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.

Is the Gap Between the Skills Matrix and the Board Personnel Needed Widening?

Key to Look Carefully to See if What Is Disclosed Is Consistent with Profitability and Other Results

The Challenge Is to Raise the Quality of Engagement. To Do So, Active Funds Need to Be Increased

What Lies Behind the Inability to Come up with Flexible Cash Usage Is

Improved Profitability to Attract Overseas Investors Key to Raise Valuation Even After TSE's Request

Stricter Voting Criteria for Domestic Asset Managers May Aim to Enhance Value Through Engagement

Companies with Low ROEs Have Corporate Governance Practices that Only Make It So

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>The reversal of foreign and cross-held shares in shareholding ratio is the main catalyst for today's change. Companies with high foreign ownership gradually accepted the proposals of overseas investors.</li>
<li>The issues of low profit margins, high policy shareholdings, excess cash on hand, and consequently low ROE are still unresolved in many companies, while some companies did successful through engagement.</li>
<li>More companies will seek compromise with shareholders by enhancing shareholder returns in the face of the fact that the gap between cost of capital and return on capital wasn't filled.</li>
</ul>


The reversal of foreign and cross-held shares in shareholding ratio is the main catalyst for today's change. Companies with high foreign ownership gradually accepted the proposals of overseas investors.
The issues of low profit margins, high policy shareholdings, excess cash on hand, and consequently low ROE are still unresolved in many companies, while some companies did successful through engagement.
More companies will seek compromise with shareholders by enhancing shareholder returns in the face of the fact that the gap between cost of capital and return on capital wasn't filled.


In TSE as a Whole, There Are Far More Companies Whose Traditional Issues Have Not Been Resolved

TSE Tokyo Price Index TOPIX

In TSE as a Whole, There Are Far More Companies Whose Traditional Issues Have Not Been Resolved