Mitsui Kinzoku Company, Limited
Cite as: Japan IR Index, Mitsui Kinzoku Company, Limited (5706), methodology GNT-BDS v1.1.1, reviewed 2026-10-06.
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 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 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 2 changed under rule changes between 21 Oct 2026 and 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
This company is a case in “Questions shareholders ask at the AGM”: 13 Broader disclosure, 06 Disclosing executive pay, 04 Shareholder returns: who decides the dividend, 16 Running the AGM and counting votes. The shareholder proposals, the company’s answers and the vote results are taken from published documents.
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Nonferrous Metals) | Only 2 companies — too few to compare | |
| Same size band (¥500bn–2tn) | 84.2 | 31 of 43 |
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, 30 scored 3 or more and 2 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
English tanshin every period, the same day, with the segment note and the cash-flow note. But both English tanshin read leave out the whole Japanese qualitative section (keiei seiseki-to no gaikyo) and the subsequent-events note: Q1 FY2026 runs 10 English pages against 15, FY2025 16 against 23. A content cut: 3 (was 5; re-checked 14 Oct 2026 against the Japanese page by page). Named contact Katsumi Shiraishi, General Manager, Corporate Communications Dept. Source document →
F2English results summary is a full translation, not an excerpt3/5
Compared the English and Japanese tanshin for both latest periods. FY2025 (13 May 2026): the English is 16 pp and the Japanese 23 pp. The English attachment contents start at '1. Consolidated Financial Statements and Primary Notes'. It leaves out the Japanese section 1, '経営成績等の概況' (pp 2-9: results by segment, financial position, cash flow and the FY2026 outlook with segment forecasts, FX and metal-price assumptions) and section 2 (the basis for choosing accounting standards). It also leaves out the subsidiary-change and subsequent-events notes. Q1 FY2026 (7 Aug 2026): the English is 10 pp and the Japanese 15 pp. The English again drops section 1 '当四半期決算に関する定性的情報' (results, financial position, forecast explanation) and the subsequent-events note (the stock split). The summary pages, statements and segment note are translated. The qualitative review exists only in Japanese, so a section of the document's own substance is cut: 3. Source document →
F3Financial statements including notes available in English4/5
The English Q1 FY2026 tanshin has the quarterly balance sheet, income statement and comprehensive income statement. Its notes cover going concern, a segment note (sales by customer and intersegment, segment profit, reconciliation footnotes) and the cash-flow/depreciation note. The FY2025 English tanshin adds the full balance sheet, P&L, comprehensive income, changes in equity and cash flows, with notes on going concern, segment (overview, basis of measurement, assets) and per-share data. Some notes the Japanese carries are not translated in either period: subsequent events (the Aug 2026 10-for-1 split), the significant subsidiary change and the shareholders'-equity note. There is no English yuho. These are the statements with their main notes, but not every note, so 4 (floor between 4 and 5). Source document →
F4Annual securities report available in English in any form0/5
hunt_yuho.py found nothing beyond the financial-highlights page; the Integrated Report itself points readers to "our Securities Report" for financial detail, which stays Japanese-only.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin carries the segment note with sales (external and intersegment) and segment profit (on an ordinary-income basis) for each segment. In FY2025 these were Engineered Materials, Metals, Automotive Parts & Components and Other; from FY2026 they are Engineered Materials, Metals and Other. Each is reconciled to the consolidated figure. The FY2025 note states the segment definitions and the measurement basis (budget FX rates for overseas subsidiaries, market prices for intersegment sales). It says prior-year figures were restated for the segment change, and the Q1 note does the same. The decks repeat the segment figures with volume and price variance analysis. Every period, defined and kept consistent: 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
There is no spreadsheet. A search of the English IR Library (Financial Results Reports, Integrated Report), Business Performance and Financial Information (Financial Highlights, Business Performance by Segment), ESG Data and the IR top for xls, xlsx, csv, Excel or download links found none. Financial Highlights has HTML charts for FY2022 to FY2026 (sales, operating income, ordinary income, net income). The segment page shows chart images for FY2022 to FY2025. ESG Data has HTML tables and links to integrated-report PDFs. Nothing is downloadable as a data file.
