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: A Simple Question and Purpose of Improving Governance to Secure Prime Market

Japan's Governance: The Problem of Copy and Paste Allegations

Japan's Governance: Disclosure of Information at General Meetings of Shareholders

Japan's Governance: Correlation Between Actions and Value Creation Indicators

Japan's Governance: Correlation Analysis Between Board Practice Factors and Value Creation Indices

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<p>Toshiba is again making headlines with a scandal related to corporate governance. As many of you may know, an external report has revealed that "Toshiba and the Ministry of Economy, Trade and Industry (METI) worked together to exert undue pressure on some shareholders over a personnel proposal by the largest shareholder, Effissimo Capital Management, which was rejected at the annual general meeting of shareholders last June. This led to a complicated situation in which the proposal for the election of directors (proposed by the company) at this month's annual shareholders' meeting was later replaced, and the state of management was again called into question. In the wake of the accounting scandal that broke in 2015, Toshiba is believed to have overhauled its governance structure, with 10 of its 11 board directors now independent outside directors and a shift to a company with a statutory 3 committees (including nominating). In January this year, window-dressing of accounting for fictitious transactions was revealed at subsidiary Toshiba IT Services. In addition to Toshiba, Nissan Motor, Mitsubishi Motors and other companies have been repeatedly involved in scandals in the past, such as concealing recalls and fraudulent inspection data. Why are the scandals repeated?</p>

Toshiba is again making headlines with a scandal related to corporate governance. As many of you may know, an external report has revealed that "Toshiba and the Ministry of Economy, Trade and Industry (METI) worked together to exert undue pressure on some shareholders over a personnel proposal by the largest shareholder, Effissimo Capital Management, which was rejected at the annual general meeting of shareholders last June. This led to a complicated situation in which the proposal for the election of directors (proposed by the company) at this month's annual shareholders' meeting was later replaced, and the state of management was again called into question. In the wake of the accounting scandal that broke in 2015, Toshiba is believed to have overhauled its governance structure, with 10 of its 11 board directors now independent outside directors and a shift to a company with a statutory 3 committees (including nominating). In January this year, window-dressing of accounting for fictitious transactions was revealed at subsidiary Toshiba IT Services. In addition to Toshiba, Nissan Motor, Mitsubishi Motors and other companies have been repeatedly involved in scandals in the past, such as concealing recalls and fraudulent inspection data. Why are the scandals repeated?

Toshiba Corp

Japan's Governance: Repeated Scandals