Pentax 2005 Annual Report Download - page 9

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Hiroshi Suzuki, President and CEO
organization is so deeply ingrained one could call it a part of
Hoya’s “DNA.”
It is you, the shareholder, who supports the growth of
Hoya as I have described it. Ultimately, the ideal form of
corporate governance would be a council system that
depends on the input of every shareholder, but that would
involve far too much inefficiency. Under the current system,
the Board of Directors undertakes management and the
executive officers operate the businesses of Hoya on your
behalf. I would like to ask you, as a shareholder, to confidently
remember that you are involved in Hoya’s operations. Our
management team would be delighted if you continue to
share your opinions with us on all manner of issues. We are
deeply grateful for your ongoing support.
A Special Message for Our Shareholders
Depending on personal outlook, some might say that Hoya’s
corporate culture is overly cautious. All businesses have a
mission to pursue continued expansion and growth, and to
achieve this, a wide range of investments must be made—
investments in capital, in corporate acquisitions, and in a
growing labor force, for example. However, I have heard
comments to the effect that, despite the good progress of
management reform, we are not aggressive enough about
capital investment and M&A, and that we may be missing
opportunities. There is a thought behind this, that a company
has to use the valuable assets that shareholders entrust to it
in the most effective way possible. At Hoya, when we make
investment decisions, we consider such issues as anticipated
profits, losses from missed opportunities, and the entire
spectrum of corporate risks, and we ask whether the total
return will be sufficient to justify the investment. This strong
attitude of good stewardship is shared not only by top
management, but also by division managers and employees
all the way down the line. This characteristic of our
A MESSAGE TO OUR STAKEHOLDERS