AI-Related Corporate Survey: Internal Training and Policy Status at 34 Listed Companies
At Cadira Capital Management, we conduct surveys after IR meetings with listed companies, focusing on topics such as sustainability-related initiatives. We compile the survey results on a quarterly basis and share them with the listed companies. In this quarter, we share the result with 302 companies, with a combined market capitalization of JPY 508 trillion as of the end of September 2025.
This quarter’s survey focused on AI-related internal training and internal policies. Compared with prior quarters, we received a significantly larger number of responses, including comments such as “We would like to use this as a reference when creating our AI policy.” This reaffirmed the high level of interest in AI, as well as the effectiveness of our initiative (“IR meeting → survey → sharing of results”) in strengthening corporate engagement.
Below is the result we shared with companies:
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<Summary of Survey Results>
Regarding the question about internal AI training programs, just under 70% of responding companies reported that they provide training to “all employees” or to “more than half of employees.”
Some advanced examples included companies that have established internal certification systems or implemented proprietary generative AI tools. Other responses indicated measures such as distributing AI usage manuals and sharing use cases.
On the question of internal AI usage policies, approximately 70% of responding companies stated that they have established such policies. Among companies with policies, nearly 90% include provisions on privacy, and just under 80% include cybersecurity elements.
On the other hand, less than 60% reported including AI governance structures or AI ethics (e.g., eliminating bias), suggesting that some companies are lagging behind in addressing governance matters unique to AI.
<Survey Data>
○ Please select the option that best describes your company’s internal AI training program:
• Training provided to all employees: 29.4%
• Training provided to most employees (more than half): 38.2%
• Training provided to some employees (less than half): 20.6%
• Unknown/other: 11.8%
○ Does your company have an internal policy on AI usage?
• Yes: 70.6%
• No: 20.6%
• Unknown: 8.8%
○ If your company has an AI usage policy, which of the following areas are included? (Multiple selections allowed)
• Protection of privacy: 87.5%
• Cybersecurity: 79.2%
• Governance structure related to AI: 58.3%
• AI ethics (fairness, elimination of bias, etc.): 58.3%
• Consideration of environmental impact (e.g., electricity consumption associated with AI use): 4.2%
<Our Reflection on How AI Affects Portfolio Manager Activities>
The evolution of AI is bringing significant changes to the research and investment activities of portfolio managers.
Traditionally, gathering and analyzing corporate information required specialized expertise and experience. However, with the use of AI, these processes have become dramatically more efficient, substantially lowering the hurdle for obtaining basic information. While this represents a major step forward in operational efficiency, it also introduces a new challenge: analysis based solely on publicly available information makes it increasingly difficult for investors to differentiate themselves. As a result, the ability to detect the “early signs of change” behind the public information will become increasingly important. Qualitative elements—such as revitalization of corporate culture and changes in approaches to stakeholder engagement—are essential in assessing whether a company is entering a phase of genuine transformation.
The key going forward is not only acquiring primary information through direct dialogue with companies and on-site observations, but also building a cyclical information ecosystem in which investors proactively disseminate insights, organically attracting information from companies and other stakeholders. At Cadira, we share insights on the relationship between sustainability initiatives and corporate value, as well as on effective disclosure for long-term investors, through our website and seminars. As a result, an increasing number of companies are reaching out to us to request meetings. We will continue to strengthen our information dissemination so that companies will proactively engage with us. For companies as well, clearly defining the objectives of IR activities and proactively approaching targeted investors will become increasingly important.
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We have introduced the content of the email that we sent to listed companies. Following these communications, we have begun receiving meeting requests and inquiries related to impact, creating opportunities for the next engagement cycle. We feel confident that an effective engagement workflow is taking shape, and we intend to further advance this initiative going forward.
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