Survey on English Disclosure by Japanese Companies
 

Tokyo Stock Exchange, Inc. has created a survey on disclosures in English by listed Japanese companies and your cooperation would be greatly appreciated.
This survey is aimed at encouraging disclosures in English based on the needs of overseas investors by identifying the information that they need and providing feedback of responses to the listed companies.

Estimated time required for responses: 5-10 minutes (approx. 15 minutes if answered in detail)
Please note that the data entered cannot be saved temporarily.
Fields with * must be filled in.

Questions

1. Please provide your assessment of English disclosures by listed Japanese companies.

(1) Do you think that the level of English disclosures by listed Japanese companies has improved in recent years?
   (Please select one of the following)
Improved
Slightly improved
Neutral
Not improved much
Hasn't improved
(2) Are you satisfied with the level of English disclosure by listed Japanese companies?
   (Please select one of the following)
Satisfied
Somewhat satisfied
Neutral
Somewhat dissatisfied
Dissatisfied
(3) Please state the reasons for your selections in the above (1) and (2):

2. What kind of problems have you experienced due to inadequacy of English disclosure?
   (Please select applicable items. Multiple answers acceptable.)
Since the available information was limited, we had to exclude Japanese stocks from the investment universe.
Since we could not obtain information in a timely manner, we had to reduce weights of Japanese stocks.
Since we could not obtain information in a timely manner, we had to discount Japanese stocks when evaluating them.
Since information was unavailable beforehand, analyses were incomplete, and we could not have in-depth dialogues at IR meetings.
Since it was a waste of time explaining details disclosed only in Japanese, we could not have in-depth dialogues at IR meetings.
Confirming info disclosed in Japanese took time, so we were unable to secure enough time to consider exercising voting rights.
Others
  In the case of "Others":

3. Please select one of the following items for each document to determine whether disclosure in English by listed Japanese companies is necessary when investing in those companies.

Essential: If listed Japanese companies do not provide disclosure documents in English, we will not make investments.
Necessary: We need disclosure documents in English.
Useful: If disclosure documents are available in English, we will use them.
Not necessary: We do not use disclosure documents in English even if they are available

(1) IR presentations
Essential
Necessary
Useful
Not necessary
(2) Earnings Reports (earnings release)
Essential
Necessary
Useful
Not necessary
(3) Timely disclosure documents (other than Earnings Reports)
Essential
Necessary
Useful
Not necessary
(4) Annual Securities Reports (annual reports in accordance with the Financial Instruments and Exchange Act)
Essential
Necessary
Useful
Not necessary
(5)-1 Notices of general shareholders meetings (notices and reference documents)
Essential
Necessary
Useful
Not necessary
(5)-2 Notices of general shareholders meetings (business reports and financial documents)
Essential
Necessary
Useful
Not necessary
(6) Corporate Governance Reports (i.e., reports disclosed according to rules of TSE that describe matters such as fundamental views on corporate governance)
Essential
Necessary
Useful
Not necessary
(7) Annual reports (voluntary disclosure annual reports that are not based on laws and regulations)
Essential
Necessary
Useful
Not necessary
(8) ESG reports
Essential
Necessary
Useful
Not necessary
(9) Other disclosure documents (if there are any relevant documents other than those mentioned above, please provide information on them)

a. Essential documents
 Document names:

b. Necessary documents
 Document names:

c. Useful documents
 Document names:

4. What are the top three disclosure documents that listed Japanese companies should give priority to, to disclose in English, as well as the reasons for them?

First:

Second:

Third:

Reasons:

5. Please provide names of companies with excellent English disclosure as well as the reasons.
  (Multiple responses acceptable)

Company names:

Reasons:

6. Please provide names of companies where a more complete disclosure in English is needed (or disclosure in English is inadequate) and the reasons. Please provide, if any, document names for which specific improvements to disclosures is necessary.
  (Multiple responses acceptable)

Company names:

Reasons:

7. Please provide, if any, comments regarding IR activities of listed Japanese companies.
Comments:

8. Please provide, if any, comments on disclosure and provision of English information (not limited to those by listed Japanese companies, including, for example, provision of English translations of information available in Japanese prepared by a third party) in relation to investment in the TSE market.
Comments:

9. Please provide information about the respondent.

(1) Company name:

(2) Department/section:

(3) Title:

(4) Main role:
Investment decision (e.g. fund manager, trader)
Research (e.g. analyst, strategist)
Exercise of voting rights
Others
(5) Name of the respondent:

(6) Contact (email address):

(Please retype)
(7) Work location (city and country)

(8) Type of your organization
  (please select one of the following)
Pension fund
Sovereign wealth fund
Asset management company
Hedge fund
Family office
Others
  In the case of "Others":

(9) Your fund's AUM
  (Please select one of the following items)
Under USD 100 million
USD 100 million or more but less than USD 1 billion
USD 1 billion or more but less than USD 10 billion
USD 10 billion or more
(10) Investment management styles
  (multiple selections acceptable)
Active
Passive
Top-down
Bottom-up
Japanese stocks
Asian stocks
Global stocks
Value
Growth
Large-cap
Mid/small-cap
Long/short
Long only
Activist
Event-driven
Distressed
HFT/quants
Multi-strategy
Others
  In the case of "Others":

(11) Do you have staff (on your investment team) who can read Japanese disclosure documents?
Yes
No
(12) What is the range of Japanese stocks that you invest in?
  (Please select the exact or closely matching items. Multiple selections acceptable)
TOPIX 100 (top 100 market-cap and liquidity issues)
TOPIX 500 (top 500 market-cap and liquidity issues)
TOPIX (TSE 1st Section,; More than 2,100 companies)
All listed companies (TSE 1st and 2nd Sections, Mothers, and JASDAQ: More than 3,700 companies)
Nikkei Stock Average constituents (225 issues)
MSCI JAPAN constituents
MSCI Japan IMI Index constituents
Markets for emerging companies (Mothers and JASDAQ Growth)
Others
We do not invest in Japanese stocks.
  In the case of "Others":


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