Report on insider trading (FY2017 to FY2019)

IDS Report 007

December 15, 2020

Listed companies and other market participants spend enormous resources on measures to counter insider trading, including information management training and creating and implementing various rules and regulations. In this report, our aim was to obtain insights into how companies can build and maintain more effective measures to combat insider trading. To achieve this goal, IDS researched all cases of insider trading in Japan in the past three years. We compiled and analyzed data based on offending parties’ relationships with issuers, types of violations, and how offending parties obtained insider information.

English-language disclosure by JPX-Nikkei 400 constituents, 2019

IDS Report 006

December 15, 2020

IDS researched the scope of English translation of key disclosure documents by JPX-Nikkei Index 400 constituents as of September 2019, and compared the results to our findings in 2015 and 2017. We looked at five types of documents: proxy statements for AGMs, notices of resolutions, results of the exercise of voting rights (extraordinary reports), financial results (kessan tanshin), and presentation materials for earnings briefings. We broke down our findings for each type of document based on the proportion of foreign shareholders and the industry of the issuers, and also looked at the frequency of translation where appropriate. A table of the results of our research for all 400 constituents of the JPX-Nikkei Index is provided at the end of the report.

English-language disclosure by JPX-Nikkei 400 constituents, 2017

IDS Report 005

January 8, 2018

We researched the extent and scope of JPX-Nikkei 400 constituents' English translation of the main disclosure documents as of August 2017, and compared the results with our findings in 2015. Our research focuses on the English-translation of five types of document: proxy statements for annual general meetings, notices of resolutions, results of the exercise of voting rights (extraordinary reports), financial results (kessan tanshin), and presentation materials for earnings briefings. For each type of document, we looked at the proportion of companies creating translations broken down by industry and proportion of foreign shareholders, and we also looked at the frequency of translation where applicable. An overview of the results of our research into the JPX-Nikkei 400 constituents is provided at the end of this report.

US fiscal year presentation standards (year start / year-end)

IDS Report 004

October 16, 2017

When preparing disclosure documents in English, some Japanese companies present the fiscal year using the beginning of the period as the standard like the Japanese, and some present the fiscal year using the end of the period as the standard. In this report, we considered whether US companies generally use the start or end of the year as the standard for describing fiscal years, based on research into the disclosure documents of major US companies (the 120 constituents of the S&P 500 index whose fiscal year does not end in December).

Comparative analysis of foreign shareholder ratio and trading volume by country 2016

IDS Report 003

October 16, 2017

The availability and necessity for English documents targeting foreign investors is impacted greatly by the level of participation by foreign investors in the Japanese market. This report provides an overview of the foreign shareholder ratio and trading volume in Japan, based on public data provided by the Tokyo Stock Exchange. For comparison purposes and to enable a more robust analysis, figures are also provided for United States, United Kingdom, Germany, and France.

Availability of English translations for the articles of incorporation of Nikkei 225 companies

IDS Report 002

July 4, 2016

The articles of incorporation, which contain basic information on corporate governance for all companies, is an important source of information for both shareholders and investors. Therefore, many companies create English-language versions intended for consumption by foreign investors. These are typically available on the respective companies’ websites. This report evaluates the availability of English translations for the articles of incorporation of Nikkei 225 companies as of June 2016, alongside analyses by industry and foreign shareholder ratio.

English-language disclosure by JPX-Nikkei 400 constituents, 2015

IDS Report 001

November 2, 2015

We considered the extent and scope of English translation of the main disclosure documents, based on research into the status of JPX-Nikkei 400 constituents’ English-language disclosure as of August 2015. We researched the English-translation of five types of document: proxy statements for annual general meetings, notices of resolutions, results of the exercise of voting rights (extraordinary reports), financial results (kessan tanshin), and presentation materials for earnings briefings. An overview of the results of our research into the JPX-Nikkei 400 constituents is provided at the end of this report.