Rakuten, Inc. (hereinafter the “Company”) announces that the Board of Directors today resolved to propose the following amendments to the Articles of Incorporation at the 23rd Annual General Shareholders’ Meeting to be held on March 27, 2020.
1. Reasons for the proposal
This proposal requests the approval of partial amendments to the current Article 27 (Exemptions from Directors’ Liability) and Article 35 (Exemptions from Liability of Audit & Supervisory Board Members) of the Company’s Articles of Incorporation to allow Directors who are non-executive Directors, etc. and Audit & Supervisory Board Members to conclude a liability limitation agreement based on Paragraph 1 of Article 427 of the Companies Act to adequately fulfill their expected roles.
Each Audit & Supervisory Board Member has given the consent with regard to the amendments to current Article 27 of the Company’s Articles of Incorporation.
2. Details of the proposed amendments
The details of the proposed amendment are as follows: