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.

Does the Shift in Shareholder Composition Drive a Transition to Value-Creating Management?

The Choice of Whether to Distribute Cash or Invest It in the Business Rests with Managers

What Companies Should Do to Prevent the Erosion of Expectations from Leading to a Reversal in P/B

What Factors Have Raised Stock Valuations over the 2 Years and 8 Months Since the TSE's Request?

Unless Companies Are Delisted Even if They Change Markets, the Quality of Tokyo Market Won't Improve

Fulfilling Fiduciary Duties Is More Important than Setting Boundaries for Independence Criteria

How Many Substantial Measures—not Piecemeal Shareholder Returns—will Be Unveiled in 2026?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>It has been only three years since many companies, once enthusiastic about establishing formal standards for board practices, began shifting their focus toward management that expands corporate value.</li>
<li>Simply formalizing board practices without driving corporate value growth does not constitute genuine improvement in corporate governance. Initiatives that enhance corporate value are more crucial for investment performance.</li>
<li>Even now, only a handful of companies have implemented fundamental management transformation. The battle against companies' perfunctory responses to TSE's requests is entering its fourth year.</li>
</ul>


It has been only three years since many companies, once enthusiastic about establishing formal standards for board practices, began shifting their focus toward management that expands corporate value.
Simply formalizing board practices without driving corporate value growth does not constitute genuine improvement in corporate governance. Initiatives that enhance corporate value are more crucial for investment performance.
Even now, only a handful of companies have implemented fundamental management transformation. The battle against companies' perfunctory responses to TSE's requests is entering its fourth year.


The Battle Against Formalism Is Entering Its Fourth Year

TSE Tokyo Price Index TOPIX

The Battle Against Formalism Is Entering Its Fourth Year