ORIX Corporation (TSE: 8591; NYSE: IX), a diversified financial services group, announced the filing of an extraordinary report following its 61st General Meeting of Shareholders on June 25, 2024. The report, submitted to the Kanto Financial Bureau in Japan, detailed the results of shareholder voting on the election of directors.
At the meeting, shareholders reelected ten directors and elected one new director to the board. The elected members include Makoto Inoue, Satoru Matsuzaki, Stan Koyanagi, Yasuaki Mikami, Michael Cusumano, Hiroshi Watanabe, Chikatomo Hodo, Noriyuki Yanagawa, Sakie Akiyama, and Aiko Sekine. Hidetake Takahashi joined as the newly appointed director.
The voting results showed strong approval rates for all candidates, with percentages ranging from 97.29% to 99.42%. The approval process required a majority of the voting rights held by shareholders present, representing at least one-third of the total eligible voting rights. The report noted that the results were conclusively determined by the votes cast before and at the meeting, and thus only the votes of those present or represented by proxy were counted.
ORIX Corporation, headquartered in Tokyo, Japan, operates globally in sectors including finance, life insurance, banking, asset management, real estate, and energy. As of March 31, 2024, ORIX Group has expanded to operate in approximately 30 countries with a workforce of around 34,000.
The information for this article is based on a press release statement.
In other recent news, ORIX Corporation reported a record net income for the fiscal year ending March 31, 2024, marking a substantial year-on-year increase of 19%. The company's net income rose to ¥346.1 billion. ORIX has also set an ambitious net income target of ¥390 billion for the fiscal year ending March 2025.
The company plans to expand its asset management business and address challenges such as high credit costs and elevated interest rates.
Despite the overall positive performance, some segments like ORIX USA and ORIX Europe reported profit declines. Notably, the company is aiming to increase assets under management (AUM) to ¥100 trillion and achieve a pretax profit of ¥553.7 billion for FY 2025.
These are among the recent developments concerning ORIX Corporation.
InvestingPro Insights
As ORIX Corporation continues to navigate the financial services landscape, recent data from InvestingPro offers insights into the company's performance and market position. With a market capitalization of 24.98 billion USD and a P/E ratio standing at 11.66, ORIX is trading at a low price-to-earnings ratio relative to its near-term earnings growth. This could suggest that the company's stock is potentially undervalued, making it an attractive option for value investors.
InvestingPro Tips highlight ORIX as a prominent player in the Financial Services industry, with a track record of maintaining dividend payments for 33 consecutive years, indicating a strong commitment to returning value to shareholders. Additionally, the company's liquid assets exceed its short-term obligations, which provides financial flexibility and stability.
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