F7Guidance disclosed in English with the basis explained5/5
The English tanshin gives the FY2026 forecast (1H and full year: sales ¥830bn, operating profit ¥91bn, ordinary profit ¥93bn, net ¥75bn), but the English tanshin itself drops the qualitative basis. The basis is in the English decks. 'FY2026 Q1 Results & FY2026 Forecast' (7 Aug 2026, 28 pp, same day as the Japanese) gives segment forecasts. It has a 'Metal Prices and FOREX' table of assumptions by quarter (zinc $3,200/t, lead, copper, indium, palladium, rhodium; ¥155/$), showing the 13 May and 7 Aug forecasts side by side. It gives LME and FX sensitivities and an operating-income bridge from the 13 May forecast (¥94.0bn) to the 7 Aug forecast (¥91.0bn). The English revision notices (11 Nov 2025, 13 Feb 2026) give the reasons for revising: AI-server copper foil demand, metal prices, the weaker yen, inventory factors. FX, market and segment assumptions plus explained revisions: 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
Current quarter, published 7 Aug 2026, same day as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is the 2025-2027 Medium Term Business Plan. The English deck on the MTP page is 42 pp, the same as the Japanese 「25中計」説明資料 (42 pp); the English PDF was created 20 May 2025 against 28 May for the Japanese. It sets ordinary income ¥70bn in FY2027 and ¥100bn in FY2030, ROE/ROIC of 14%, FCF of ¥84bn by 2030, a growth-investment budget and DOE 3.5%. The upward revision ('Progress Briefing on the 2025-2027 Medium Term Business Plan', 21 May 2026, 29 pp: ROE/ROIC to 15%, growth investment raised to ¥122bn, operating CF ¥300bn) was posted in English the same day as the Japanese. Integrated Report 2026 repeats it. Complete and current: 5. Source document →
S2IR presentations published in English5/5
A results presentation plus a separately published "Record of Briefing session" (the Q&A transcript) for the full-year results, in English, matching the Japanese practice of holding a briefing. Source document →
S3English equity-story or investment-highlights page4/5
There is no 'why invest' or 'investment highlights' page on the English IR site; the IR top offers Message from Top Management, the MTP and documents. The equity story is in the English Integrated Report 2026, in a dedicated spread, 'Our strength and the source of our value creation' (pp 18-19 of the report). It describes the material-intelligence technology base, smelting and recycling network and high-share electronics materials, and is mostly qualitative. The quantified points (97% global share for MicroThin, record results) appear in the CEO message rather than in that section. Dedicated but mostly qualitative: 4. Source document →
S4Growth drivers identified and quantified in English5/5
The English MTP progress deck (21 May 2026, 29 pp) and the MTP deck name the growth drivers and attach numbers. MicroThin ultra-thin carrier copper foil for AI/semiconductor packaging targets capacity of 1,200 t/month by 2028. VSP high-frequency copper foil capacity is being expanded for AI servers. A-SOLiD solid-electrolyte supply capacity was expanded fourfold, with a 3 GWh/yr mass-production decision under consideration. Atomized copper powder is being expanded for MLCC and optical communications. The growth-investment budget rose to ¥60bn per MTP (+¥36bn), and ordinary-income targets run to ¥100bn in FY2030. The Integrated Report 2026 CEO message cites the 97% global market share. Named drivers with capacities, shares and budgets: 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Every Japanese briefing record has an English counterpart, but all arrive late. From the two IR news lists, Japanese date then English: Q1 FY2026 briefing record 21 Aug, 31 Aug 2026 (10 days). FY2025 briefing record 19 May, 28 May (9 days). MTP progress Q&A 28 May, 9 Jun (12 days). Q3 FY2025 telephone conference 18 Feb, 14 Apr (55 days). Q2 telephone conference 18 Nov, 18 Dec 2025 (30 days). Business-briefing Q&As follow the same pattern (Engineered Materials 15 Jan, 26 Jan; ESG/DX 2 Dec, 28 Jan; Business Creation 22 Oct, 2 Dec). The English records are full transcripts (e.g. Q1 FY2026, 14 pp). Every period, but days to weeks after the Japanese: 4. Source document →
S6Integrated or annual report available in English5/5
Integrated Report 2026 in English, "For the year ended March 31, 2026", 50 pages, published 30 September 2026 - the current edition. 5 (was 4 on 12 Oct, when the English page still offered the 2025 edition; re-checked 14 Oct 2026). Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English 25-27 MTP deck opens with '1. Previous Medium Term Business Plan (22-24 MTP) in Review'. It sets FY2024 targets against results: ordinary income target ¥60bn against ¥76.4bn, ROE 14% against 21.2%, equity ratio 50% against 50.4%, net D/E 0.42 against 0.37. It does the same by sector: Engineered Materials ordinary income target ¥31.0bn against ¥25.2bn, explained by sluggish smartphone demand and a slowdown in PC and data-centre investment; Metals ¥17.5bn against ¥44.5bn. It also explains non-financial shortfalls (the Atalaya feasibility study delayed more than a year) and the issue carried forward (market cap unchanged, PBR 0.75). Target against actual with variances explained: 5. Source document →
G1Corporate governance report available in English4/5
