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.

Japan's Governance: Update On "Transitional Measures" For TSE Market Reorganization

Japan's Governance: TSE Survey "Information Disclosure in English”

Japan's Governance: Term of Office of Board Directors

Japan's Governance: Parent Subsidiary Listing Investment Strategy Update

Japan's Governance: Social and Familiar Issues

Japan's Governance: Revision of CG Code and Concurrently Serving as Outside Directors

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<p>Each month, Metrical updates its universe company data to analyze trends for universe companies as a whole and for individual companies. In this context, an unusual trend emerged in the data at the end of August. This is the Retired Top Management Score, which evaluates the unique practice of Japanese companies of having CEOs and other representative directors remain with the company as ex-CEO advisors even after they step down as directors. The fewer the number of ex-CEO Advisors, the higher the score. Until July, this score showed a significant positive correlation with ROE (actual) and ROA (actual), but this time it showed a significant negative correlation with ROE (actual), ROA (actual) and Tobin's Q. From the standpoint of promoting corporate governance and eliminating the unique practice of staying in the company as an ex-CEO advisor, I think we should carefully analyze this score. Until July, this score showed a significant positive correlation with ROE (actual) and ROA (actual), but this time it showed a significant negative correlation with ROE (actual), ROA (actual) and Tobin's Q.  From the standpoint of promoting corporate governance and eliminating the unique practice of staying in the company as an ex-CEO advisor, I think we should carefully analyze this score.</p>

Each month, Metrical updates its universe company data to analyze trends for universe companies as a whole and for individual companies. In this context, an unusual trend emerged in the data at the end of August. This is the Retired Top Management Score, which evaluates the unique practice of Japanese companies of having CEOs and other representative directors remain with the company as ex-CEO advisors even after they step down as directors. The fewer the number of ex-CEO Advisors, the higher the score. Until July, this score showed a significant positive correlation with ROE (actual) and ROA (actual), but this time it showed a significant negative correlation with ROE (actual), ROA (actual) and Tobin's Q. From the standpoint of promoting corporate governance and eliminating the unique practice of staying in the company as an ex-CEO advisor, I think we should carefully analyze this score. Until July, this score showed a significant positive correlation with ROE (actual) and ROA (actual), but this time it showed a significant negative correlation with ROE (actual), ROA (actual) and Tobin's Q.  From the standpoint of promoting corporate governance and eliminating the unique practice of staying in the company as an ex-CEO advisor, I think we should carefully analyze this score.

Japan's Governance: Disclosure on Ex-CEO Advisors

TSE Tokyo Price Index TOPIX

Japan's Governance: Disclosure on Ex-CEO Advisors