The Financial Services Agency and the Tokyo Stock Exchange revised the Corporate Governance Code, which serves as a code of conduct for listed companies, on the 21st for the first time in five years. The revision calls on boards of directors to continuously verify whether management resources such as cash and deposits are being effectively utilized for growth investments, and encourages allocation toward research and development and mergers and acquisitions rather than share buybacks. It also requests that risk management frameworks consider responses to supply chain disruptions and technology information leaks, in addition to cybersecurity. The revision newly includes the disclosure of annual securities reports prior to shareholder meetings.