Kaken Pharmaceutical Co., Ltd.
Cite as: Japan IR Index, Kaken Pharmaceutical Co., Ltd. (4521), methodology GNT-BDS v1.1.1, reviewed 2026-10-20.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 2/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
F1 Quarterly and full-year results summaries (tanshin) published in English 3/5 Translation
Publish the English results summary every quarter, including the qualitative section and the notes.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) and 1 changed under a rule change between 21 Oct 2026 and 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Pharmaceutical) | 75.4 | 7 of 12 |
| Same size band (¥100–500bn) | 77.1 | 39 of 50 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 29 scored 3 or more and 3 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English3/5
An English '[Summary] Consolidated Financial Results' is posted every quarter (FY2018 onward in the English IR Library's year selector) and filed on TDnet at the same minute as the Japanese (Q1 FY2026 7 Aug 2026 15:30; FY2025 13 May 2026 15:30). Every period on the Japanese cycle. But each one is cut down: Q1 FY2026 is 7 pp against 11 in Japanese, FY2025 10 pp. The English has the summary pages and the statements (balance sheet, income and comprehensive income, and at year end changes in net assets and cash flows), but nothing for the Japanese 1. 経営成績等の概況 and no notes (segment information, going concern, cash flow). Two tests, take the lower: 3. Source document →
F2English results summary is a full translation, not an excerpt3/5
Q1 FY2026 against the Japanese 2027年3月期 第1四半期決算短信 (11 pp). The English (7 pp) carries the summary pages and the statements only. The Japanese qualitative section (results, financial position, forecast) and the notes (quarterly accounting treatments, segment information, shareholders' equity, going concern, cash flows, business combinations) have no English counterpart. A section of the substance is cut, so 3. Source document →
F3Financial statements including notes available in English3/5
The English tanshin has the statements without notes in every period. There is no English securities report (the Corporate Report 2025 lists the Annual Securities Report as 'in Japanese only'), and the Corporate Report has summary data, not statements with notes. Statements without notes, so 3. Source document →
F4Annual securities report available in English in any form0/5
Looked through the English IR Library (Consolidated Financial Results, Presentation Materials, Integrated Report, Shareholder and Share Information) and Financial Highlights: no securities report in English. The English Corporate Report 2025 itself lists the 'Annual Securities Report (in Japanese only)'.
F5Segment revenue and profit disclosed in English, consistent definitions3/5
Segment sales are in English every quarter in the 'Supplementary Financial Information' (10 pp, consolidated and non-consolidated net sales by segment and by product), but segment profit is not: the English tanshin has no segment note and the supplementary data give consolidated operating profit only. The Japanese tanshin carries the segment note. Sales without profit, so 3. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
The English Financial Highlights page (annual and quarterly tabs) shows Highcharts graphs and HTML tables for FY2021-FY2025 (sales, profit, financial position, cash flow, per-share). We rendered it and searched it for any download: no Excel or CSV link. HTML tables do not count.
F7Guidance disclosed in English with the basis explained5/5
The English FY2025 results deck (14 May 2026, 53 pp) gives the FY2026 forecast with its basis: domestic sales by product with the NHI price revision (-6.0%, -3.8% previously) and limited market growth, pipeline progress forecasts, and the 22 Apr 2026 revision (J&J milestone deferral) explained; the English news list carries 'Revision of FY2026 Earnings Forecast and J&J Milestone Revenue'. Market view and product/segment forecasts with the revision explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the three months to 30 June 2026 were filed on TDnet at 15:30 on 7 Aug 2026, the same minute as the Japanese. Same period. Source document →
S1Medium-term management plan in English with numerical targets4/5
Long-Term Business Plan 2031 is in English: the May 2022 plan (40 pp, English file of Dec 2022) and the 'Partial Revisions of Long-Term Business Plan 2031' dated 9 Apr 2025 (35 pp), with FY2031 targets (net sales ¥100bn, OP ¥28.5bn, ROE 10%+), the FY2026 interim KPIs (sales ¥80bn, OP ¥18bn, ROE 8%+), strategic investment raised to ¥260bn and a 50%+ return ratio with a ¥190 minimum dividend. The English revision file was created 18 Apr 2025, nine days after the Japanese announcement. Complete, late, so 4. Source document →
S2IR presentations published in English5/5
