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.

Any Manager Can Simply Implement Shareholder Returns

Raising ROE May Require Raising Proxy Voting Guidelines

Guidebook for Raising P/B Published, but Still Much Work to Be Done to Achieve Goals

Companies that Don't Have Growth Plans but Are Competitive in a Specific Market Are Targeted for MBO

A Change in Manager's Mindset that Has Begun Will Lower the Investment Risk for Activist Investors

Shareholder Returns Should Be Examined on a Cash Basis, Not on a Net Profit Basis

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>The reason why the approval for the shareholder proposal on profit appropriation exceeded 40% is that the proposal was easy to understand and easy to get approval from other shareholders.</li>
<li>Although domestic institutional investors don't currently vote against a low ROE when it comes to improvement measures, they may take a more aggressive stance if ISS raises its ROE criteria.</li>
<li>The trend of top management being reappointed even with continued low ROE is likely to continue for a while longer, but the time frame is definitely getting smaller.</li>
</ul>


The reason why the approval for the shareholder proposal on profit appropriation exceeded 40% is that the proposal was easy to understand and easy to get approval from other shareholders.
Although domestic institutional investors don't currently vote against a low ROE when it comes to improvement measures, they may take a more aggressive stance if ISS raises its ROE criteria.
The trend of top management being reappointed even with continued low ROE is likely to continue for a while longer, but the time frame is definitely getting smaller.


A Common Case of a Company with a Low ROE but with the Founding Family Serving as Successive CEOs

TSE Tokyo Price Index TOPIX

A Common Case of a Company with a Low ROE but with the Founding Family Serving as Successive CEOs