Demand Fluctuations Due to Changes in Laws and Institutions
First written in FY2016. 2 of 14 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2024: 4 of 19 companies on the "Worse" side.
2 other companies' latest entry also says "Other".
- FY2026Progress in the third revision of the Stewardship Code and related institutional reviewsAnnual report
「Regarding revisions to laws and changes in regulations relating to IR and SR activities, the so-called Japan Stewardship Code, established in February 2014 and revised for the third time in June 2025, now requires institutional investors to engage in constructive, purposeful dialogue with investee companies to promote improvements in corporate value and sustainable growth.」
The third revision of the Japan Stewardship Code in 2025 is described, reflecting an updated institutional environment requiring dialogue with institutional investors. - FY2024Initiation of revisions to takeover-bid and large-shareholding reporting regulationsAnnual report
「A succession of sweeping regulatory reforms by the authorities is being announced, including the Financial Services Agency's initiation of revisions to takeover-bid regulations and large-shareholding reporting regulations.」
In addition to revisions to the existing codes and the reorganisation of the market segments, the Financial Services Agency's initiation of revisions to takeover-bid and large-shareholding reporting regulations is described as a change in the institutional environment affecting PA/FA services. - FY2024-Q3Concrete moves toward unsolicited and defensive acquisitionsAnnual report
「As the Ministry of Economy, Trade and Industry develops the Guidelines for Corporate Takeovers, strategic buyers, meaning operating companies, have also begun making unsolicited acquisition proposals and taking steps to execute competing acquisition proposals, creating the conditions for corporate and business restructuring to become more active.」
Against the backdrop of the development of the takeover guidelines, concrete moves by strategic buyers to make unsolicited acquisition proposals and execute competing acquisition proposals are described. - FY2024-Q2Changes in the restructuring environment prompted by the development of takeover guidelinesAnnual report
「As the Ministry of Economy, Trade and Industry develops the Guidelines for Corporate Takeovers, strategic buyers, meaning operating companies, have also begun moving to acquire companies, creating the conditions for corporate and business restructuring to become more active.」
Against the backdrop of the Ministry of Economy, Trade and Industry's development of the takeover guidelines and acquisition moves by strategic buyers, the institutional and market environment is shown to be becoming more conducive to active corporate and business restructuring. - FY2024-Q1Changes in the capital-market environment prompted by calls to improve PBRAnnual report
「Following the Tokyo Stock Exchange's call for companies with PBR below 1x to make improvements, global institutional investor funds have begun returning to Japanese equities, while activist funds have also become more active,」
The Tokyo Stock Exchange's call for companies with PBR below 1x to make improvements is described alongside the return of institutional investor funds to Japanese equities and increased activist activity, indicating a change in the environment for capital-market engagement. - FY2023-Q1AdvancedAnnual report
「In addition to conventional SR advisory services aimed at identifying shareholders and securing stable voting support, engagements for our group's proprietary, sophisticated equity consulting services, including corporate-value-enhancement advisory services, B/S simulations and strategic reviews in response to the TSE's review of its market segments, progressed steadily.」
Engagements for corporate-value-enhancement advisory services, B/S simulations, strategic reviews and other services prompted by the TSE's review of its market segments progressed steadily. - FY2022Continued demand relating to the reorganisation of the market segments and the revised codeAnnual report
「The Corporate Governance Code, established in June 2015 and revised in June 2021 to encourage listed companies to take autonomous measures to achieve sustained improvements in corporate value, has required them to address a range of issues, including governance design, capital policy, dialogue with institutional shareholders and ESG disclosures. As a result, demand for the equity consulting services in which our group specialises has risen rapidly.」
Demand for support relating to governance design, capital policy, dialogue with institutional shareholders and ESG disclosures has remained strong, driven by the revised Corporate Governance Code and the reorganisation of the market segments. - FY2022-Q3Expansion of demand relating to the reorganisation of the market segments and compliance with continued-listing criteriaAnnual report
「Advisory engagements increased steadily through the end of December 2021 to support companies with the procedures for selecting a new market segment and submitting plans to meet the continued-listing criteria, in connection with the reorganisation of the TSE market segments and institutional reforms such as the revision of the Corporate Governance Code. There has also been an increase in repeat enquiries from companies that initially handled the matter internally without external support but have failed to meet the continued-listing criteria, and demand for our corporate-value-enhancement advisory services continues to grow.」
Advisory engagements relating to selection of a new market segment and compliance with continued-listing criteria increased in response to the reorganisation of the TSE market segments and the revision of the Corporate Governance Code. - FY2022-Q2Expansion of demand for measures prompted by the review of the market segmentsAnnual report
「In addition to equity consulting related to the TSE's market segment review scheduled for next spring, ESG consulting related to climate change is steadily increasing as institutional shareholders worldwide accelerate their focus on ESG.」
With the TSE's review of its market segments approaching, demand is increasing for equity consulting and ESG consulting, including support for climate-change initiatives. - FY2022-Q1Expansion of demand for measures prompted by the revised codeAnnual report
「With the revision of the Corporate Governance Code accompanying the reorganisation of the TSE market segments providing further impetus, momentum is building behind a trend that is compelling management teams to engage in earnest with shareholders, moving beyond conventional IR and SR activities.」
Against the backdrop of the reorganisation of the TSE market segments and the revision of the Corporate Governance Code, responding to shareholder engagement is spreading as a management-level issue. - FY2021Expansion of demand for measures in response to the revised codesAnnual report
「In June this year, the Financial Services Agency revised the Corporate Governance Code, and companies seeking to move from the TSE First Section to the Prime Market are expected to be subject to new standards of conduct.」
It was explained that revisions to the Corporate Governance Code and the reorganisation of the TSE market segments would increase demand for support relating to corporate governance design, capital policy, dialogue with institutional shareholders and ESG disclosures. - FY2019RestatedAnnual report
「The so-called Japan Stewardship Code, established in February 2014 and revised in May 2017, and the Corporate Governance Code, established in June 2015 and revised in June 2018, require listed companies to undertake more substantive IR and SR activities.」
Following revisions to the Stewardship Code and the Corporate Governance Code, both the institutional environment supporting higher demand for IR and SR services and the possibility of institutional changes reducing demand have been reaffirmed. - FY2017RestatedAnnual report
「Conversely, unexpected changes in laws or regulations that reduce the need for our services could affect our earnings structure.」
Both the possibility that changes in laws and regulations could increase demand for IR and SR services and the possibility that they could reduce the need for those services have been reaffirmed. - FY2016First statedAnnual report
「Changes in laws or regulations that require more substantive IR and SR activities could have a positive impact on the earnings of our company, which operates a consulting business specialising in IR and SR activities. Conversely, unexpected changes in laws or regulations that reduce the need for our services could adversely affect our earnings.」
The Japan Stewardship Code and the Corporate Governance Code are also described as factors driving demand growth.