{"id":9677,"date":"2021-10-13T01:58:53","date_gmt":"2021-10-12T16:58:53","guid":{"rendered":"https:\/\/www.capcom.co.jp\/ir\/?page_id=9677"},"modified":"2021-11-08T16:25:18","modified_gmt":"2021-11-08T07:25:18","slug":"ceo","status":"publish","type":"page","link":"https:\/\/www.capcom.co.jp\/ir\/english\/data\/oar\/2017\/management\/ceo.html","title":{"rendered":"CEO Commitment"},"content":{"rendered":"\n<link rel=\"stylesheet\" href=\"\/ir\/assets\/css\/oar\/2017\/management\/unique.css\">\n<link rel=\"stylesheet\" href=\"\/ir\/english\/assets\/css\/oar\/2017\/management\/unique.css\">\n\n<div class=\"oarBnWrapper\">\n\t<div class=\"oarBnBody\">\n\n<div class=\"fixedHeader\">\n\t<section class=\"fixedTop\">\n\t\t<div class=\"container\">\n\t\t<h1><a href=\"\/ir\/english\/data\/oar\/2017.html\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/img_title01.png\" alt=\"ONLINE INTEGRATED REPORT 2017\"><\/a><\/h1>\n\n\t\t<div class=\"ticker\">\n\t\t<img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/img_title02.png\" alt=\"Leading World Creators\">\n\t\t<\/div><!--\/\/ticker-->\n\n\t\t<\/div><!--\/\/container-->\n\t<\/section>\t<!--\/\/section-->\n\n\t<section class=\"globalnav\">\n\n\t<ul>\n\t<li><span class=\"openPopup\">Get to Know <br>Capcom<\/span>\n\t<div class=\"navPopup\">\n\t<div class=\"container\">\n\t<nav>\n\t\t<div class=\"unit\">\n\t\t\t<h2><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/Menu\/title_know.png\" alt=\"Get to Know Capcom\"><\/h2>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/know\/business.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/know_01.jpg\"><br>Business Model<\/a><\/li>   \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/know\/strength01.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/know_04.jpg\"><br>Capcom Strengths<\/a><\/li>     \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/know\/history.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/know_02.jpg\"><br>Capcom History<\/a><\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\t<\/nav>\n\n\t<nav>\n\t\t<div class=\"unit\">\n\t\t<ul> \n\t\t\t<li>&nbsp;<\/li> \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul> \n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/know\/finance.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/know_05.jpg\"><br>Financial and <br>Non-Financial Highlight<\/a><\/li> \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t <ul> \n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/know\/esg.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/know_03.jpg\"><br>ESG Digest<\/a><\/li> \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t <ul> \n\t\t\t<li>&nbsp;<\/li> \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\t<\/nav>\n\t<!--div class=\"banners\">\n\t<ul>\n\t\t<li><a href=\"#\"><img decoding=\"async\" src=\"images\/banner_02.png\" alt=\"\"><\/a><\/li>\n\t<\/ul>\n\t<\/div--><!--\/\/banners-->\n\n\t<\/div><!--\/\/container-->\n\t<\/div><!--\/\/navPopup-->\n\t<\/li>\n\n\n\n\n\t<li><span class=\"openPopup\">Management <br>Strategy<\/span>\n\t<div class=\"navPopup\">\n\t<div class=\"container\">\n\t<nav>\n\t\t<div class=\"unit\">\n\t\t\t<h2><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/Menu\/title_management.png\" alt=\"Management Strategy\"><\/h2>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/management\/ceo.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/management_01.jpg\"><br>CEO Commitment<\/a><\/li>        \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/management\/coo.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/management_02.jpg\"><br>The COO&#8217;s Discussion of<br>Growth Strategies<\/a><\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/management\/devtop.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/management_03.jpg\"><br>The Head of Development Discusses Development Policies and Foundation Building<\/a><\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\t<\/nav>\n\n\t<nav>\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t<li>&nbsp;<\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/management\/cfo.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/management_04.jpg\"><br>Financial Strategy According to the CFO<\/a><\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t<li>&nbsp;<\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t<li>&nbsp;<\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t<\/nav>\n\n\n\n\t<!--div class=\"banners\">\n\t<ul>\n\t\t<li><a href=\"#\"><img decoding=\"async\" src=\"images\/banner_02.png\" alt=\"\"><\/a><\/li>\n\t<\/ul>\n\t<\/div--><!--\/\/banners-->\n\n\t<\/div><!--\/\/container-->\n\t<\/div><!--\/\/navPopup-->\n\t<\/li>\n\n\n\n\n\t<li><span class=\"openPopup\">Business Activity <br>Achievements<\/span>\n\t<div class=\"navPopup\">\n\t<div class=\"container\">\n\t<nav>\n\t\t<div class=\"unit\">\n\t\t\t<h2><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/Menu\/title_segments.png\" alt=\"Business Activity Achievements\"><\/h2>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/segments.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/segments_01.jpg\"><br>Business Segments Highlights <\/a><\/li>  \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/segments\/digital.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/segments_02.jpg\"><br>Digital Contents<\/a><\/li>  \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/segments\/am.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/segments_03.jpg\"><br>Arcade Operations<\/a><\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t<\/nav>\n\n\t<nav>\n\t\t<div class=\"unit\">\n\t\t <ul>\n\t\t <li><a href=\"\/ir\/english\/data\/oar\/2017\/segments\/eq.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/segments_04.jpg\"><br>Amusement Equipments<\/a><\/li>\n\t\t  <\/ul> \n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/segments\/other.