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.

Activist Investors Have Been Consistent, but Environment Around Companies Has Changed Significantly

Modest ROE Growth Expected to Increase Shareholder Proposals for Higher Shareholder Returns

To Change a Company that Didn't Change when Activist Investors Asked for Solutions to Their Issues

Who Is More Culpable, "Independent" Directors or or Domestic Institutions that Bias To the Company?

Different Criteria for Exercising Voting Rights for Overseas and Domestic Institutional Investors

Passive Funds, Silent Shareholders, Are a Barrier to Corporate Governance

Change in Attitude of Domestic Institutional Investors Is Key to Approval of Shareholder Proposal

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Fujitec's board composition was above average of Japanese companies in form. This was an opportunity to see an example of a board that is formally structured but not actually functioning.</li>
<li>Bringing manager's buddy on as an "independent director" is not likely to contribute to sustainable growth in corporate value.</li>
<li>If domestic institutional investors, including passive funds, vote according to the will of the company, it will lead to stagnation of the substance of corporate governance in Japanese companies.</li>
</ul>


Fujitec's board composition was above average of Japanese companies in form. This was an opportunity to see an example of a board that is formally structured but not actually functioning.
Bringing manager's buddy on as an "independent director" is not likely to contribute to sustainable growth in corporate value.
If domestic institutional investors, including passive funds, vote according to the will of the company, it will lead to stagnation of the substance of corporate governance in Japanese companies.


Let Fujitec's Case Be a Lesson to Companies and Investors in Japan

TSE Tokyo Price Index TOPIX

Let Fujitec's Case Be a Lesson to Companies and Investors in Japan