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2024 Japan Exchange Group, Inc., and/or its affiliates Appendix１ August 30, 2024 Tokyo Stock Exchange Listing Department Listed Company Action Status 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates Status of Disclosure on“Action to Implement Management that is Conscious of Cost of Capital and Stock Price” ◆As of July 31, 2024, 86% of Prime Market listed companies (1,406 cos.) and 44% of Standard Market listed companies (701cos.) have disclosed. (including companies with a disclosure status of“under consideration”.) ➢Many companies, especially those with fiscal years ending in March, disclosed or updated their initiatives from June to July, an increase of 14 pts (218 companies) in the Prime Market and 14 pts (221 companies) in the Standard Market from the end of May 2024 （ｎ=1,643）（ｎ=1,602）Prime Market Standard Market Disclosed initiatives Disclosure status of“under consideration” Disclosed initiatives Disclosure status of“...
2024 Japan Exchange Group, Inc., and/or its affiliates Appendix 2 August 30, 2024 Tokyo Stock Exchange Listing Department Interviews with Investors, etc. 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates Company Status Overview ◆In June and July of this year, when disclosure of new initiatives and updates by companies with fiscal years ending in March had progressed, TSE sought input to consider future measures, by interviewing a wide range of stakeholders (over 60 companies in total), domestic and overseas institutional investors, those supporting listed companies (securities companies, trust banks, consulting firms), think tanks, and more. ➢In the interviews, participants were asked for their opinions on the overall progress of the initiatives, challenges that companies are facing and measures to improve effectiveness of their initiatives, dividing companies' situations into three major groups. ➢In addition, TSE has conducted a number of seminars and individual interviews with listed companies. Group ...
2024 Japan Exchange Group, Inc., and/or its affiliates Appendix 3 August 30, 2024 Tokyo Stock Exchange Listing Department Initiatives by Listed Company Support Group 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates Listed Company Support Group: Specific Initiatives (1/2) ⚫While requesting various initiatives to enhance corporate value over the medium- to long-term, TSE established a dedicated group to support such initiatives by working closely with listed companies (January 2024). Follow-up With Listed Company Management Support for Those in Charge of Practical Operations President of TSE explains the background behind TSE’s request and the purpose of other various initiatives to management of listed companies nationwide. Visits to Individual Companies 40 companies have already been visited (5 of which are outside the Kanto area) Speaking at Various Events and Seminars A total of around 1,300 employees of listed companies participated in these events. [Main ...
2024 Japan Exchange Group, Inc., and/or its affiliates September 27, 2024 Tokyo Stock Exchange Listing Department Revision of the List of Companies That Have Disclosed Information Regarding “Action to Implement Management That Is Conscious of Cost of Capital and Stock Price” 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates The List of Companies That Have Disclosed Information Regarding“Action to Implement Management That Is Conscious of Cost of Capital and Stock Price”will be revised in the following three ways in order to better support listed companies that are proactively working to implement said management. Revision of the List of Companies That Have Disclosed Information (Reference) The Look of the New Format Please note that the layout of the list is subject to change. (3) Set a Time Limit for“Under (3) Set a Time Limit for“Under Consideration”Status and Require Companies“Under Consideration”to...
2024 Japan Exchange Group, Inc., and/or its affiliates August 30, 2024 Tokyo Stock Exchange Listing Department Future Initiatives Regarding“Action to Implement Management that is Conscious of Cost of Capital and Stock Price” Reference 1 Reprinted 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates First Year Review and Future Policy ◆While many listed companies have begun disclosing and implementing initiatives, there are still issues, such as gaps between the perspectives of companies and that of their investors, even among those companies that are making progress. Also, some companies have not yet begun to disclose information, and reforms have only just begun. ◆TSE aims to create a market where listed companies naturally strive to improve corporate value while being conscious of their cost of capital and stock price. ◆As a market operator, TSE will implement future initiatives with a further emphasis on developing an environment conducive to corporate ...
