X��SL�)Xä+SÇסrsfgh¾�£)XïzSR�Ï)XHI<¾qySªZ?�(¾��)*?¯|° W¬ZHI<´,-./-012345Á+Æ�«L�)Xö�¡rè+õmR¡ÚW¾rÚ
Ï()«±S|°rsfgh´rsi¤h«ãs|{fghi=ÚWV=^|{Q²«ÇõVW
ZzWú¡ÃV«Æ�¾%&|{�(R¨(UDt�S|°u=^/H-Z{=vS?X()*
ä¡ÃV«�VQ²¾¬÷|{ZD+�׺ZÙ©¾o��Z?ìסÆ�RÚ+¯¯wj�W
{�(=Zׯ|°! ! �Ï)X{$+bc()*¡,-./-012345Q,-M=RK+�ÏZ{«Ö×دW
¯)X° ¯#¡fghQi¤h=b)*R¡ä©º=Q²¾ÔC|îª�(¾�U*?¯|¤[\4-13§°
!
20 !
]õb:;<l2>=<W?ïÙ°�i!f6¨2���°�ö��6U�W>WB°
]�«btuvwHxy@tv×bAB-·/JBGHIJ3£¤WX�Q��O
94.387.0
48.4
86.4
66.4
19.6
80.7
59.4
12.7
73.8
50.6
10.3
0
20
40
60
80
100
�a
�a
no"V
nä*pi"
BGHIJ£¤ (xBGHIJ£¤BGHIJ3£¤
]�26.9b
]�16.3b]�7.0b
]�7.0b
]�25.6b
]�35.6b]�21.3b]�22.8b
]�20.0b
]�31.2b]�24.9b
À>3��6
ABC�Y´
Z�
!"#$"%&'
()*k!"gR3
�Y6åÃ*'
]Ìb
]�13.2b
2§�×3(x
tuZö�=R¡ir+xÂf�Ss�+mna+�å¾�{�(¾Ãy|îª(�W¯)X¤¯
°[\4-13½§°)X«À*¡ir/V�ÄVW{Q²ïzSIJ)*?X+SR¡ö�=�À*RR1Zh�QÆ+¾ÑX)*?{(RåÄZ?�(=Zׯ|°HI<«L�)Xö�=R¡
fghQi¤h+l<Á+Æ�+o$=äòó|{ôäv«Çׯ|° Ô2¡ir=b)*R¡Ú+XU+¾z�T¾êÄ{îª�(¾�U*?¯|¤¯°[\4-13Û§°rsfgh´rsi¤h«ir+Q²¾º5=ÔCSª{�Ï¡rè(+�{Q�ê=ÇX
{·¾��|{�(¾uQ()*åõ*?¯|°!
�V=¡fghiQi¤hi=b)*R¡OfghQi¤h«�U{Q²+�RZ黫5n
�W*?{/DÏ/¾5%|{�(¾�U*?¯|¤[\|}û~§°!
�WV=>?*R¡É�<+«Ç{æzSäZ?XU¡D+.[ÜÐv+Ç{fשG«Ùæ
W{/RH�*S|°)/)¡EF·YÓ+HI<«�ÍXö�+òóR�×�WZ?XU¡Ý
EFÌR�Ï)X{=>?*ä)À/×(fש��(«tuS|°!
!
!
ElFGHIJVµYWXFGHIJ5ZÃÙÚ
rsfgh=^|{}~+ùN¾µz*¡�W¯Srsfgh¾��)*?Z/ÀXÁöir
SïX=��|{©ª«A¯À*?¯|°2015 7±14G«{S�{(¡rsfgh¾��)*?{��+��R¡1�ÁöirS94.3í¡u��?¯ß5´O^ÁöirSä73.8í$(Á�)*yסwxirD=bc)*��¾7UX�(«æ/ׯ|¤¿�9§°
vw[( FGHIJ�WXFGHIJ5ZÃÙÚ(
(
(
(
(
(
(
(
(
(
(
!
!
wxirD+�Ù¥!=pY�i¾Ü�)X��R¡rsgh¾��)*?Z?ö�¡ =9r
sfgh¾��|{�(«Þ3SZ?ëü<¾É�)*?¯|°V+��SR¡Ý«{SÞ�
!
21 !
·¾�>zVWZ/ÀX�(¾ëü()*?{�ÏS|°Ú+�ÏZëüSrsfgh¾��)
Z?�(R¡T[ùN�î+ÕI¹=RúÂv«Ç{/ä)W¯)U«¡ê¹¥!ä�W¾ëü
=rsfgh¾��)Z?¯¯S?{�(R¡pY/V+A?ûI¾ôôäv«æ¡t�ï
(ÃÄVW¯|° Ô2¡H,-MS�UVW*?{2À¥Á+��rsfgh+�£RDÏS)'Ï/°1�ÁöirS48.4í¡2�ÁöirS19.6íS|°bc)Z*äëü¾!*|{tu+Z?Z³-«(¯ß5´O^+ÁöirSR10í.[=(D¯×¯|° ÂÃ[\¾§X�Z?3±øC+1�¡2�ÁöirR¡2015 12±¯S=��¾ÙæZ?ëü
¾!*)X,-./-012345²³´¾éã)ZzWúZׯ)U°ëü=^)*irD+
�ÏZTeRÇׯ)U«¡!�å+Ç{ëü¾�)Z?(pYÕ/V+ûI¾ô�(=Z×
¯|°.ø�Ùú�åir«rsfgh¾2À¥Á�þ�Ï=uk|{(?Ï©ªäÇפÛ8§¡íî¡D+�Ï=bc«7US?+/Û¡�W¯|°
¤Û8§GHE�ï42015 12±25G9rsfgh2õ¥Á=! Ö�å¬C ISS¡�Áö��=uk< !
! !
!
22 !
�Í�9 �!"g����3ú�9
!
&lz\9:]^op_â`2015}ÄIXefaÎ
,-./-012345Q,-MR¡uåSåÏ(¡ir+÷ôøT+�*vQ�xv¾�n
)>>¡�W¾¤é()Xir+��QÑJZ÷ôøT¾�|�(¾ÌÍ¡?æú9�U+12
345<+Üݾ¡�|ä+S|°íî¡ÁöirR¡ÂÃ,-M=çC�WXO[\+DEQ
FG¾ì¯Ä*tuZfשG¾Ü�|{�(=Zׯ|«¡Ú+fשGR¡GHI5JKL-
MNOPQ,-M=�kªpY¤]^_`a§«ir(ÙÏ��ºZ9¡º¾�ÀXb�<¤N4
v-¯840§=�À*°Ü«¿VW{�(=Zׯ|° )X«À*¡�+9¡º¾�ÀXb�<¾?/=¾zQ�7)*?/«WuZlm��(Z
ׯ|°�V=¡�sºZ$%(¸%¹ºZ��k�â~+XU=RÞ3Z»5^Á\^«tu
SÇ{XU¡��QÑJZ÷ôøT¾�|XU+�9ê�ätuS|° Ú�S¡2015 6±+9�GH��&'�w�2015<SR¡¥¦+{«�m()*��W¯)X°
¼ EF·=�{¬p/>¤¨ªZIJ¾î�)|{ñ{/V¡fghi+h�´Aö+fgh+Æ�+ÓÔ¾*5B|{XU¡irD+����¾�$Q��|{°
½ _`a=b|{��Q²+É�«��/>ÐѺ=Z�W{�Ï¡irD¡:q¼�fûD¡��fû�Áö}\ÚW=W«TU{Q²É�,-,¾��|°
8l'F�5�bcÍ5dmCÏw
irD+����=>?*R¡9,-./-0Q12345QN5ÁË+1×2=^|{½¾i<
+²³´¤2015 7±24G§=y?* =��W*?¯|¤Û9§°Ú+ðuR¥¦+Ì×S|°
¤Û9§����RÙlÂ3+��=Õá#¡DºZÐå¾�XZ?XU¡�IS�æWXö�=R¡����(RýZ{D~IJ=�k?*Iø«¦�W{ôäv«&{�(=Û÷«tuS|°
¤"§fghi+m�<2SÇ{9WuZ�+8Ù<+ÓÔ=>?*!
irD_362>_4�=Rfghi«fgh=W�SªZ?9WuZ�+8Ù+øT<«qå�W*yס�WV+<2=>?*Rfghi=Á.|{�(«tuS|°)/)¡AP��º=
RD+�ÏZ<�«�W=ÃÂ|{+/Rt#)ä*5SRÇׯ)U°fghi+iâ]ä¾
Wz)*¡fghi$+S.<2¾ÚW=^�)Xä+=ìT)Xö�¡irD=øw)X(<
îº=IJ�W{»5^¾�Ä{�(=Zׯ|°Ú�S¡Ü++PÃ()*����«é��
W¯)X° =¥îX�Ï=¡fghi+]ä=R¡�HºZEF&'´EF�ɾøT|{�(¾¤é
()*¡¬ªR9�+8Ù=b|{iâ<(9�+8Ù+÷ôøT<«Çׯ|° �+2>+]ä+ϱ¡,-./-012345Q,-MRiâ]ä¾Wz)*?{+=b)¡æ«&+��SR÷ôøT]ä¾Y=�À*ª*yסÚ�=ÞßOP«�Í*?{+R¤¥+
Ì×S|°�+�ÏZde¾¤é=¡irDSfghi«ÙÏ(�W*?{9WuZ�+8Ù<
+ÓÔR¡fghi+ÑX|]ä(ê�º=���W{îª(?Ï+«����+�öS|°
!
23 !
³ �®ù��*'(xG0faK�3���¶Jå�
Ç �®ù��*'(xG0xbÀ�1´�Ø08-ÿ��ß��3fa�1¯�A3¯��G��1-HæJå�
Ì fa�Dh*§¨´K7��æÃJ�1³-�G�ÿ�®ù��*'(xG0xb-;=�ÿ�����´IJå�
. �f2]�YXY�]�]Xa9fb�_ba93\b-·/J�>3ض��
k�öAB3HIJA3âEQ4]5î3ô:ÿY�� 3ô:ÿ!g'Ðo"3£¤³b9-�Å�¡¢´�Øå�
k�f2�èq�-HIJ��¸£´�Øå�
kèq��3LÀ¤¥´�Øå�
6 �u�ä®-Jz�3,�ÿöEzs�3ÈS¶Hx³´�Øbk³ÿ×bòh-;=�µS�¶Jbk-·Å�ÿ�®ù��*'(xG0xb*'âE´¦§Jå�
; ¤â-ϺÕÃ0!)j¿Ð!)*¯�A-¤¨Gÿp'3^¾´;-J©�-�IJ$"dä"´�سÿBf-·/J!)j¿Ð!)*.×3ïú-H5IJå�
< ^�A[l3Åÿ^�ª�-HIJ�[´�ØHIJA�G3A[¼-BGHIJᤨGÿâEIJå�
= BGHIJáÿl3*ª´`*G�ÿp'�«¬]�]`�]`i9YXe9¬ZbWiWaW_Xi93\bl3Å3®Hx3.�ª´,EGÿ¯°IJå�
A zs�����3���¶±´�Øå�
]�«b!"#$"%k&'()*kh*§¨3©¥ª-HIJ��A@!"#$"%k&'()*3ðû99999999²��ÕÖ.×-./0Ð)H)§#ø�u³²O
fghi«Y=iâ]ä¾ÑX)*?{ö�=R¡fghi«��ºZ�+8Ù+÷ôøT¾
ÙæZ?2«¡�׳ñºZ�ö/V�+8Ùde¾jkSª{(ÃÄVW¯|°)X«À*¡
9WuZ�+8Ù<=R¡�Hº=R¡��ºZ�+8Ù+øTRj¯W#¡EF&'´EF�
É+mT¡y��ÚWV=4#{.[=WuZä+=ìVW{(�W¯)X°Ú)*¡rsfg
h=RÚ+ir+��ºZ�+=^)*rèfgh(ªÍ.[+��¾o|{�(«¹Ò�W*
?Z?(?Ï{äì¯Ä¡9WuZ�+8Ù<+ÓÔ¾ìTº=��|îª��ºZR-5()*¡
¥¦+3>«��W¯)X°
¼ i¤hi�jirSÇÀ*ä¡�À´²Ñ+øT=ÇXÀ*rsfgh¾u$ß(|{�Æ]^¾�j)*?{ö�
½ rsfgh¾��)*iâ]ä+AB¾÷¿)*?{ö� Û è�¢TN5ÁË+uùQÈÂ=�סAP+�+8Ù=^|{»5^«Þ3=_ë�W*?{ö�
¤8§rsfgh«ÙÄZ?9�+8Ù<+ÓÔ=>?*!
