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.

Going Private Is Not an “exit” from the Market, but the Beginning of the Next Step

Listing Criteria for the TSE Growth Market Is Expected to Be Raised Starting April 2026

ETF Sale Won't Be Concluded Soon, but as Long as BOJ Keeps Holding Them, the Problems Will Persist

Reducing Cross-Held Shares Is Precisely What Is Needed to Promote Management Change

Japan Market Attractive for PE Investment Despite Low Profit Growth

P/B Reform: Effective Disclosure to Include that “going Private" Is an Option

FSA Roadmap Is Realistic, but Progress on Scope 3 Disclosures Will Follow the Revision of Guidelines

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Because the majority of companies are still unable to change themselves, both the government and the TSE have taken measures to expect engagement from institutional investors, including activist investors.</li>
<li>Japan has high barriers in areas that aren't regulated by law. The existence of cross-shareholdings has allowed managers to continue to operate without respect for the interests of minority shareholders.</li>
<li>It is premature to raise the requirements for shareholder proposals and requests to call special meetings to the level of other countries when many companies are still protected by cross-shareholdings.</li>
</ul>


Because the majority of companies are still unable to change themselves, both the government and the TSE have taken measures to expect engagement from institutional investors, including activist investors.
Japan has high barriers in areas that aren't regulated by law. The existence of cross-shareholdings has allowed managers to continue to operate without respect for the interests of minority shareholders.
It is premature to raise the requirements for shareholder proposals and requests to call special meetings to the level of other countries when many companies are still protected by cross-shareholdings.


Raising Requirements for Shareholder Proposals Could Hinder the Shift to Value-Creating Management

TSE Tokyo Price Index TOPIX

Raising Requirements for Shareholder Proposals Could Hinder the Shift to Value-Creating Management