According to the minutes of the Disclosure Working Group of the Financial System Council published by the Financial Services Agency, issues discussed included the relationship between Japanese companies' sustainability disclosures and financial information, as well as overlapping disclosures across multiple media.
On 23 October, the Financial Services Agency published the minutes of a meeting held on 4 September. At the meeting, the Japan Investor Relations Association and NBIM explained challenges in corporate information disclosure, and participants discussed the insufficient linkage between sustainability information and financial information, as well as the dispersion of information across multiple media.
The NBIM presenter said that an analysis of disclosure materials from 6 Japanese companies and 4 overseas companies generally found no direct links between explanations of sustainability-related risks and the notes to the financial statements or the assumptions underlying management plans. At the same time, the presenter praised examples in which disaster-prevention assets and expenses associated with climate change were linked to notes to the financial statements.
The Japan Investor Relations Association said that information was being duplicated across multiple media, including securities reports and integrated reports. In a 2025 survey, the adoption rate was 51.0% for Japanese-language integrated reports and 46.2% for English-language editions.
The meeting identified cross-references between statutory disclosure documents and enhanced risk information as challenges in organising and integrating disclosure media, and recommendations were presented to provide English-language editions simultaneously and review the disclosure schedule. It was also said that integrating voluntary disclosure media would require consideration based on the division of roles. No changes to the system were decided.