{"id":54577,"date":"2026-03-17T10:35:18","date_gmt":"2026-03-17T01:35:18","guid":{"rendered":"https:\/\/www.capcom.co.jp\/ir\/?page_id=54577"},"modified":"2026-03-17T17:13:46","modified_gmt":"2026-03-17T08:13:46","slug":"comment","status":"publish","type":"page","link":"https:\/\/www.capcom.co.jp\/ir\/english\/data\/oar\/2025\/comment.html","title":{"rendered":"Key commentary by our external directors 2025"},"content":{"rendered":"\n<div class=\"oarBnWrapper\">\n        <div class=\"oarBnBody oar2023\">\n            <div class=\"fixedHeader\">\r\n\r\n    <section class=\"fixedTop\">\r\n\r\n        <div class=\"container\">\r\n            <h1>\r\n                <a href=\"\/ir\/english\/data\/oar\/2025.html\">\r\n                    <img decoding=\"async\" class=\"title\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2025\/common\/top_ttl2025_en.webp\" alt=\"\u30aa\u30f3\u30e9\u30a4\u30f3\u7d71\u5408\u5831\u544a\u66f8 2025 \u30c8\u30c3\u30d7\u30da\u30fc\u30b8\">\r\n                <\/a>\r\n            <\/h1>\r\n\r\n            <div class=\"ticker\">\r\n                <img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2025\/common\/top_subttl2025.webp\" loading=\"lazy\" alt=\"Sustainable Growth, Captivating Content\">\r\n            <\/div>\r\n            <!--\/\/ticker-->\r\n\r\n        <\/div>\r\n        <!--\/\/container-->\r\n    <\/section>\r\n    <!--\/\/section-->\r\n\r\n\r\n    <section class=\"globalnav globalnav_en_2025\">\r\n\r\n        <ul>\r\n            <li><span class=\"openPopup\">Value Creation Progress and Vision<\/span>\r\n                <div class=\"navPopup\">\r\n                    <div class=\"container\">\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li class=\"txtB txt18 noicon\">Value Creation Progress and Vision\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                        <\/nav>\r\n\r\n\r\n                        <nav>\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_value_01.pdf\" target=\"_blank\">1.Vision<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_value_02.pdf\" target=\"_blank\">2.Table of Contents and Editorial policy\/Value creation results<\/a><\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n                        <\/nav>\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_value_03.pdf\" target=\"_blank\">3.History of Value Creation<\/a><\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_value_04.pdf\" target=\"_blank\">4.Sustainable and consistent growth<\/a><\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n\r\n\r\n                    <\/div>\r\n                    <!--\/\/container-->\r\n                <\/div>\r\n                <!--\/\/navPopup-->\r\n            <\/li>\r\n\r\n            <li><span class=\"openPopup\">Value Creation Strategy<\/span>\r\n                <div class=\"navPopup\">\r\n                    <div class=\"container\">\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li class=\"txtB txt18 noicon\">Value Creation Strategy\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                        <\/nav>\r\n\r\n\r\n                        <nav>\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/oar\/2025\/ceo.html\">1.CEO Commitment<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_vstrategy_02.pdf\" target=\"_blank\">2.Value Creation Model<\/a><\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n                        <\/nav>\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_vstrategy_03.pdf\" target=\"_blank\">3.IP-Driven Business Model<\/a><\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_vstrategy_04.pdf\" target=\"_blank\">4.Features of Our Businesses<\/a><\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n\r\n\r\n                    <\/div>\r\n                    <!--\/\/container-->\r\n                <\/div>\r\n                <!--\/\/navPopup-->\r\n            <\/li>\r\n\r\n\r\n\r\n            <li><span class=\"openPopup\">Medium- to Long-Term<br>Growth Strategy<\/span>\r\n                <div class=\"navPopup\">\r\n                    <div class=\"container\">\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li class=\"txtB txt18 noicon\">Medium- to Long-Term Growth Strategy\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                        <\/nav>\r\n\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/oar\/2025\/coo.html\">1.The COO\u2019s Discussion of Growth Strategies<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_mtol_02.pdf\" target=\"_blank\">2.Market Analysis<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/oar\/2025\/cho-cfo.html\">3.CHO & CFO discussion on Capcom\u2019s HR and financial strategies<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_mtol_04.pdf\" target=\"_blank\">4.Financial Highlights<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n\r\n                    <\/div>\r\n                    <!--\/\/container-->\r\n                <\/div>\r\n                <!--\/\/navPopup-->\r\n            <\/li>\r\n            <li><span class=\"openPopup\">Development Strategy<\/span>\r\n            <div class=\"navPopup\">\r\n                    <div class=\"container\">\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li class=\"txtB txt18 noicon\">Development Strategy\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                        <\/nav>\r\n\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/oar\/2025\/devtop.html\">1.The Head of Development Discusses Strategy<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_dev_02.pdf\" target=\"_blank\">2.Capcom\u2019s world-renowned major IP<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/oar\/2025\/re-requiem.html\">3.Latest title in the Resident Evil series<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/oar\/2025\/re-engine.html\">4.A closer look at RE ENGINE<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n\r\n                    <\/div>\r\n                    <!