Kaken holds half-year and full-year briefings, and the English Presentation Materials page has the deck for each on the Japanese day (FY2025: 14 May 2026, 53 pp; H1: 11 Nov 2025, 37 pp) plus an English 'Script (including Q&A)' (FY2025 41 pp, translated by SCRIPTS Asia; H1 33 pp) and the R&D Briefing deck and script (Dec 2025). The Japanese side has the same set plus a video. The script lateness is S5's. So 5. Source document →
S3English equity-story or investment-highlights page4/5
'KAKEN at a Glance' under To Individual Investors is a dedicated page: R&D-driven medium-sized company, 70-year history from Riken, segment mix (pharmaceuticals 96.6% of sales), strengths in dermatology, first-in-class products, the Long-Term Plan. Dedicated and specific but mostly qualitative, so 4. Source document →
S4Growth drivers identified and quantified in English4/5
The English plan revision and FY2025 deck name the drivers (Clenafin/efinaconazole overseas, Jublia launch in Germany, KP-001, KAR, ESK-001 with Alumis, in-licensing and M&A) and quantify some: ¥260bn strategic investment, pipeline progress forecasts, domestic product forecasts. But no driver's contribution to the ¥100bn target and no market sizes. Named, some quantified, so 4. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
An English script with Q&A exists for each results briefing, later than the Japanese: FY2025 Japanese 決算説明会【質疑含むスクリプト付】 19 May 2026, English 25 May 2026; H1 FY2025 English 11 Nov 2025. Every period, days late, so 4. Source document →
S6Integrated or annual report available in English4/5
Corporate Report 2025 in English (54 pp, reporting period FY2024, April 2024 to March 2025). The Japanese コーポレートレポート2026 is already on the Japanese library with no English edition. Complete, one edition behind, so 4. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The English plan revision (Apr 2025) reports progress against the current plan: FY2026 interim KPIs 'expected to achieve two years ahead of schedule', three-year achievements, and strategic investment planned against spent (¥72bn of ¥200bn in three years). Targets against status for some items, with little explanation of variances, so 4. Source document →
G1Corporate governance report available in English3/5
No Corporate Governance Report in English: the English Corporate Report 2025 lists it as 'in Japanese only', and the English Corporate Governance page is a narrative (basic approach, Audit & Supervisory Board structure, corporate officers). The Japanese CG Report was updated on TDnet on 26 Jun 2026. A site narrative in place of the filing, so 3. Source document →
G2Director biographies in English with tenure, expertise and independence4/5
The English AGM notice tabulates the eight director candidates (the whole board) with positions, Board attendance (e.g. 19/19) and outside/independent status, followed by dated career summaries and reasons for nomination; the Corporate Report lists the board. Years on the board are not stated, only derivable from the career dates. All three elements, tenure thin, so 4. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (pp.14-15) defines the skills (R&D, overseas expansion, management base and others) and shows the main skills of each director and A&SB member at the close of the meeting; the Corporate Report also carries a skills matrix. Current, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
The English Corporate Report 2025 (pp.42-43) gives the structure (basic, bonus, Board Benefit Trust stock), the benchmark mix (60% basic, 25% performance-linked, 15% stock at 100% achievement), the bonus KPIs with weights (net sales 30%, adjusted OP 30%, in-licensing/M&A 20%, projects under development 20%), the stock-plan KPIs with weights (relative TSR against the TOPIX-17 Pharmaceutical index 25%, adjusted ROE 25%, projects that obtained PoC 25%, employee engagement 25%), and the FY2024 amounts by type (directors excluding outside ¥322m: basic ¥184m, bonus ¥86m, stock ¥51m; A&SB members ¥48m; outside officers ¥37m). Weights re-read 21 Oct 2026. Structure, weighted KPIs and amounts, so 5. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 106th Ordinary General Meeting in English (16 pp), on TDnet at 08:00 on 5 Jun 2026 (the Japanese on 30 May) for a meeting on 26 June: 21 days. It carries the reference documents for all four proposals (surplus, eight directors, two A&SB members, directors' bonuses). Voting via the internet or in writing, deadline 17:30 on 25 June. The '(in Japanese only)' label is on the Sumitomo Mitsui Trust materials portal. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, www.soukai-portal.net (Sumitomo Mitsui Trust Bank), is in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English0/5
The English Shareholder's Meeting page lists only the notices (102nd-106th); no notice of resolutions or voting results in English, and none in the English news list.
