Morning. As president for Nissan Motor Company, I would like to extend to you a warm welcome and thank you for coming to the Nissan Ordinary Shareholders' Meeting today. In accordance with the articles of incorporation of the company, I will preside over the general meeting today. Allow me to offer our deepest condolences and sympathies to all those affected by the novel coronavirus outbreak. We would also like to express our heartfelt gratitude to healthcare professionals who are putting themselves at risk on a daily basis to take care of people, with many of them on the front lines. In order to prevent shareholders from being infected with the COVID-19, this general meeting will be held on a much smaller scale. Our executives and staff members are wearing a mask as a general rule. Please allow us to take off our mask while speaking so that you can hear us clearly. We will also be maintaining social distance. We would like to ask you for your understanding and cooperation regarding this approach. I hereby declare the opening of this 122nd Ordinary General Meeting of Shareholders of Nissan Motor Co., Ltd. In order to help prevent the spread of the pandemic, seats are arranged as follows. On the observers left on the stage, we have Mr. Yasushi Kimura, Chair of the Board, and Mr. Masakuza Toyoda, Chair of the Nomination Committee and Director in the front row. In the back row, we have Ms. Keiko Ihara, Chair of the Compensation Committee and Director, and Mr. Motoo Nagai, Chair of the Audit Committee and Director. On the observers right, we have Mr. Gupta, Director, in the front row, and Mr. Sakamoto, Director, and Mr. Ma, CFO, in the back row. In the front row of the seats for the audience, we have Mr. Delmas and Ms. Rogers, who are all board members. Directors, Mr. Jean-Dominique Senard and Mr. Pierre Fleuriot are participating from France, and Mr. Andrew House is participating from the United States through a video conferencing system. I hereby submit as matters to be dealt with at this general meeting the proposed items as stated in the notice of convocation. I have a few requests in order to make this general meeting run smoothly. Your cooperation would be highly appreciated. Please understand that this general meeting is wholly broadcasted through the internet in order to give access to people who were not able to join us on-site today. In today's agenda, we will have a questions and answers period after the resolutions are presented. If you wish to make a statement, including questions and motions, please do so in accordance with my instructions during that period. In case foreign directors or officers give an answer or explanation, it will be simultaneously interpreted into Japanese. Vote on proposed items and motions will be based upon your applause and shareholders voting, which occurred prior to this meeting by voting forms and the internet, as well as those who voted by power of attorney. Please be aware that the voting results will be determined by all the votes taken that I mentioned earlier. The combined total of the number of voting rights held by the shareholders who have submitted a notice of exercise of voting rights forms or exercised their voting rights through the internet, I now declare that the quorum necessary to deliberate the agenda of this general meeting has been met. The audit results provided by the independent auditors and the Audit Committee are attached to pages 53 to page 58 in the notice of convocation. The Audit Committee states that the proposed items and documents submitted for this general meeting are in full compliance with all relevant laws and regulations and with the company's articles of incorporation, and has found no specific matters on which to remark. I would like to update you on the progress of Nissan NEXT business transformation plan and report the full year results of the fiscal year 2020, as well as our action for future development. Following this, we will review with you the items to be resolved today. Nissan is making steady progress in implementing Nissan NEXT business transformation plan. Let me share with you the performance based on the three pillars. The first pillar is rationalization. On production capacity, in addition to our decision to close two plants, we made adjustments including changes on the work shift. We are on track to streamline our product portfolio with a focus on the core models to reduce associated costs. We are also successful in improving marketing and sales and general and administrative expenses and generating significant cost savings. As a result, the company delivered over JPY 350 billion in cost reduction over the two years, exceeding the initial expectation. With this fixed cost reduction, we are able to bring down operating profit breakeven sales volume to approximately 4.4 million units. Turning to our efforts to prioritize and focus on the company's strength. Nissan made significant improvements in the quality of sales across the globe during the FY 2020 as a step forward to achieving long-term profitable growth. Nissan enjoys better profitability, thanks to introduction of attractive products and technologies with value pricing. By shifting the sales strategy from push to pull, we are benefiting from optimal inventory management, better quality of sales, and improved operating cash flow. Our enhanced efforts in digital sales experience following the COVID-19 outbreak resulted in 12% of our global sales coming through customer digital journey. In the United States, Nissan improved net revenue per unit while reducing incentives. The customer's response to the All New Rogue has been positive and helped lift our overall market share during the fourth quarter to 5.8%. Similarly, in Japan, while models like Kicks e-POWER and Roox remain strong, the introduction of the All New Note e-POWER drove Nissan's overall market share to 11.4% with an increase in net revenue per unit. There are more than 500,000 customers driving e-POWER equipped vehicles in our home market. About 50% of the All New Note e-POWER users adopt ProPILOT advanced driver assistance features. In China, we kept our discipline on incentives while gaining market share. Despite falling transaction prices in the market, we minimized the impact on net revenue per unit. For the fiscal year 2021, we target an increase in net revenue per unit by leveraging the upcoming new models to meet the customer's aspirations. In Europe, we achieved a significant reduction of fixed costs by rationalizing our production and leveraging the Alliance resources. Nissan Juke saw a big improvement in both sales volume and revenue per unit. Nissan will continue electrifying volume-selling models including Qashqai and X-Trail by widening e-POWER application. We are making investments for future development under Nissan NEXT. Nissan promised to deliver 12 new products in 18 months, out of which 11 models were launched or unveiled to date. These models will bring growth during and beyond Nissan NEXT plan. We will deliver a wide range of innovative technology that only Nissan can offer. Nissan continues carrying out the transformation while striking a balance between short-term performance recovery and building stronger foundation for the future. Let me present the results for the full fiscal year 2020. Our global retail sales volume for the fiscal year 2020 was 4,052,000 units, up 0.9% from the previous guidance. Despite a number of headwinds, including the pandemic and semiconductor supply shortage, we boosted our sales in the fourth quarter against the third quarter. Our growth was fueled by the strong performance of all new models, including Note e-POWER in Japan and Magnite in India, as well as existing models such as Juke in Europe and Sylphy in China. These are the key financial performance indicators for the fiscal year 2020 on an equity basis. Consolidated net revenues stood at JPY 7.9 trillion. Operating loss totaled JPY 150.7 billion and resulted in net loss of JPY 448.7 billion. Net revenues and operating profit decreased year-on-year, primarily due to the decline in unit sales resulting from the COVID-19 pandemic, especially in the first quarter. As we made tremendous improvement in quality of sales and net revenue per unit while controlling incentives and inventories, our profitability improved quarter-by-quarter, resulting in smaller operating loss year-on-year. Given continued uncertainty due to the pandemic, we forecast that JPY 470 billion of operating loss in the beginning of the year. In the end of the year, we were able to reduce the loss to JPY 150.7 billion, less than one-third of the original guidance. Nissan also hit an operating profit margin of 2% in the three-month period of the third quarter based on proportionate consolidation of our joint venture in China, achieving the Nissan NEXT milestone of the fiscal year 2021. The result demonstrates our potential. Please be reassured that we continue to maintain strong levels of liquidity. Given the negative automotive free cash flow for the past year, the current business climate, and the investment needs for the future growth, we decided to suspend dividend payments for the year-end. I would like to express my sincere apology to our shareholders for this conclusion. It is imperative to continue investing for the future, carry out business transformation to ensure steady growth and enhance our corporate value. Your kind understanding and continued support will be highly appreciated. Coming to our full year outlook for the fiscal year 2021. For fiscal year 2021, the global auto market is expected to remain uncertain as the semiconductor supply issue continues to impact the industry, and Nissan is no exception. Though it is difficult to forecast our sales volume for the year at this time, we currently estimate Nissan's unit of sales to increase by 8.6% over the prior year to 4.4 million units. Based on the assumptions, we forecast consolidated net revenues of JPY 9.1 trillion and an operating profit to come out even. Our net loss is expected to be JPY 60 billion. Despite ongoing challenges, Nissan continues investing actively for future growth, including