At Cadira Capital Management, we conduct ongoing surveys with listed companies following our IR meetings to gather feedback on their IR policies, the quality of dialogue, and sustainability-related initiatives.
For the second quarter of 2025, our survey focused particularly on the budget allocated to IR activities, with an emphasis on understanding each company’s current status and how it has evolved over time.
Background and Purpose of the Survey
In March 2023, the Tokyo Stock Exchange (TSE) requested all listed companies on the Prime and Standard markets to take measures toward “management with an awareness of capital cost and stock price.” Following this, more companies have been enhancing their IR frameworks. In our own meetings, we have increasingly heard comments regarding “increased IR staffing” and “expanded investment in IR activities.”
Furthermore, updates to the TSE’s “Corporate Governance Guidelines” are expected this summer, including new requirements such as the appointment of an executive in charge of IR and the enhancement of IR materials. These developments indicate a growing trend toward strengthening IR structures.
At the same time, we have also heard concerns about the rising burden in terms of both personnel and financial resources. The objective of this survey was to understand how IR professionals perceive their current situation and what direction they plan to take.
Survey Summary (Responses from 30 companies)
Increased IR-related budget: 67% of companies responded that they had increased their IR budget compared to the previous year. The most frequently cited areas of increased spending were:
- Strengthening IR for individual investors
- Enhancing overseas IR activities
- Expanding IR websites and materials
- Utilization of AI technologies
These responses suggest that companies are gradually recognizing IR not only as a response to TSE requirements but also as a key initiative for enhancing long-term corporate value.
Other Survey Results for the Quarter
1. Did this meeting cover topics that are important for your company?
(5 = Yes, 1 = No)
- Rating 5: 53.3%
- Rating 4: 40.0%
- Rating 3: 6.7%
- Rating 2: 0.0%
- Rating 1: 0.0%
(Previous survey used a 3-point scale: Yes 100%, Neutral 0%, No 0%)
2. Key discussion topics in the meeting (multiple responses allowed):
- Mid- to long-term strategy: 83.3% (previously 69.2%)
- Sustainability: 43.3% (previously 53.8%)
- Business details: 56.7% (previously 38.5%)
- Corporate philosophy: 26.7% (previously 11.5%)
- Financial information: 33.3% (previously 15.4%)
- Others: 10.0% (previously 19.2%)
3. Possible participants for the next meeting (multiple responses allowed):
- IR representatives: 100.0% (previously 92.3%)
- Sustainability officers: 30.0% (previously 42.3%)
- Executive officers: 50.0% (previously 53.8%)
- Senior management: 26.7% (previously 26.9%)
- Business heads: 13.3% (previously 11.5%)
- Outside directors: 20.0% (previously 7.7%)
Outlook
The survey results indicate that while more companies are investing in both the qualitative and quantitative enhancement of IR activities, many are still exploring how to balance these investments with the associated burdens and expected outcomes.
Cadira Capital Management will continue to engage in dialogue with companies to deepen mutual understanding and enhance the quality of discussions related to ESG and impact.
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