Cadira's investment management team conducts a survey of respondents following IR meetings. In addition to general impressions of the meeting, the survey also asks questions on topics considered important to corporate management at the time. This quarter, we asked whether companies are measuring and managing their positive impact (the previous quarter's question focused on employee engagement).
Survey results are compiled quarterly and shared with participating companies via email. For reference, the text of the email sent to companies is reproduced below.
<Email text below>
We have compiled the responses to the survey conducted following IR meetings for the January–March 2024 period, and would like to share the results as follows.
■ Did this meeting cover topics that were important to your company?
(Figures in parentheses represent cumulative results from July 2023 to March 2024)
Yes: 97.6% (98.3%)
No: 0.0% (0.0%)
Neither/Unsure: 2.4% (1.7%)
■ Which of the following topics were important to your company in this meeting? (Multiple responses allowed)
Medium- to long-term strategy: 65.9% (76.3%)
Sustainability: 58.5% (61.9%)
Business details: 46.3% (41.5%)
Management philosophy: 24.4% (22.9%)
Financial information: 19.5% (16.9%)
Other: 17.1% (17.8%)
■ Please select the individuals who may be available to meet with us at your company in the future. (Multiple responses allowed)
IR officer: 95.1% (95.8%)
Sustainability officer: 63.4% (55.1%)
Responsible executive: 51.2% (59.3%)
Top management: 36.6% (32.2%)
Business unit head: 17.1% (14.4%)
Outside director: 17.1% (11.9%)
■ Does your company measure and manage the positive impact it generates? (Multiple responses allowed)
We have identified our impact domains (e.g., materiality assessment): 65.9%
We disclose KPIs related to impact: 39.0%
We disclose the revenue ratio related to impact: 9.8%
We are considering doing so: 36.6%
We have no plans to manage this: 4.9%
Other: 2.4%
(The previous quarter's question focused on employee engagement.)
■ Supplementary comments from Cadira
This quarter we asked about impact.
Aggregating the responses, 71% of companies have taken some form of action.(1) Of the remaining 29%, 24% responded that they are "considering doing so," reflecting an overall positive attitude.
We believe the mandatory sustainability disclosure requirement in annual securities reports (有価証券報告書) has had a positive effect on the stance of Japanese companies.
At present, there is still no settled consensus on what "impact" means, leaving both those making disclosures and those interpreting them in an exploratory state — though this situation may improve rapidly. Discussions aimed at clarifying definitions are progressing actively both globally and within Japan.
For example, in Japan, the "Basic Guidelines on Impact Investment (Impact Finance)" (2) were released at the end of March as investor-facing guidelines. Work is also under way on the "Guidance on Information Disclosure and Dialogue in the Capital Markets for Impact Companies" (3) as a framework to promote corporate disclosure.
As the information infrastructure improves, it is expected that more investors will pay attention to impact. As investor attention grows, impact factors will begin to be priced into equity valuations, and this phenomenon may stimulate further investor interest — a potential ripple-effect scenario.
*1 Companies that selected any of: "We have identified our impact domains," "We disclose KPIs related to impact," or "We disclose the revenue ratio related to impact."
*2 Financial Services Agency: https://www.fsa.go.jp/news/r5/singi/20240329.html
*3 GSG National Advisory Board Japan: https://impactinvestment.jp/news/20240122.html
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