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.

Main Issue Is the Content Rather than the Progress in Complying with the Corporate Governance Code

Criteria for TOPIX Components and Prime Market Listing Criteria Should Be Discussed Separately

Share Repurchases Should Be Tailored to the Individual Company's Effective Cash Allocation

Interest Will Be Focused on when the TSE Will Begin Cleaning up the Prime Market

More Companies Are Hiring Women Directors, but to Solve the Fundamental Problem of Diversity

The Time Is Not Far off when the Prime Market Listing Criteria Itself Will Be Questioned

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>The current criteria of 10 billion-yen in tradable market capitalization is too small by definition of prime market, "market-cap suitable for institutional investors," and should be reviewed in near future.</li>
<li>It's natural that there will be difference in the stock prices of companies that can show results that are in line with their disclosed plans and those that are not.</li>
<li>Simply raising shareholder returns won't, in theory, positively impact on stock price. Mere increased shareholder returns would be seen as sign that the company reached the end of its rope.</li>
</ul>


The current criteria of 10 billion-yen in tradable market capitalization is too small by definition of prime market, "market-cap suitable for institutional investors," and should be reviewed in near future.
It's natural that there will be difference in the stock prices of companies that can show results that are in line with their disclosed plans and those that are not.
Simply raising shareholder returns won't, in theory, positively impact on stock price. Mere increased shareholder returns would be seen as sign that the company reached the end of its rope.


Shareholder Returns Offered by Companies that Do Not Meet Prime Market Listing Criteria Are.....

TSE Tokyo Price Index TOPIX

Shareholder Returns Offered by Companies that Do Not Meet Prime Market Listing Criteria Are.....