At Cadira Capital Management, our mission is "Connecting the Investment Chain and Beyond". Collaborative relationships with internal and external stakeholders are essential to achieving our mission. We therefore seek to deepen the relationship of trust with our stakeholders by disclosing specific details of our activities, including dialogue with the companies in which we invest.
This month, we'll report on the following activities.
Dialogue with YASKAWA Electric Corporation
We had a dialogue on governance structure and social impact with Yaskawa Electric.
Regarding governance, we discussed the system for nominating the president. At present, the company does not have a system whereby the nomination committee appoints the president. We expressed our view that this needs to be rectified. We confirmed that the company is aware of this issue and we expect the system to be improved in the future.
In terms of impact, Yaskawa Electric has included the amount of contribution to the reduction of greenhouse gas emissions as an indicator for measuring the results of corporate activities in the evaluation items for executives, and we expressed our opinion that we have positively evaluated this item. In addition, using a corporate intrinsic value calculation tool we developed, we presented the logic that positive impact increases corporate value and conveyed the idea that impact creation is also important from an investor's perspective.
The company has developed a solution that allows companies that have not used robots in the past, such as those in the food industry, to introduce robots without the need for specialized personnel. If this solution expands the use of robots, it will alleviate labor shortages in areas with declining populations. Although it is not easy to measure the impact of these activities, we recommended enhanced disclosure because we believe that the company's reputation will be further enhanced if the significance of its activities is better understood.
Dialogue with Sekisui House, Ltd.
Sekisui House has been promoting initiatives such as ZEH (Zero Emission House) and "Gohon no Ki" (promotion of diverse tree planting) in Japan. Recognizing that awareness among overseas investors regarding these efforts might still be limited, we proposed effective information dissemination. We emphasized the significance of focusing, in particular, on "Gohon no Ki" as a noteworthy solution for biodiversity, suggesting that the company should channel efforts into this area.
We believe the company has the potential to establish a unique position by introducing disaster-resistant and environmentally efficient homes in the American housing market under the "Sherwood" brand. We also believe that, by clearly demonstrating an environmentally conscious approach in international business expansion, the company's activities could be globally recognized.
In terms of financial strategy, we have communicated that there is room for improvement in the use of cash. The company's core business, home sales, is a make-to-order business, so cash flow tends to be positive. The company's policy of using the cash generated there, which is to increase investment in real estate development in order to expand its scale, is unlikely to lead to a positive valuation of the stock. We believe that the company has room to promote the strengthening of its service business by leveraging relationships with existing customers. Therefore, we believe that the company should prioritize business investment over real estate investment as a use of funds, and any surplus funds generated should be returned to shareholders.
Dialogue with Recruit Holdings Co., Ltd.
During a meeting with Recruit Holdings, we exchanged ideas on how to manage and raise awareness of the company's social impact.
As an organization, Recruit Holdings has clearly demonstrated its focus on impact. For example, the company has set its own impact KPIs for its core staffing business and discloses progress against these KPIs. The company's KPIs are "halve the time it takes to find a job" and "provide employment to 30 million people facing barriers," and the background for these KPIs is explained in detail on the company's website and disclosure materials.
Following the exchange of ideas at the meeting, we suggested to Recruit Holdings that we provide them with a seminar to exchange ideas with other impact investors in order to provide them with further ideas for improvement. The company responded positively and we held a seminar with 15 impact-oriented capital market professionals. Positive feedback from the participants indicated that in addition to the exchange of ideas at the seminar, the networking aspect of the initiative was also meaningful.
Dialogue with PERSOL HOLDINGS CO., LTD.
PERSOL HOLDINGS, with the group vision of "Work and Smile," is actively engaged in business activities to produce a better working environment. We conveyed our resonance with the company's vision of "Work and Smile" and emphasized that achieving the key performance indicator (KPI) of employment creation, the "quantity" aspect, along with an increase in the resolution of the "quality" aspect, contributing to the well-being of workers, would lead to more meaningful disclosures.
In the temporary staffing business, the company takes care of the employees it sends by conducting regular interviews with them. On the other hand, in the recruitment business, it is not easy to take care of job seekers after they join their new employers, but if it can be done, it will ultimately lead to the company's differentiation by creating a better work environment. Since the company has the PERSOL Research Institute, a human capital think tank within the group, we expressed our opinion that it would be important to actively use its knowledge and increase synergies with the business units.
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