R&D expenses and capital investments. External factors, including foreign exchange fluctuations and increasing regulatory and product enrichment costs, are expected to have a negative impact. Performance improvement in sales and Monozukuri is expected to have a positive net impact of about JPY 550 billion. While costs associated with new product launches will impact operating profit by JPY 150 billion, these are necessary investments towards achieving Nissan NEXT and the growth beyond. The company faces huge business risks, such as the global shortage of semiconductor and surging commodity prices for the year. Excluding these factors, we expect to achieve an operating margin of more than 2%, including the proportionate consolidation results of the joint venture operation in China, which is one of the milestones of Nissan NEXT. When we gave the full-year guidance back in May, given the uncertainties and the business risks, we forecasted an operating profit to come out even. However, we already see signs of recovery. Thanks to the strong results of our ongoing efforts over the past year, Nissan's performance for April and May is better than our plan. The new models that were launched last year continue to gain traction. Customers' appreciation and recognition of our product and technology value are translating into greater profits and brand power. With a rapid vaccine rollout, we see growing demand in the U.S. As we pay close attention to the market trends and adjust production of models, we are minimizing the negative impact of the semiconductor supply issue on the plant utilization rate. At the same time, Nissan is making every effort to make up for the production loss within the fiscal year while taking necessary action to ensure stable parts supply. We are making sure that any impact on the customers who are waiting for our products and our bottom line is minimized. Nissan will keep the momentum and take immediate and timely action on the business risks. The global Nissan team is working together to implement Nissan NEXT and doing everything they can to avoid showing losses for three years in a row. This year, Nissan will be launching a number of models that express who we are, including the All-New Ariya Crossover EV, the All-New Z that represents our DNA, and INFINITI QX60. We are enhancing our corporate value, profitability, and our brand power by introducing electrified vehicles, which no one else but only Nissan can offer. This starts with the All-New Ariya. The All-New Ariya attracted about 200,000 hand raisers as of today. Since we started taking pre-orders for the All-New Ariya Limited Edition in Japan earlier this month, the model is achieving a good headway with an order placement of more than 4,000 units. The All-New kei car EV, which we are jointly developing with Mitsubishi Motors and NMKV, will be introduced in Japan ahead of our competition. We are also widening the application of the e-POWER system across our models and extending it beyond Japan's success to China and Europe. Through these initiatives, Nissan is determined to get closer to the Nissan NEXT milestone for this fiscal year as much as possible and pave the way to reach 5% operating margin, which is the final goal of Nissan NEXT in the fiscal year 2023. Many of you mentioned about the importance of earning back our stakeholders' confidence. We all take this to heart as we keep on holding dialogue with our employees and business partners, including dealers and suppliers. We know that trust is something that cannot be rebuilt overnight. However, we are seeing signs of recovery in the findings of various surveys. Nissan's mission is to continue strengthening the ties with our stakeholders and deliver greater shareholder value while maintaining healthy levels of profitability and cash flow. Nissan strives to resume dividend payment as soon as possible by ensuring profitable business growth. These were the progresses of Nissan NEXT and actual results of the fiscal year 2020 and the fiscal year 2021 outlook. I would like to share with you what Nissan is doing for the future. The auto industry is undergoing once-in-a-century transformation. We see dramatic changes, especially in the recent years. Examples include accelerated action to fight climate change, technological innovations for achieving carbon neutrality, and diversification of social and customer needs triggered by aging society and the COVID-19 pandemic. In the times of unprecedented uncertainty, it is crucial to run a business with a clear long-term vision for sustainable growth. In the past, Nissan was unable to adapt to changes with flexibility as a result of giving priority to short-term profits. Based on lessons learned, we will demonstrate Nissan's long-term vision for the next 10 years and beyond, and a roadmap to make it a reality. The basic premise is corporate purpose, driving innovation to enrich people's lives. Nissan has been providing new values to our customers through innovative products and services under the spirit of dare to do what others don't. This is Nissanness and raison d'être of our company. Though we are not ready to provide the contents of the long-term vision, which is under development at this moment, what we can say is that the pillars include electrification and autonomous driving technologies in which our strength lies. Nissan has been working on electrification and autonomous driving technology for long years in pursuit of zero emission and zero fatality. Our company has acquired rich know-how that others do not have in the process of developing a number of new pieces of technology and products. What we have been building up over the years, even in difficult times, is going to bear fruit. In order to maintain our competitive advantage in the ever-changing industry, Nissan is maximizing the alliance benefits and widening collaborative network with partners who share the same ambition. Nissan is shoring up efforts in electrification. As part of the effort, by the early 2030s, every all-new Nissan vehicle offering in key markets will be electrified. We are also driving technological innovation. Nissan is developing innovative battery technology, including cobalt-less battery and all solid-state battery. In addition to EV, we are updating the e-POWER system, the onboard engine that is a dedicated electricity generator for the next generation systems. STARC achieves a world-leading 50% thermal efficiency. We are also seeking economies of scale and greater competitiveness in technology by aligning specifications and increasing commonization of core components such as battery, motor, and platform to about 70% within the Alliance. These sophisticated electrified vehicles will be produced by Nissan Intelligent Factory. We are introducing the first Nissan Intelligent Factory in the Tochigi Plant, where we will start production of the all-new Ariya. Nissan does not only sell cars but also make various contributions to actual society by leveraging automotive technology that the company has been developing. For example, we have signed over 130 agreements under the Blue Switch program that is designed to address societal issues in Japan by using EVs. In Fukushima Prefecture, we are working together with the local authorities and residents in community planning for the future, including EV mobility service. In the ecosystem centered around the battery, we are using EV as a mobile storage battery. Used EV batteries are given second life through 4R Energy Corporation. We are combining the second life batteries and renewable energy and expect to increase collaboration with energy sector. We are accelerating efforts for new value creation that only Nissan can offer. These are some of the elements of the long-term vision which we are currently working on. First and foremost, we have to achieve Nissan NEXT. We intend to gain visibility of short-term performance recovery based on the results of the month of April and May and the latest situation when we announce the earnings for the first quarter next month. It is also our intention to communicate the long-term vision that is under development around this fall. We already see changes towards the long-term vision inside the organization. People are the drivers of the changes. The entire team of global Nissan is fired up. Every individual is passionately working on transformation. Their hard work is changing people's perception on Nissan. As I have been saying on many occasions, people are Nissan's assets. Nissan surmounted many challenges and adversity thanks to its people's power. The top management is leading together all the forces of our people to bring out amazing power of Nissan. We will definitely make Nissan shine again. Your ongoing support will be greatly appreciated. Now, let me review with you Two items to be resolved today. The first item is the company's proposal: election of 12 directors due to the expiration of terms of all directors. The term of office for all of the current 12 directors will expire at the closing of this meeting. In accordance with the decision of Nomination Committee of the company, it is proposed that the 12 directors be elected to one-year term, whose the term will expire as of the closing of 2022 General Meeting of the Shareholders. The candidates are Mr. Yasushi Kimura, Mr. Jean-Dominique Senard, Mr. Masakazu Toyoda, Ms. Keiko Ihara, Mr. Motoo Nagai, Mr. Bernard Delmas, Mr. Andrew House, Ms. Jenifer Rogers, Mr. Pierre Fleuriot. Mr. Ashwani Gupta, Mr. Hideyuki Sakamoto, and myself, Makoto Uchida. The candidates and a brief record of their careers are provided on page 7-21 of the notice of convocation. Next, I will move on to item two, which is proposed by one shareholder, amendment to the articles of incorporation. Disclosure of the contents of the most important contracts, et cetera, for management purposes. The details of the proposal are shown on pages 22 of the notice of convocation. The opinion of the board of directors of Nissan is against this proposal, and the reasons are as shown on page 23. With regard to the concerns expressed any reasons for the proposal, our reply is as shown in