--\/\/container-->\r\n                <\/div>\r\n                <!--\/\/navPopup-->\r\n            <\/li>\r\n\r\n\r\n            <li><span class=\"openPopup\">Sustainability<\/span>\r\n                <div class=\"navPopup\">\r\n                    <div class=\"container\">\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li class=\"txtB txt18 noicon\">Sustainability<\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                        <\/nav>\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_01.pdf\" target=\"_blank\">1.Basic Sustainability Policy<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_02.pdf\" target=\"_blank\">2.Human Capital<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_03.pdf\" target=\"_blank\">3.Capcom Voices<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_04.pdf\" target=\"_blank\">4.Intellectual Property\/Information Security<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_05.pdf\" target=\"_blank\">5.Relationships with Customers and the Community <\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_06.pdf\" target=\"_blank\">6.Social Initiatives<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_07.pdf\" target=\"_blank\">7.Environment<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n                        <\/nav>\r\n                    <\/div>\r\n                    <!--\/\/container-->\r\n                <\/div>\r\n                <!--\/\/navPopup-->\r\n            <\/li>\r\n\r\n            <li><span class=\"openPopup\">Corporate<br>Governance<\/span>\r\n                <div class=\"navPopup\">\r\n                    <div class=\"container\">\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li class=\"txtB txt18 noicon\">Corporate Governance<\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                        <\/nav>\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_gov01.pdf\" target=\"_blank\">1.Directors<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_gov02.pdf\" target=\"_blank\">2.Corporate Governance Structure and Initiatives<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/oar\/2025\/comment.html\">3.Key commentary by our external directors<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n                    <\/div>\r\n                    <!--\/\/container-->\r\n                <\/div>\r\n                <!--\/\/navPopup-->\r\n            <\/li>\r\n\r\n            <li><span class=\"openPopup\">Financial Analysis<br>and Corporate Data<\/span>\r\n                <div class=\"navPopup\">\r\n                    <div class=\"container\">\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li class=\"txtB txt18 noicon\">Financial Analysis and Corporate Data<\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                        <\/nav>\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_finance_01.pdf\" target=\"_blank\">1.11 Year Summary of Consolidated Financial Indicators<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_finance_02.pdf\" target=\"_blank\">2.Segment Information<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n\r\n                        <nav>\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_finance_03.pdf\" target=\"_blank\">3.Human Capital Information<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n\r\n                            <div class=\"unit\">\r\n                                <ul>\r\n                                    <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_finance_04.pdf\" target=\"_blank\">4.Stock Data\/Corporate Data<\/a>\r\n                                    <\/li>\r\n                                <\/ul>\r\n                            <\/div>\r\n                            <!--\/\/unit-->\r\n\r\n                        <\/nav>\r\n\r\n                    <\/div>\r\n                    <!--\/\/container-->\r\n                <\/div>\r\n                <!--\/\/navPopup-->\r\n            <\/li>\r\n\r\n\r\n\r\n        <\/ul>\r\n\r\n    <\/section>\r\n    <!--\/\/section-->\r\n\r\n<\/div>\r\n<!--\/\/fixedHeader-->\r\n\r\n<div id=\"hideGnav\"><\/div>\n\n            <main id=\"rs_read\" class=\"outside oarMain\">\n                <div class=\"outside_header\">\n                    <div class=\"visual\">\n                        <div class=\"imageBlock\">\n                            <img decoding=\"async\" class=\"hp_pcOnly\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2025\/comment\/comment_mv_en.webp\" alt=\"Key commentary by our external directors Growth strategies to enhance corporate value, utilization of net cash, and strengthening corporate governance\">\n                            <img decoding=\"async\" class=\"hp_spOnly\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2025\/top\/comment_sp_en.webp\" alt=\"Key commentary by our external directors Growth strategies to enhance corporate value, utilization of net cash, and strengthening corporate governance\">\n                        <\/div>\n                        <div class=\"captionBlock\">\n                            <p class=\"mT30 p\">\n                                Capcom is striving to enhance medium- to long-term corporate value by strengthening its corporate governance functions.\n                            <\/p>\n                            <p class=\"p mT15\">\n                                In addition, we promote information sharing and mutual understanding by holding discussions at the Nomination and Remuneration Committee, led primarily by external directors, and organizing round table meetings for opinion exchange. Through active exchanges of views and advice, we are strengthening corporate governance by ensuring transparency and soundness.\n                            <\/p>\n                            <p class=\"p mT15\">\n                                As part of these efforts, this page introduces some of the comments shared by external directors at those meetings during the fiscal year ended March 31, 2025.