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.

AGM Is the Highest Body for a Company, but Have Japanese Companies Got Too Used to It Not Being So?

Voting Rights that Fulfill Fiduciary Duty Are a Key for Tense Corporate Management Practices

Mandatory Disclosure of Gender Wage Differentials Is Still a First Step

It Is a Good Trend that More Japanese Managers Are Using "Capital Allocation and Cash Allocation"

Japanese Companies Targeted by Activist Investors Not Thinking of Cash Allocation, Corporate Value?

Companies Holding "Continuation Meetings" Will Hold Them on the Days of Concentration of the AGMs

The Adoption of the Presence of Female Directors as a Criterion for Voting Was Finally a First Step

"Global ESG Funds Invest Less in Japanese Equities." Why Is This?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>I would like to discuss about the Nikkei article, "Shareholder Proposal 'Withdrawn,' Share Price Firm; Dialogue Leads to Compromise."</li>
<li>Regarding "share prices of companies whose shareholder proposals are withdrawn are firm during sharp sell-off," there seems little proof of causal relationship between withdrawal of shareholder proposals and stock performance.</li>
<li>Although Japanese corporate culture has tradition of doing everything without making a fuss, Japanese managers need to have serious discussion with shareholders on the balance between growth and shareholder returns.</li>
</ul>


I would like to discuss about the Nikkei article, "Shareholder Proposal 'Withdrawn,' Share Price Firm; Dialogue Leads to Compromise."
Regarding "share prices of companies whose shareholder proposals are withdrawn are firm during sharp sell-off," there seems little proof of causal relationship between withdrawal of shareholder proposals and stock performance.
Although Japanese corporate culture has tradition of doing everything without making a fuss, Japanese managers need to have serious discussion with shareholders on the balance between growth and shareholder returns.


No Causality Between Shareholder Proposal Withdrawal and Share Price, but Dialogue Is a Good Thing

TSE Tokyo Price Index TOPIX

No Causality Between Shareholder Proposal Withdrawal and Share Price, but Dialogue Is a Good Thing