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/segments_05.jpg\"><br>Other Businesses<\/a><\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t&nbsp;\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t&nbsp;\n\t\t<\/div><!--\/\/unit-->\n\t<\/nav>\n\n\n\n\n\t<!--div class=\"banners\">\n\t<ul>\n\t\t<li><a href=\"#\"><img decoding=\"async\" src=\"images\/banner_02.png\" alt=\"\"><\/a><\/li>\n\t<\/ul>\n\t<\/div--><!--\/\/banners-->\n\n\t<\/div><!--\/\/container-->\n\t<\/div><!--\/\/navPopup-->\n\t<\/li>\n\n\n\n\n\t<li><span class=\"openPopup\">ESG-based Value <br>Creation<\/span>\n\t<div class=\"navPopup\">\n\t<div class=\"container\">\n\t<nav>\n\t\t<div class=\"unit\">\n\t\t\t<h2><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/Menu\/title_esg.png\" alt=\"ESG-based Value Creation\"><\/h2>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/esg.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/esg_01.jpg\"><br>\n\t\t\t  ESG-based Value Creation\/ <br>Sustainable Development Goals (SDGs)<\/a><\/li>        \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/environmental.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/esg_02.jpg\"><br>Environmental<\/a><\/li>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/social.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/esg_03.jpg\"><br>Social<\/a><\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/governance.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/esg_04.jpg\"><br>Corporate Governance<\/a>\n\t\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/governance.html\">Directors<\/a><\/li>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/brd_mtg.html\">Principal Discussions at Board of Directors Meetings Held in Fiscal 2016<\/a><\/li>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/features.html\">Features of Capcom Corporate Governance<\/a><\/li>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/system.html\">Corporate Governance Structure and Initiatives<\/a><\/li>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/risk.html\">Risk Management<\/a><\/li>\n\t\t\t<\/ul>\n\t\t<\/li>\n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\t<\/nav>\n\n\t<!--div class=\"banners\">\n\t<ul>\n\t\t<li><a href=\"#\"><img decoding=\"async\" src=\"images\/banner_02.png\" alt=\"\"><\/a><\/li>\n\t<\/ul>\n\t<\/div--><!--\/\/banners-->\n\n\t<\/div><!--\/\/container-->\n\t<\/div><!--\/\/navPopup-->\n\t<\/li>\n\n\n\n\t<li><span class=\"openPopup\">Financial Data<\/span>\n\n\t<div class=\"navPopup\">\n\t<div class=\"container\">\n\t<nav>\n\t\t<div class=\"unit\">\n\t\t\t<h2><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/Menu\/title_finance.png\" alt=\"Financial Data\"><\/h2>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/finance\/market.html\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/Menu\/finance_01.jpg\"><br>An Analysis of the Market and Capcom<\/a><\/li>   \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\n\t\t<div class=\"unit\">\n\t\t<ul>\n\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2017\/finance\/generator.html\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/Menu\/finance_02.jpg\"><br>Chart Generator<\/a><\/li>     \n\t\t<\/ul>\n\t\t<\/div><!--\/\/unit-->\n\t<\/nav>\n\t<\/div><!--\/\/container-->\n\t<\/div><!--\/\/navPopup-->\n\n\n\t<\/li>\n\t<\/ul>\t\n\n\t<\/section>\t<!--\/\/section-->\n<\/div><!--\/\/fixedHeader-->\n<div id=\"hideGnav\"><\/div>\n                    \n<main id=\"rs_read\" class=\"oarMain\">\n<div class=\"message_past\">\r\n\t<p class=\"ms\"><a href=\"\/ir\/english\/data\/oar\/2025.html\">Latest version is available on the \"Online Integrated Report 2025\" top page.<\/a><\/p>\r\n<\/div>\n\n\n<div class=\"fullBox\">\n\n\n<div class=\"container\">\n<section class=\"intr\">\n<h2 class=\"oar_h2Style\">CEO Commitment<\/h2>\n<\/section><!--\/\/intr-->\n<\/div><!--\/\/container-->\n\n\n\n\n\n\n\n\n<section class=\"ceointr\">\n<div class=\"container\">\n<div class=\"inner01\">\n<img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/management\/img_ceo_01.png\" alt=\"Kenzo Tsujimoto, Chairman and Chief Executive Officer (CEO)\n\"> \n<\/div><!--\/\/inner01-->\n\n<div class=\"inner02\">\n<p class=\"title01\">To Create the World&#8217;s Most Entertaining Games<\/p>\n<h3 class=\"mT10 title02\">With a Solid Management Foundation and Capabilities, <br>We Aim to Enhance Corporate Value through Content Branding<\/h3>\n<\/div><!--\/\/inner02-->\n<\/div><!--\/\/container-->\n<\/section><!--\/\/ceointr-->\n\n<section class=\"subcont\">\n<div class=\"container\">\n<p class=\"monster01\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/management\/img_ceo_02.png\"><\/p>\n\n<h4 class=\"bds_title\">Five Elements Required for <br>Sustainable Corporate Value Enhancement<\/h4>\n\n<p class=\"p mT15\">I think a manager&#8217;s corporate social responsibility is exceedingly simple: by setting up a business and employing people, you grow your company, earn profit, pay taxes and then provide dividends; this allows you to build a relationship of co-existence and co-prosperity with stakeholders, and allows the Company to continue on.<\/p>\n\n<p class=\"p\">I believe the perpetuation of this cycle leads to the sustainable enhancement of corporate value. However, this requires the incorporation of five elements: <span class=\"blnmbr\">&#10102;<\/span> a corporate philosophy and culture that fosters the ambitions and values set out at our founding, <span class=\"blnmbr\">&#10103;<\/span> human resources that are passionate about growing the Company, <span class=\"blnmbr\">&#10104;<\/span> business advantages that leverages the Company&#8217;s competitiveness, <span class=\"blnmbr\">&#10105;<\/span> management strategy that quickly responds to market changes and <span class=\"blnmbr\">&#10106;<\/span> governance (ESG) that facilitates risk control.