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.

What Is the Effective Way to Ensure That "TSE Request" Does Not End up Being a Formal Disclosure?

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Unreasonable Company Opposition, but No Change in Outlook for Shareholder Proposals to Be Rejected

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Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>TSE will require companies with P/Bs below 1x to disclose improvement plans, urging them to shift to management that reflects an awareness of their cost of capital and stock price.</li>
<li>The good thing about this TSE request is that "cost of capital" will be widely recognized by companies. Companies can no longer easily reject shareholder proposals regarding cost of capital.</li>
<li>It should also be an opportunity for management to evaluate its own corporate value and compare it to market value and consider whether it should remain listed or go private.</li>
</ul>


TSE will require companies with P/Bs below 1x to disclose improvement plans, urging them to shift to management that reflects an awareness of their cost of capital and stock price.
The good thing about this TSE request is that "cost of capital" will be widely recognized by companies. Companies can no longer easily reject shareholder proposals regarding cost of capital.
It should also be an opportunity for management to evaluate its own corporate value and compare it to market value and consider whether it should remain listed or go private.


The Effect of the TSE Requesting an Improvement Plan from a Company with a P/B Below 1x Is....

TSE Tokyo Price Index TOPIX

The Effect of the TSE Requesting an Improvement Plan from a Company with a P/B Below 1x Is....