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Recently, to gain information to use in research on how to enhance English disclosure by Japanese listed companies, Tokyo Stock Exchange, Inc. (TSE) conducted a survey of mostly overseas institutional investors on English disclosure. TSE has today published a summary of the survey results.
TSE is planning to transition to a new market structure in April 2022, and the revised Corporate Governance Code includes a principle saying that companies listed on the new Prime Market "should disclose and provide necessary information in their disclosure documents in English". Accordingly, the survey found that the demand for English disclosure is high among overseas institutional investors, with 80% of respondents answering that they need disclosures in English for earnings reports, and 74% saying the same for IR presentation materials.
In addition, Prime Market-listed companies are expected to improve medium- to long-term corporate value through constructive dialogue with global investors. In the survey, many overseas institutional investors pointed out that insufficient English disclosure had affected their dialogue with listed companies or their investment decisions. Further progress on English disclosure is expected to enhance constructive dialogue and expand investment in Japanese companies.
| Report of the Survey to Overseas Investors on English Disclosure by Japanese Companies (Aug. 2021) |  |
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