<\/p>\n\n<p class=\"p\">I will explain to our shareholders how we are favorably positioned in each of these five elements that facilitate sustainably enhancing  corporate value.<\/p>\n\n<p class=\"txtC\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/management\/img_ceo_03.png\"><\/p>\n<\/div><!--\/\/conteiner-->\n<\/section><!--\/\/subcont-->\n\n\n\n<section class=\"comit mT30\">\n\n<div class=\"container\">\n\n\n\n<ul class=\"anchor btn_ceo\">\n    <li><a href=\"#s0123\"><span class=\"txt15\">\u2776 Philosophy and culture<br>\u2777 HR capabilities<br>\u2778 Business advantages<\/span><\/a><\/li>\n    <li><a href=\"#s04\">\u2779Management strategy<\/a><\/li>\n    <li><a href=\"#s05\">\u277aGovernance (ESG)<\/a><\/li>\n    <li><a href=\"#skangen\">Enhancing Corporate Value and Shareholder Returns<\/a><\/li>\n<\/ul>\n\n\n\n<a name=\"s0123\" class=\"anchorTarget\"><\/a>\n<h4 class=\"h4Style ceo mT35\">Elements for Enhancing Corporate Value <span class=\"blnmbr mL10\">&#10102;<\/span>Corporate philosophy and culture <span class=\"blnmbr\">&#10103;<\/span>Human resource capabilities <span class=\"blnmbr\">&#10104;<\/span>Business advantages<\/h4>\n\n<p class=\"bds_title\">Our Three-Tier Management Foundation is the Bedrock \nof our Competitive Advantage<\/p>\n\n\n\n<p class=\"mT45 txtC\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/management\/img_ceo_04.png\" alt=\"Three-Tier Management Foundation\"><\/p>\n\n\n\n\n\n<p class=\"sm_title mT45\">Corporate Philosophy and Culture&mdash;<br>\nWe Value the Ambition to be the Best in the World<\/p>\n\n<p class=\"p mT15\">Capcom&#8217;s basic philosophy is to create an entertainment culture though the medium of games by developing highly creative content that excites and stimulates the senses. In other words, we help build an emotionally rich society by creating entertainment culture with the world&#8217;s most entertaining games.<\/p>\n\n<p class=\"p\">In 1983, I founded Capcom under the motto of &quot;originality and ingenuity&quot; with the vision of developing games people would find entertaining; in a word, wanted to create games of world-class quality. Underpinning this was my belief that increasingly sophisticated graphics and more immersive worlds would eventually make games as moving and impressive as a Disney film.<\/p>\n\n<p class=\"p\">34 years later, I have amassed more than 2,800 colleagues who share this vision. These values have become our corporate culture and DNA, with (1) a spirit that is always eager to take on new challenges and (2) a sense of pride to constantly strive to be world-class deeply ingrained in every Capcom employee.<\/p>\n\n<p class=\"p\">Again and again, we have been able to produce unique series, including <em>Street Fighter<\/em>, <em>Resident Evil<\/em> and <em>Monster Hunter<\/em> because of the fertile soil of a corporate culture cultivated over many years.<\/p>\n\n\n\n\n<p class=\"sm_title mT45\">Human Resource Capabilities\u2014<br>A Sincere and Unwavering Spirit<\/p>\n\n<p class=\"p mT15\">Within corporate management, people&#8217;s character and spirit are important management resources that have a substantial impact on corporate value. In last year&#8217;s  integrated report, I discussed my management philosophy and capabilities as founder, demonstrated by: (1) realizing the ambitions I had for Capcom at its founding to create multiple worldwide major hit titles and (2) persevering until we succeed, establishing both earnings growth and earnings volatility control since our founding. <\/p>\n\n\n<p class=\"rlink txtR\">\n<a href=\"\/ir\/english\/data\/oar\/2017\/finance\/market.html#vrio\">[financial Data] An Analysis of the Market and Capcom &#8211; Capcom Management Resource VRIO Analysis and Evaluation\/Measures<\/a>\n<\/p>\n\n<p class=\"p\">At present, one of the concerns among our investors is the thinness of our management team as a founder-run company; in other words, have we prepared a management structure for the next-generation?<\/p>\n\n<p class=\"p\">Key people for the next-generation are President Haruhiro Tsujimoto and Executive Corporate Officer Yoichi Egawa. Both have the qualities necessary for management. For example, even when Capcom was a small business, President Tsujimoto was on hand as a member of the founding family, working with the sense of responsibility and self-awareness inherent in a family-run operation. Even after becoming president, he never rested on his laurels: leveraging his diligence and sincerity, he went on to establish the Arcade Operations business, while also taking pains to utilize our content across multiple mediums. As for Executive Corporate Officer Egawa, who joined Capcom right after its founding, he has a track record of delivering results: from working on the development of CP system boards to establishing the Pachinko &amp; Pachislo and Mobile businesses, he has led R&amp;D with an attitude of never running away, never giving up&mdash;no matter how tough the circumstances.<\/p>\n\n<p class=\"p\">These two distinct individuals were also thoroughly trained by me, and when combined with the corporate culture we have cultivated over many years with the aforementioned approach to visualizing management, I think we have in place a robust team in whose management style long-term investors can place their trust.<\/p>\n\n\n\n\n<p class=\"sm_title mT45\">Business Advantages&mdash;<br>Two Competitive Barriers<\/p>\n\n<p class=\"p mT15\">Capcom&#8217;s strengths are (1) the development and technological capabilities to create world-class, high-quality games and (2) numerous popular branded IP known the world over.