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.

Activist Investors Will Focus Their Approach More on Whole Assets that Aren't Being Used Effectively

Going Private Is Not a Problem for a Special Company, but a Common Problem for All Listed Companies

Companies May Worked on Raising OP Margin in Minor Ways Without Working on Raising Gross Margins

Transition to Regional Stock Exchange Means Continued Unhappy History for Shareholders

Big Gap Between Companies that “don't Have a Gap in Investors' Viewpoints” and Those that Don't

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>The key is whether the effectiveness of special committee can fairly guide MBO, but whether the independent outside directors are truly independent, properly informed, and skilled is an important assumption.</li>
<li>Since companies with high foreign shareholdings generally have higher corporate governance practices, there are concerns about practices in MBO cases for many companies that do not have high foreign shareholdings.</li>
<li>When a company whose “goal is IPO” conducts MBO when the stock price is lower than at IPO, there are concerns about whether the special committee will guide MBO fairly.</li>
</ul>


The key is whether the effectiveness of special committee can fairly guide MBO, but whether the independent outside directors are truly independent, properly informed, and skilled is an important assumption.
Since companies with high foreign shareholdings generally have higher corporate governance practices, there are concerns about practices in MBO cases for many companies that do not have high foreign shareholdings.
When a company whose “goal is IPO” conducts MBO when the stock price is lower than at IPO, there are concerns about whether the special committee will guide MBO fairly.


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

TSE Tokyo Price Index TOPIX

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