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.

Companies Unable to Escape the Curse of the Unfortunate History of Misunderstanding “Cost of Equity”

To Raise a Company's ROE and OP Margin, Significant Restructuring of Business Portfolio Is Necessary

Stricter Voting Guideline by Domestic Investors Will Push Managers to Return to Basics of Management

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>An increasing number of domestic asset management companies are treating shares reclassified as “shares held for trading” as policy holdings and exercising their voting rights accordingly.</li>
<li>The practice of reclassifying shares as “shares held for trading” to make policy-held shares appear smaller is a phenomenon typical of the transitional period during which cross-shareholdings are being unwound.</li>
<li>As evidenced by the renewed focus on strategic holdings following the revision of the Corporate Governance Code, the issue of cross-shareholdings remains a challenge for listed companies going forward.</li>
</ul>


An increasing number of domestic asset management companies are treating shares reclassified as “shares held for trading” as policy holdings and exercising their voting rights accordingly.
The practice of reclassifying shares as “shares held for trading” to make policy-held shares appear smaller is a phenomenon typical of the transitional period during which cross-shareholdings are being unwound.
As evidenced by the renewed focus on strategic holdings following the revision of the Corporate Governance Code, the issue of cross-shareholdings remains a challenge for listed companies going forward.


For Small to Med-Sized Companies, the Resolution of Cross-Shareholdings Is Just Getting Started

TSE Tokyo Price Index TOPIX

For Small to Med-Sized Companies, the Resolution of Cross-Shareholdings Is Just Getting Started