2023 Survey on English Disclosure by Japanese Companies

Tokyo Stock Exchange, Inc. (TSE) is conducting a survey on disclosures in English by listed companies to investors and your cooperation would be greatly appreciated.
This survey is aimed to encourage disclosures in English based on the needs of overseas investors by identifying the information that they need and providing feedback of those responses to the listed companies. In addition, TSE will use the responses as reference information for considering the content of English disclosure to be made mandatory in the Prime Market.

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.
The maximum length of the free-text field for reasons, etc., is 1,000 characters.

Fields with must be filled in.

Questions

1. Please tell us about 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?
Improved
Slightly improved
Neutral
Not improved much
Hasn’t improved
(2) Are you satisfied with the level of English disclosure by listed Japanese companies?
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 consequences have you experienced due to inadequacy of English disclosure?
 (Please select applicable items. Multiple selections acceptable.)
Excluded Japanese stocks from the investment universe
Reduced weights of Japanese stocks
Discounted Japanese stocks when evaluating them
Unable to have in-depth dialogues at IR meetings
Unable to secure enough time to consider exercising voting rights
Others (please describe)
 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 (a), and the timing at which they are needed relative to the Japanese release (b).
Definition of terms:
・ 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
 (a) Necessity
Essential
Necessary
Useful
Not necessary
 (b) Timing
Simultaneously (with Japanese release)
Same day
Within 3 days
Within 1 week
Within 1 month
No preference
(2) Earnings Reports (earnings release in accordance with TSE’s Listing Rules)
 (a) Necessity
Essential
Necessary
Useful
Not necessary
 (b) Timing
Simultaneously (with Japanese release)
Same day
Within 3 days
Within 1 week
Within 1 month
No preference
 If you selected "Essential" or "Necessary" in (2) (a), please select from the following options which types of documents and items that you need to be disclosed in English. (multiple selections acceptable)

 Document type:
First Quarter Earnings Reports
Second Quarter Earnings Reports
Third Quarter Earnings Reports
Full Year Earnings Reports
 Items included:
Summary of Information†
Financial Statements
Qualitative Information
Notes
Segment Information

†including key figures such as business results, financial position, cash flow, dividend status, earnings forecast, and dividend forecast

(3) Timely disclosure documents (other than Earnings Reports)
 (a) Necessity
Essential
Necessary
Useful
Not necessary
 (b) Timing
Simultaneously (with Japanese release)
Same day
Within 3 days
Within 1 week
Within 1 month
No preference
 If you selected "Essential" or "Necessary" in (3) (a), please select from the following options which types of documents and items that you need to be disclosed in English.
 (multiple selections acceptable)
Revision to earnings forecasts
Revision of dividend forecast and dividends of surplus
Acquisition of own shares
Issuance of shares and stock acquisition rights, etc.
Mergers and other reorganizations and acquisitions
 Please state the reasons for your selections above. If there are any necessary documents other than those mentioned above, please list them.

