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.

Slight Gain in Governance, ROE and Valuations in 2025 Suggest that Reforms Have yet to Spread Widely

Whether a New Target for % Independent Director Ratio Will Be Set Is Key in 2026

Scores for Policy-Held Shares and Share Cancellation Improved, but Other Key Actions Slow Progress

The Bigger Issue than the Lack of Higher Compensation for Outside Board Directors Is...

Effectiveness of MBO Special Committee Is Linked to Effectiveness of Independent Directors

Does Introducing Incentive into Remuneration of Independent Directors Compromise Their Independence?

The Gap with Investors' Perspective Stems from Managers Trying to Distance Themselves from Investors

The Change in Record Date Is Difficult, and Most AGMs Next Year Will Be Held in June

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Even among Prime Market-listed companies, where % independent outside directors is required to be at least one-third, more than half of them haven't voluntarily raised the ratio to over 50%.</li>
<li>It is important to note that since Metrical began its analysis in 2015, a positive relationship between stock valuation and the ratio of independent directors has continued to be observed.</li>
<li>Of course, increasing the ratio of independent directors to a majority can be viewed positively, but for many companies this could simply be a numbers-crunching exercise.</li>
</ul>


Even among Prime Market-listed companies, where % independent outside directors is required to be at least one-third, more than half of them haven't voluntarily raised the ratio to over 50%.
It is important to note that since Metrical began its analysis in 2015, a positive relationship between stock valuation and the ratio of independent directors has continued to be observed.
Of course, increasing the ratio of independent directors to a majority can be viewed positively, but for many companies this could simply be a numbers-crunching exercise.


Verifying the Background and Skills of Independent Directors Is More Important than Ever

TSE Tokyo Price Index TOPIX

Verifying the Background and Skills of Independent Directors Is More Important than Ever