Sony 2003 Annual Report Download - page 202

Consolidated Financial Information 2003
- 116 -
Subsequently, the Ordinary General Meeting of Shareholders held on June 29, 2000 increased the
maximum number of shares of its common stock up to 90 million shares on and after June 30, 2000 and the
Extraordinary General Meeting of Shareholders held on January 25, 2001 authorized Sony Corporation to
acquire and retire the subsidiary tracking stock as well as its common stock on and after January 26, 2001.
The Ordinary General Meeting of Shareholders held on June 26, 1998 approved that (a) in addition to the
shares discussed in the preceding paragraph, Sony Corporation may, by a resolution of the Board of
Directors, acquire and retire up to a total not exceeding 30 million outstanding shares of its common stock
with its additional paid-in capital at prices in total not exceeding ¥400 billion and (b) Sony Corporation may
grant share subscription rights to directors and/or employees pursuant to the Japanese regulations.
Subsequently, the Extraordinary General Meeting of Shareholders held on January 25, 2001 authorized
Sony Corporation to acquire and retire the subsidiary tracking stock as well as its common stock on and after
January 26, 2001.
Prior to the amendments to the Japanese Commercial Code enacted on April 1, 2002, purchase and
retirement by Sony Corporation of its own shares could be made at any time by resolution of the Board of
Directors up to the number of shares and total purchase price as described above. No common stock and
subsidiary tracking stock had been acquired nor had any share subscription rights been granted under those
approvals during the years ended March 31, 2001 and 2002.
Following such amendments to the Japanese Commercial Code, purchase by Sony Corporation of its
own shares is subject to the prior approval of shareholders at the Ordinary General Meeting of Shareholders,
which includes the maximum number of shares to be purchased and the maximum total purchase amount.
Once such approval of shareholders is obtained, Sony Corporation may purchase its own shares at any time
during the period up to the conclusion of next Ordinary General Meeting of Shareholders.
The Ordinary General Meeting of Shareholders held on June 20, 2002 approved that Sony Corporation
acquire up to a total not exceeding 90 million outstanding shares of its common stock at an amount in a total
not exceeding ¥650 billion ($5,417 million) and a total not exceeding 300 thousand outstanding shares of the
subsidiary tracking stock at an amount in total not exceeding ¥1 billion ($8 million) until the conclusion of the
General Meeting of Shareholders for the year ended March 31, 2003. As a result, no common stock and
subsidiary tracking stock had been acquired under this approval.
The Ordinary General Meeting of Shareholders held on June 20, 2003 approved that Sony Corporation
acquire up to a total not exceeding 90 million outstanding shares of its common stock at an amount in a total
not exceeding ¥400 billion ($3,333 million) and a total not exceeding 300 thousand outstanding shares of the
subsidiary tracking stock at an amount in total not exceeding ¥1 billion ($8 million) until the conclusion of the
General Meeting of Shareholders to be held for the year ending March 31, 2004.