TSE Cash Markets

On March 2023, Tokyo Stock Exchange, Inc. (TSE) requested that all listed companies on the Prime and Standard Markets take “action to implement management that is conscious of cost of capital and stock price.”

In consideration of the high interest shown by domestic and foreign shareholders and investors in companies’ response to the request, TSE has begun publishing a list of companies that have disclosed information in accordance with the request to inform investors of who is taking action, thereby encouraging companies to make a proactive effort.

Scope of Companies on the List

In this list, for listed companies in the Prime and Standard Markets, disclosure status is determined as follows based on keywords described in the company’s most recently submitted Corporate Governance Report as of the time when the data was collected (as of the end of December 2023 in this time.)
・　If the keyword “【資本コストや株価を意識した経営の実現に向けた対応】” (Action to Implement Management That Is Conscious of Cost of Capital and Stock Price) is found, the status is listed as “disclosed.”
・　If the keyword , “【資本コストや株価を意識した経営の実現に向けた対応（検討中）】” (Action to Implement Management That Is Conscious of Cost of Capital and Stock Price (Under Consideration) ) is found, the status is listed as “under consideration.”

Updates to the List

This list will be updated based on the status as at the end of each month by around the 15th of the following month (updated monthly) on Japan Exchange Group’s website below.

Other

TSE plans to publish key points of responses based on investors’ perspectives on “management that is conscious of cost of capital and stock price” and examples of initiatives that have been praised by investors by late January or early February. A draft version of the document will be discussed at the 14th Meeting of the Council of Experts Concerning the Follow-up of Market Restructuring, which is scheduled to be held on January 17 this year.