G7Cross-shareholdings in English with reduction schedule and rationale4/5
The English Corporate Report 2025 (pp.42-43) gives the holdings (number of issues and balance-sheet amount, FY2022-FY2024: listed/other stocks 24, 22, 22 issues; ¥17,261m, ¥20,304m, ¥18,295m; unlisted 3 issues), the holding rationale and the annual board review (February 2025), a reduction target with a schedule (cut cross-shareholdings by 30% by market value within five years from April 2024, against 31 March 2024) and progress (part of one holding sold, ¥520m). Re-checked 21 Oct 2026 under v1.1.1, which brings deemed holdings (shares in a retirement-benefit trust whose votes the company directs) into G7. The Japanese securities report for FY2025 shows a deemed holding of 800,000 Toray shares (¥0.9bn) in a retirement-benefit trust. The English corporate report does not mention it, and the 30% reduction target is stated for the holdings on the balance sheet. One element short, so 4. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
'Investor Relations' is in the visible header of the English homepage and links straight to /english/invest/. One click, so 5. Source document →
O2English document links resolve to English documents5/5
Sampled 13 English links: tanshin Q1 FY2024, FY2024, Q3 FY2025, FY2025, Q1 FY2026; decks H1 FY2025; scripts H1 FY2025 and R&D 2025; reference data Q3 FY2024; Corporate Reports 2020 and 2023; Annual Reports 2010 and 2015; AGM notice 2026. All English. So 5. Source document →
O3English IR archive free of dead links5/5
All 13 sampled links (2010-2026) open live PDFs. So 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the English IR top, Consolidated Financial Results and Presentation Materials (year selectors), Integrated Report, Long-Term Plan, Shareholder's Meeting, Corporate Governance, KAKEN at a Glance, News Releases, Contact and Financial Highlights. All render their content; the eir-parts lists and the news list need several seconds, and the Highcharts highlights page rendered fully in a screenshot. So 5. Source document →
O5Single page listing all English IR documents by date and type4/5
News Releases (/english/nr/, year tabs to 2008, filters All/IR/Other, each item labelled Financial results, Timely disclosure, Pharmaceuticals or Other) is one dated, typed list of tanshin, supplementary data and disclosures; decks, scripts, the Corporate Report and AGM notices are on type pages. One dated typed list missing types, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Results from FY2008, presentations from FY2015, annual/corporate reports 2001-2025, AGM notices 102nd-106th, news back to 2008. Several years across types, so 5. Source document →
O7Named English IR contact published2/5
'Contact Us' leads to a general inquiry form whose subjects are only Pharmaceutical-related, Agrochemical-related and Other inquiries: no IR category and no IR address on the English site. The tanshin names Yasuhiko Kondo, Director, Head of Accounting & Finance Department. So 2. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Tanshin in English on TDnet at the same minute as the Japanese (7 Aug 2026 15:30; 13 May 2026 15:30), and the briefing decks the same day as the Japanese (FY2025 14 May 2026; H1 11 Nov 2025). Scripts later (S5). So 5. Source document →
R2Median lag in days between Japanese and English statutory publication4/5
Q1 tanshin 7 Aug / 7 Aug = 0; FY tanshin 13 May / 13 May = 0; AGM notice Japanese 30 May, English 5 Jun = 6; CG Report (26 Jun 2026) no English, >90; securities report no English, >90. Sorted 0, 0, 6, >90, >90: median 6, so 4. Source document →
R3Timely disclosures published in English4/5
The English News Releases carry the timely disclosures on the Japanese day: forecast revision (22 Apr 2026), board changes (27 Mar), cost-of-capital update (13 May), KP-001 and KAR filings, KP-001, KAR, ESK-001 and KP-483 data, Jublia in Germany, the Alumis ONWARD3 result (12 Aug). Against kabutan's TDnet list, the 1 Jun 2026 シルクエラスチン創傷用シート insurance-listing release has no English, and the CG Report and independent-officer filing are Japanese only. Nearly all, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR pages, Terms of Use and contact form: no machine- or AI-translation notice and no translation widget. So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
'The original shall prevail' heads the English tanshin, the results deck and the AGM notice; the Corporate Report 2025 and the SCRIPTS Asia briefing script carry no such statement. Some documents, so 2. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-20. Compare this question across companies →
Capital-policy review
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
Long-Term Business Plan 2031 revision: ¥260bn strategic investment and 50% return ratio
Strategy or target reset · In progress · Revision announced 9 April 2025
Kaken raised its strategic-investment envelope to ¥260bn and set a 50%+ shareholder-return ratio with a ¥190 dividend floor, calling the FY2026 interim KPIs reachable two years early. FY2025 then showed an operating loss.
