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.

Capital Efficiency Is the Topic of the June AGM, While What Is Happening to Passive Fund Voting?

Increasing Attention to the Role Played by Individuals in the Rising Trend of Stock Ownership

No Consistent Relationship Between Executive Compensation and Stock Price/ Earnings Has Been Seen

Who Is More Culpable, "Independent" Directors or or Domestic Institutions that Bias To the Company?

Different Criteria for Exercising Voting Rights for Overseas and Domestic Institutional Investors

Unreasonable Company Opposition, but No Change in Outlook for Shareholder Proposals to Be Rejected

Change in Attitude of Domestic Institutional Investors Is Key to Approval of Shareholder Proposal

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>It remains to be seen whether domestic institutional investors will support shareholder proposals on shareholder returns, which had low approval rate among domestic institutional investors at the previous year's AGM.</li>
<li>If domestic institutional investors are voting in favor of shareholder proposals, it wouldn't be surprising if more companies passed them. It's doubtful that passive funds have the same voting practices.</li>
<li>There is concern about critical tone regarding the legally binding nature of the resolution of AGMs, which appears to come from companies feeling threatened by declining shareholdings by banks/business partners.</li>
</ul>


It remains to be seen whether domestic institutional investors will support shareholder proposals on shareholder returns, which had low approval rate among domestic institutional investors at the previous year's AGM.
If domestic institutional investors are voting in favor of shareholder proposals, it wouldn't be surprising if more companies passed them. It's doubtful that passive funds have the same voting practices.
There is concern about critical tone regarding the legally binding nature of the resolution of AGMs, which appears to come from companies feeling threatened by declining shareholdings by banks/business partners.


Although It Is Commendable that Voting Behavior of Some Domestic Institutional Investors Has Changed

TSE Tokyo Price Index TOPIX

Although It Is Commendable that Voting Behavior of Some Domestic Institutional Investors Has Changed