Chubu Electric Power’s Response to Demands for Filing of Action from Shareholders

On June 21, 2023, auditors of Chubu Electric Power Co., Inc. (“Chubu Electric Power”) received a document in which six individual Chubu Electric Power shareholders demanded the filing of an action to hold 20 current and former Chubu Electric Power directors accountable (“demand for filing an action”). (Previously announced on June 21, 2023.)

Chubu Electric Power has subsequently commissioned an investigation into the matter to an outside law firm disinterested in Chubu Electric Power’s directors, and had the results reviewed by the Board of Auditors to consider responses.

As a result, all Chubu Electric Power’s auditors today decided not to file an action to hold 20 current and former directors accountable, given that no failure had been found on the part of the directors in exercising due diligence as to the matters noted in the demand for filing an action.
Full-time senior corporate auditor Kataoka Akinori did not take part in the investigation into the demands for filing of action submitted against him, or in the decision relating to the suit.

A written notice on the non-suit of the matter will be delivered to the proxy of the shareholders based on Article 847 (4) of the Companies Act.