<\/p>\n\n\n<p class=\"rlink txtR\">\n<a href=\"\/ir\/english\/data\/oar\/2017\/finance\/market.html#vrio\">[financial Data] An Analysis of the Market and Capcom &#8211; Capcom Management Resource VRIO Analysis and Evaluation\/Measures<\/a>\n<\/p>\n\n\n<p class=\"p\">Combining these strengths with our capital and the relationships of trust we have with hardware manufacturers creates significant competitive advantages (profitability) in the Consumer sub-segment. Against this backdrop, in the consumer market, technological standards and development costs rise with each hardware cycle, while the life of major titles has grown longer and models for capturing user time and spending have come to predominate.\n <\/p>\n\n\n<p class=\"rlink txtR\">\n<a href=\"\/ir\/english\/data\/oar\/2017\/segments\/digital.html\">[Business Activity Achievements] Digital Contents<\/a>\n<\/p>\n\n\n<p class=\"p\">Furthermore, while strictly speaking not a competitive advantage per se, in sub-segments other than Consumer our rollout of popular IP across multiple mediums contributes to stable earnings. Moreover, if we make use of our strengths in the Mobile Contents sub-segment, there is a potential for it to become a core business in the future, thus we will continue to treat it as a management priority issue.<\/p>\n\n<p class=\"rlink txtR\">\n<a href=\"coo.html\">The COO&#8217;s Discussion of Growth Strategies<\/a><\/p>\n\n\n\n<a name=\"s04\" class=\"anchorTarget\"><\/a>\n<h4 class=\"h4Style ceo mT45\">Elements for Enhancing Corporate Value <span class=\"blnmbr mL10\">&#10105; <\/span>Management Strategy<\/h4>\n\n\n<p class=\"bds_title\">Increasing Fans of Capcom IP via Strategic Shift to Recurring Revenue Model<\/p>\n\n\n<p class=\"sm_title mT40\">1. Summary of Former Medium-Term Goals<\/p>\n\n<p class=\"p mT15\">Up to now, we had aimed for operating income of 70.0 billion yen for the cumulative five-year period ending on March 31, 2018, and an operating margin of 20% in the fiscal year ending March 31, 2018 as our medium- term goals.<\/p>\n\n<p class=\"p\">Our current forecast calls for operating income of 61.0 billion yen for the cumulative five-year period and an average operating margin of 14.4%, both of which are solid improvements over the previous two cumulative five-year periods.<\/p>\n\n<p class=\"p\">However, we will fall short of our cumulative operating income target by 9.0 billion yen. <\/p>\n\n\n\n<p class=\"txtC mT45\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/management\/img_ceo_05.png\" alt=\"Cumulative Five-Year Operating Income and Operating Margins (Billions of yen)\"><\/p>\n\n\n\n<p class=\"p mT45\">Breaking down causal factors by business segment, in the Amusement Equipments business, by expanding our pachislo lineup and strengthening our sales structure, we were able to significantly exceed the profit level (1.6 billion yen over the target) of the previous ten years when we focused on the consignment business. The Digital Contents business made contributions through concentrating on in-house development of Consumer games and improving our download ratio. At the same time, although we focused efforts on in-house development to acquire Mobile management know-how, these efforts did not bear fruit. PC Online in-house development and alliances in Asia also failed to meet expectations, resulting in our falling short of the target by 5.4 billion yen. In the Arcade Operations business, we felt the impact of consumption tax hikes beginning in April 2014, resulting in lower earnings per customer and increased costs due to tax increases, causing us to miss targets by 3.8 billion yen.<\/p>\n\n\n\n<div class=\"table_color center w100\">\n<p class=\"caption\">Operating Income by Business Segment (Cumulative Five-Year) <span class=\"txt10\"> (Billions of yen)<\/span><\/p>\n<table cellspacing=\"0\" cellpadding=\"0\">\n<thead>\n<tr>\n<th>&nbsp;<\/th>\n<th>&#8217;03\/&#8217;04 \u2013<br>03\/&#8217;08<\/th>\n<th>&#8217;03\/&#8217;09 \u2013<br>03\/&#8217;13<\/th>\n<th>03\/&#8217;14 &#8211;<br>03\/&#8217;18<\/th>\n<th>Medium <br>term <br>goals<\/th>\n<th class=\"l_white\"><\/th>\n<th>Compared to <br>previous fiscal year<\/th>\n<th>Compared to <br>goal<\/th>\n<\/tr>\n<tr>\n<th><\/th>\n<th><\/th>\n<th><\/th>\n<th><\/th>\n<th><\/th>\n<th><\/th>\n<th><\/th>\n<th><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Digital Contents<\/td>\n<td>28.0<\/td>\n<td>59.5<\/td>\n<td>51.6<\/td>\n<td>57.0<\/td>\n<td><\/td>\n<td class=\"tblue\">-7.9<\/td>\n<td class=\"tblue\">-5.4<\/td>\n<\/tr>\n<tr>\n<td>Arcade Operations<\/td>\n<td>9.8<\/td>\n<td>5.4<\/td>\n<td>4.7<\/td>\n<td>8.5<\/td>\n<td><\/td>\n<td class=\"tblue\">-0.7<\/td>\n<td class=\"tblue\">-3.8<\/td>\n<\/tr>\n<tr>\n<td>Amusement Equipments<\/td>\n<td>13.2<\/td>\n<td>8.9<\/td>\n<td>21.6<\/td>\n<td>20.0<\/td>\n<td><\/td>\n<td>12.7<\/td>\n<td>1.6<\/td>\n<\/tr>\n<tr>\n<td>Other Businesses<\/td>\n<td>1.1<\/td>\n<td>4.8<\/td>\n<td>4.5<\/td>\n<td>5.5<\/td>\n<td><\/td>\n<td class=\"tblue\">-0.3<\/td>\n<td class=\"tblue\">-1.0<\/td>\n<\/tr>\n<tr>\n<td>Adjustment<\/td>\n<td class=\"tblue\">-13.6<\/td>\n<td class=\"tblue\">-21.6<\/td>\n<td class=\"tblue\">-21.4<\/td>\n<td class=\"tblue\">-21.0<\/td>\n<td class=\"tblue\"><\/td>\n<td>-0.2<\/td>\n<td class=\"tblue\">-0.4<\/td>\n<\/tr>\n<tr>\n<td>Total<\/td>\n<td>38.5<\/td>\n<td>57.0<\/td>\n<td>61.0<\/td>\n<td>70.0<\/td>\n<td><\/td>\n<td>4.0<\/td>\n<td class=\"tblue\">-9.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><!--\/\/table_color-->\n\n\n<p class=\"p mT45\">Next, regarding the operating margin in the fiscal year ending March 31, 2018, we have been able to improve margins and maintain them in the mid-15% range, however this will put us 4.3% under the target. <br>\nSimilar to the reasons we failed to achieve operating income targets, the challenging conditions faced by our individual businesses were a factor. On the other hand, we have been flexibly making development and business investments for the future beyond those in our plans in order to achieve sustainable growth. For example, even if the construction of R&amp;D Building #2 (increase in amortization expenses) and the hiring of more than 100 new graduates each year (lower productivity) impacts current margins, these were positioned as upfront investments executed to increase profits stably in the future.