irDSR9�+¾8Ù)X<fghRrsfgh(RZW¯)U°)X«À*¡�+8Ù+
ÓÔ«-���WXö�¡9rs<v¾§X�ZZ{R-5«ã*{�`«Çׯ|°Ú�
S¡9�+8Ù<(R^Z+/=>?*ä����«��W¯)X° ÚäÚä�+¾8Ù|{fgh«rsfgh=Z{�(«SªZ?(�W{+R¡iâ]ä¾
�Ïrsfgh(iâ�W{�ö=Ç{�+8Ùfgh+1]��¾¿{DE/VS|°Ú�S¡
�+8Ù·+�:£/p¢=x)*ÙæW{Ù"«9�+¾8Ù)X<�(=ÂX{(�W¯)
X°Ú+ÁS¡¿� 10=Q��WXÙ"R�W=ÇXVZ?(�W¯)X°!
vw&e( z�Kfè}$¬fÆhYqXeMèg5_(
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
24 !
¤@§irhß��Æ�nc¤D&Onc§+ncºf� D&O¤Directors & Officers+'§nc=^)¡Ú+ncº+ϱpYX�YZ�nEe+�
1=>?*R¡ir«f�|{�(+ôH=>?*��Á+�?«Çס�W¯S¡Ü+Á+a
�m()*hßAõ«f�)*ª¯)X°ÂÃncº¾ir«f�)Xö�¡irDÁ¡fgh
«�Ü<+øw=ÆæW{(+÷�«ÇÀXXUS|° �+{=>?*¡ncº¾ir«f�)*�?(+��«��W¯)X¤Û10§°hß«ir=b)*sZ��Æ�¾fÏ�(=)*?{+R¡ir+sZ«ë��W{ÐѤsZ�¯]ä§
(øDÙ"«qy�W{ÐѤøDqy]䧾ìÀXä+SÇסir«ncº¾f�|{�
(=�À*�WV+]ä«Z�W{�(RZ?(?Ïëü/VS|° Xï)¡ir«ncº¾f�|{ö�¡�¶Jw+ñ{/Vfghi«J%|{�(¡y��¡
D&Onc«\4�4ÁÐo()*+]ä¾o|{�(ZD/V¡ir«ncº¾f�|{�(=>?*+ÞDv´�ëv¾rsfgh«5%|{Csª«tuï()*?¯|°
¤Û10§&��R¡pYX�YZ�nEe+ncº¾ir«f�)Xö�¡hß=b)*E�º�¶+»�«L�|{()*¡a���¾u|{(+��¾�)*?¯|¤/$6 1±20G&��Ìê9irhß��Æ�nc+ncº+�+Á+f�?=>?*<§°�+&��+��R¡ncº+irf�«¼D¤Ý1+irD§ÁÆ�SÇ{(+¤é=�k?*yס����=+À*irDÁ+Æ�«Z?(ÃÄ{+SÇWú¡uò+ D&O nc+ncº(ªK=a���¾ÙæZ?f×�?(|{+«|Àª×)¯|°����(ê�ºSZ?�+�+f�?«sö�¡pYX�YZ�nEe�1+ncºf�=>?*irf�«�ý|{�(R�)?XU¡�+&��Ìê+��)ä�)*tuï(ÃÄVW¯|°
!
Dl��q���5¡¢³uÎ
��+�sº$%(¸%¹ºZ��k�¨Á¾¡º()X��(_`a+b�¾�7)*?
XU¡��+Q²É�+1×2¾��|�(äu>+WuZÁ-Z(Zׯ|° 9�sº$%=¨zX��(_`a+b��7½¾i<²³´¤2015 4±23G§SR¡�UVW{Q²+ÓÔ¡�¤røv¡æ/×´|�¡�xvÕ§¡Þ3Z¼\h4y¤�²v(5²v¡
[(�̹§¡2D¤�4B¡KqÕ§¾|}|îª�(«éå�W¯)X°��ºZ��R¥
¦+Ì×S|°
¤"§¢�ºÉ�+ÜÝ!
Ýd¡Áöir=R3>+ [Q²É�«uk�W*?¯|°irD=�k9<�²³y���C´�Õ<¡:q¼�fûD=�k9ok��²³´<¡��fû�+Áö}.=�k9ø
CÊr<S|°�+36�+ [É�SR¡�X�ÏZQ²«��=ýZ{BS�UVW*yס�$|{��<=W�ð¡f�ð¾�Ä*?¯|°�·SÇ{_`a=(À*Ræ/×=¡
W�)XQ²«�Â�WZ?dz(ZÀ*?¯|° �+Æ�$+bc()*¡9ã¯K-,�É�N5ÁË<+ÓÔ«é��W*?¯|°�WR¡
36�+²³´SÉ��W{Q²=>?*¡Jó+W�Qþý¾êë)XÏÄSQ²¾ã¯K-,B¤��B§)¡ã¯K-,B�WXQ²¾ÚW=WÞ3Z¼\h4yS_`a=é»)�Ï(
?Ïä+S|° �W=�ס�$·SÇ{��<+<+f�«�(�W¡ÚW=�À*�¯W{�å«pY(
+b��7=°*VW{�(«¹Ò�W*?¯|°¯X¡_`a=(À*R¡Q²+ú? C«
!
25 !
w�|{�(¾ÌÍ¡_`���(+b�«�×°Ü)Xä+(Z{�(«¹Ò�W*?¯|° Zy¡ªK+Æ�R�̹É�=äÇׯ|°�̹²³´(�̹øCÊr«�ð)*?{
�(S|°¯X¡�̹É�=R¡_`a´e3»50«Ú+�¡+ÿ¢´5%=£æW¡_`
+ʹ˨¾AU*?{(+Æ�ä�¤�W*yס�6Õ=^æV#u~=�̹É�¾AT
|{�(RúÂSZ?(+÷�äÇׯ|°±ZG= EUSR¡2015 11±/V�̹É�«¥y�W¯)X°�Ï)X{=>?*ä|}«�ÄVW{ÿTS|°
¤8§Ü�ºZi¤+uãB!