the convocation notice. Please let me make this supplementary explanation. The Alliance is their major strength against the competitors. By playing significant roles in contributing to the growth and development of each of its member companies, this framework has been very unique, not only in the automotive industry, but also in other industries, and is an unparalleled successful example which has continued over the last 20 years. This is because the Alliance has been based on and relying upon win-win principle. Since a long time, the Alliance has been contributing to the improvement of efficiency, reinforcement of competitiveness in various fields, such as common purchasing of parts, as well as common platform and powertrain. The Alliance launched the leader-follower and reference region scheme last May, which aims to sharing the strength among the member companies and reinforcing further their competitiveness. As part of Nissan NEXT, Nissan is moving forward building a solid business foundation which looks ahead to the coming decade, taking full advantage of the Alliance framework and its assets. It is also important to carry out strategic operations under the Alliance in the case fields which Nissan should engage going forward. The Alliance has therefore played a very important role for our sustainable growth. We cannot disclose the terms and conditions due to our confidentiality obligation. Its restatement in 2015 clearly provides that the autonomy and independence of Nissan's management is maintained. Furthermore, when Nissan, Renault, and Mitsubishi established the Alliance Operating Board in March of 2019, it was confirmed to move forward activities for the development and growth of member companies, as well as the value creation for their respective shareholders based on win-win principle and with unanimous consent of member companies. This being said, we would very much appreciate it if you understand that our daily operations have been and are carried out based on the spirit of Alliance, which respects the position of each member company. As the proposing shareholder is not present today, there will be no supporting explanation from the proposing shareholder. In addition, the proposing shareholder will not be able to provide a response regarding the questions on the shareholder's proposal. This is all the items to be resolved today. [Non-English content]. [Non-English content]. Now, it's time for the Q&A session. Before receiving your questions regarding the proposed items, I would like to talk about the matters in which many of you expressed interest in the advance questions we received by emails prior to this meeting. There are three of them. Let me begin by responding to your concern that Nissan's outlook for the fiscal year 2021 is not as strong as other companies. As I presented on May 11th in the earnings announcement, we estimate Nissan's unit of sales to be 4.4 million units, up 8.6% year-over-year for the fiscal year 2021. We are forecasting net revenues of ¥9.1 trillion and operating profit coming out even. Our net loss is expected to be ¥60 billion. Compared with ¥150.7 billion of operating loss in fiscal year 2020, Nissan is on the track to recovery. As I mentioned earlier, the results for the month of April and May show that our performance is improving. We are working very hard to avoid showing net loss for three years in a row. When we announce earnings for the first quarter, we plan to review the guidance as we update the business risks. Let me move on to the subject of dividend for the future. We place the highest priority on continued investments for the future, business transformation, and development of strong financial foundation based on steady growth and delivering greater corporate value. Given continued uncertainty in the business environment fueled by global semiconductor shortage, Nissan is not ready to provide dividend forecast as of now. At the same time, we expect to achieve positive automotive free cash flow for the second half of the fiscal year 2021, which is one of the milestones of Nissan NEXT. We will do everything we can to generate sufficient net cash and resume dividend payment as soon as possible. Your kind understanding and continued support will be highly appreciated. Lastly, I would like to talk about executive compensation. To ensure independence, objectivity, and accountability of decisions on executive compensation, the Compensation Committee, consisting of four outside directors, determines executive compensation at Nissan. I would like to ask Ms. Ihara, who is chairing the Compensation Committee, to provide further details. Ihara-san, please. [Non-English content]. I am in charge of the compensation. My name is Ihara. Thank you for taking your time to join us. Let me provide some explanation of the executive compensation. As Uchida-san presented earlier, despite strong headwinds, including the COVID-19 outbreak and global semiconductor shortage, the drop in the commodity price hike, while the business climate remained tough, Nissan worked together to implement the Nissan NEXT. This was the first year of Nissan NEXT. In order to recover the performance, the top executives and the employees worked together as one single team to recover the company's performance. If you look at the company results, compared with the original guidance of JPY 470 billion of operating loss, we reduced the loss to one-third to JPY 150.7 billion. We appreciate the progress that exceeds the initial expectation. Quantitative milestone, the financial indicator, is achieved one by one. The Compensation Committee appreciates this accomplishment. The Compensation Committee was established in 2019. Since then, we described the policies and systems and the general principles. According to these policies general principles, we confirmed the level. We are not ready to resume the dividend payment. Because we are on the way for a full recovery, and in order to recover the performance, we want executive officers to make contribution. Appreciating those elements, we determined the level of the executive compensation and paid them to the officers. Thank you very much. [Non-English content]. [Non-English content]. Thank you very much, Ihara-san. We are now going to receive your questions, opinions, and remarks, including the motion. In order to smoothly facilitate the questions and answers session, I have a few requests. I will nominate questioner in order of the ticket number. That as many shareholders as possible can ask questions, the number of questions and length of time allocated to each shareholder will be limited to one question to be asked within two minutes each. Questioners are requested to use the microphone in the center of the floor so that everyone can hear. You're kindly requested to keep wearing your mask while you ask your question in order to prevent droplets. As I mentioned at the beginning, this meeting is broadcasted through the internet. Please state your attendance number before asking your questions. Please try to be concise so that we can address as many shareholder questions as possible. When the proposed items have been fully deliberated, the Q&A session may be closed even though not all persons who held tickets have asked questions. We're going to go on to ticket number 1. Please state your attendance number and then ask your question. Attendance ticket number 1, 0201. Before I ask a question, I have one proposal and one request. I would like to explain. When you respond during the Q&A session, please state your conclusion to the question in the beginning. After you state your conclusion, please explain the reasons behind your conclusion. I was at the extraordinary session last year. I asked a question last year in the extraordinary session. My impression of that meeting was that you were like talking in the budget committee in the national parliament. The Q&A is not matching. I would like to ask that please state your conclusion in the beginning and explain the reasons why in that order. This year, Uchida-san and Ihara-san, I look forward to your response. Thank you very much. Let me start with the question. It's about the executive compensation. In the third question, Ihara-san, you explained about the executive compensation. When I heard your explanation, Ihara-san, I was hoping that you would say that you'll be reducing the executive compensation. I was hoping that would be the message, there's no such message. It's so unfortunate. You did not announce that you're going to reduce the executive compensation. With regards to executive compensation, naturally, in the first half, you are not going to pay dividends, which means that for two years in a row, shareholders like ourselves have no dividend. For the past two years, I was surprised by two things about the executive compensation for the past couple of years. Last summer, despite the struggling performance, with regards to Saikawa-san, you paid JPY 401 million severance pay for Saikawa-san, who's responsible for the struggling. JPY 400 million, JPY 410 million retirement severance payment for Saikawa-san. Also for the eight executive officers, you paid out a certain amount. I'm sure that many of you have this document in front of you, but in the convocation notice on page 46 in the Japanese version, you'll find a list of the payment. On the bottom, there's reference to executive officers, the amount received by executive officers. There's number 1502. This relates to eight officers. Naturally, seven persons, because one from Nissan North America resigned. That's like JPY 1.5 billion, right? On average, they're paying JPY 200 million per each. This number, I'm astounded by this number. By the way, with regard to executive officers for the third period, you are going to provide 150,000 shares, which is roughly 120,000 shares per each. Again, quite an astounding number of shares to be provided for these executive officers. I have with me a document for a survey carried out by a company called Nihon Soken. They did a survey about the average executive compensation in Japan. This refers to companies that have three successive committee