2026.2.20
Deepening Sustainability Dialogue — Survey Findings Highlight Qualitative Shifts in IR
Survey Overview
Cadira Capital Management conducts a sustainability-related survey following IR meetings with listed companies. The survey results are compiled on a quarterly basis and sent to listed companies. This quarter, the survey was sent to 310 companies (with a combined market capitalization of JPY 620 trillion as of the end of September 2025).
Questions on Sustainability Dialogue
This quarter’s survey focused on “the current state of sustainability dialogue” (30 responses received). The intent was to examine whether the growing use of the term “anti-ESG” has led to any changes in IR communication practices in Japan. In conclusion, there were no signs of a retreat in sustainability dialogue; rather, a positive trend toward substance-oriented engagement was observed.
Frequency of Dialogue
In response to the question, “Has the frequency of sustainability-related questions from investors changed over the past year?”, 77% of respondents indicated “no significant change.” Additionally, 17% reported an increase, compared to only 7% reporting a decrease, suggesting that sustainability dialogue has become somewhat more active overall.
Changes in Dialogue Content
Respondents were also asked whether the content of sustainability-related dialogue with investors had changed over the past year, with separate options for “formulaic dialogue (e.g., checkbox-type questions)” and “non-formulaic dialogue.” The results were as follows: formulaic dialogue increased for 10.0% of respondents and decreased for 13.3%; non-formulaic dialogue increased for 46.7% and decreased for 6.7%; 6.7% indicated they were not conducting sustainability-related dialogue; and 26.7% selected “Other.”
These results suggest a slight decline in formulaic dialogue and a significant increase in non-formulaic dialogue. As ESG disclosure has improved, data verification can increasingly be conducted through written materials, reducing the need for checkbox-type exchanges. The use of AI may also be accelerating this trend. The efficiency gains in data verification appear to be freeing up more time for in-depth discussions about each company’s distinctive sustainability initiatives.
Proactiveness of Corporate Dialogue
To gauge companies’ proactiveness, respondents were asked, “Do you seek feedback from investors on your sustainability efforts?” 43% responded “We seek feedback as appropriate,” and 37% responded “We have sought feedback before,” meaning a combined 80% of companies have sought investor feedback in some form. This suggests that companies are not only providing information to investors but are increasingly seeking investor perspectives as inputs for management improvement.
Useful Investor Feedback Cited by Respondents
In response to the open-ended question, “Has any investor feedback been particularly useful?”, respondents cited: suggestions for improving integrated reports, feedback on the granularity of disclosed information, introductions to best practices at leading companies, identification of inappropriate conduct, understanding and endorsement of management direction and business strategy, and advice on corporate governance.
Summary
Even amid growing “anti-ESG” rhetoric, many Japanese companies are clearly seeking to leverage sustainability dialogue as a means of management improvement. For IR meetings to serve as forums for “constructive dialogue,” investors must not only gather information but also provide feedback to companies. Likewise, companies can use the types of “useful investor feedback” noted above as starting points for reverse inquiries, which can serve as effective catalysts for meaningful dialogue. We continue to expect Japanese companies to enhance their value through ongoing management improvement.
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