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.

When Will Fiduciary Duty Take Root in Japan?

Cash Flow Return Is Necessary Condition for Higher Stock Valuations; Shareholder Return Is Byproduct

Companies with High Frequency of Share Retirements Tend to Have a High Awareness of Cash Allocation

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

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

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

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

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>The fact that there is a certain correlation between ROE+DOE and TOPIX reconfirms that it's effective to ask management to improve performance in terms of both profitability and shareholder return.</li>
<li>While % change in shareholders' equity moves in line with % of change in net profit, dividend payout moves moves differently. Many companies still adopt a "stable dividend" policy.</li>
<li>If shareholders propose share repurchases, dividend increases, etc., it can be said that management has determined that the shareholder return (ROE+DOE) it has secured is not sufficient.</li>
</ul>


The fact that there is a certain correlation between ROE+DOE and TOPIX reconfirms that it's effective to ask management to improve performance in terms of both profitability and shareholder return.
While % change in shareholders' equity moves in line with % of change in net profit, dividend payout moves moves differently. Many companies still adopt a "stable dividend" policy.
If shareholders propose share repurchases, dividend increases, etc., it can be said that management has determined that the shareholder return (ROE+DOE) it has secured is not sufficient.


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

TSE Tokyo Price Index TOPIX

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