formats like Nissan. They did a survey of all the executive officers' payment throughout Japan. That's roughly JPY 15 million. That's the average amount. Nissan is paying roughly threefold the nationwide average for executive officers' payment. In the case of outside directors, we have the numbers available here. Outside directors also receive two-fold payment compared to the nationwide average. Let me now turn to my concrete question. Sir, it's been three minutes since. If you could please go on to your question, sir. Thank you very much. With regard to executive compensation, do you have an intention to reduce executive compensation like you did last year? That's my question. I would like to ask Executive Officer Nakamura-san, Kunio Nakaguro-san, Asako Hoshino-san, Mr. Gupta, and Uchida-san, please, these four officers. Do they have any intention to reduce executive compensation even more than they did last year? If not, why not? Ihara-san, earlier, you talked about two-fold, three-fold. Can you explain, Ihara-san, what is that Nissan is paying a two-fold, three-fold executive compensation compared to the nationwide average? Ihara-san, you are responsible for reviewing the executive compensation. You should take leadership in reducing executive compensation further. Again, as I mentioned earlier, the order of response should be Sir, Nakaguro-san, Hoshino-san, Mr. Gupta, and then Uchida-san, Ihara-san, in that order. I would like to invite Nakaguro-san to respond to my question, if I may. Thank you for your question, sir. I would like to respond with regard to the intention of the executive officer on their behalf, and then I would like to ask Ihara-san, the head of the Compensation Committee, to respond. Our immediate challenge is in relation to this. As I mentioned earlier, for fiscal year 2021, we want to avoid a loss for three years in a row. With regard to compensation for fiscal year 2020, we have been able to deliver the targets contained in Nissan NEXT. That being the case, as far as the intention of the executive side is concerned, we do not have any intention of returning the payment like we did last year. Should the company not grow as we are right now going forward, and also if we are not able to provide performance as we indicated in Nissan NEXT, then on that occasion, then we need to consider response at that juncture. That is the intention and the thinking on the part of the execution side of the company. Ihara-san, could you offer some short supplementary remarks, please? Thank you very much for your question. With regard to the compensation for the executive officers are concerned, you're asking a question as to whether or not this is valid or appropriate. As far as the Compensation Committee is concerned, we've been able to ensure the validity of this payment, so we believe it is appropriate. If I may explain it a little bit. First of all, based on the policy for the compensation scheme. We are deliberating on based on various benchmarks. In the initial year, we set a global benchmark. We did a survey of global benchmark around the globe. We did this every year. We did this. We looked at competition in the same industry. This includes automakers who are competition, and also we include companies on a similar scale or companies with similar complexity in terms of business operations and scale, and also global companies like ourselves. We did a survey of all those companies, and we did another survey this year. We reviewed the survey and then made our decision based on such review. At the same time, we have also entrusted a third-party research firm, an expert firm, to review our decision as well. We did a careful review at the Compensation Committee on this matter. As far as the performance is concerned, we took a look at the performance as well as the progress of Nissan NEXT. We confirmed that at the Compensation Committee. At the end of the day, we also took a look at the skills and performance and experience of each of the executive officers. Basic compensation and variable compensation were considered in conjunction. We deliberated on all these aspects. To the question raised by the shareholder, you asked whether or not this was appropriate. We carefully scrutinized whether or not this was appropriate. We did a significant review, and based on which we achieved our result. Yes, we're still midway in the recovery. Executive officers are contributing to the recovery so far. Based on that, going forward, we need to take a look at the further progress of Nissan NEXT. We will confirm the progress of Nissan NEXT. In case there's no progress, let's just meet at your scrutinization session at the time. Also, it's important that the management be motivated to steadily implement Nissan NEXT. That is our expectation. Thank you very much. As I said earlier, the result of the survey, you are paying three times of 58.5 million JPY. You didn't talk about this. Compared with the average of the benchmark. Could you explain, Ihara-san? With regards to that, as I said, we have a benchmarking with other global companies. We have a benchmark survey, and based on the findings of the benchmark, we look at the comparative companies, whether it's the complexity of the business, global coverage, other automakers. After doing this benchmark, we made a decision on executive compensation. That's all. Even if I say more, I don't think I can get more. I didn't get it. Did anyone get it? I didn't get it. In a nutshell, why is it three times of the average of this research done by a third-party institution that I was referring to? You are not answering my question. I will just stop here because it's meaningless to ask more. Regards to executive compensation, if you have any question about it, please go ahead. Thank you. Ticket number 2, please state your attendance number and then ask your question. Thank you. 61. Number 61. Nissan Aura was unveiled and pre-order for a new Ariya started. Nissan is making progress. I see this in the past one year. However, your share price is only at JPY 500 level compared with other companies, if I may. Other companies are being appreciated. Uchida-san, my question is as follows. You need to address the share price issue, which you are doing. If you are not paying dividends, are you taking actions to help this? Last time at the earnings announcement, you said risk management expense was like JPY 550 billion, which was much more expensive than the other companies. Global shortage of semiconductor do affect the rest of the industry, and Nissan is not an exception, I understand. This risk management expenses, why do you provide a higher amount for the risk management related expenses? What are you doing in order to get the share price appreciation? Thank you for the question. Last year, since we announced Nissan NEXT, we have been focused on strengthening our financial foundation and make sure we enhance the brand image thanks to new models and grow the company. These were the areas where we focused our efforts on. In order to bring back the share price to the healthy level, we need to earn back the trust of the market and recover our performance. From these viewpoints, last year, we have been enhancing quality of sales, which we are progressing in. In terms of share price, including us as shareholders, our share price is not at a convincing level. Going forward, our strength will be demonstrated even more. If you give us more time, by achieving Nissan NEXT, we will definitely see the results in our share price. This year, while the COVID-19 pandemic remains, and we are facing business risks such as the commodity price hike and the semiconductor supply shortage. As I said, our company's results are improving. With the new models, we will further enhance our corporate value. We will make sure we explain the progress of Nissan NEXT. When people are convinced about this, we will show our long-term direction. If we have greater corporate value, this will have an impact on our share price. Could you give us more time? I hope you understand. Thank you. Okay, next person. Ticket number 3, please state your attendance number and then ask your question. Sure. Attendance number 0001. 0001 is my number. My question is as follows. Audit Committee's audit report is my question. Audit Committee Chair, Motoo Nagai-san, who is an outside director. Audit Committee, is it working well and fulfilling the duties? I still have a doubt on this. I will give you a specific example why, what makes me doubt about the performance of the duties of Audit Committee. Page 58, on the line 48 of letter of convocation, you said that there were no serious misconduct or serious violation of laws or regulations. On page 58, from line number seven, executive misconduct. Based on the executive misconduct, you are ensuring the recurrence prevention and making sure people are reminded of this risk, and we are ensuring the compliance and the stronger corporate governance. You said you confirmed this. That is indicated in the audit report. This audit report, I can't trust this. I will not trust this. Why? In fiscal year 2018, since Ghosn's arrest, the legal violation is frequently done. In Article 955, within two weeks, you need to make a commercial registration. For example, at this shareholders' meeting, if the 5th item resolution is resolved within two weeks, by the 6th of July, you need to register the names of the directors who are elected. Last year, that wasn't the case. On the 29th of June was the shareholders' meeting. By the 13th of July, you should have made a registration of the names of the directors who were elected. However, you didn't. You did it on the 29th of July, which is overdue. This is a legal violation, even after the executive misconduct that was discovered in 2018. Since the 120th shareholders' meeting, I have been pointing this out, still, you haven't corrected this. Saikawa-san, who used to be a CEO, said it shouldn't have happened and apologized, and he said that he will make sure that this will not happen next time and make sure there's no legal violation. This promise is not met. Motoo Nagai-san, the Chair of the Audit Committee, you