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.

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Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors

Substantial “pre AGM Filing of Annual Securities Reports” Will Be After 2027

The Fundamental Issue of Submitting Annual Securities Reports Prior to AGMs Has yet to Be Discussed

Annual Securities Reports Are the Greatest Tool for Dialogue with Investors

Human Capital Disclosure Aligns with Global Standard, but Disclosure in English Follows Step-By-Step

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Consolidating business reports into annual securities reports will somewhat ease the burden on companies, but it'd be optimistic to assume that annual securities reports will be submitted ahead of AGMs.</li>
<li>It is expected that even for FY3/2026, the number of companies able to meet the requirement of filing three weeks prior to the desired AGM date will remain extremely limited.</li>
<li>The securities report is the most reliable statutory disclosure document for investors, but it is regrettable that many companies are not proactive in disclosing annual securities reports in English.</li>
</ul>


Consolidating business reports into annual securities reports will somewhat ease the burden on companies, but it'd be optimistic to assume that annual securities reports will be submitted ahead of AGMs.
It is expected that even for FY3/2026, the number of companies able to meet the requirement of filing three weeks prior to the desired AGM date will remain extremely limited.
The securities report is the most reliable statutory disclosure document for investors, but it is regrettable that many companies are not proactive in disclosing annual securities reports in English.


Problems with Disclosures Prior to the AGM Are More About Principles than Operational Schedules

TSE Tokyo Price Index TOPIX

Problems with Disclosures Prior to the AGM Are More About Principles than Operational Schedules