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.

Different Criteria for Exercising Voting Rights for Overseas and Domestic Institutional Investors

Companies with High ROA Have High Potential for Corporate Governance and Further ROA Improvement

Concrete Measures to Raise ROA Are Needed to Achieve Medium-Term Stock Price Outperformance

Japan's Governance: TSE Survey "Information Disclosure in English”

Should the 2022 Annual Meeting of Shareholders Be Regarded as Constant Progress?

Mismatch Between Documents Needed by Foreign Investors and Those Translated in English by Companies

Changes in Voting Practices of Japan's Major Investment Managements Will Take Time to Take Hold

Do Not Miss the Movement of Deemed Cross-Held Shares, Which Are the Last Resort of Cross-Held Shares

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Regarding the three most in-demand documents, only 30-50% of companies with over 30% foreign ownership disclose them in English. The mismatch between overseas investors' demand and companies' disclosure continues.</li>
<li>If TSE requires faster timing of disclosure in English, companies may limit the materials they disclose in English due to increased burden. Disclosing necessary materials is more important than timing.</li>
<li>In order to encourage companies to disclose in English in their annual securities reports, the Corporate Governance Code should clearly state the disclosure in English in the annual securities report.</li>
</ul>


Regarding the three most in-demand documents, only 30-50% of companies with over 30% foreign ownership disclose them in English. The mismatch between overseas investors' demand and companies' disclosure continues.
If TSE requires faster timing of disclosure in English, companies may limit the materials they disclose in English due to increased burden. Disclosing necessary materials is more important than timing.
In order to encourage companies to disclose in English in their annual securities reports, the Corporate Governance Code should clearly state the disclosure in English in the annual securities report.


Earlier Timing of Disclosure in English May Create Another Mismatch with Investor Demand

TSE Tokyo Price Index TOPIX

Earlier Timing of Disclosure in English May Create Another Mismatch with Investor Demand