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.

For Increasing TOBs and MBOs, Managers Should Be Aware of Listing Costs and PE Market Should Expand

"Requests" Through Overseas Investor Engagement Will Continue to Be More Effective than TSE Requests

Investors Expect a Feasible Management Strategy Rather than an Accurate Cost of Capital

Meaningful If "P/B Below 1x" Is a Change of Mindset that Makes Managers Decide to Take an MBO

Valuations Will Rise when the Management Changes To "Maximizing Shareholder Interest"

Companies Are Finally at the Starting Line of Taking the First Steps to Improve ROE

Alignment of Management and Shareholder Interests Could Be the Beginning of Happiness

Another Catalyst for Expected Reduction in Policy Shareholdings

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Rather than "management with awareness of stock price," the question is whether management is carrying out its duties toward "the goal of increasing shareholder interests," to put it more accurately.</li>
<li>In determining TOB price, the question is whether independent committee was established, whether that committee actually functioned, and whether the directors performed their duties in the best interests of shareholders.</li>
<li>The real objective of an MBO is to restart the company for a sustainable expansion of corporate value, not to rip off the equity stake of a bothersome activist investor.</li>
</ul>


Rather than "management with awareness of stock price," the question is whether management is carrying out its duties toward "the goal of increasing shareholder interests," to put it more accurately.
In determining TOB price, the question is whether independent committee was established, whether that committee actually functioned, and whether the directors performed their duties in the best interests of shareholders.
The real objective of an MBO is to restart the company for a sustainable expansion of corporate value, not to rip off the equity stake of a bothersome activist investor.


The Objective of an MBO Is Not to Strip Bothersome Activist Investors of Their Equity Interests

TSE Tokyo Price Index TOPIX

The Objective of an MBO Is Not to Strip Bothersome Activist Investors of Their Equity Interests