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.

Share Buyback Likely to Grow over Growth Investment Hoped for by Corporate Governance Code Revision

Rather than “Technical Guidance,” What Is Needed Is Thorough Fiduciary Duty to Shareholders

Proxy Voting at AGMs Is Good Opportunity for Investors to Think if Managers Fulfill Fiduciary Duties

Will Companies Change with Cash Allocation Disclosures that Don't Allow Copy-And-Paste Solutions?

For Both the Company and Investors, Pre-Negotiation Process as SR Is Becoming Increasingly Important

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Share buybacks peak every year in June when AGMs are held, after which the “Quiet Period” begins. Toward the fiscal year-end, buybacks are expected as a means to resolve cross-shareholdings.</li>
<li>Given that the capital profitability of all TSE-listed companies hasn't shown improvement, investors must continue to call for reducing excess cash reserves through dissolution of cross-shareholdings and the share buybacks.</li>
<li>Shareholders entrust management with the responsibility to maximize shareholder interest, which includes shareholder returns and corporate value growth. It's natural for shareholders to demand that management fulfill this fiduciary duty.</li>
</ul>


Share buybacks peak every year in June when AGMs are held, after which the “Quiet Period” begins. Toward the fiscal year-end, buybacks are expected as a means to resolve cross-shareholdings.
Given that the capital profitability of all TSE-listed companies hasn't shown improvement, investors must continue to call for reducing excess cash reserves through dissolution of cross-shareholdings and the share buybacks.
Shareholders entrust management with the responsibility to maximize shareholder interest, which includes shareholder returns and corporate value growth. It's natural for shareholders to demand that management fulfill this fiduciary duty.


The Game Has Changed Since the Era of Cross-Shareholdings

TSE Tokyo Price Index TOPIX

The Game Has Changed Since the Era of Cross-Shareholdings