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.

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

Going Private Is an Option for Both the Companies and Investors

Activist Investors Will Grow Their Presence, as Japanese Equities Would Be Good Fit for The Approach

Not Which KPI Is Better, but What Is Shared Between Investors and Managers to Achieve the Same Goal

Again, It Is the BOJ's ETF Issue that Makes Us Think

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Companies wouldn't accept shareholder proposals, interpreting that they need't disclose individual executive compensation if it's below certain amount and that they can continue holding policy-shares if the policy is defined.</li>
<li>Even if JSF claims to have enhanced corporate governance practices, it is reasonable  for shareholders to demand a review of its management strategy for a company with below average ROE.</li>
<li>The company, which doesn't require very large capital expenditures, plays a role in the infrastructure of the capital market, and has an oligopoly on the market, may be worth more.</li>
</ul>


Companies wouldn't accept shareholder proposals, interpreting that they need't disclose individual executive compensation if it's below certain amount and that they can continue holding policy-shares if the policy is defined.
Even if JSF claims to have enhanced corporate governance practices, it is reasonable  for shareholders to demand a review of its management strategy for a company with below average ROE.
The company, which doesn't require very large capital expenditures, plays a role in the infrastructure of the capital market, and has an oligopoly on the market, may be worth more.


Not Sure if Activist Investor's Agenda Will Be Approved, but JSF's Value May Be Higher than Expected

Japan Securities Finance Co

Not Sure if Activist Investor's Agenda Will Be Approved, but JSF's Value May Be Higher than Expected