Timeline and sources (2 steps)
- 9 April 2025 · announced 18 April 2025Plan revised Strategic investment raised from ¥200bn to ¥260bn over the plan; shareholder-return ratio of 50% or more, a minimum ¥190 dividend and ¥50bn+ cumulative returns over seven years; FY2031 targets of ¥100bn sales, ¥28.5bn operating profit and ROE of 10% or more. The English deck is dated 9 April; the file was posted on 18 April. Partial Revisions of Long-Term Business Plan 2031
- 13 May 2026FY2025 reported Net sales ¥76.9bn, operating loss ¥0.9bn and ROE 1.4%, against FY2026 interim KPIs of ¥80bn sales, ¥18bn operating profit and ROE of 8%. [Summary] Consolidated Financial Results for the Fiscal Year Ended March 31, 2026
What management said it would do
Kaken raised strategic investment to ¥260bn and set a 50%+ return ratio with a ¥190 dividend floor; FY2031 targets are ¥100bn sales, ¥28.5bn operating profit and ROE of 10%+.
From the company’s own disclosure · Partial Revisions of Long-Term Business Plan 2031
What it actually did, and when
FY2025 results (operating loss ¥0.9bn, ROE 1.4%) are reported but not set against the interim KPIs in the reviewed sources.
Partly disclosed — a gap remains · [Summary] Consolidated Financial Results for the Fiscal Year Ended March 31, 2026
What it disclosed about the economics
The investment and return envelopes are quantified; deal-level returns are not.
Partly disclosed — a gap remains · Partial Revisions of Long-Term Business Plan 2031
What has happened since
The FY2026 interim check is not due.
Partly disclosed — a gap remains · Partial Revisions of Long-Term Business Plan 2031
The question this leaves open
Investor question: can the FY2026 KPIs still be met, and how is the return policy funded? IR preparation: publish a KPI tracker and an investment-spent table.
Our analysis, not a company statement
Repurchase and cancellation of 1.8 million shares (4.52%) for ¥8.3bn (February-May 2025)
Buyback · completed · Repurchase and cancellation resolved 26 February 2025
Kaken resolved to buy up to 1.8 million shares (4.52%) and ¥9.0bn by 30 September 2025 and cancel 1.8 million shares on 30 May 2025, citing its return policy and the dilution from a January 2025 disposal of 1,791,400 treasury shares. It completed the purchase on 11 April for ¥8,273,755,600 and cancelled the shares on 30 May. On TDnet the resolution and the March status report are in Japanese only; the English website lists both on the Japanese dates.
Timeline and sources (3 steps)
- 26 February 2025Repurchase and cancellation resolved Up to 1.8 million shares and ¥9.0bn, 27 February to 30 September 2025; 1.8 million shares to be cancelled on 30 May 2025; reasons: LTBP2031 return policy (payout 30%+, total return 50%+), capital efficiency and offsetting the January 2025 disposal. Notice Regarding Decision on Matters Concerning Acquisition and Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-02-26)
- 11 April 2025 · announced 14 April 2025Repurchase completed 1,800,000 shares bought for ¥8,273,755,600 by 11 April 2025 (538,800 in April). Notice Regarding Completion of Acquisition of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-04-14)
- 30 May 2025Shares cancelled 1,800,000 shares (3.91%) cancelled; 44,139,730 shares issued afterwards. Notice Regarding Completion of Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-05-30)
What management said it would do
Kaken resolved on 26 February 2025 to buy up to 1.8 million shares and ¥9.0bn and cancel 1.8 million shares on 30 May, under its 50% total-return policy and to offset a January share disposal.
From the company’s own disclosure · Notice Regarding Decision on Matters Concerning Acquisition and Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-02-26)
What it actually did, and when
It bought all 1.8 million shares for ¥8,273,755,600 by 11 April and cancelled them on 30 May 2025.