æ«&SR¡irD=�{ [i¤(:q¼�fûD=�{ [i¤«�ð)*?¯|°ÕÖ
Å&SRuãº=i¤«Ü��W*yסýQZf�?ï(åį|° �+Æ�=^)*R¡DTÉ�+u�B´�i5R¯K-,+��)Õ(�æ)¡ôäZì×2
>+i¤²³´+¼\h4y¾�æ){¤irDi¤+²³G¾:q¼�fûDi¤+²³G=
)kz{2¨S�ê|{§�Ï=|{�(«|}��S|°
¤@§12345Q¸%¹º�ÉÕ+É�¾°Ü�){XU+2m!
¸%¹ºZ��k�jk´_`IJ+XU=R¡%¹ºZñ{/V+ir+�¯á4¡EF2
�¡&'+2¨v=^|{Q²É�«tuS|«¡ÝdSRÚWV+Q²«t#)äR1=Ré
»�W*?Z?(ÃÄVW*?¯|°Ú�S¡�WV+Q²«ÐѺ=¦ÄVW{XU+É�2
D¾|}|{�(ä|}��S|°!
!
!
El=gh'B0125ijr
¤"§ÝÙ5R¯K-,+Æ�{!
b�+ö()*+pY�iP��5��+1×2äWuZ|}1a(�W*?¯|°��º=
R¡Ýd¡¦ç+�ÏZÆ�{«�¤�W*?¯|°
¼ øCG/V3§±¥è=pY�i«Éd�W*yפ/085Gî¡¿�11PS§¡Ú+ÜÑ¡]^_`aÕ«ô÷Ì�¾µzfÀ*/V.ø�Ùú¾|}|{¹m«¨6=ÊZÀ*
?{¤LB/VpY�i¯S/021G§°E=©s_`a+ö�¡N´+ª«��«tuSÇ{XU¡�V=¼\0SÇ{°
½ pY�i«6±¦¬=÷¸)*yס]^_`aÕR.ø�Ùú+÷ôøT+XU+«m«R1=(WZ?°
Û Ý1+pY�iÉd+5R¯K-,¦SR¡3>+ [É�+ϱ:;[´[+{S(ä{W*?{ok��²³´«¨(UD+��SpY�i¥!=É��W*yפøCG/
V/087GpY�i=yz{.ø�Ùú=ËÂSªZ?°
!
26 !
]õb´~µf3�¶6ÿ×bAB-·/J\·?*'3|¸?�°
]�«b���w�-./0������3������A@���O
����
�·�e
¹£
¸£
�Õvw
���
fa�D
���
\·?
\·Òº
zsåA
�
´37.0?µ ´63.9?µ ´87.4?µ
´42.5?µ ´86.1?µ
¥1
¥1
¥1
ABC¥1 ¾®C¥1
�Q´85.0?µ
´åA*'21.1?µ
vw&&( ±:'F$V×Mkl�h=gh'2m¦=*C(
(
(
(
(
(
(
(
!
!
!
!
!
¤8§��)+2¨v!
ÝÙ+irDSR¡��«pY5T+�4G¾øUXö�¡ÚW/V3§±¥è=pY�i¾ÙÏ�(«<+SzVW*?¯|¤irD_124>_12¡_22=�{§°Ô2¡¨(UD+irR�4G¾ [O()*?{�(/V¡pY�iR [ÉÊ/V3§±¥è=ÙæW*?¯|° )/)¡�4G¾ [O(|{tuvRT[ÁÇׯ)U°�)~¡Ú+ÜÑ¡�4G(pY
�iÉdG«3§±)®]|{�(=ZסÚ+m=pq¾¯°)X=ä//æV#.ø�¾�ÄVW{·«VZ{(?ÏÆ�äL�)*?¯|°©sSR�W¨D®]«Ç{&RZ?(+
�(S|° )X«À*¡TG¾ùN)*pY5T+�4G¾øCG¥!=�T|Wú¡pY�i+ÉdG
¾äÀ(±V){�(«Sª{(ÃÄVW*?¯|¤Û11§°�Ï)X�(¾¤é=¡pY�i¾b�+ö()*�ײ?ä+(|{XU¡D+�ÏZpY�iG´�4G«Þ3/=>?*|}
«�ÄVW{ÿTS|°
¤Û11§Zy¡øCG/V3§±¾SÄ*pY�i¾Ü�|{�(=)Xö�¡øCG/V3§±¥è(�W*?{Dõ�Ú³«Te(Z{ôäv«Çׯ|°�W=>?*R¡,-./-012345Q,-M=�kªpY�iÉd«¹+��)¾ÙÀXö�¡Dõ�DÁ+�+Ú³¹ì¾³%Sª{EP+<Q¤_75>+2_12§=ÃÂ|{(?Ïf�?=|{2¨S�ê«ÙæW{�Ì)S|°
!
!
!
! !
!
27 !
ÕÅ»-9
!
H/.-0SR¡�+2´3 Sµ�=7UVW*ªX,-./-012345AB+©ª(¡íîÿT�W*?{��)+2¨v¾êë)*G¯)X°Ú+7®+��(èé=R¡¾�ï{
ä+«Çס2015 [«9,-./-012345ã <(åæW*?{+ä¶�Sª¯|° fghi+�+8Ù�/Viâ�$+·Ó¤jØrsfgh+ÓÔ67§¡]^_`a+9ãg
åÏpY<B¡pq�±�?+�ñ¡Q²É�+ABÕ¡�W¯S+GH��=��VWXp
Y�zQ`HÐÎ�z+EF5¼45=¬ªZ��)¾¸{èé«�O0SÓÔ�W¯|° �Ï)X�m=b)*ø^ð¾�>��EF·RÙZZ?(ôæW¯|°)/)¡�Ï)X
�9ùB¾¹H)�Ï()*ä¡pYÕ(+º»¾?X#V=AU{ïzSÇס��=(À*
²?�(RÇׯ)U°Å�m+®¾R1=ë�)¡ïXZT[=¼½=bc)*?�(«
tuSÇ{(ÃÄVW¯|°X(Äú¡rsfgh+ÓÔ=y?*R¡9ir+�(¾æ/À*?
Z?·=fghR$ëï°<(øU>z{+SRZ¡pY¾X�)*³ñºZ�ö/VEF¾
J°O^|{h�¾�Ï·SÇ{(%&¾wU{tu«Çׯ|° Zy¡rsfgh¾5nSª*?Z?��=(À*¾î+��R¡R1Z`�¾�ÀXÞ�·
¾¿|�(S|°Ú+ÜÝ+XU=R¡D&Onc+ËÂä|}|{tu«Ç{S)'Ï°ÂÃncR¡�+8Ùfgh=Þ3Z\4�4ÁÐo¾�Ä¡Õ[=»5^¾ë,|{�(«Z?�Ï
=|{XU=ätuZä+ï(?į|° !