\n                            <\/p>\n                        <\/div>\n                    <\/div>\n                <\/div>\n                <!---\/\/ceo_header-->\n\n                <div class=\"container mT35 commentOnly\">\n                    <div class=\"exam exam_en\">\n                        <div data-inter=\"External\">External director comments<\/div>\n                        <div data-inter=\"Internal\">Internal director comments<\/div>\n                    <\/div>\n                    <div class=\"h3Group is-comment mT15\">\n                        <div class=\"numBlock\">\n                            <span>1<\/span>\n                        <\/div>\n                        <div class=\"titleBlock\">\n                            <p class=\"title\">\n                                Sales strategy for achieving 100 million units\n                            <\/p>\n                        <\/div>\n                    <\/div>\n                    <ul class=\"mT15 dotsList\">\n                        <li data-inter=\"Internal\">\n                            <p class=\"p\">\n                                Capcom aims to reach 100 million units in annual sales of our titles in the medium-to-long term while we construct an organizational structure that allows us to propose measures that suit each country and region and work on strengthening sales in developing nations for our global sales network that distributes game content.\n                            <\/p>\n                        <\/li>\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                With digital sales now the norm, there may be a way to construct separate sales organizations for each title rather than for each country and region. In addition, we consider that it is vital to have local personnel who can survey sales trends and legal systems when opening up new areas.\n                            <\/p>\n                        <\/li>\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                Is progress being made in identifying the economic conditions, infrastructure status, and effective promotional methods in each region? It is essential to organize the challenges and clarify the sales strategies for formulating and implementing measures that will steadily lead to an increase in unit sales.\n                            <\/p>\n                        <\/li>\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                In expanding sales globally, it is important that an effective promotion system and environment have been established within the company as part of our ongoing surveys and understanding of local culture, rather than just considering the legal systems of each country and region or what languages to support. We believe that going beyond in-name-only responses to take a new look at the effectiveness of this system will lead to an increase in the number of units.\n                            <\/p>\n                        <\/li>\n                        <li data-inter=\"Internal\">\n                            <p class=\"p\">\n                                To further capture potential purchasing power, we will continue to analyze markets and so on, and implement a range of measures that include local surveys of the gaming culture and living standards in each region, as well as move towards establishing a sales organization that starts with the construction of systems for cooperating with local partners.\n                            <\/p>\n                        <\/li>\n                        <li data-inter=\"Internal\">\n                            <p class=\"p\">\n                                To support culturalization, we are strengthening recruitment in regions where we aim to grow unit sales, and we prioritize translation by native speakers who understand the cultural background while reinforcing our Localization Department. We will continue to formulate strategies tailored to regional characteristics.\n                            <\/p>\n                        <\/li>\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                For language support, we should estimate potential user numbers by language based on speaker populations in the future in addition to our actual sales basis.\n                            <\/p>\n                        <\/li>\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                In terms of strengthening our Media Business to increase unit sales, Capcom must work to grow through active market development that includes accurately understanding the media channels in each country and developing them using the most appropriate methods for each.\n                            <\/p>\n                        <\/li>\n                        <li data-inter=\"Internal\">\n                            <p class=\"p\">\n                                We will continue our research and enhance language support tailored to each game&#8217;s unique characteristics, while taking a holistic approach that considers language populations, support costs, and potential market needs in each country.\n                            <\/p>\n                        <\/li>\n                    <\/ul>\n                    <ul class=\"el_inlineLinkSet\">\n                       <li>\n                        <a href=\"\/ir\/english\/data\/oar\/2025\/coo.html\">The COO\u2019s Discussion of Growth Strategies<\/a>\n                       <\/li>\n                    <\/ul>\n                    <div class=\"h3Group is-comment\">\n                        <div class=\"numBlock\">\n                            <span>2<\/span>\n                        <\/div>\n                        <div class=\"titleBlock\">\n                            <p class=\"title\">\n                                Utilization of net cash and investment measures\n                            <\/p>\n                        <\/div>\n                    <\/div>\n                    <ul class=\"mT15 dotsList\">\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                With net cash accumulating, we should take dividend decisions into account. It is vital to clearly communicate to investors our policy on shareholder returns including dividends.