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: TSE Market Reclassification: Results of Selection of New Market Segments

Japan's Governance: About the Article on Holding Shares Contributed to Retirement Benefit Trusts

Japan's Governance: From "Status of Compliance with the Corporate Governance Code" Disclosed by TSE

Japan's Governance: How Far Has Corporate Governance Progressed in 2021(3)

Japan's Governance: How Far Has Corporate Governance Progressed in 2021 (2)

Japan's Governance: How Far Corporate Governance Has Progressed in 2021? (4) - Change in ROA and ROE

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Companies that raised the % independent directors in 2021 improved both the nominating committee and compensation committee scores. This is in line with specific requirements of the revised CG Code.</li>
<li>Other than the percentage of independent directors, there were no changes in board practice measures that were positively correlated with significance affecting changes in other criteria.</li>
<li>I will examine whether passive events, such as revision of CG Code, will motivate companies to further improve their governance, or whether more companies will actively improve their governance.</li>
</ul>


Companies that raised the % independent directors in 2021 improved both the nominating committee and compensation committee scores. This is in line with specific requirements of the revised CG Code.
Other than the percentage of independent directors, there were no changes in board practice measures that were positively correlated with significance affecting changes in other criteria.
I will examine whether passive events, such as revision of CG Code, will motivate companies to further improve their governance, or whether more companies will actively improve their governance.


Japan's Governance: How Far Has Corporate Governance Improved in 2021 (5) - Change in ％ of INEDs

TSE Tokyo Price Index TOPIX

Japan's Governance: How Far Has Corporate Governance Improved in 2021 (5) - Change in ％ of INEDs