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.
Nippon Telegraph and Telephone Corporation
Nippon Telegraph and Telephone Corporation (NTT) is Japan's largest telecommunications company. In recent years, NTT has been promoting overseas expansion through IT system development and data center operations.
The company actively deploys the business model called "B2B2X," which involves developing services in collaboration with client companies to provide value to society. Examples of solutions provided by NTT's client companies through B2B2X include efficiency improvements in agriculture, forestry, and fisheries, as well as enhancements in customer experiences in distribution services. NTT has set a revenue target of 600 billion yen for this sector and achieved it one year ahead of schedule in the previous fiscal year.
In a recent dialogue with NTT, we conveyed a positive evaluation of the company's commitment to providing value to society and the explicit articulation of numerical goals and progress management. In addition, we proposed measuring and disclosing not only revenue figures but also the trends of end-users who have received services through B2B2X, such as the number of users and the utility provided. By enhancing the resolution of information regarding end-users, the company can achieve a better understanding of the value that business activities contribute to society.
NTT agreed with this approach. The company did not say that it would immediately adopt this approach, as understanding the user situation of client companies is a challenging task. However, we would like to emphasize the importance of companies having an open attitude toward receiving suggestions. This helps determine whether a company has a culture of listening to a wide range of stakeholders, and fostering collaboration with external partners can lead to increased momentum in value creation.
It is worth noting that from a risk management perspective, it helps for companies to be open-minded. An ESG data vendor previously judged NTT to be in violation of the United Nations Global Compact. In his previous role, our CIO Yu Shimizu pointed out this issue to NTT and proposed clarifying the reasons for the violation. If it turned out to be a factual error, NTT should request a correction to the data vendor. In response to this feedback, NTT engaged with the data vendor, clarified that the issue was indeed a factual error, and successfully completed the data correction. We highly appreciate a case such as this where NTT's sincere attitude led to an improvement in evaluation.
Proposal for Setting Impact KPIs
At CCM, we propose the introduction of impact goal setting and progress monitoring in order to support and further enhance the impact orientation of our investee companies. During the month under review, we made such proposals to several companies, including Hitachi, Ltd. (6501), Honda Motor Co., Ltd. (7267), Yonex Co., Ltd. (7906), and Human Holdings Co., Ltd. (2415).
Hitachi, Ltd. is engaged in the development and operation of social infrastructure, including the manufacturing and operation of assets such as power grids, railways, and elevators. In addition to its strong manufacturing capabilities, the company possesses advanced IT system development expertise, which enables it to operate the equipment it develops in an efficient and integrated manner. Social infrastructure such as power grids and railways can achieve higher energy efficiency through improved operational efficiency, and therefore represents a solution that contributes to the reduction of greenhouse gas (GHG) emissions. However, as Hitachi has not yet clearly disclosed the quantified amount of its contribution to GHG reductions, CCM proposed that the company provide more advanced and detailed disclosures in this area.
Honda Motor Co., Ltd. contributes to improvements in quality of life in emerging economies, particularly in the ASEAN region, through its motorcycle business. Yonex Co., Ltd. supports the promotion of sports through its badminton and tennis development programs. In addition, Human Holdings Co., Ltd., through its education business, supports individuals who are uncertain about their future career paths in identifying their “ideal selves” and realizing their aspirations, while also connecting these individuals with societal needs. This is carried out by counselors operating across 26 locations nationwide. However, none of these companies has clearly implemented impact measurement frameworks, resulting in limited visibility into the impact they are generating. As establishing KPIs and clearly defined targets is expected to create greater consistency and momentum in these activities, CCM proposed the implementation of formal impact measurement practices.
All four companies demonstrated a certain level of understanding regarding CCM’s proposals, and CCM intends to continue monitoring progress going forward. CCM also positively evaluates the willingness of these companies to openly consider and engage with feedback from investors.
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