said last year at the 121st general meeting of the shareholders, you said that the business operation will take immediate actions to this, and you are supervising. If I may, sir. You spent two minutes, please make your question concise. Thank you. Okay. Still, you are failing to make a commercial registration by the due date. What kind of supervision are you doing from the Audit Committee on the business operation? Are you supervising and monitoring what has been done by business operation at the board of directors meeting? Have you debated on the subject about this failure of the commercial registration and pursued responsibility and asked for rectification to the business? Thank you for your question, sir. Nagai-san, can you answer, please? Thank you for the question. I am the Chair of the Audit Committee. Yes, as you indicated, after we conclude the shareholders' meeting today, the directors, executive officers, if the election is resolved, we will hold a board meeting right after the meeting and draft the minutes and make a commercial registration within two weeks. That's what the law provides. You are right. Last year, I remember what happened last year. Within two weeks, we will make sure we do the commercial registration. That's what I told you. Unfortunately, as you pointed out, last year, it took one month to make a commercial registration. We would like to take your observation seriously. This time, after the shareholders' meeting, there is a board meeting, and we will divide the board meeting into two parts. In the first part, we will take care of all the HR matters and immediately draft and generate the minutes of the board and ask for the hanko or stamp of the 12 elected directors, and within two weeks, we will make a commercial registration, and I will supervise this so that this is done. Last year, I promised that I would do it. Last year, again, it took one month to do the commercial registration, and I would like to express my apology for this. This year, we will ask for further improvement and supervise the business side. Your understanding will be appreciated. Thank you, Nagai-san. Thank you for your answer, Nagai-san. Not going forward. Last year, you failed to make a commercial registration. Did you talk about it at the board of directors meeting? What kind of supervision did you do over the course of time? That's my question. Please answer. Yes. This is part of the compliance effort. After we adopt the three statutory committee format at Nissan, Audit Committee, not only Audit Committee, of course. The majority of the directors are outside directors, as you may be aware. As outside directors are concerned, we are supervising and monitoring the performance of duties by the operation side. That's our obligation. From this viewpoint, not only the chair of the Audit Committee, but other directors are also expressing their opinions and speaking up to the board from this viewpoint. Thank you, Nagai-san. Thank you very much. At the board meeting, you said that directors are expressing themselves. I gained access to half the minutes of the board from the court, so I will look into it by myself. Thank you. Thank you Thank you. Understood. Okay, next person. Please give us a ticket number and state your attendance number. Attendance number 0412. This is the first time that I'm attending this shareholders' meeting, so I'm a bit. I wasn't thinking much before, I would like to ask about page 30 of letter of convocation. The net income belonging to the shareholders and the net loss belonging to the shareholder, JPY 448.7 billion. That's what I want to ask about. That's the question that I came up with. Well, I am a Nissan user, and I still am a Nissan user, and I used to have many Nissan cars in the past, and I'm a Nissan customer even today. This is the first time that I am attending this meeting. Ordinary profit and loss, and net income, could you explain about these two numbers? That's the question that I came up with. Thank you for your question. This is a question about the financial performance of Nissan. With regards to this matter, CFO Stephen Ma will give an explanation. Stephen, can you answer this? Hello. Yes, thank you very much for your question. My name is Stephen Ma. Hold on. Do you have the receiver, please, sir? Here. We have a receiver here. Could you wear it so that you can hear the interpretation service? Thank you, sir. Are you ready? Do you hear me okay? If I understand your question correctly, you're asking about the ordinary income and the net income appropriate to the shareholders. If you remember last year, we had some special losses last year below Operating Profit. As you remember, we had some restructuring losses we had for some operations in Europe that we put in below OP, special restructuring loss. We had in some countries, we also had still, even though globally we are unprofitable, in some countries we're still profitable. We still had to pay income taxes in some of the countries. With those things, as well as some of our different tax assets based on accounting rule, based on our situation, we also had to adjust for the calculation of net income to the shareholders. It's a little technical. I don't know if it's okay and meeting your requirement, but I'll be more than happy to explain in more detail at a separate occasion. Thank you. Did that answer your question? If you need further details, we'll be happy to provide further explanation. Yes, please do so. I will appreciate it. I need an additional explanation. Did that answer your question? Yes. Thank you very much. Next shareholder, please, your question. Could we have your attendance number? Attendance number is 0202. Last year, you talked about restoring confidence. Let me ask a question about your efforts to restore confidence. Now, Uchida-san, in the beginning, you mentioned the need to restore confidence, to regain confidence. You did refer to this question briefly. Thank you for covering this question in your presentation. Also, you talked about corporate purpose as well. That's a new addition, I believe. I feel confidence in you. I feel encouraged by your remarks. Although I think we're still insufficient in terms of regaining confidence. Let me be somewhat harsh in my remarks, if I may. I want to ask a question to Mr. Nagai, who's the head of the Audit Committee. Last year, in response to my question with regard to the dismissal of Mr. Ghosn, it was not because of three-party alliance and collusion between the prosecutors, Nissan, and also the METI. You mentioned that there is no conspiracy. You clearly mentioned that there is no conspiracy. All of us remember in November 14th, in the TV Tokyo program, there was a scoop about how Mr. Ghosn came to be dismissed. Based on that program, Mr. Hari Nada sent a mail to Mr. Saikawa. Prosecutors want to arrest Mr. Ghosn. We need to undermine the trust of Mr. Ghosn. We need to involve the media, and we need to have him arrested based on social equivalent breach of trust. Also, there's another mail to Saikawa-san, who are having discussion with METI, gaining strong support of METI about matter related to Ghosn. This clearly is an illustration of conspiracy between media, METI, prosecutor's office, and Nissan. Isn't that the case? Don't you think so? In response to my question at the last year's meeting, you provided a false report. One other point. With regard to misconduct of Mr. Ghosn, JPY 10 billion civil suit is now being carried out. I think you should confirm the misconduct. I actually went to the court hearing at the Yokohama District Court, and this took place on February 12, 2020. Although a year and a half has passed since then, the concrete proof of such misconduct has not been shown in the court. The results of survey have not been disclosed to the defense. Such survey should be disclosed at the time that the lawsuit was filed. At the hearing that took place on the 11th of this month, Nissan, who is the plaintiff, has refused disclosure of this survey, and the deliberation ended only after two minutes. In the securities report, you talked about improving the corporate governance and also improving the ethics, and also you talked about appropriate disclosure of corporate information, improving compliance, management based on compliance. You've mentioned all of this in your securities report. Now, Nagai-san, let me ask this question. Nagai-san, as responsible for the audit of the company, were you not aware of this situation? I will end very soon. If the TV report is wrong, then Uchida-san and yourself should hold a press conference. Put out a statement. In such cases, file a suit against that program. The results of the survey about misconduct of Mr. Ghosn should be disclosed in the court, and you should discuss this, deliberate it. This is open court. What does gaining trust, restoring trust for Nissan mean to you? Depending on the response, Nissan's governance and corporate governance will come into question. Compliance. What extent are you really serious about compliance? That's what I want to assess as a result of your response. Thank you for your question, sir. With regard to the former chairman, we have caused so much concern on the part of the shareholders. We apologize. Regaining and restoring trust, this has been something that I have most prioritized ever since I assumed the office. I've never forgotten the need for this at any given moment. We want to make Nissan shine again. Based on that thinking, on a day-in, day-out basis, I am carrying out management. All the management team here want to make sure that customers are pleased with Nissan. We're working hard so that we can restore such a trust. Turning to your question, this so-called conspiracy theory. There is no fact to this so-called conspiracy theory. I would like to once again reiterate this. There is no conspiracy. This is a matter that is subject to the litigations. I'm afraid I'm not privy to talk about details at this juncture. On this matter, I would like to make the following comment. If I may. Nagai-san, if you have a supplementary remark to add, I would invite Nagai-san to do so. Thank you for your