Morinaga Milk Industry Co., Ltd.
2264・Prime Market・Foods
Governance
As a company with a Board of Corporate Auditors, the company has established a dual oversight framework combining supervision by the Board of Directors with checks by corporate auditors. The FY2025 Board of Directors comprises 15 members (5 outside directors and 2 outside corporate auditors), all of whom satisfy the independence criteria. The company has also established a voluntary Personnel and Compensation Committee (5 outside directors among 7 committee members) responsible for nomination and compensation functions, ensuring transparency and objectivity.
Risk Management
The Risk Management Subcommittee under the Internal Control Committee regularly identifies and monitors 14 categories of risk. The company positions dairy and dairy products industry trends, raw material procurement, food safety, climate change, natural disasters, and human rights as key sustainability-related risks, and implements TCFD and TNFD responses as well as human rights due diligence.
Shareholder Returns
Annual dividend for FY2026 (ending March 2026) is ¥100 per share (interim ¥45, year-end ¥55), with a payout ratio of 36.2%. For FY2027 (ending March 2027), taking into account a 4-for-1 stock split effective July 1, 2026, the company plans an annual dividend of ¥25 (equivalent to ¥100 on a pre-split basis), with a payout ratio of 40.3%. The company maintains its target payout ratio of 40% and implemented approximately ¥10.0 billion in share buybacks and cancellations in FY2026 (ending March 2026).
Dividend Policy
The basic policy is to "achieve stable and long-term dividends," targeting a consolidated payout ratio of 40%. Dividends are paid twice a year: an interim dividend (resolved by the Board of Directors) and a year-end dividend (resolved at the General Meeting of Shareholders). Actual results for FY2026 (ending March 2026) were an annual dividend of ¥100 per share (interim ¥45, year-end ¥55), with a payout ratio of 36.2%. For FY2027 (ending March 2027), due to a 4-for-1 stock split effective July 1, 2026, the company forecasts an annual dividend of ¥25 on a post-split basis (equivalent to ¥100 on a pre-split basis), with a payout ratio of 40.3%. Even in a period of forecasted profit decline, the company intends to maintain the same dividend amount (on a pre-split basis) as the current fiscal year, in line with its policy of "achieving stable and long-term dividends."
ESG
Under the "Sustainability Mid- to Long-Term Plan 2030," the company addresses climate change (39.0% reduction in Scope 1+2 CO₂ emissions versus FY2013), human rights due diligence, raising the ratio of female managers (9.0% in FY2025, target of 20% or higher), food safety (continued zero major quality incidents), and other initiatives. External ESG indices from FTSE and MSCI have been incorporated into executive compensation, and TSR will also be introduced starting with FY2026 compensation, strengthening the linkage between management and ESG.
Last updated: June 24, 2026