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: Foreign Shareholder Ownership and Governance Factors

Japan's Governance: Revision of Corporate Governance Code and Ratio of Independent Outside Directors

Japan's Governance: Parent-Subsidiary Listing and Investment Strategy

Japan's Governance: Performance of Companies with a Majority of INEDs on the Board

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<p>METRICAL has been focusing on the "major shareholder factor" for years. It is not uncommon for a parent company to list its subsidiaries and affiliates while maintaining a certain level of equity stake, including the unique parent-subsidiary listing in Japan. In the case of family companies, it is also possible for the founder's family to maintain a certain level of equity stake in the company, given how the company was formed. As I have shown in my previous article, if we look at the companies in which these large shareholders' equity interests are maintained in terms of the percentage of independent outside directors on the board of directors, it has been confirmed that these companies generally have a low % of independent outside directors. On the other hand, the profitability of these companies is relatively high compared to the average of all listed companies. In this article, we will look at the board practices of these companies.</p>

METRICAL has been focusing on the "major shareholder factor" for years. It is not uncommon for a parent company to list its subsidiaries and affiliates while maintaining a certain level of equity stake, including the unique parent-subsidiary listing in Japan. In the case of family companies, it is also possible for the founder's family to maintain a certain level of equity stake in the company, given how the company was formed. As I have shown in my previous article, if we look at the companies in which these large shareholders' equity interests are maintained in terms of the percentage of independent outside directors on the board of directors, it has been confirmed that these companies generally have a low % of independent outside directors. On the other hand, the profitability of these companies is relatively high compared to the average of all listed companies. In this article, we will look at the board practices of these companies.

Japan's Governance: Major Shareholder Factor

TSE Tokyo Price Index TOPIX

Japan's Governance: Major Shareholder Factor