<\/p>\n\n<p class=\"p\">In summation, we have made significant strides toward establishing the foundation for our core Consumer business to be a future driver of growth. This leaves us with the issue of the Mobile business, which can become the next pillar of growth.<\/p>\n\n<p class=\"p\">Given the above, we have rescinded our previous medium-term business goals, and will work toward new medium-term business goals going forward.<\/p>\n\n\n\n\n\n<a name=\"midterm\" class=\"anchorTarget\"><\/a>\n<p class=\"sm_title mT45\">2. Establishment of New Medium-Term Goals<\/p>\n\n<p class=\"ss_title mT20\">(1) Management Direction<\/p>\n<p class=\"p mT15\">Capcom management policies are to (1) create exciting, world-class content (IP), (2) maximize earnings by leveraging our rich library of IP across multiple platforms and media and (3) maintain these activities to become a continuous sustainable growth company.<\/p>\n\n\n\n<p class=\"ss_title mT20\">(2) Management Goals<\/p>\n<p class=\"p mT15\">We have established operating income growth each fiscal year as the KPI for achieving the above. Rather than struggling to coordinate major title launch periods for this, we intend to take a natural approach of establishing a build-up model of stable growth. This will enable institutional investors managing pensions and individual investors on fixed incomes to maintain long-term holdings with confidence. As we are emphasizing annual growth, we have not announced a specific rate of increase, but we are considering a profit growth rate between 5%\u201310%. <\/p>\n\n<p class=\"txtC mT45\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/management\/img_ceo_06.png\" alt=\"Medium-to Long-Term Growth Image\"><\/p>\n\n\n\n\n<p class=\"ss_title mT60\">(3) Management Strategy<\/p>\n<p class=\"p mT15\">We are currently in the fourth stage (beginning in fiscal year ended March 31, 2017), which is the culmination of my experience as a manager. The main theme now is controlling risks to further enhance corporate value as a sound growth strategy. <\/p>\n\n<p class=\"txtC mT30\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/management\/img_ceo_07.png\" alt=\"\u904e\u53bb\u3068\u4eca\u5f8c\u306e\u7d4c\u55b6\u30b9\u30c6\u30fc\u30b8\u3068\u55b6\u696d\u5229\u76ca\u306e\u63a8\u79fb\"><\/p>\n\n<p class=\"p mT35\">As a manager, I classify corporate risks into two main categories: earnings volatility risks and management decision risks. First I would like to discuss the control of earnings volatility risks.<\/p>\n\n<p class=\"p\">To mitigate earnings volatility risks over the medium-to long-term, measures enabling sustainable growth must include (1) transforming the foundation of our Consumer business model from a traditional one-time sale &quot;transactional model&quot; to a continuous &quot;recurring revenue model&quot; and (2) creating a business portfolio and diversifying earnings risks by thoroughly leveraging Capcom\u2019s basic strategy, Single Content Multiple Usage. <\/p>\n\n<p class=\"p\">Historically, earnings in Capcom&#8217;s core Consumer business fluctuated depending on whether or not we created hit titles. Although we achieved some success (controlled earnings volatility) through timing the releases of multiple hit titles in the past, it did not meet my objectives for stable growth. However, since 2013,  game consoles have been equipped with robust online functionality, enabling us to develop growth strategies around digital.<\/p>\n\n<p class=\"p\">Specifically, new titles will work as growth drivers as we (1) release approximately three major titles each year, (2) extend the sales life of the full game and additional digital downloads to 3\u20134 years, and (3) strengthen our presence overseas, which  comprises approximately 85% of the market.<\/p>\n\n\n<p class=\"p\"><\/p>\n\n\n<p class=\"p\">Next, in terms of catalog titles, we will generate profits on a recurring revenue basis through (1) download sales of past titles and (2) the launch of past hit titles for current-generation game consoles.<\/p>\n\n\n<p class=\"p\">Furthermore, our Single Content Multiple Usage strategy has not yet been of a scale sufficient to offset volatility in Consumer games. However, in addition to the fact that now Mobile and PC Online account for 75% of the market as game platforms, because both are recurring revenue businesses, we will thoroughly leverage our IP to pursue in-house development, alliances, M&amp;A and a variety of other possibilities, building a business foundation as a further growth option (second pillar). <\/p>\n\n<p class=\"p\">In the game industry, which is often called the hit business, Capcom will establish a management structure and strategy able to achieve sustainable growth other companies have yet to achieve while enhancing corporate value.<\/p>\n\n\n\n\n\n<a name=\"s05\" class=\"anchorTarget\"><\/a>\n<h4 class=\"h4Style ceo mT45\">Elements for Enhancing Corporate Value <span class=\"blnmbr mL10\">&#10106; <\/span>Governance (ESG)<\/h4>\n\n<p class=\"bds_title\">Creating Shared Value Unique to a Game Company <br>while Tackling Social Issues<\/p>\n\n\n\n<p class=\"mT45 txtC\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/management\/img_ceo_08.png\" alt=\"Initiatives for Creating Shared Value (CSV)\"><\/p>\n\n\n<p class=\"p mT35\">I believe that resolving social issues through business activities and building healthy relationships with stakeholders, while at the same time promoting the Creating Shared Value (CSV) concept that generates social and economic benefits, will lead to the enhancement of corporate value. <\/p>\n\n\n<p class=\"sm_title mT45\">1. Building a Healthy Relationship Between Games and Society<\/p>\n\n<p class=\"p mT15\">Traditionally, games have provided joy and stress relief; in recent years however, following an increase in mobile games, new issues such as minors spending large amounts of money on in-game purchases and real money trading (RMT) are beginning to appear. In recognition that this is a substantial problem for the industry overall, companies are working together primarily through industrial organizations to (1) establish guidelines and educate, (2) share information on issues and examples among member companies and (3) regularly exchange information with guardians, educators, consumer organizations and governments. <\/p>\n\n\n\n<p class=\"rlink txtR\">\n<a href=\"\/ir\/english\/data\/oar\/2017\/esg\/social.html#scl01\">[ESG-based Value Creation] Relationship with Customers<\/a>\n<\/p>\n\n\n\n<p class=\"p\">In addition, Capcom conducts literacy and career education to spread awareness of the proper way to interact with games as part of its educational support activities. These efforts are aimed at supporting the healthy development of young people and easing the concerns society has about the influence of video games.<\/p>\n\n\n\n<p class=\"sm_title mT25\">2. Commitment to Regional Communities<\/p>\n\n<p class=\"p mT15\">The promotion of our Single Content Multiple Usage strategy provides society with a wide range of benefits. Specifically, these include the use of popular Capcom IPs in local revitalization activities to support (1) economic development, (2) cultural development, (3) awareness for improved public safety and (4) awareness of elections. We are achieving quantitative social outcomes through solving the common problem of attracting and appealing to the youth demographic. <\/p>\n\n\n\n<p class=\"rlink txtR\">\n<a href=\"\/ir\/english\/data\/oar\/2017\/esg\/social.html#scl02\">[ESG-based Value Creation] Relationship with Regional Communities<\/a>\n<\/p>\n\n\n\n<p class=\"p\">At the same time, these four activities deliver value to Capcom in the form of (1) improving existing user satisfaction through event participation and (2) enhancing the image of games among middle-aged and seniors. With respect to (2) in particular, this segment cannot be considered current users, thus by contributing popular contents to local communities, we are able to \nultivate new game users through their personal \nsmartphones.<\/p>\n\n\n\n\n<p class=\"sm_title mT25\">3. Commitment to Employees<\/p>\n\n<p class=\"p mT15\">As can be seen from the fact that labor costs (base costs) account for approximately 80% of development costs, the game industry is a labor-intensive industry and an extraordinarily knowledge-intensive industry, thus human resources are an especially important management resource.<\/p>\n\n<p class=\"p\">I recognize the importance of diversity for creating content that will resonate globally, thus Capcom promotes the retention and training of talented human resources without regard for gender or race. We also conduct various development programs, because human resource development is directly linked to strengthening our R&amp;D capabilities. In addition, we not only bring together the world\u2019s most advanced development facilities and technologies, but also ensure a robust development environment that includes facilities such as an onsite daycare center, all of which allows developers to concentrate on their work. Regarding remuneration, in addition to regular bonuses, Capcom has introduced a system offering incentives and assignment allowances for each title in an attempt to further increase motivation.<\/p>\n\n\n<p class=\"rlink txtR\">\n<a href=\"\/ir\/english\/data\/oar\/2017\/esg\/social.html#scl03\">[ESG-based Value Creation] Relationship with Employees<\/a>\n<\/p>\n\n<p class=\"p\">In my view, the most critical aspect of human resource development is providing an environment that enables employees to take on new challenges.<br> \nManagers typically tell their employees to do this, but I think that if employees are being urged to, they must be provided with a proper safety net. Without a safety net in place, no one will jump onto the flying trapeze, even if they are pushed. The manager&#8217;s role is to push employees to take on one new challenge after another, identify obstacles and come up with solutions. This enables employees to take on challenges without fear of failure, develop the world&#8217;s most entertaining games and create new businesses leading to a virtuous cycle that creates business opportunities. <\/p>\n\n<p class=\"p\">The management visualization initiatives in which I am engaged  play a role in providing employees with a space in which they are free to grow and be active.<\/p>\n\n\n\n\n<p class=\"bds_title mT65\">Reducing Management Decision Risks through<br>Governance Reforms Spanning 18 Years<\/p>\n\n<p class=\"p mT15\">The more we accelerate the execution of our growth strategies, the higher the risks become. I think governance is useful for avoiding and minimizing these risks. As risks can be broadly categorized into earnings volatility risks and management decision risks, I will now explain how governance can be used to control management decision risks. <\/p>\n\n\n\n<p class=\"mT45 txtC\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/management\/img_ceo_09.png\" alt=\"\u30ac\u30d0\u30ca\u30f3\u30b9\u6d3b\u7528\u306b\u3088\u308b\u7d4c\u55b6\u5224\u65ad\u30ea\u30b9\u30af\u4f4e\u6e1b\u7b56\"><\/p>\n\n<p class=\"sm_title mT40\">Measure 1: Management Visualization Based on Numbers<\/p>\n\n<p class=\"p\">In line with changes in company scale and business characteristics, I think it is important that management also be able to flexibly change its management style.