Establishing Solid Management Foundations

What We Aim to Achieve

Reinforcing our GHO/4SBU structure and enhancing our corporate governance framework to encourage ambitious endeavors to boost corporate value over the medium to long term

Individual Issues

  • The Pigeon Group comprises Pigeon Corporation and 26 consolidated subsidiaries. The Global Head Office (GHO) oversees all Group companies and four core business segments: Japan Business, China Business, Singapore Business, and Lansinoh Business. We view strengthening Group governance as a key issue that is essential for enhancing growth and profitability over the medium to long term. Critical challenges include ensuring governance functions effectively on both the “offensive” and “defensive” sides of management, optimizing the business portfolio, and enhancing the overall effectiveness of Group governance.

  • Reinforcing Group governance
  • The Pigeon Group has been implementing compliance-related measures with a focus on the following three pillars: 1) Formulate (revise) and implement compliance-related rules, 2) compliance education, and 3) compliance monitoring. We are examining and implementing these measures to 1) prevent compliance violations and 2) detect and resolve compliance violations as soon as possible.

  • Reinforcing compliance
  • The Pigeon Group has formulated the Rules for Risk Management, which systematically stipulate the Pigeon Group's risk management responses, and are committed to effective risk management. We have established a framework that facilitates the collection of risk-related information across the entire Group, implements necessary controls, and enables swift response to risk issues by each segment.

  • Reinforcing risk management
  • The Pigeon Group considers its customers, suppliers, government and local governments, local communities, employees, and shareholders as stakeholders who are deeply involved in its business activities. Based on the opinions and evaluations obtained through active communication with various stakeholders, we strive to identify issues and reflect them in our business activities in order to promote higher quality activities and enhance corporate value.

  • Dialogue with stakeholders

Targets and Progress

Individual issues 8th Medium-Term Business Plan Targets (2025) 2024 Progress
Action/Review

Reinforcing group governance

・Promoting cash flow management
    Improvement of CCC (Cash Conversion)

・In response to the inappropriate transactions by a former employee of a subsidiary of our group that were confirmed in 2024, we took the investigation results seriously, examined measures to prevent recurrence through root cause analysis, and resolved on measures to prevent recurrence at a board of directors meeting.
・CCC: 116.1 days in FY2024

Reinforcing compliance

・Promotion of improvement measures based on the results of compliance monitoring conducted in 2023
・Implementation of compliance training across the entire group


Reinforcing risk management

・Convene the GHO Risk Management Committee at least once a year
・Implement Group-wide risk assessments annually

・2 GHO Risk Management Committee held

・Risk assessment conducted in FY2024

Dialogue with stakeholders

・Engage in dialogue with the capital markets and focus on the recovery and growth of Pigeon Value Added (PVA) to enhance corporate value

・Participated in events for individual investors and events hosted by analysts, explaining business strategies and new products.
・IR meetings with institutional investors: 310 meetings in FY2024

Reinforcing group governance

8th Medium-Term Business Plan Targets (2025)

Cash Flow Management Promotion

Improve CCC (Cash Conversion)

Evaluation of the effectiveness of the Board of Directors Conducted once a year

2023 Results/Progress

CCC: 122.9 days (actual as of Dec. 2023)


Reinforcing risk management

8th Medium-Term Business Plan Targets (2025)

GHO Risk management committees

Held at least once a year

Conduct company-wide risk assessment (annually)

2023 Results/Progress

2 GHO Risk Management Committee held

Risk assessment conducted


Reinforcing compliance

8th Medium-Term Business Plan Targets (2025)

Promotion of improvement measures based on the results of compliance monitoring to be conducted in 2023

Implementation of compliance training throughout the Group

2023 Results/Progress

Conduct compliance monitoring throughout the Group and consider measures for improvement based on the results of such monitoringConduct compliance training for all Group companies


Dialogue with stakeholders

8th Medium-Term Business Plan Targets (2025)

Dialogue with capital markets to enhance corporate value and PVA recovery and growth

2023 Results/Progress

Implementation of measures to realize management conscious of cost of capital and stock price” External disclosure

Tour of new plant for analysts and institutional investors(Pigeon Home Products Co.)