question. First of all, with regard to the coverage by TV Tokyo television station, as far as the substance of the report is concerned, we have been confirming the contents of the report. Some of you may have saw this coverage by TV Tokyo. The internal mail came out in the program. This was actually falsified. This was a fake mail. It was falsified. It was intentional. I'd imagine it came from Mr. Ghosn's camp. We've confirmed that the press coverage was based on such falsified and fake email. There is no truth to the program. In February of last year, in Yokohama District Court, yes, we filed civil suit. We're seeking JPY 10 billion in damages. I understand that you were at the court hearing, so you're probably aware of the proceedings. Mr. Ghosn has fled outside the country. It's been a time-consuming process compared to ordinary civil suit proceedings. You talked about how internal report has not been disclosed. This is not internal report per se. In conjunction with the civil suit, we have gathered all the documents that are proof, and based on the request from the other party and the court, we have disclosed and provided all the documents that relate to the proof and evidence of our case. It is based on this that we want to go forward with this case. With regard to further details, since this is a pending suit, I'm afraid I'm not at par for you to disclose them. I would appreciate your kind understanding. Thank you. Thank you. Just one more point, if I may. You said it was falsified or fake. You clearly said it was fake and falsified. I suppose during the court, we'll be able to confirm and clarify whether or not this was indeed fake and falsified. If I may. You talked about JPY 10 billion in damages. That's the lawsuit that you have filed. It's been a year and a half since this suit was filed. You mentioned that you thoroughly carried out the internal survey. At the time of the suit, everything should be ready when you actually filed the suit. A year and a half has passed. Still, we're not able to hear your defense. Are you really motivated about these proceedings? If the fault lies with defense, I can understand, but you are the plaintiff. Based on your position, the suit is not going forward. Are you really motivated to carry out the suit? You talked about regaining confidence. Are you really serious about regaining trust with the company? I question that. I appreciate your comment, sir. Thank you for your comment. As we mentioned earlier, we prioritize the regaining of the confidence and trust toward the company. We will do so. Also with regard to the case, this is a pending suit. I am afraid we are not able to share the details, but on this matter as well, we will continue to go forward with this matter. We would appreciate your patience a little while longer. Thank you so much, sir. Moving on to the next question. Please give us your attendance number, please. Yes, attendance number 0414. Thank you. I have been attending this meeting several times, and I came up with a draft or a script. Let me read it out. The first thing that I would like to tell you, this may sound abrupt, but everyone here, I would like to ask you whether you have confidence and pride in Nissan brand. In the first half of 2017, Nissan, Renault, Mitsubishi Motors Alliance became the biggest in the auto industry in terms of sales volume. It was just four years ago. Just four years ago. All the people associated with Nissan used to have confidence and pride in Nissan brand. How about today? Do you have confidence and pride in Nissan brand? That's my question. Recovery is slow. You shouldn't just blame on COVID-19. If I may, Uchida-san, Gupta-san leadership, are you sure you can rely on these two new leaders? That's my question. If I may, incentives. Is the discounts are the evil? Even if you do incentives, it's better to sell more cars. Don't you think so? Under the Ghosn's leadership, there were a lot of good things. There were a lot of beautiful flowers in Nissan. You had an ambition to be the global biggest automaker as an alliance. With dream, people will be motivated. This is my question to all of you. Do you have self-confidence and pride? Do you have dream and ambition? Today, you should change your policy and pursue number one sales in the global auto industry, but this may sound unrealistic. In order to motivate the employees and restore confidence of shareholders, you should do something. Thank you. Okay, going to my question. This is my idea. Uchida-san. First name, Ashwani-san, COO Ashwani-san, and French, Mr. Snar. This Saturday, in which interview, Ihara-san will be appearing in the NHK program. What are the strength and weakness of Nissan? What are the good points and bad points of Nissan? Whether it's a human relationship, culture, or sales strategy, anything will do. All to these four people, I want you to talk about your dream at the same time. Shareholders don't see the real potential of the company. I want to use it as a reference information to make whether investment or not. Thank you for your question, sir. Self-confidence and pride. When I was appointed CEO, I think I sent this message. Nissan's power of individual, power of people, this is one of the strengths. In order to bring forth the power of people, were we ready to do this? If you look at the environment over the past three years, unfortunately, as you indicated, we were pursuing excessive sales volume push in the short term. As a result, this damaged our brand and damaged our business operation. Having said that, Nissan can do more. That's what I have been telling you on many occasions. Based on this assumption, we announced Nissan NEXT, gradually, we are seeing the results of the efforts. Now, going forward, we will increase the earning abilities and enhance the corporate value through new model. Through these efforts, I want to make Nissan shine again. That's the ambition of Nissan NEXT. In that sense, we are very confident. Bringing forth the people's power is the responsibility and obligation of the top management. Nissan NEXT is the means, then we will enhance the corporate value. With this strong determination and commitment, we are running the business of Nissan. This is my first message. Nissan's employees are wonderful. They are our assets. We want to maximize this asset, ochanas. This is the responsibility of the top management. I will remain focused on this point. It's taking time. Compared with other companies, Nissan is not demonstrating its potential. You're totally right on this point. It's true that we are taking time, but we will definitely do what we promised, and we are executing the plan. That's what we want to demonstrate. Please be patient with us. Once again, we will make Nissan shine again. That's my ambition. You are talking about make Nissan shine again, but could you be more concrete and specifically, what makes Nissan shine? In Nissan NEXT, as I said, we are strengthening the financial foundation, minimum 5% operating margin. That's what we want to achieve. We will increase the presence in the market, 6% market share. These are the KPIs set forth. In order to enhance corporate value, electrification strategy. Through these efforts, we want to show the numerical objectives eventually in the outside. First, we will achieve Nissan NEXT. That is the priority now. Gradually, we see changes in customers' perception of Nissan. If we cannot achieve what we promise, it's the responsibility of the top management. With your tough comments, opinions, I want to show that Nissan is improving. Please be patient with us. Thank you. Ashwani-san and Mr. Asahara, I want to hear from these two gentlemen. Okay. Ashwani-san will say a few words. Yes, Ashwani-san. Okay, one more. Thank you for the question. In December in 2019, I was appointed COO, and what is my dream, you ask me. My dream is first Nissan NEXT. Ensure Nissan NEXT of Nissan brand. That's my dream. What is Nissan NEXT? From my viewpoint, Nissan NEXT is love. If you get into Nissan car, I feel love. If you use Nissan technology, you feel love. Shareholders deal with Nissan, you feel love. When our employees work for Nissan, they feel love. We create love to ensure Nissan NEXT. That's my dream. Thank you. Thank you. Thank you. Okay, moving on to the next question. Please give us your attendance number. Attendance number 007. The first item on the resolution matter, election of the directors. In 2018, when you dismissed Mr. Ghosn, there were some directors who were there, and I will oppose to electing these directors who were there when you dismissed Mr. Ghosn. The way you dismissed Mr. Ghosn was the result of taking advantage of media and prosecutors, and as a result, you largely damaged the brand value of Nissan. Even if you want to discharge Mr. Ghosn, you should have done following the Companies Act. Why couldn't you solve the issue within the organization? As a result, you gave an impression that Nissan is too busy on internal conflict. That's the impression that the market has. Net income was at JPY 300 billion in 2018, and you lied to Ghosn and Kelly and brought them to prosecutors. As a result, you produced a loss of JPY 671 billion and JPY 447 billion in the next year. You produced such a tremendous amount of losses after these revelations of the misconduct. These directors at the time are not taking the consequence. It's unbelievable. They didn't even take consequence. They are proposed as a director candidate, this stuns me. Look at Toshiba. You are not even cleansing yourself, unlike Toshiba. I am really disappointed about this. Another reason for opposing this. It's not about the past, but we are talking about today. Since then, there were questions about this subject. JPY 10 billion of damage claims are what you are making in the civil lawsuit against Mr. Ghosn. This litigation is done to add up the numbers. You are not providing evidence. I heard the information that you are trying to delay this litigation. This is the violation of the duty of care, so I want you to rectify this. Let me give you a summary. Mr. Ghosn, in the beginning, was prosecuted for the violation of Financial Instruments and Exchange Act, which was the misrepresentation of financial statements. In order to maintain the argument that the compensation is fixed, you did the accounting of JPY 9 billion on your books. Because you don't want to pay this postponed compensation, you are making a damage claim of JPY 10 billion to Mr. Ghosn. This is how people see it. Please make sure this doesn't continue. The key here, as I said, is Hari Nada's internal investigation. Excuse me, sir. You spent 3 minutes already. Yes, I will be concise. Hari Nada's internal investigation is not produced to the court. You are just abandoning it. Please stop doing this. You should follow what has been requested. That's my question and request. Sir, thank you for your opinion. 