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.

Japan's Governance: Convertible Bonds Issue

Japan's Governance: Dilution of Shareholder Value and Financing

Japan's Governance: Mid-Term Management Plan and KPI

Japan's Governance: Hirose Electric (6806) And Capital Allocation Policy

Japan's Governance: Glory (6457) And Performance Target (KPI)

Japan's Governance: Correlation Analysis Between Board Practice Factors and Value Creation Indices

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<p>There are two companies whose fiscal year ends in March that have completed their shareholders' meetings at the end of May, and the season for annual shareholders' meetings will finally begin in mid-June. At the AGM, after the business report, the financial statement report and the audit results report, the agenda moves on to the resolutions. In most companies, the appropriation of retained earnings is the first item on the agenda for approval (in companies that do not pay dividends or companies that delegate the appropriation of retained earnings to the board of directors by amending the articles of incorporation, this item is not a resolution of the shareholders' meeting). In most cases, the proposed appropriation of retained earnings is usually approved without any difficulty in the resolution. In recent years, many companies announce dividend increases or share buybacks at the time of their 3Q or 4Q financial results announcement in order to avoid wrangling at the voting stage. However, what shareholders are most interested in is how the company uses its profits and cash flow, and this policy is something that institutional investors always ask the company management to confirm in their engagement. I have discussed capital allocation several times in previous articles, but I would like to consider this issue again from the perspective of exercising voting rights.</p>

There are two companies whose fiscal year ends in March that have completed their shareholders' meetings at the end of May, and the season for annual shareholders' meetings will finally begin in mid-June. At the AGM, after the business report, the financial statement report and the audit results report, the agenda moves on to the resolutions. In most companies, the appropriation of retained earnings is the first item on the agenda for approval (in companies that do not pay dividends or companies that delegate the appropriation of retained earnings to the board of directors by amending the articles of incorporation, this item is not a resolution of the shareholders' meeting). In most cases, the proposed appropriation of retained earnings is usually approved without any difficulty in the resolution. In recent years, many companies announce dividend increases or share buybacks at the time of their 3Q or 4Q financial results announcement in order to avoid wrangling at the voting stage. However, what shareholders are most interested in is how the company uses its profits and cash flow, and this policy is something that institutional investors always ask the company management to confirm in their engagement. I have discussed capital allocation several times in previous articles, but I would like to consider this issue again from the perspective of exercising voting rights.

Japan's Governance: Proposed Appropriation of Surplus at the Annual General Meeting of Shareholders

TSE Tokyo Price Index TOPIX

Japan's Governance: Proposed Appropriation of Surplus at the Annual General Meeting of Shareholders