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LIAJ Publishes Survey Results on Efforts to Enhance Stock Valuations

18 April, 2014

 

The Life Insurance Association of Japan, the LIAJ (Chairman: Yoshio Sato, the Chairman of the Board of Sumitomo Life Insurance Co.) has been continuously conducting surveys on efforts to enhance stock valuations by stock companies from the position of stockholders and investors for 40 years since fiscal 1974.

The LIAJ expects that promotion of communication between the company and the stockholders and sharing of their awareness of the issues among them will enhance the stock valuations and eventually contribute to activation 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 valuations.

<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 medium-term improvement of the level
    • (ⅲ)
      Establishment of appropriate capital policy and effective use of visible funds, and enhancement of explanation on them
    • (ⅳ)
      Implementation of strategic investment that leads to enhancement of stock valuations, 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
        • (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 enhancement of dialogues with stockholders and investors and continuous review and overhaul of compliance regime of companies
          • (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>

    1.About Analysis of Survey Results on Efforts to Enhance Stock Valuations

    Summary of the Survey Results (Only in Japanese)PDF

    Reports on the Survey Results (Only in Japanese)PDF

    2.About Detailed Survey Results on Efforts to Enhance Stock Valuations

    Questionnaire Survey Form for Companies (Only in Japanese)PDF

    Questionnaire Survey Form for Investors (Only in Japanese)PDF