9.2 billion booked. Yes. You are saying that we are obliged to pay this. We reckon this as a compensation, but including the deferred compensation, we have reserved the payment. We haven't paid this yet. Between 2017 and 2018, based on the information that was available, we made the best estimate of the amount of compensation. Postponed compensation is not paid in reality. That is why we reckoned it in the book in order to make the correct accounting treatment. You are not producing evidence to the court to delay the litigation. That's my question. With regards to the civil lawsuit, Nagai-san will come up. As we received a similar question earlier, you said that we are not producing evidence, but that is not true. In accordance with what had been requested by the court, Mr. Ghosn spent company's expense unjustly. All this evidence has been produced to the court. You said that we intentionally try to slow down the legal proceeding. That's not what we are doing, or at least we are not aware of this. At least we have three court hearings at the Yokohama District Court, and according to what has been requested by the court, we produce all the evidence necessary. Thank you. We are running out of time, so I got it. Understood. Just one thing. Uchida-san, I have a request. I will be very short. Kelly's trial will have a ruling next month. Professor Tanaka of University of Tokyo said that Mr. Kelly is not a criminal. If he is found innocent, please make sure you don't appeal to the higher court, and express apology to Mr. Kelly so that he can go back to the U.S. immediately. In SDGs, human rights protection, and as a listed company, you need to have integrity. From these viewpoints, this is a great opportunity to restore the image of company. That's my request. If I may. These opinions and questions are related to the ongoing legal proceedings, so I will refrain from making any comment. Thank you very much. Moving on to the next one. Please state your attendance number, please. Thank you. 0066 is my attendance number. The other day at The Nikkei, there was an article that sedan's development will be suspended in the Japanese domestic market. As for sedan is concerned, there's significant delay in the model development. Although you need to narrow down on your models, if you carry product development, I'm sure sedan will be successful in stopping the outflow of your customers. The customer session of the general shareholders' meeting in February, with regard to new Sylphy, I asked that question. Hoshino-san, EVP commented. This is a model which is highly appreciated in Central America and North America. From Bluebird, all the way down to big names which have continued down the years. Those models should be introduced into the Japanese market. Yes, it is true that the sales of sedan is lackluster, but it's a symbolic of your brand. You have ProPILOT, and also you have e-POWER, which will be introduced into the Chinese market. You have product value. As was mentioned by Mr. Gupta, this is instrumental in expanding the fan base for e-POWER. Skyline entry model. If you maintain this in the domestic market, this will help to restore your brand image. What about Sylphy e-POWER? Do you have any intentions of introducing that into the Japanese market? What about Sedan in the Japanese domestic market? Are you going to suspend Sedan sales in the Japanese market? Are you considering that? Those are my questions. Thank you very much for your questions, sir. I'd like to refer to the press coverage. We have made no such decisions. We have no intention of suspending about the development of this model in the Japanese domestic market. I want to clearly state that we have made no such decisions. With regard to individual models, we cannot cover this in detail at this juncture. With regard to Skyline, it's not just one model. Nissan is equivalent to Skyline. For many years, the Skyline was loved by the fans, and this had driven Nissan's brand. It's a very important asset for the company. Likewise, we trailer the C or Z GT-R model. These are all brand drivers for our company. On the other hand, the Japanese domestic market is of course instrumental in your size, and we need to consider the future of sedan as a market segment. That's an important issue. We're prioritizing our focus. We need to do that across the board. We need to introduce resources into major core models. It's important that we create models with high added value. With regard to future product lineup and market trends, as well as customers' values, we need to keep abreast of the changes. We will analyze based on various data and then consider what type of car should be introduced under what model name. That work will continue going forward. I appreciate your kind understanding, and thank you for your question, sir. Sedan, what about suspension of sedan? You're not going to stop the engineering of sedan, right? No such decision has been made. I would appreciate your understanding. No such decision has been made. We need to scrutinize the trends of the marketplace, the customer signals that we can deliver. We'll continue to deliberate and deliver products to our customers. That is our work going forward. Thank you for your understanding. Moving on to the next person. Please give us your question. Please state your attendance number. With regards to my question, in fiscal year 2020 company results. In the consolidated P&L, 20.4% decline year-over-year, JPY 7.86 trillion. COVID-19 outbreak have reduced the sales volume. That's what it says in the business report. Unfortunately, the rest of the companies or car makers affected by COVID-19, look at Toyota and Honda. They are restoring the performance toward the latter half of fiscal year 2020, and they are profitable. For two years, Nissan is producing losses. What's the reason for this poor performance? You talked about this, but it's not very convincing. The share price of Toyota in the beginning of this year, it was JPY 8,000 level. However, today, it's a little less than JPY 10,000. There's an appreciation of JPY 2,000, and Nissan is at JPY 500 level. They are hovering around JPY 500. Last year, it was JPY 300. It was worse. In these circumstances, what kind of actions are you taking? With regards to action to address share price, I'm not asking about what top management is doing, because market is the one who determines the share price. You have a revenue, but not making a profit, and market sees this. That is why the share price is hovering at JPY 500. Revenue and profit should be produced because you are losing both revenue and profit. How are you going to improve these numbers? Could you give us a thorough explanation? Thank you for your question and opinion, sir. In Nissan, we announced Nissan NEXT last May. What did we overstretch in the past years? Rather than quality of sales, we went for volume or number. We pursued excessive sales growth or volume. This resulted in damaging the brand and was detriment to the corporate value. This is what damaged these elements. Including the capacity and the size of the company, what should be the right level to attain in the next three years? That's what we described in Nissan NEXT. Fixed cost reduction is done. Compared with 2018, we aim to reduce by JPY 300 billion. By last year, we reduced JPY 350 billion over the two years, excluding the one-off factors. In new models, while we reduce sales incentives, we are increasing the net revenue per unit. That's what we are seeing. As a result, we are definitely increasing our earning abilities, and this will make our performance better. You talk about the comparison with other car makers. Yes, compared with others, we are lagging behind. We are taking time to recover. Yes, that is true. That is why share price is not appreciating as much as we expected. As I said, this fiscal year, we are faced with commodity price hike and the global shortage of the semiconductors, which are the business risks. Against this backdrop, we would like to avoid making net loss three years in a row. To this end, we are working very hard. By doing so, we are also showing what we are going to do in the future, and this will help increase our share price. I think this will convince the customers and result in greater corporate value. First, we are trying to think how to come back to the 2% operating margin, which is one of the milestones of Nissan NEXT. That's what we want to focus and bring the performance better so that is visible. Beyond that, we will show what kind of corporate value we can deliver. That's why around this autumn, I am going to make an announcement about the direction. Could you give us more time, be patient with us? If we cannot deliver the results, the top management will have to look into many things. Could you give us more time and be patient? Thank you very much. My question, I talked about comparison with other companies. You are not answering this question. Toyota Annually, they are making a profit of ¥1 trillion or so. How about Nissan? For two years, you are making a loss of ¥1 trillion, right? You are being very rude to the shareholders when it comes to this company's results. No dividend, share price is declining. Come on. Share price, I will not blame you about the share price because it's up to the market to determine. I'm talking about the company's results, revenue, and profit. What are you going to do to improve