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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Reason Behind the Difference in Management Between Family Companies and Others Is the Shareholding

Huge Gap in Awareness of Human Rights Between Japanese Companies and Investors

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>It is doubtful that independent outside directors are actually able to actively bridge the gap between shareholders and the board of directors, as the Corporate Governance Code states in Japan.</li>
<li>Behind the lack of willingness on the executive team to make major changes in the way things have been done is high % of specified shareholders (40%), including cross-held shares.</li>
<li>No major change in business strategy is expected unless foreign shareholder ratio exceeds 30%. In order for the current large shareholders' equity to decline, Sapporo should sell its cross-held shares.</li>
</ul>


It is doubtful that independent outside directors are actually able to actively bridge the gap between shareholders and the board of directors, as the Corporate Governance Code states in Japan.
Behind the lack of willingness on the executive team to make major changes in the way things have been done is high % of specified shareholders (40%), including cross-held shares.
No major change in business strategy is expected unless foreign shareholder ratio exceeds 30%. In order for the current large shareholders' equity to decline, Sapporo should sell its cross-held shares.


The First Step in Major Shift in Management Strategy Is for Sapporo to Sell Its Cross-Shareholdings

Sapporo Holdings

The First Step in Major Shift in Management Strategy Is for Sapporo to Sell Its Cross-Shareholdings