\n                            <\/p>\n                        <\/li>\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                Capcom currently maintains a high equity ratio and a strong level of capital efficiency; these figures are important indicators of management&#8217;s stance, and now that we have ample cash, it is crucial to deploy it proactively for future growth and to generate new profits, rather than simply accumulating it. Sustained earnings growth will remain essential to continue appropriate distributions that serve shareholders&#8217; interests.\n                            <\/p>\n                        <\/li>\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                The Board of Directors should continue discussions on how to use net cash, with pillars that include shareholder returns centered on a 30% payout ratio, reinvestment in the business (such as further strengthening development and M&#038;A), and returns to employees. From the standpoint of fulfilling external accountability, it is also crucial to clearly and carefully explain our cash management policy, its uses, and objectives to stakeholders.\n                            <\/p>\n                        <\/li>\n                        <li data-inter=\"Internal\">\n                            <p class=\"p\">\n                                We are deploying cash to invest in new areas of technology, personnel, and to develop and expand our development environment, including the new development building currently under construction. We will continue to invest in the business while closely monitoring cash utilization. In addition, to ensure stable profit distribution in line with our dividend policy, we will work to establish a business model capable of generating cash and consider future uses strategically.\n                            <\/p>\n                        <\/li>\n                    <\/ul>\n                    <ul class=\"el_inlineLinkSet\">\n                       <li>\n                        <a href=\"\/ir\/english\/data\/oar\/2025\/cho-cfo.html#sec02\">\u3010CHO &#038; CFO discussion on Capcom\u2019s HR and financial strategies\u3011Financial Strategy<\/a>\n                       <\/li>\n                    <\/ul>\n                    <div class=\"h3Group is-comment\">\n                        <div class=\"numBlock\">\n                            <span>3<\/span>\n                        <\/div>\n                        <div class=\"titleBlock\">\n                            <p class=\"title\">\n                                Director remuneration system\n                            <\/p>\n                        <\/div>\n                    <\/div>\n                    <ul class=\"mT15 dotsList\">\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                Since the Corporate Governance Code was established, performance-linked executive remuneration has become the social norm, and we introduced a stock-based remuneration system in 2024. Performance-linked remuneration for executive directors should be reviewed annually, and adjustments or revisions should be made as needed to ensure appropriate incentives, with due regard to consistency with the core scheme discussed to date.\n                            <\/p>\n                        <\/li>\n                        <li class=\"nodots\" data-inter=\"External\">\n                            <p class=\"p\">\n                                Revising the executive remuneration system to increase the performance-linked ratio has become a marked trend in recent years. At the same time, discussions tend to focus on executive directors in charge of business execution, with external directors and Audit and Supervisory Committee members at risk of being left behind. From the perspective that they all share the responsibility for the Company&#8217;s growth, we should continue to hold discussions on the shape of the remuneration system.\n                            <\/p>\n                        <\/li>\n                        <li data-inter=\"Internal\">\n                            <p class=\"p\">\n                                In revising the current remuneration system for executive directors, we reflected the views of key institutional investors obtained through SR meetings. On the other hand, recently, ideas regarding performance-linked remuneration or stock compensation have become an issue with respect to remuneration for external directors and members of the Audit and Supervisory Committee.\n                            <\/p>\n                            <p class=\"p\">\n                                We will continue to scrutinize the current remuneration system while holding ongoing dialogues with institutional investors regarding how the remuneration system for directors should work, based sharing a common understanding of interests with shareholders.\n                            <\/p>\n                        <\/li>\n                    <\/ul>\n                    <ul class=\"el_inlineLinkSet\">\n                       <li>\n                        <a href=\"\/ir\/english\/company\/governance\/officer.html#remuneration\" target=\"_blank\" rel=\"noopener\">\u3010Governance\u3011Directors &#8211; Officer Remuneration<\/a>\n                       <\/li>\n                       <li>\n                        <a href=\"\/ir\/english\/data\/oar\/2024\/comment.html#sec02\" target=\"_blank\" rel=\"noopener\">\u3010ONLINE INTEGRATED REPORT2024\u3011<br>Key commentary by our external directors<br>2. Election of Directors and Revision of the Remuneration System at the 2024 Ordinary General Meeting of Shareholders<\/a>\n                       <\/li>\n                    <\/ul>\n                <\/div>\n                <!