2024 Japan Exchange Group, Inc., and/or its affiliates March 29, 2024 Reminder Regarding the Criteria for Inclusion in the List of Companies That Have Disclosed Information Regarding "Action to Implement Management That Is Conscious of Cost of Capital and Stock Price" Tokyo Stock Exchange, Inc. Listing Department Reference 2 Reprinted 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates For Newly Disclosing Companies ⚫Keywords regarding disclosure status Note: If keywords are not included in the Corporate Governance Report, the company will not be reflected in the list. Note: If a company submits a Corporate Governance Report with newly added keywords, it will be reflected in the list released on the 15th of the following month (the disclosure status as of the end of each month is released on the 15th of the following month). ⚫Keyword regarding English disclosure status Status Keyword “Available” 【英文開示有り】(...
2024 Japan Exchange Group, Inc., and/or its affiliates November 21, 2024 First Edition Tokyo Stock Exchange, Inc. Cases Where Companies Are Not Aligned With Investors’Perspectives Document 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates Index Introduction ・・・・・・・・・・・・・・・・・・・・・・・・Page 4 Level 1 (Insufficient analysis of the current situation and consideration of measures)・・・・・・・・・・・・・・・・・・・・・・・・・・Page 6 1. Analysis and evaluation of the current situation is only superficial 2. Disclosures are just a list of initiatives 3. Requests for dialogue are denied without legitimate reason Level 2 (Analysis of the current situation and measures are not up to investors’ standards) ・・・・・・・・・・・・・・・・・・・・・・・・・・Page 10 1. Misalignments in companies’evaluation of their current situation 2. Insufficient consideration given to ideal balance sheets and capital allocation policies 3. Target setting is not in line with investors’perspectives 4. Analysis of issues and consideration of additional responses are not considered flexibly Level 3 (Further improvements are ...
2024 Japan Exchange Group, Inc., and/or its affiliates February 1, 2024 First edition November 21, 2024 2nd edition Tokyo Stock Exchange, Inc. Key Points Considering The Investor’s Point of View This document is intended to be a reference for listed companies that are considering Action to Implement Management That is Conscious of Cost of Capital and Stock Price, and also to help listed companies that have already disclosed information related to these efforts update their information in the future. This report is based on interviews with many investors in Japan and overseas, and includes a summary of the key points of initiatives that investors expect from companies, examples of initiatives that investors deemed as fulfilling these expectations. Note: The examples in this material are provided solely for informational purposes as a reference for listed companies that are considering management that is conscious of cost of capital and stock ...
2024 Japan Exchange Group, Inc., and/or its affiliates This document is intended as a reference for listed companies that are considering taking action to implement management that is conscious of cost of capital and stock price, and also as a reference for future updates for listed companies that have already made disclosures. This report is based on interviews with many investors in Japan and overseas, and compiles examples of Prime Market-listed companies’measures investors deemed as fulfilling the expectations they have for corporations. Note 1: Since the first edition was published in February 2024, new points and examples have been added based on recent feedback from investors, among others. Note 2: The examples in this document are provided solely for informational purposes as a reference for listed companies that are considering action to implement management that is conscious of cost of capital and stock price, and are not ...
2024 Japan Exchange Group, Inc., and/or its affiliates Case Studies (Standard Market) Document 5 February 1, 2024 First edition November 21, 2024 2nd edition Tokyo Stock Exchange, Inc. This document is intended as a reference for listed companies that are considering taking action to implement management that is conscious of cost of capital and stock price, and also as a reference for future updates for listed companies that have already made disclosures. This report is based on interviews with many investors in Japan and overseas, and compiles examples of Standard Market-listed companies’measures investors deemed as fulfilling the expectations they have for corporations. Note 1: Since the first edition was published in February 2024, new points and examples have been added based on recent feedback from investors, among others. Note 2: The examples in this document are provided solely for informational purposes as a reference for listed companies ...