these two? This is the issue. In the latter half of last year, you didn't increase and enhance the number. Uchida-san, last year you said that you're going to introduce 18 new models. No, 11. Out of 18, 11 are unveiled or introduced, I believe. If you look at Japan, you only introduced two new models, which I'm aware of, and there's another model change. That's all you introduced in Japan. Could you elaborate on this point? Sir, as I said, Japan is our core market, and we will deliver our corporate value here in home market. The brand power in Japan should help the operations outside Japan and help grow the operations outside Japan. What we announced in Nissan NEXT will be implemented, will be achieved. Last year, in reality, whenever I announced the earnings, we showed that we are doing what we promised in Nissan NEXT, and we will do the same going forward. Please be patient, and I ask for your kind understanding. In reality, my dealer, I am a Nissan user, by the way. A dealer around February, I was talking to Nissan dealer. February is a selling season for dealer because the revenue of the year is at the peak in February. They are not selling well in February. That's what my dealer told me. If I may, sir, you are exceeding the allotted time. Yes. Let me go on. Yes, if you have a specific question, including the one about dealer, we will address it, respond to it appropriately. You are not answering my question. Please do understand. Thank you. Next shareholder, please. Next question. Could we have your attendance number first, please? Thank you. Hi. Thank you. 437 is my attendance number, 437. Many people have moved on to Nippondenso. In terms of automotive technology, I'm concerned about the outflow of your technology. For Nippondenso, are you going to receive some compensation, if you will, for providing such technology? There is a circulation that Apple Car will be provided by your company. There's a possibility that this could be provided from the Nippondenso platform. Are you going to join the platform? Are you going to cooperate with people who worked on Nippondenso? Do you believe there is such a possibility or such a need to do so? With regards to the so-called Apple car, has the probability evaporated or gone? Can you talk about your response to Nippondenso company, please? Thank you for your question. First, in relation to the management of other companies, I am not in a position to offer comment about the management by other companies. As far as our company is concerned, we have know-how over the past 10 years in relation to EV, and we want to translate that into corporate value. As far as offer from Apple is concerned, there is no such discussion. Going forward, though, with regards to electrification, as we go forward with electrification, various partnerships could be possible. We want to maintain certain possibility with partnership with various companies going forward. We might be involved not just in automotive industry, but partnership with non-automotive industry as well in order to create next stage in terms of value. We're already at that stage. That being the case, we would like to continue to give the matter consideration. Thank you for your question. Moving on to the next question. Your question, please. Attendance number 230. 230. It's a simple question. With the election of directors, there are 12 in total. If you look at other automakers like Toyota, they are reducing the number of directors to nine. Honda has 11 directors. Why do you need 12 directors at Nissan? That's my question? You talk about the directors, right? Yes. After we adopted the three statutory committee format, based on the lessons learned, we are enhancing the corporate governance and restore the company. That is why we would like to ask for the suggestion and advice of the outside directors who have a rich experience and make Nissan better. In order to enhance corporate governance, we believe this number is the appropriate one. Nissan is changing indeed. While I am serving as a CEO, what is needed for the business operation, HR matters, with transparency, we are able to discuss these subjects. This is one big change that we are seeing. What caused your concerns in the past will not happen in the future. That is how I see the current Nissan. Toyoda-san, do you have anything to add? Thank you for your question. I am chairing the Nomination Committee. My name is Toyoda. I agree with Uchida-san. One thing that I would like you to draw your attention to is as follows. Our board of directors meeting, the diversity of directors, and the diverse backgrounds of each director. This is what I would like to point out. As a company adopting three statutory committee format, out of 12 directors, seven are independent outside directors. These directors are from different backgrounds and areas, from diverse countries. We have both females and males, so we have diversity in the board. Nissan is a global company. In order to support this global Nissan, we have gathered diverse talents. In addition to this, we have the directors from the organizations within the organization. As a result, it's very global. As Uchida-san said, make Nissan shine again. In order to make Nissan shine again, all the directors are working and contributing. Thank you. Toyoda-san, thank you very much. Thank you very much for your question. Okay. Now, as this Q&A session has gone on for quite a while, we'd like to limit further comments to just two more people. Ticket number. Please state your attendance number and then ask your question. 29. He's attendance number 29. I would like to ask about Nissan dealers. Why not have housing-related products available in the Nissan dealers? Why not sell housing and also sell cars because you are a Nissan dealer, but wouldn't that help to improve your revenue and sales? That is the basis of my comment. Thank you for your comment, sir. As far as Nissan Motor Company is concerned, what value can we deliver to our customers? We want to enrich people's lives. From that perspective, we need to, of course, consider how we can improve our value as a member of this industry. Of course, over the medium term, maybe that is one possible option. In the case of LEAF, though, we are providing LEAF to Home. Sorry, I have a couple more comments. Please bear with me. I understand. I understand what you're saying, Mr. Uchida-san. Let me start. I have been having discussions with Yokohama City, and we have another round of discussions with Yokohama City Government on the 25th. I want to improve the finances for the City of Yokohama, and how can we provide products in order to improve the financial situation of the City of Yokohama? That is the basis of the discussion that I'm having. I've already had such discussions in the past with the City of Yokohama. We want to make those products available in Nissan dealers. In parallel, cars will be sold, but also other products will be made available to Nissan dealers. If I were to make such a proposal, who should I talk to? Who should I talk to if I want to make this idea possible? I would appreciate a name. Thank you. Thank you for your point. Okay, going forward. With regard to the possibility for the future, the person responsible within the company will respond to the comments submitted by yourself. We'll contact you subsequently. Through what channel are you going to contact me? Through what channel? We know who you are, so probably through phone call, we'll be in contact with you, sir, if there is such a possibility. Thank you. We will get into contact with you. Thank you very much. I would appreciate that. Next person, please. Please give us your question. Please state your attendance number before asking your question. Did we cover all the questions already? Next person. Is there anyone with the next ticket number? As full discussion on the statutory matters for this meeting has been carried out, we'd like to close the Q&A session and proceed to take a vote on the proposed items. From this point onward, we'll only be taking a vote on the proposed items. Please understand that we will not accept any comments, including any motions from this point onwards. I would like to proceed to take a vote on the proposed items. The vote will be based on your applause and shareholders voting, which occurred prior to the meeting by voting forms and the Internet, as well as those who voted by power of attorney. I would like to take a vote on item 1, which is election of 12 directors to the expiration of terms of all directors. I would like you to express your affirmative votes by applause. Thank you. I declare item 1 approved as proposed by a majority of shareholders. Next, I would like to take a vote on the item 2, which is amendment to the articles of incorporation, disclosure of the contents of the most important contracts, and structure for management. As explained earlier, the board of directors of Nissan is against this shareholders' proposal, but I would like you to express your affirmative votes by applause. Thank you. Since we were unable to confirm the approval of two-thirds of the members, this item was rejected. Thank you. We have concluded all of the items set out for today's general meeting. I would like to express my sincere appreciation to all of the shareholders for your serious deliberation and for your valuable time. Before we close the meeting, allow me to say a few words. Nissan is on its way to recovery. We are lagging behind the competitors. My experience in the past one and a half years has been a journey of rediscovery. I discovered the assets and excellence of Nissan, and the beauty of Nissan that sets us apart from others despite challenging times. I witnessed Nissan's power and passion to deliver customer value despite the hardship. I was amazed by the world's expectation and enthusiasm toward all the new Ariya and Z, new symbols of Nissan. I was encouraged and renewed my commitment to make Nissan shine again. We need to keep on working every day to earn trust back. I want all of you to eventually say, "This is what I expect from Nissan." We will continue working as a team to make Nissan shine again.