<\/p>\n\n<p class=\"p\">For example, when a company is small, management is like the pilot of a propeller aircraft engaging in visual flight. They are always present and make decisions based on confirming conditions with their own eyes. On the other hand, when a company is large, management is more like the pilot of a jumbo jet. In this case, it is too risky to make decisions based solely on visual flight. <br>\nAccordingly, the pilot switches to instrument flight to control the aircraft. Similarly, corporate managers must rely on numbers to make decisions.<\/p>\n\n<p class=\"p\">For this reason, I require that materials (documents) used for decision-making are, in principle, quantitatively focused. Specifically, these materials compare and contrast net sales, year-on-year performance and earnings forecasts, which make it easier to identify problems by enabling us to confirm complex combinations of data. Furthermore, these materials are used by external directors for supervisory purposes and provided to investors as part of our IR activities. This is part of the mechanism I call &quot;management visualization.&quot; Management decisions based on visualizing operations enable us to evaluate the Company with two sets of eyes using a system attempting to achieve management transparency.<\/p>\n\n<p class=\"p\">Even when I talk with developers, numbers are the common language. Using only qualitative words and sentences leaves significant room for arbitrariness on the part of the person in charge. In comparison, numbers enable comparisons from a variety of angles, facilitating decisions based on real conditions.<\/p>\n\n<p class=\"p\">&quot;Businesses performing well should be left alone. The manager&#8217;s job is to focus initiatives on businesses that are facing problems or not proceeding according to plans, and to make changes enabling them to succeed. <br>\nTop management exists to make decisions, not constantly hang around the workplace.&quot; The risk control efforts I am engaged in at present, involve teaching next-generation members to effectively utilize the management experience I have accumulated as founder of the Company. The systemization of management will enable Capcom to continue functioning steadily into the future.<\/p>\n\n\n\n<p class=\"sm_title mT40\">Measure 2: Organizational Design that Leverages the Supervisory Function of External Directors<\/p>\n\n\n<p class=\"p\">For the past 18 years, Capcom has executed a variety of governance reforms. <\/p>\n\n<p class=\"p\">Since introducing the external director system in the fiscal year ended March 31, 2002, external directors have increased to account for 50% of the Board of Directors as of June 2016. This is based in part on investor concerns that &quot;as a founder-run company, Capcom can quickly make management decisions and respond to changes in the business environment, but isn&#8217;t there a risk of arbitrary decisions and execution?&quot;<\/p>\n\n<p class=\"p\">External director appointment criteria has not changed since the system was introduced, but in short, we appoint directors who are specialists and command the highest level of &#8216;insight&#8217; into their respective areas, and who are able to objectively make decisions regarding Capcom&#8217;s management and business activities. With the avoidance of business investment risk as a priority issue, Capcom appoints individuals from Japan&#8217;s leadership class (in terms of business crisis management, law and government) who are able to provide sound opinions without making allowances for industry conditions, who are not intimidated by the company founder and who are able to determine validity from the general public&#8217;s point of view.<\/p>\n\n<p class=\"p\">Furthermore, in June 2016 Capcom transitioned from a company with a board of corporate auditors to a company with an audit and supervisory committee. <br>\nWe determined that to maintain stable corporate management, we must further strengthen our management base and ability to thoroughly manage risks.<\/p>\n\n\n<p class=\"p\"> For additional details, please refer to the <a href=\"\/ir\/english\/data\/oar\/2017\/esg\/governance.html\">Governance section<\/a>.<\/p>\n\n\n\n\n\n\n\n<a name=\"skangen\" class=\"anchorTarget\"><\/a>\n<h4 class=\"h4Style ceo mT45\">Enhancing Corporate Value and Shareholder Returns<\/h4>\n\n<p class=\"bds_title mT40\">Management Philosophy Balancing 27 Consecutive Years of Dividend Payments and All-Time Highest Dividends*<\/p>\n\n<p class=\"sm_title mT40\">1. Basic Policy Regarding Dividends<\/p>\n\n<p class=\"p\">&quot;Given that we are building a foundation for stable growth and have achieved the fourth consecutive year of operating income growth, how do we approach shareholder returns?&quot;<\/p>\n\n<p class=\"p\">I think shareholder returns are an important management issue, thus dividends are determined with consideration for future business development and changes in the management environment.<\/p>\n\n\n<p class=\"p\">And, the conclusion arrived at through discussions by the Board of Directors was that, to place more emphasis on the return of profits, we will strive to pay stable dividends with a consolidated dividend payout ratio of 30% as our basic policy. This means that we will pay dividends steadily in accordance with profit growth, without making judgments based on performance volatility in a single fiscal year, while also bearing in mind the continuation of stable dividends.