Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

The Only Way to Know if a Company Are Improving in Real Terms Is if It Is Creating Value

Shareholder Benefits to Return Amid Rise in Foreign Ownership and Dissolution of Cross-Shareholdings

Significant Share Buybacks Are Key to Improving Profitability of Capital

Transition to Regional Stock Exchange Means Continued Unhappy History for Shareholders

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>An increasing number of companies had eliminated shareholder benefit plans, but reducing cross-shareholdings and caution toward activist investors may have been the motivating factors in the reversal of this trend.</li>
<li>If managers distract from management reform by gaining the support of individual investors through shareholder benefits, the stock benefit program will become a pseudo cross-shareholding.</li>
<li>Shareholder benefit programs and shareholder returns cannot be compared in the same manner. Companies shouldn't underestimate the fact that the problem with this lies in “principle of equality of shareholders."</li>
</ul>


An increasing number of companies had eliminated shareholder benefit plans, but reducing cross-shareholdings and caution toward activist investors may have been the motivating factors in the reversal of this trend.
If managers distract from management reform by gaining the support of individual investors through shareholder benefits, the stock benefit program will become a pseudo cross-shareholding.
Shareholder benefit programs and shareholder returns cannot be compared in the same manner. Companies shouldn't underestimate the fact that the problem with this lies in “principle of equality of shareholders."


Attention Should Be Paid to Whether the Pseudo Cross-Shareholdings Will Hinder Management Reform

TSE Tokyo Price Index TOPIX

Attention Should Be Paid to Whether the Pseudo Cross-Shareholdings Will Hinder Management Reform