SoftBank Group (9984) AGM 2024 summary

Opening remarks and agenda

• Chairman and CEO opened the meeting, sharing personal reflections and outlining the agenda, including business strategy, matters for approval, and Q&A procedures for both in-person and online shareholders.

• Voting rights were confirmed to constitute a quorum, and the process for voting and Q&A was explained, emphasizing inclusivity for online participants.

Financial performance review

• Shareholder value (NAV) reached JPY 34 trillion as of June 20, 2024, up from JPY 14 trillion at the end of March 2023, marking a JPY 20 trillion increase in one year.

• Arm now constitutes 55% of the equity value of holdings, reflecting a significant shift in portfolio composition.

• Arm's market capitalization rose from USD 32 billion at acquisition in 2016 to USD 167 billion as of June 20, 2024.

• The investment in Arm yielded a 10x return with an equity IRR of 34% before tax.

• Reported JPY 6 trillion in revenues, a 2%-3% increase, but also noted a JPY 200-500 billion loss in some business areas.

Board and executive committee updates

• Election of nine board directors was held, with all proposals, including board appointments, approved by a majority vote.

• Intention to increase female representation on the board was stated, with ongoing efforts to appoint more female executives.