!
9
[:,+*-$KLMVc;n�`
op¾2Aq¾=*@r1s=í'F( ¾2Atu¦§1-v( ºw( xô
102-0074( 45yz{w|}~�3-9-14
Tel : 03-5226-2568 Fax : 03-5226-2884
¼X$#"%6ÿ��3»*"n½nÏ)%-Jx��Å0¾>å�´P��G0µ3Àí¥ÿ9�Nl3µ3-�IJ¿Él3Å´âÀG�ÅJµ3À6í¥¦Á°99ÃÄ»*"Å»e"ho)V9 �"¨Æ"n!g$*Ç9 http://www.ginsen-risk.com/9
!
28 !
È���@É:;<;2��3!"#$"%&'()*áþæÃ0s¶�ó9
(
m*2&<��§*�*�F$V×M'n$µM���ï�S(
2011 9±¡Ar+â�aã�+X�fghi%«¡2010 /VÛ =/z*4ir7r/V�à105K�+`:¾ûªã)¡e50K�«¦À�(ZÀ*?{�(«LM)X°`:+ûªã)R¡ªi%«4ir+hß=��)¡HõÀ<Õ+Áµ$Â×د){BSÜ��W*yס4
irS+fghi+ø.´:lñxÃÄde´+gÜÕRÙæW*?Z/ÀX°LM�i
%R_�)X¤Ú+î¡EP�ÅÕSoÅIø§° EP�¤Wßi+²³´R¡<=+®()*¡â�a«(Yh»-��(Æry,-P¾u
�()*¾¨|{(?Ï�EZu~«B$�W*?X�(¡ÃV=RÇbº=)+|{(?Ï�
�ÈÉ«ÊS?*?X�(¾�¤)*?{° Zy¡i¤DõR¡�Ü]OR-¯¤3ir«4ir´^�ir/VÔC|{�Ür+Å��
$|{XU+�ËQ²§=�ס2010 7±«{SÂÃq`+ð1¾%&)X«¡ªi%(+Ä�SÀ�ÿT«¹´ṳ́ªi%R<�+ÈÍ`:(ëΧ¾4?X+GS¡i¤ÜѾ$ìT
Þx÷�()*?X° ¯X¡Âr=R¨6Ï+rsfgh«3õyסi¤hi´fghi=ãs)*?X«¡Ú+öSRÂÃq`+Æ�«�æW{�(RZ/ÀX°fghi$ok��²³´+=«²³�WXÑ
=R¡ÂÃÃS=^�|{Ð-¯R¨Ñ`º/V¸/W*?X° H=R¡ÂÃÃS=^�)*?Xhß«X¯X¯ÒG¾fÀ*?XG=¡<+�·/VÂÃ
q`=^�|{²³«¡<Q¾�VZ?r%=� ÙæWXXU=LM)X°r%R�±=rs
i¤hÕ$²³¾ÙÀ*?{° !
m*28<����§*�*�F$V×M��æ�(
2011 =Br«©sS+M&A�==^)H�*Zi�Óë¾ÙÀ*?{(+ç<«ÔÕ=ÖC�WX�(/V¡\�)Xú/×+T&õr%«�+Æ�=>?*�¤¾Ü�°Ú+ÜѾ�
=Æ�+Â<·SÇ{i%¤r%¾e10 EקV=_�¾�UX(�~¡Ø=fghiS���WXXU¡Ú+Eí+��=ìG3ÀX¤2011 10±§° AB+èéR¥¦+Ì×°ªrR¡2o,¹+rÁ^+ÙÚ=�×90 XîÌ=1ÛK�)?j
Gs¾�Ä{=ÜÀX°i�,-,«f�[kY</V«kjkY<$%Ù|{Z/S¡Eë�
�Âhß«¸5=Zס¬C��ir OB +eM2\5¾µz*jGs+�ÄB¾ë,|{XU+��+5Ý-˾uù)X°�V=¡Ú+sÙ+(gÓë+XU¡2006 /V2008 =/z*MÞA¾ËL=Ù?¡æàZbky�� MÞAC�º¾¾ßÀX�(=)*¡ÜÑ+¾ßà(+þà¾jGs+�ñ=Â*{((ä=¡9+WU<()*sÙ¾t±º=�ñ)�Ï()X° _t·Wßi+�¤²³´R¡<=+®(Z{��ÈÉ()*¡L4Z4ºZEF«sª¡
rèS0OP=ý0¾¥î{�(«Rú/VW{àÔv«á$�W*?X�(¾�¤)*?{°
X(Äú¡fghi=y?*R¡9�Æý�.0ÕR×غËL=ÙæWXä++¡(gº=ø.
¾ÙÏÑ=R¡[\()*åCÕ+mH«*5=æ/{>ø2DR>Â�W#¡.%+uâ=�À
*¡Z)þ)º=øT�W*?X<(�W*?{°¯X¡Æ�(ZÀX M&A �=¾J%)Xf
!
29 !
ghiSR¡`º«ÂG¨ÑQÂGë¬+�?(�W¡fgh´i¤hR�=èé¾R1=ë�
)XÁS.0=�æ{�(«SªZ/ÀX° ªr=Rrsi¤h2õ¡rsfgh3õ«?Xä++¡�Ï)X{=>?*ý0¾¥î{�(RZ/ÀX°rsi¤hR¡i%+æã+ªä�( Br+��¶Ô�·+ã�·SÇסrsfghR¡å·¡Z5,h^ü·¡��ir OB S¡?#Wäi%+æõSÇÀX°r%��+.ø=y?*ä¡r%«i�Óë+äçÆ�¾éo)*?X=ä//æV#¡r%=Þv«Z?(
+i%+!*¾rÍ¡�è.�=E=ý.Q÷�¾¥î{�(Zm$)X° i%RÆ�LM�î=i%è¾_�°Ú+î¡ok��²³´éêçCÅSÔ+^�hß((
ä=ëì�W¡oÅIø¾µzX° !
