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LIAJ Publishes Survey Results on Efforts to Enhance Stock Value

23 March 2015

 

The Life Insurance Association of Japan, the LIAJ (Chairman: Koichiro Watanabe, President of The Dai-ichi Life Insurance Company) has been continuously conducting surveys on efforts to enhance stock value by stock companies from the position of stockholders and investors for 41 years since fiscal 1974.

The LIAJ expects that the stock value will be enhanced by promoting communication between companies and stockholders and by sharing their awareness of the issues among them, which eventually contributes to revitalization of the whole stock market.

From this perspective, the LIAJ conducted a questionnaire survey on consciousness and efforts of companies and investors again this year, and made requests on improvements and efforts to enhance stock value.

<Summary of Requests>

  • 1)
    Setting and disclosure of corporate objectives
    • (ⅰ)
      Development and disclosure of medium-term management plan, and enhancement of explanation on it
    • (ⅱ)
      Setting of target level of ROE, and continuing improvement of the level
    • (ⅲ)
      Establishment of appropriate capital policy and effective use of visible funds, and enhancement of explanation on them
    • (ⅳ)
      Promotion of strategic investment that leads to enhancement of stock value, and enhancement of explanation on it
      • 2)
        Further fulfillment of stockholder return
        • (ⅰ)
          Establishment and disclosure of stockholder return policy, and enhancement of explanation on it, including the need of internal reserves and investments.
        • (ⅱ)
          Implementation of dividend discount with the dividend ratio of 30% or more, as a medium or long term standard level
        • (ⅲ)
          Promotion of active stock buyback
        • 3)
          Enhancement of corporate governance
          • (ⅰ)
            Further promotion of dialogues with stockholders and investors and enhancement of disclosures which will be a basis of the dialogues
          • (ⅱ)
            Enhancement of explanation on stockholder meeting bills and improvement of environment to exercise the voting rights

    The result of this survey will be submitted to the surveyed companies and institutional investors and all the companies in the first section of the Tokyo Stock Exchange.

    <Reports>