<\/p>\n\n\n<p class=\"p\">The reason I think both the payout ratio and stable dividends are important is, for example, because a sudden decrease or cessation of dividends can be the difference between life and death for pensioners who depend on dividends to cover part of their lifestyle expenses. Regular and stable revenue enables the reliable establishment of future lifestyle plans. This belief is based on my background, on having lost my father when I was young; even though I opened a retail business I struggled, however I felt gratitude for the stable revenue I earned each day. We also receive requests for stability from long-term investors who manage pensions.<\/p>\n\n\n<p class=\"p\">Capcom shareholders represent all types of people, and I assume some of them may be facing these kinds of issues, which is why we have never once failed to provide dividends during the 27 years since we went public in 1990, and have steadily increased our dividend amount. \n<\/p>\n\n<p class=\"p txt12\">* Ordinary dividends excluding commemorative or special dividends<\/p>\n\n\n<p class=\"mT45 txtC\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/management\/img_ceo_10.png\" alt=\"Dividends Per Share Since Public Listing (yen)\"><\/p>\n\n\n\n<p class=\"p\">Capcom&#8217;s basic shareholder return policy aims to (1) enhance corporate value through investment in growth, (2) continue paying dividends (30% payout ratio) according to performance levels while striving for stable dividends and (3) acquire treasure stock to increase the value of earnings per share. Over the past ten years, the dividend amount has increased 1.7 times. Furthermore, we believe it is also important to efficiently utilize shareholders&#8217;equity, thus we are improving ROE along with the acquisition of treasury shares.<\/p>\n\n\n\n<p class=\"rlink txtR\">\n<a href=\"cfo.html\">Financial Strategy According to the CFO<\/a>\n<\/p>\n\n\n<p class=\"sm_title mT40\">2. Dividends for This Fiscal Year and the Next<\/p>\n\n<p class=\"p mT15\">In the fiscal year ended March 31, 2017, the ordinary dividend (excluding commemorative or special dividends) for the full fiscal year was an all-time high of 50 yen. Also, we acquired treasure stock in the amount of 1.48 million shares. In the next fiscal year (ending March 31, 2018), we plan on paying a dividend of 50 yen.<\/p>\n\n<p class=\"p\">Going forward, we will continue to strengthen shareholder return by securing investment capital, buying back shares and gradually raising the dividend in line with earnings.<\/p>\n\n<p class=\"p\">As a senior manager with 50 years of experience in this industry, my goal is to increase market capitalization and achieve corporate growth exceeding that of the past 34 years to continue meeting the expectations of all Capcom shareholders.<\/p>\n\n\n\n\n\n\n<div class=\"txtR mT15\">\n<p class=\"txt16\">Kenzo Tsujimoto<\/p>\n<p class=\"p\">Chairman and Chief Executive Officer (CEO)<\/p>\n<p><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/management\/img_ceo_11.png\" alt=\"\u8fbb\u672c \u61b2\u4e09\"><\/p>\n<\/div>\n\n<\/div><!---\/\/container-->\n\n<\/section><!--\/\/comit-->\n\n<\/div><!--\/\/fullBox-->   \n\n\n\n\n\n\n\n<div class=\"container mT25\">\n\n<section>\n<div class=\"pdfDownload\">\n<h3>PDF download<\/h3>\n<ul>\n<li>\n<h4>Management Strategy <span>(PDF: 2.62MB\/22 pages)<\/span><\/h4>\n<p><a href=\"\/ir\/english\/data\/pdf\/annual\/2017\/annual_2017_03.pdf\" target=\"_blank\" rel=\"noopener\">DOWNLOAD<\/a><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/section>\n\n\n\n\n\n<section class=\"related\">\n<h4 class=\"relatedLink mT25\">Related Pages<\/h4>\n\n<div class=\"relatedLink c02 clearfix\">\n<div class=\"cont c01 clearfix\" style=\"height:200px;\">\n<div class=\"pic\"><a href=\"\/ir\/english\/data\/oar\/2017\/finance\/market.html\"><img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2017\/related\/thumb_market.jpg\"><\/a><\/div>\n<div class=\"txt\">\n<p class=\"title\"><a href=\"\/ir\/english\/data\/oar\/2017\/finance\/market.html\">[Financial Data]<br>Capcom Management Resource VRIO Analysis and Evaluation\/Measures<\/a><\/p>\n<\/div><!--\/\/txt-->\n<\/div><!--\/\/cont01-->\n\n\n<div class=\"cont c02 clearfix\" style=\"height:200px;\">\n<div class=\"pic\"><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/social.html#scl02\"><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2017\/related\/thumb_esg_social.jpg\"><\/a><\/div>\n<div class=\"txt\">\n<p class=\"title\">[ESG-based Value] Social: Relationship with Regional Communities<\/p>\n<p class=\"txt mT10\"><a href=\"\/ir\/english\/data\/oar\/2017\/esg\/social.html#scl02\">\nWe introduce our &quot;contribution to regional revitalization&quot; and &quot;educational assistance as a game company&quot;.\n<\/a><\/p>\n<\/div><!--\/\/txt-->\n\n<\/div><!--\/\/cont02-->\n\n<\/div><!--\/\/relatedLink-->\n\n<\/section>\n\n\n<\/div><!--\/\/container-2-->\n\n\n\n\n\n\n\n<\/main>\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\t<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Get to Know Capcom Business Model Capcom Strengths Capcom History &nbsp; Financial and Non-Financial Highlight [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":9675,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template\/other_onecol.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-9677","page","type-page","status-publish","hentry"],"acf":[],"aioseo_notices":[],"lang":"english","translations":{"english":9677,"ja":6562},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/9677"}],"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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/comments?post=9677"}],"version-history":[{"count":5,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/9677\/revisions"}],"predecessor-version":[{"id":11604,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/9677\/revisions\/11604"}],"up":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/9675"}],"wp:attachment":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/media?parent=9677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}