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.

Better than Zero? But Limitations of One Female Board Member to Influence Board Decision-Making

Since It Is Unclear Whether Director Nomination Process Is Working, Voting Becomes More Important

Judicial Decisions Are Also Important to Clarify the Nature of the Diversity Issues

Diversity Is a Goal of Effort Left to a Company with a Sideways Eye on the Government's Seriousness

Even if Proper Nomination Process Is Skipped, It May Be Considered Better than Zero Women Directors

Few Companies Are Serious About Ensuring Board Diversity, Spoiled by Lax "Effort Targets"

Limited Number of Business Types with Great Opportunities for Women Is at Heart of the Problem

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Metrical's research shows that % of female board members has significant positive correlation with ROE(2019), with ROA(2020), with ROA and Tobin's Q(2021), and with ROE, ROA and Tobin's Q(June 2023).</li>
<li>A measure of a company's seriousness about diversity is the ratio of internal executive directors. Female directors rely heavily on outside directors and are rarely promoted from within the company.</li>
<li>To bring value to a company, diversity must be built in at every workplace level, but fewer female employees than male are promoted to managerial positions in two-thirds of companies.</li>
</ul>


Metrical's research shows that % of female board members has significant positive correlation with ROE(2019), with ROA(2020), with ROA and Tobin's Q(2021), and with ROE, ROA and Tobin's Q(June 2023).
A measure of a company's seriousness about diversity is the ratio of internal executive directors. Female directors rely heavily on outside directors and are rarely promoted from within the company.
To bring value to a company, diversity must be built in at every workplace level, but fewer female employees than male are promoted to managerial positions in two-thirds of companies.


For Diversity to Be Perceived as Not Special, Managers' Recognition Needs to Move Toward DE&I

TSE Tokyo Price Index TOPIX

For Diversity to Be Perceived as Not Special, Managers' Recognition Needs to Move Toward DE&I