m*2D<¿��§*�*�F5�'F$V×M�����*¿5�d(
2015 2±¡C rR¡�,Â+íîï˾6~|{4irðr=y?*¡ñ×�·«2000 ¥!¡¬ò%Tf�«´6�ãó«=|¤ÜѾô�)*?X�(¾��)X°s��¤J-Ë
=�{²³´R¡�·Hõ+�å/V¡õX+�x+ÁöR�+<ܾ%&)*?Xôäv«
æ?()*?{° H==yz{,-./-012345Á+Æ�R¡2014 5±=�+Æ�«3irSÇ{ C r=¦ÄVW¡C rr%=ä²³«ÙæW*?X=ä//æV#¡2015 2±+��¯S6�ãó«szVW*ªX�(SÇ{° Ú+m¡»,-,+tuvÕ=>?*rèS.0«ÙæW¡2014 9±=RJ�)X÷øù<
+�/Vãóòy(&ÉeÌ,$+²³¾�å�WXä++¡»,-,Hu(+.0«�ú)¡
rèS+.0«s?X°Û 2±=ZסÇVXU*P+D~<+�=J�)X(�~¡´Rפë(ªK+�å¾µzX�(/V¡��Õ=ìG3ÀX° Zy¡ªr=Rrsfgh3À(rsi¤h3À«?X«¡H=RfghiSRf×ÁõVW#¡
ÃV«�+Æ�+ð1¾�ÀX+R��+�G¤SÇÀX°C r+}.SR¡H=<�Rrè+��n�WßiS-.�W{îªä+SÇÀX«¡ªWßiS+-.èéRfghi=²³�W
{�(=ZÀ*?XXU¡ÇÄ*ªWßiS+-.Rë,�W*?X° H=+��¾µz¡2015 6±¡r%¾jU¡rsfgh¾¸�*+fgh+_�«L��
WX° !
m*2E<h;��§*�*�F$V×M�RUh'���(
2015 2±¡D r«��fûÕizWßi/V:q¼�fûD=�k²³£/¾µzX°è�̲«ÇÀXä+(�VW*?{°Ú+î¡D r��=�{�¤+Õ.S¡²³£/+� +[ÿ(ZÀX�<7Ù�4�==yz{�<[k�à+Õ÷jk¥s=¡ëû<��n¡]',
4<�¡ÌÓ�<�=yz*ä�¶+/�Áõ¾ìÀXHÞ3Zi�Óë«LM)X° _t·Wßi�¤²³´R¡<=+uÿ()*¡±Q²³iÕSr%«94]ª-r%=b)¡
9Jß/4¯<(M)*¬¶w�¡Ï¾�)¡Ú+ê$¾A¸À*?X�(¾�¤)*?{°
�ÚHÂ+94]ª-=b)*R¡<�üý¾�þ|{LåäÇÀX(?Ï° �+XU¡O94]ª-R�/zÁ+�¶+/�Áõ¾¿{XU=HxZi�ô�¾ÙÀX°
Áö+÷¨=ØVÏ�(«SªZ?(?Ï��ÈÉ+¸S¡+�ßVRÁö+÷¨=�À*HÞ
!
30 !
3Zi�Óë¾às)X(�W{° ¯X¡r%´ CFOÕ+EF0OP+^�=>?*R¡÷¿ºZ�/zÁ+�¶+/�Áõ´x
ÂQsÙ�Á+�B׫Ç{�(¾%&)*?X+=¸yQÿx¾��)Z/ÀXR-5´¡r
è94]ª-/V�<sÙûÂ:+�Á+J%¾�UVWX+=¹H)XR-5Õ«ÇÀX�(
/V¡HÞ3Zi�ÓëREFIJ()*ÙæWXä+(åÄ{(�WX° ªrRWßi�jirSÇסrsfghR4À?X«¡fghi=Ri�Óë=äƾo��){�ÏZ.�RÇõVWZ/ÀX°ªr+fghi}\ÈÂu¥=�{(¡�̹øCfgh
iSR�ÚQ�+de+²³«ÙæW{�(=ZÀ*?X°)/)¡�<7Ù�4=ü{�=+
Z/=R¡µÛ«=�RK�¥Á+!¡«�دW{�=´¡µÛî=�"K�+sÙ«L�|
{�(«I*)*?X�=«ÇÀX=ä//æV#¡ÚWV+�==>?*+²³RÙæWZ
/ÀX(?Ï° Xï)¡?>/+�==^)*ä`¾�ÀXrsfgh«yסi¤Wßi+Wß%¤HÞ
3Óë¾%&�§=b)¡9D~y��i�+mna+÷�¾0)XÁSÆ�«Z?�(¾5%)
*¨)?<(�ë=æXÀ*Ú)ãX«¡ÚW¥Á+Ù©RfVZ/ÀXXU¡i¤Wßi¤6
Ï+rèfgh2õ¡rsfgh3ÀSu$§ÕS�+Æ�{«f×ÁõVW{�(RZ/ÀX° �¤²³´+L�¾µz¡7±21G=õX3r%Rhè¾_�)X° !
!
31 !
È��rÊÉ9
QE�¦�,9��sº$%$+#�å(\4�4ÁÐo! ´��(_`a+$¯)?^üuù´�
P�¯°^0¤:;/.-0§(g²³´</$26 8± Q,-./-0Q12345QN5ÁË+1×2=^|{½¾i9,-./-0Q12345+
ÜÆ! ´��k�¨Á=¨zX\4�4ÁÐo(w%´</$27 7±24G Q�sº$%=¨zX��(_`a+b��7½¾i9²³´</$27 4±23G Qæ&�Ë49fghijk+¡ºQP��5QÉ�<��¯[5D+�12±�¤2015§ Qpqir����fû�9,-./-012345Q,-M+mT=�Ïok��Áö}.Õ
+u�wx=>?*</$27 5±13G Qpqir����fû�9,-./-012345Q,-M! ´ir+�sºZ$%(¸%¹
ºZ��k�+¨Á+XU=´</$27 6±1G Qpqir����fû�9��Áöir=yz{rsfgh+��de'5²(</$27 7± QGHE���H�9GH��&'! !JAPAN is BACK!</$25 6±14G QGHE���H�9�GH��&'�w�2014! !¦ê$+)&!</$26 6±24G QGHE���H�9�GH��&'�w�2015! !¦ê$+_`Q�¦v%£!</$27 6±
30G QGH�£ncJóir9�Æ�Ç{]^_`a�+Å[\*GHI5JKL-MNOPQ,-M<
=^|{fשG¤/$27 [§</$27 8±25G QGH+9çèå<â~½¾i9(ׯ(U</$27 6±18G QGHI5JKL-MNOPQ,-M=^|{o&·|}i9�Æ�Ç{]^_`a�+Å[\*
GHI5JKL-MNOPQ,-M+! ´_`(b�¾ÌÍ*��+�sº$%¾�|XU=
´</$26 2±26G QGHI5JKL-MNOPQ,-M=^|{o&·|}i9.<2<
http://www.fsa.go.jp/singi/stewardship/ Q :��:_ëÈÂ��ÙlDõ9GHI5JKL-MNOPQ,-M$+bcdeý�pY
.ø�de+ðu¤/$26 4±´6±§=>?*</$27 1±30G QI,-9,-./-012345Q,-M¾.G�<¼<D+! /$27 8± QFinancial Reporting Council “Guidance on Board Effectiveness” March 2011 QArãi%$+ÃS:Æ�=^|{EP�¤Wßi9�¤²³´</$23 10±27G QBr i¤hÕÆ��¤Wßi9�¤²³´</$24 1±16G QC r9íî�\ïË+%THÞ�<=^|{rs�¤J-Ë9�¤²³´¤��I§</$27 6±19G QDr _t·Wßi9�¤²³´</$27 7±20G !
