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Announcement of the Results of a Survey for Case Examples of Good Practices Concerning Shareholder Meeting Notices-The survey revealed viewpoints and assessment criteria of institutional investors-

For enterprises, shareholder meeting notices are important means to communicate with their investors and shareholders in particular. Based on this fact, the Ministry of Economy, Trade and Industry (METI) conducted a survey regarding case examples of shareholder meeting notices and agendas, so as to identify specific viewpoints of institutional investors and how they assessed whether they were good or bad case examples. METI compiled the results of the survey and hereby announces the results.

1. Background

METI has conducted the survey as a part of the Corporate Reporting Lab project.

In 2012, METI established the Corporate Reporting Lab project, aiming to provide enterprises and investors with opportunities to have better dialogues for enhancing corporate value as well as to discuss, study and propose more effective disclosure about corporate value. The project is mainly composed of related people in enterprises and the financial markets (secretariats: METI and the Business Policy Forum, Japan).

At a meeting for the project, the members proposed that broadly collecting and introducing some good and bad case examples concerning shareholder meeting notices and agendas from the viewpoints of institutional investors would be useful for people in enterprises who are involved in practical procedures for holding shareholders meetings and IR. In response, METI decided to establish a Working Group for Analyzing Case Examples of Good Practices.

METI hopes that the results of the survey will form a good reference for people involved in the preparation of shareholders meetings when creating shareholder meeting notices in FY2014 or any following fiscal year, as well as help Japanese enterprises establish better relationships with their investors.

2. Details of the survey

For this purpose, from January to March 2014, the working group distributed the survey questionnaires, shown in the Appendix (PDF:238KB) PDF File (in Japanese), to large institutional investors and collected responses from them. When sending the questionnaires, members of the working group selected institutional investors who are more familiar with Japanese enterprises’ shareholder meeting notices than other investors and who also make decisions related to exercising voting rights, and asked them to answer the survey.

In this context, METI has positioned the survey as a pilot project and is now considering a full-fledged survey to be conducted in the future, based on the results of the survey and the enterprises’ shareholder meeting notices in FY2014.

Release Date

May 9, 2014

Division in Charge

Corporate Accounting, Disclosure and CSR Policy Office, Economic and Industrial Policy Bureau

Ministry of Economy, Trade and Industry
1-3-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8901, Japan Tel: +81-(0)3-3501-1511
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