(4) Annual Securities Reports (annual reports in accordance with the Financial Instruments and Exchange Act)
 (a) Necessity
Essential
Necessary
Useful
Not necessary
 (b) Timing
Simultaneously (with Japanese release)
Same day
Within 3 days
Within 1 week
Within 1 month
No preference
 If you selected "Essential" or "Necessary" in (4) (a), please select from the following options which types of items that you need to be disclosed in English.
 (multiple selections acceptable)
History
Description of business
Subsidiaries and other affiliated entities
Employees
Management policy, business environment, and issues to be addressed
Sustainability policy and initiatives
Business risks
Management's analysis of financial position, operating results, and cash flows
Material contracts, etc.
Research and development activities
Information about facilities
Company's shares, etc.
Acquisition and disposal of treasury shares
Dividend policy
Overview of Corporate Governance
Shareholdings (Cross-shareholdings)
Financial information (Financial statements and notes)
Audit report (Key audit matters, etc.)
(5) Notice of general shareholders meetings
 (a) Necessity
Essential
Necessary
Useful
Not necessary
 (b) Timing
Simultaneously (with Japanese release)
Same day
Within 3 days
Within 1 week
Within 1 month
No preference
 If you selected "Essential" or "Necessary" in (5) (a), please select from the following options which types of items that you need to be disclosed in English.
 (multiple selections acceptable)
Proposals
Reference Documents for Proposals
Business Reports
Financial Statements
(6) Corporate Governance Reports (i.e., reports disclosed according to rules of TSE that describe matters such as fundamental views on corporate governance)
 (a) Necessity
Essential
Necessary
Useful
Not necessary
 (b) Timing
Simultaneously (with Japanese release)
Same day
Within 3 days
Within 1 week
Within 1 month
No preference
(7) Annual reports (voluntary disclosure annual reports that are not based on laws and regulations)
 (a) Necessity
Essential
Necessary
Useful
Not necessary
 (b) Timing
Simultaneously (with Japanese release)
Same day
Within 3 days
Within 1 week
Within 1 month
No preference
(8) ESG reports
 (a) Necessity
Essential
Necessary
Useful
Not necessary
 (b) Timing
Simultaneously (with Japanese release)
Same day
Within 3 days
Within 1 week
Within 1 month
No preference
(9) Transcripts of IR briefings
 (a) Necessity
Essential
Necessary
Useful
Not necessary
 (b) Timing
Simultaneously (with Japanese release)
Same day
Within 3 days
Within 1 week
Within 1 month
No preference
(10) Please state the reasons for your selections in the above from (1) to (9). If there are any necessary documents other than those mentioned above, please list them.

4. What are the top three disclosure documents that listed Japanese companies should give priority to for 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)

Large-cap Stock
 Company name(s):

 Reason(s):

Mid- and Small-cap Stock
 Company name(s):

 Reason(s):

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)

Large-cap Stock
 Company name(s):

 Reason(s):

Mid- and Small-cap Stock
 Company name(s):

 Reason(s):

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 maker (e.g. fund manager)
Research (e.g. analyst)
Exercise of voting rights
Others
(5) Name of the respondent:

(6) Contact (email address):

(7) Work location (city and country):

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

(9) Your fund’s AUM
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) Number of stocks in your fund:
Less than 30 issues
30 to 99 issues
100 to 499 issues
500 or more issues
(11) Number of Japanese stocks held by your fund:
None
1 to 9 issues
10 to 99 issues
100 or more issues
(12) 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   Engagement
ESG   HFT/quants   Others(please describe)
 In the case of "Others":

(13) Do you have staff (on the investment team) who can read Japanese disclosure documents?
Yes
No
(14) 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 (More than 2,100 issues)
All listed companies (TSE Prime, Standard, and Growth: More than 3,800 issues)
Nikkei Stock Average constituents (225 issues)
MSCI JAPAN constituents
MSCI Japan IMI Index constituents
Markets for growth companies (TSE Growth)
Others(please describe)
We do not invest in Japanese stocks.
 In the case of "Others":

(15) What is your primary source of information in the investment process?
Mainly English disclosure documents of listed companies
Mainly Japanese disclosure documents of listed companies†
Mainly secondary information provided by securities companies and information vendors††
Disclosure documents and secondary information in similar amounts

† including cases in which my company creates or obtains a translation of the documents
†† including cases where they provide a translation

(16) When making new investments, do you use English-language materials disclosed by listed Japanese companies?
Every time
Usually
Seldomly
Never
(17) How often do you use English-language materials disclosed by listed Japanese companies in which you have already invested?
At least once a quarter
At least once a year
Only if there is a special event
Seldomly
Never
Terms and conditions

Personal information (department or division name, your name, telephone number, and email address) you provide will be used by Tokyo Stock Exchange, Inc. only for the purpose of contacting the respondent about this survey and future surveys on English disclosure by Japanese companies.
The information will be handled under proper management. For information regarding the handling of personal information by JPX. and for contact details for questions or complaints regarding personal information, please refer to the website below:
Handling of Personal Information

Contact:
Tokyo Stock Exchange, Inc. Listing Department
Email: jojo@jpx.co.jp
I understand the terms and conditions and consent to provide personal information.

The information registered on this website will be managed securely by "SPIRAL ver.1", a database-management ASP service provided by SPIRAL Inc..