From the company’s own disclosure · Notice Regarding Completion of Acquisition of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-04-14) · Notice Regarding Completion of Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-05-30)
What it disclosed about the economics
The economics rest on the return policy and dilution offset; the effect on EPS or ROE is not quantified.
Partly disclosed — a gap remains · Notice Regarding Decision on Matters Concerning Acquisition and Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-02-26)
What has happened since
Both the purchase and the cancellation are reported as complete against the resolution.
From the company’s own disclosure · Notice Regarding Completion of Acquisition of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-04-14) · Notice Regarding Completion of Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-05-30)
The question this leaves open
Investor question: what was the net effect of the January disposal and the February repurchase together? IR preparation: show shares outstanding and cash returned net of the disposal.
Our analysis, not a company statement
Japanese rights to navenibart from Astria Therapeutics: $16m upfront, up to $16m milestones, royalties (August 2025)
Acquisition · In progress · Licence agreed 7 August 2025
Kaken licensed Japanese development and commercialization rights to navenibart, a long-acting HAE prophylactic in Phase 3, for $16m upfront, up to $16m in commercial and sales milestones, tiered royalties and a share of Phase 3 cost. The September 2025 forecast revision booked the upfront payment (about ¥2.3bn).
Timeline and sources (2 steps)
- 6 August 2025 · announced 7 August 2025Licence agreed Exclusive Japanese licence; $16m upfront, commercial and sales milestones up to $16m, tiered royalties; Kaken pays part of the Phase 3 cost and handles filing and sales in Japan. Strategic Collaboration with Astria Therapeutics, Inc. to Develop and Commercialize Navenibart for Hereditary Angioedema in Japan (English published the same day as the Japanese; Japanese version 2025-08-07)
- 26 September 2025Forecast revised FY2025 operating profit forecast cut from ¥5.2bn to ¥2.1bn, partly to reflect the $16m (about ¥2.3bn) upfront payment and the gMSC1 upfront payment. Revision to Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2026 (English published the same day as the Japanese; Japanese version 2025-09-26)
What management said it would do
Kaken licensed Japanese rights to navenibart from Astria for $16m upfront, up to $16m in milestones and tiered royalties, sharing Phase 3 cost.
From the company’s own disclosure · Strategic Collaboration with Astria Therapeutics, Inc. to Develop and Commercialize Navenibart for Hereditary Angioedema in Japan (English published the same day as the Japanese; Japanese version 2025-08-07)
What it actually did, and when
The September 2025 forecast revision booked the upfront payment (about ¥2.3bn).
From the company’s own disclosure · Revision to Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2026 (English published the same day as the Japanese; Japanese version 2025-09-26)
What it disclosed about the economics
Costs are disclosed; the expected sales and return are not, and the Phase 3 cost share is not quantified.
Partly disclosed — a gap remains · Strategic Collaboration with Astria Therapeutics, Inc. to Develop and Commercialize Navenibart for Hereditary Angioedema in Japan (English published the same day as the Japanese; Japanese version 2025-08-07)
What has happened since
The product is still in Phase 3.
Partly disclosed — a gap remains · Strategic Collaboration with Astria Therapeutics, Inc. to Develop and Commercialize Navenibart for Hereditary Angioedema in Japan (English published the same day as the Japanese; Japanese version 2025-08-07)
The question this leaves open
Investor question: how do the 2025 in-licensing deals add up against the ¥260bn strategic-investment envelope in LTBP2031? IR preparation: report licensing spend against the plan's investment allocation.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
FY2025 operating cash flow was -¥11.1bn and cash fell from ¥70.1bn to ¥50.7bn while the ¥190 dividend floor applied.
Capital structure
Net assets were ¥147.6bn and the equity ratio 82.8% at March 2026.
Governance of capital decisions
Kaken aims to cut cross-shareholdings by 30% by market value within five years from April 2024, and pays directors a bonus weighted 30/30/20/20 on sales, adjusted OP, in-licensing and pipeline.
Preliminary and not scored: a selected-source reading, reviewed 20 October 2026. Surplus cash, leases, maturities, project returns, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Sumitomo Mitsui Trust Bank) is in Japanese only.
- Rule change 21 October 2026 · G7: 5 → 4. Under v1.1.1, deemed holdings (shares in a retirement-benefit trust whose votes the company directs) count as cross-shareholdings. The deemed holding of Toray shares in the Japanese securities report is not mentioned in English, and the reduction target covers only the shares on the balance sheet.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.