--\/\/container-->\n            <\/main>\n\n        <div class=\"contList\">\n            <div class=\"contents\">\n                <h3>CAPCOM INTEGRATED REPORT 2025<\/h3>\n                <h4 class=\"mT30 comppdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_01.pdf']);\" rel=\"noopener\">\n                        Full text PDF <span class=\"pdfmt\">\uff08PDF\uff1a22MB\/44 pages\uff09<\/span><\/a><\/h4>\n                <div class=\"sepbox\">\n                    <h4 class=\"mT15 separate\">Split version PDF<\/h4>\n                    <div class=\"contBox mT15\">\n                        <div class=\"col heightLine-1\">\n                            <h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_02.pdf']);\" rel=\"noopener\">Value Creation Progress and Vision<br> <span>(PDF: 5MB\/4 pages)<\/span><\/a><\/h4>\n                            <ul class=\"mT10\">\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_value_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_value_01.pdf']);\" rel=\"noopener\">Vision<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_value_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_value_02.pdf']);\" rel=\"noopener\">Table of Contents and Editorial policy\/Value creation results<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_value_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_value_03.pdf']);\" rel=\"noopener\">History of Value Creation<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_value_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_value_04.pdf']);\" rel=\"noopener\">Sustainable and consistent growth<\/a><\/li>\n                            <\/ul>\n                        <\/div>\n                        <!--\/\/col-->\n\n                        <div class=\"col heightLine-1\">\n                            <h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2023_02.pdf']);\" rel=\"noopener\">Value Creation Strategy<br> <span>(PDF: 3MB\/6 pages)<\/span><\/a><\/h4>\n                            <ul class=\"mT10\">\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_vstrategy_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_vstrategy_01.pdf']);\" rel=\"noopener\">CEO Commitment<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_vstrategy_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_vstrategy_02.pdf']);\" rel=\"noopener\">Value Creation Model<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_vstrategy_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_vstrategy_04.pdf']);\" rel=\"noopener\">IP-Driven Business Model<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_vstrategy_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_vstrategy_05.pdf']);\" rel=\"noopener\">Features of Our Businesses<\/a><\/li>\n                            <\/ul>\n                        <\/div>\n\n                        <div class=\"col heightLine-1\">\n                            <h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_04.pdf']);\" rel=\"noopener\">Medium- to Long-Term Growth Strategy <br> <span>(PDF: 2MB\/10 pages)<\/span><\/a><\/h4>\n                            <ul class=\"mT10\">\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_mtol_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_mtol_01.pdf']);\" rel=\"noopener\">The COO\u2019s Discussion of Growth Strategies<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_mtol_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_mtol_02.pdf']);\" rel=\"noopener\">Market Analysis<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_mtol_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_mtol_03.pdf']);\" rel=\"noopener\">CHO &#038; CFO discussion on Capcom\u2019s HR and financial strategies<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_mtol_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_mtol_04.pdf']);\" rel=\"noopener\">Financial Highlights<\/a><\/li>\n                            <\/ul>\n                        <\/div>\n                        <!--\/\/col-->\n\n                        <div class=\"col heightLine-1\">\n                            <h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_05.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_05.pdf']);\" rel=\"noopener\">Development Strategy <br> <span>(PDF: 9MB\/4 pages)<\/span><\/a><\/h4>\n                            <ul class=\"mT10\">\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_dev_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_dev_01.pdf']);\" rel=\"noopener\">The Head of Development Discusses Strategy<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_dev_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_dev_02.pdf']);\" rel=\"noopener\">Capcom\u2019s world-renowned major IP<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_dev_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025dev_03.pdf']);\" rel=\"noopener\">Latest title in the <span style=\"font-style: italic;\">Resident Evil<\/span> series<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_dev_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025dev_04.pdf']);\" rel=\"noopener\">A closer look at RE ENGINE<\/a><\/li>\n\n                            <\/ul>\n                        <\/div>\n                        <!--\/\/col-->\n\n                        <div class=\"col heightLine-2\">\n                            <h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_06.