! !
!
!
9
9
9
ËÌÍ$#"%9
QVol.1! 2012 Autumn
�Ö&=yz{��Æ�+©¨"#$%&'()*+,-./01234)*,-"�
QVol.2 2013 Winter
�e¯eÅ&+#$%&'()*+DTê�+©¨/O&#$DT+ðu(E0=>?*/�
QVol.3 2013 Spring
�2012 [Monthly Report �÷0¤No.11No.8§�
QVol.4! 2013 Summer
�84¼,2,5=bc)X��+»5^Z[¯840"56789:;<.=$>?9@A"�
QVol.5 2013 Autumn
�2013 [Monthly Report Á¹�÷0¤No.91No.14§�
QVol.6 2014 Winter
�Õ3Å&+#$%&'()*+DT[(6�a�v}T+©¨/Yu&+T[ðu(E0=>?*/�
QVol.7 2014 Spring
�2013 [Monthly Report¦¹�÷0¤No.151No.20§�
QVol.8 2014 Summer
���=yz{»5^(Y\345CD/X#º»5^%ÍCD¤ART§+6�(ËÂ<Q/�
QVol.9 2014 Autumn
�2014 [Monthly Report Á¹�÷0¤No.211No.26§�
QVol.10 2015 Winter
���=yz{Q²45+Ýd(bm/45»5^�(+XU+Q²`¦_ë/�
QVol.11 2015 Spring
�2014 [Monthly Report¦¹�÷0¤No.271No.32§�
QVol.12 2015 Summer
�Z\342-T[(��=yz{Q²_ë�
QVol.13 2015 Autumn
�2015 [Monthly ReportÁ¹�÷0¤No.331No.38§�
Ë=Í$#"%9
QNo.1¤2012.08.16§9»5^Z[¯840()*+��+]L-Q6L5840bm<
QNo.2¤2012.09.20§9irDT+��)=^|{u7�=>?*<
QNo.3¤2012.10.24§9EF&'ÜÝ+XU+ÕäT[+Ç×2<
QNo.4¤2012.11.27§98©0L(9¬:î+!T;Z(;Z�(m<
QNo.5¤2012.12.17§9<Å=Z=yz{ú·��Æ�»5^<
QNo.6¤2013.01.22§92011 ¼\¬>¡+Ú+î/��(Gp��+©¨/<
QNo.7¤2013.02.22§9Z\9-ÌÏ=yz{»5^(��Æ�<
QNo.8¤2013.03.18§9?@A²³´=�{<�às+f©G<
Risk Solutions Report !"#$%!&'()*(
!
!
QNo.9¤2013.04.19§9+�ß+'-Nß,8áÐe�Â=yz{��+»5^<
QNo.10¤2013.05.20§98©0L(9¬:î+;Z!T(BCt�·bm<
QNo.11¤2013.06.17§9æ¯{>¡»5^(��«({îªbm<
QNo.12¤2013.07.19§9©s7ã��=�UVW{ðDEbm<
QNo.13¤2013.08.20§9&Ñ9,Á,¤L<Q+��(y�-2,��+bcm<
QNo.14¤2013.09.17§9FGHI«X+õ<ÓJT[+ÃÄ2<
QNo.15¤2013.10.21§9\f40Éd=yz{Yd·+»5^(a�bm<
QNo.16¤2013.11.20§9»5^+H�(»5^(Y\345$+f©<
QNo.17¤2013.12.25§9B?PL40+KLQL=<p(Ú+DºÆ�<
QNo.18¤2014.01.24§9¸&=yz{Gp��+õ¹+Ý:B<
QNo.19¤2014.02.20§9a�v¨Á+XU+ÈMa�Z[¯840T[$+f©G<
QNo.20¤2014.03.17§9N���Æ�/VÃÄ{�N+oL4M�=>?*<
QNo.21¤2014.04.07§95Z-0á2\5+�+�Â=yz{��+»5^bm<
QNo.22¤2014.05.07§9<Å=Z=yz{OK-Z4QNL-(Ú+bm<
QNo.23¤2014.06.05§9�ñx·�ICsªEQD�+ðu(��+bc=>?*<
QNo.24¤2014.07.07§9æP·Qø��=yz{<pxy+XU+»5^Z[¯840<
QNo.25¤2014.08.07§9<�àsZ[¯840=yz{ÜƺZR?STU+Ü�2D<
QNo.26¤2014.09.05§9(=+XU+îµ:î�²+�ËÂ.\40<
QNo.27¤2014.10.07§9ïXZN�»5^(N�<�·=�UVW{bc<
QNo.28¤2014.11.07§9õ<jk+¡Ï_ë¾$V=ÓZ[¯840N5ÁË+ÃÄ2<
QNo.29¤2014.12.05§9ÉWXD=ü{��+»5^=>?*<
QNo.30¤2015.01.08§9Y=»5^(��=�UVW{bm<
QNo.31¤2015.02.05§9L&ZL»5^(��=�UVW{bc<
QNo.32¤2015.03.05§9[\>L�<�=yz{»5^(bm<
QNo.33¤2015.04.07§9R?S+�ýde(�UVW{�+¨Á<
QNo.34¤2015.05.01§9irD+wxðu¤G±"G�Ù§=>?*<
QNo.35¤2015.06.03§9�]^B+_1»5^(�o·=�UVW{bm<
QNo.36¤2015.07.06§9��8-9-=(À*+»,-,»5^<
QNo.37¤2015.08.18§9\<÷`¾æU��¬¶¾¨Á�){õ<T[<
QNo.38¤2015.09.07§9��+84¼,2,5bm=yz{50/5J°O^+a÷{<
QNo.39¤2015.10.07§9rsfgh+��de(íî+��<
QNo.40¤2015.11.10§9&ÉAbB�HD(��=�UVW{f©<
QNo.41¤2015.12.09§9AõQ²nøD+wxðu(��+bc<
QNo.42¤2016.01.14§9<Å^üD+wx©¨(��+Ü+bc<
!
