News Release



2016年6月の株主総会では、株主資本利益率(ROE)の低い多くの上場会社で経営トップの取締役選任議案に対して反対票が大幅に増加したと日経新聞は報じています。 その背景になったのは

  • 機関投資家の行動指針を定めたスチュワードシップコードの制定(2014年)
  • 経済産業省が主導したプロジェクトで発表された「伊藤レポート」(2014年)
  • 機関投資家向け議決権行使助言サービスを提供するISSがリリースした新しい取締役選任議案に対するガイドライン(2016年)



December 2016

We have released a new booklet titled“The big wave of capital efficiency revolution ~ Do you resign as a CEO due to low ROE or do you change your company with ROE ? ~”

It was reported that opposition votes against the election of CEOs or other top directors have significantly increased at many annual shareholders’ meetings in Japan in 2016.
There are a number of factors:

  • Introduction of the Stewardship Code in 2014
  • Release of the so-called "ITO report" presented by METI
  • Release of new voting guidelines in 2016 by ISS

Specifically, new ISS guidelines recommend voting against the election of top management at companies with ROE below 5%, and it is estimated that nearly 30 percent of listed firms nationwide are affected by this. It is now becoming reality that top management of low ROE companies will be rejected at AGM’s in the near future. The big wave of capital efficiency revolution is now rushing to Japanese companies.
This booklet was made to suggest how to tackle the big wave, written by the author who has watched Japanese management at companies for many decades from three different viewpoints - as a banker, as a member of a Japanese corporate management team, and as a consultant to U.S. institutional investors. This booklet is prepared in presentation slide format, and you can easily start and stop at any page. The author hopes this will be of any service for you.
You may download the PDF file of the booklet as per attached.
Please send us an email to the following address, describing the names of you and yourcompany to obtain the password for the file.

download the pdf file