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_06.pdf']);\" rel=\"noopener\">Sustainability <br> <span>(PDF: 3MB\/7 pages)<\/span><\/a><\/h4>\n                            <ul class=\"mT10\">\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_sustainability_01.pdf']);\" rel=\"noopener\">Basic Sustainability Policy<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_sustainability_02.pdf']);\" rel=\"noopener\">Human Capital<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_sustainability_03.pdf']);\" rel=\"noopener\">Capcom Voices<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_sustainability_04.pdf']);\" rel=\"noopener\">Intellectual Property\/Information Security<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_05.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_sustainability_05.pdf']);\" rel=\"noopener\">Relationships with Customers and the Community<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_06.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_sustainability_06.pdf']);\" rel=\"noopener\">Social Initiatives<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_sustainability_07.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_sustainability_07.pdf']);\" rel=\"noopener\">Environment<\/a><\/li>\n                            <\/ul>\n                        <\/div>\n                        <!--\/\/col-->\n\n                        <div class=\"col heightLine-2\">\n                            <h4 class=\"mpdf\"><a href=\"https:\/\/www.capcom.co.jp\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_07.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_07.pdf']);\" rel=\"noopener\">Corporate Governance <br> <span>(PDF: 2MB\/6 pages)<\/span><\/a><\/h4>\n                            <ul class=\"mT10\">\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_gov01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_gov01.pdf']);\" rel=\"noopener\">Directors<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_gov02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_gov02.pdf']);\" rel=\"noopener\">Corporate Governance Structure and Initiatives<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_gov03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_gov03.pdf']);\" rel=\"noopener\">Key commentary by our external directors<\/a><\/li>\n                            <\/ul>\n                        <\/div>\n                        <!--\/\/col-->\n\n                        <div class=\"col heightLine-2\">\n                            <h4 class=\"mpdf\"><a href=\"https:\/\/www.capcom.co.jp\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_08.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_08.pdf']);\" rel=\"noopener\">Financial Analysis and Corporate Data <br> <span>(PDF: 276KB\/6 pages)<\/span><\/a><\/h4>\n                            <ul class=\"mT10\">\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_finance_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_finance_01.pdf']);\" rel=\"noopener\">11 Year Summary of Consolidated Financial Indicators<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_finance_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_finance_02.pdf']);\" rel=\"noopener\">Segment Information<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_finance_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_finance_03.pdf']);\" rel=\"noopener\">Human Capital Information<\/a><\/li>\n                                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2025\/annual_2025_finance_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2025_finance_04.pdf']);\" rel=\"noopener\">Stock Data\/Corporate Data<\/a><\/li>\n                            <\/ul>\n                        <\/div>\n                        <!--\/\/col-->\n                    <\/div>\n                    <!--\/\/sepbox-->\n\n                <\/div>\n                <!--\/\/contBox-->\n            <\/div>\n            <!--\/\/contents-->\n        <\/div>\n            <!--\/\/contList-->\n\n                <div class=\"f_bknumber\">\r\n        <div class=\"box clearfix\">\r\n            <p>Online Integrated Report Archives<\/p>\r\n            <ul class=\"mT10\">\r\n\t\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2025.html\" target=\"_blank\">2025<\/a><\/li>\r\n\t\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2024.html\" target=\"_blank\">2024<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2023.html\" target=\"_blank\">2023<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2022.html\" target=\"_blank\">2022<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2021.html\" target=\"_blank\">2021<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2020.html\" target=\"_blank\">2020<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2019.html\" target=\"_blank\">2019<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2018.html\" target=\"_blank\">2018<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2017.html\" target=\"_blank\">2017<\/a><\/li>\r\n            <\/ul>\r\n        <\/div>\r\n        <!--\/\/box-->\r\n    <\/div>\n        <\/div>\n    <\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Capcom is striving to enhance medium- to long-term corporate value by strengthening its corporate governance f [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":54564,"parent":54567,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template\/other_onecol.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-54577","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"aioseo_notices":[],"lang":"english","translations":{"english":54577,"ja":52732},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/54577"}],"collection":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/comments?post=54577"}],"version-history":[{"count":1,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/54577\/revisions"}],"predecessor-version":[{"id":54578,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/54577\/revisions\/54578"}],"up":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/54567"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/media\/54564"}],"wp:attachment":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/media?parent=54577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}