¥! Á!
!
!
! (
��X( ( ( ��8[aP�£&[PEa¨((
��:�( ( D ÎÏÏÏ¡¢((
�{w»((( {wHIJFn( £¤(¥>((
�F¦§( ( úee¨((
�^�23( ©(?ª{�«^�(
¬(®?ª{�«^�£H¯?ª'F°±F¨(¬(./?ª{�«^�£H¯?ª'F°²F¨(
©(�V³^�((¬(´C�µ1¶^�£·y¸CK¹¸ª¼º$»²¼5½¾´Cª?à¨(
¬(¿À:^�(£ÁzÐ9 ÑY`ÒÓ´Ô>;;Õyÿ:;�;;;Ö3×Øb´ù�b(
¬(�V³)1ÂC@µ1¶^�£àÃûS)1ÂC@µ1¶¨((
�^�9( ( :( ( F(( Ä»ÅƲ²»±( ÁÇȼÉ|SÊË»Ì�ÍÎÅ°Ï((
( ( ( ( ( ( ( ( ( ( ( ( ( ( ÐÑÒ( ²ÍÆÍ°²°Æ°ÄÅÅ( ÓÔÕ( ²ÍÆÍ°²°Æͱֲ(
45:F(( Ų°Æ²²Ö»( 45yz{w|}~�±Ì�×ÎÅÄÏ((
ÐÑÒ( ²±ÆÄ°°ÍÆ°°²±( ÓÔÕ( ²±ÆÄ°°ÍưײÄ(
( ( ( ( ( ( ¨ØÙÚ«Û5y�ÜÝ�vÛÞßÚ«Ûàá�ÜÝ�vÛâãÚ«ÛäåÚ«(
�g�=g(( u}~�Ã�ÿu}~��"gÿ!ÿÙ`Ñ"j�"ÑÚ#)`*ÿuÛÜmÑÚ#)`ÿ9
ÿèÝ*k¿Ðgÿ?ÎÏ�ÿ�Þ߬àÐ)he!¿)*`Ñ"jÿáâvw`Ñ"jXBÿ9
u}~�ºûÃ�`Ñ"jÿ~�`+,-ÿUdã9
ËØ×äåÙ×æÝ9 9 https://www.ginsen-gr.co.jp
(
��X( ( ( >m[aõ�£&[[úa¨((
��:�( ( & ¢(£opæŲ²çè�¨(
�{w»((( {wHIJFn( é?è(êë((
�F¦§( ( Ee¨((
�^�23( (¬(?ªì0*�*£íXܨ�K(¬(xR?ªB0¶îï5LðÚñ(
¬(¶0*/CxR?ªB0¶îï5LðÚñ(
¬(¾2Atu¦§1-C)1ÂC@µ1¶(
�^�9( ( :( ( F(( Ų°Æ²²Ö»( 45yz{w|}~�±Ì�×ÎÅ»Ï((
( ( ( ( ( ( ( ( ( ( ( ( ( ( ÐÑÒ( ²±ÆÄ°°ÍÆ°°Å°( ÓÔÕ( ²±ÆÄ°°ÍưͲ×(
ÁÇ:F(( Ä»ÅƲ²»±( ÁÇȼÉ|SÊË»Ì�ÍÎÅ»Ï((
ÐÑÒ( ²ÍÆÍ°²ÄÆÍ°°Å( ÓÔÕ( ²ÍÆÍ°²ÄÆÍ°±Í(
ËØ×äåÙ×æÝ9 9 http://www.ginsen-risk.com(
op=í'F( ��!
op¾2Aq¾=*@r1s=í'F( ��!
Risk Solutions Report Vol.14 ( ( 2016a1�319òè ( ( op¾2Aq¾=*@r1s=í'F( Risk Solutions Reportóôõ¦' ^Kö
( ( ( TEL<03-5226-2212£{w¨ ( FAX<03-5226-2884
( ( ( £÷�ïøù¨
!
!
!
!
! !
東京 TEL.03-5226-2212 大阪 TEL.06-6205-6221URL: http://www.ginsen-risk.com
東京 TEL.03-5226-2203 大阪 TEL.06-6202-2511URL: https://www.ginsen-gr.co.jp
©2016 Ginsen Risk Solutions Co., Ltd. All rights reserved.
表紙表4
Risk Solutions Report 2016 Winter_A-3
第１章 コーポレートガバナンス強化の背景第２章 日本版スチュワードシップ・コード第３章 コーポレートガバナンス・コード第４章 社外取締役に関する規律第５章 両コード適用以降の動き
2016年 Winter
Vol.14
コーポレートガバナンス強化に向けた近年の展開
![6 7 8 9 · 2016. 5. 5. · $89:;)!)) 4†ƒˆ"łœ†⁄†]f€"—\Sıý‹$†”f#łœ†=€"⁄™xÀ`]˘e #ýÿôS˝£"—†”fLHƒš‰Õƒpq#¸Ì)Ý"Ó‡€LH€4ıe];](https://img.pdfslide.net/doc/110x75/6082693cdcef7b7cc76793e2/6-7-8-9-2016-5-5-89-4aaaafaasaaafaaaaxe.jpg)
![œš5614ž ŁŒ…—–ƒ - ahnykx.com · [2]PINTOAP，SIM?ESI，MOTAAM．Cadmiumimpactonrootexudatesof](https://img.pdfslide.net/doc/110x75/5d2c55c888c99303268d1c8c/oes5614z-loef-2pintoapsimesimotaamcadmiumimpactonrootexudatesof.jpg)