Corporate Governance Report, English, "Last Updated: March 26, 2025" - filed-report structure and complete, but more than a year stale as at Oct 2026 with no newer English edition found despite an AGM (and a governance-relevant shareholder proposal) since. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English notice of the 101st AGM (28/29 May 2026, 70 pp) covers the six director candidates who are not Audit & Supervisory Committee members. Each has years served as director (e.g. NOU 11, IKENOBU 3, TOIDA 6, TAKEGAWA 5), attendance, career history, concurrent posts, reasons for nomination and the Outside/Independent designation, with notes on TSE independent-officer notification. The four Audit & Supervisory Committee members (SHIKI, ISHIDA, INOUE, KAWANISHI) were not up for election in 2026. In English they appear only as names and titles on the Board of Directors page and in the skills matrix; their profiles are in the 2025 notice. Re-checked 21 Oct 2026 under v1.1.1: an AGM candidate list covers the board when every sitting director is a candidate or is profiled elsewhere in English on the company's site. The four Audit and Supervisory Committee members are profiled, with tenure, career and independence, as candidates in the English notice of the 100th AGM (2025), still on the site. Every director covered, so 5. Source document →
G3Board skills matrix published in English5/5
The English 101st AGM notice (May 2026), at pp 22-24, gives the skills matrix. It explains why each skill was selected and the sufficient condition for it, then maps every Director and Audit & Supervisory Committee member, with ○ for skills held and ● for skills expected. Integrated Report 2026 (30 Sep 2026) repeats the current matrix ('Skills matrix of Directors'), and the governance page links it too. Current: 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
Integrated Report 2026 (English, pp 64-65 of the report) and the English Corporate Governance page set out the structure: base pay, performance-linked pay and stock compensation (tenure-based plus ESG-indicator-based restricted stock). KPIs: consolidated ordinary income (minimum ¥50bn, benchmark ¥70bn, cap ¥180bn) and ROIC for the bonus. ESG KPIs: a GHG plan, CDP score, the share of female managers, engagement score, Board Effectiveness follow-up, and compliance. Weights: composition at benchmark, President 33/42/25 and other directors 42/42/16 (stock = tenure 8% + ESG 8%); outside and A&SC directors 90/10. Amounts for FY2025: totals by class (e.g. executive directors ¥474m: base 211, performance 198, stock 65) and per-person consolidated pay for NOU ¥118m, IKENOBU ¥161m and OKABE ¥111m. The FY2026 revisions are explained. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the bonus uses ordinary income and ROIC, and the ESG stock uses six indicators, with no weights between them. So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of Convocation of the 101st AGM, 28 May 2026 for a 26 Jun 2026 meeting - 29 days' notice - with the full proposals, director biographies and an "Exercise of Voting Rights Electronically (Internet, etc.)" section including a dedicated Help Desk, entirely in English with no Japanese-only caveat found. Notably, this AGM also carried three shareholder-sponsored proposals (stock dividends, compensation disclosure, company-name change), all likewise translated in full. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, www.web54.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 English2/5
Report on the Resolutions, 26 Jun 2026: all four company proposals "passed as per the original proposal" and all three shareholder proposals "rejected," with no vote counts given for any of the seven, contested or not. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale3/5
The English Corporate Governance page ('Status of Cross-held Stocks') and the CG Guidelines (Article 10, 1 Oct 2025) give the policy. The company holds such stocks only with a rational reason and sells otherwise. The Board reviews each holding every year for purpose, benefits and risks and its relation to the cost of capital. Voting criteria and no obstruction of sales are stated. The English ESG Data page gives the numbers for FY2020-FY2024: listed holdings fell from 11 to 4 companies and ¥5,951m to ¥985m; unlisted from 32 to 25 companies, ¥1,868m. No reduction target or schedule was found in English: not in the governance page, CG report, guidelines or Integrated Report 2026. Policy and numbers, no target: 3. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
On the English homepage (www.mitsui-kinzoku.com/en/), 'Investor Relations' is a visible item in the global navigation and links straight to /en/toushi/. A homepage 'Investor Information' block with a MORE link does the same. One click. Source document →
O2English document links resolve to English documents5/5
Sampled 18 English document links across types and years. Tanshin: Q1 FY2026, FY2025. Decks: Q1 FY2026, FY2025, Q3 FY2025, FY2020 Q1. Transcripts: Q1 FY2026, Q3 FY2025, FY2020 Q1. MTP progress briefing and its Q&A; the 2019-21 MTP progress deck (2020). Notices: shareholder-proposal opinion and absorption merger. 97th AGM notice (2022). CG Guidelines (2025). CG Report (2025). Integrated Report 2024 financial section and Integrated Report 2026. Every one opened as an English document. The FY2020 Q1 deck keeps a few untranslated Japanese table labels (売上高, 今回予想) on one slide, but it is an English deck. All English: 5. Source document →
O3English IR archive free of dead links5/5
In the same 18-link sample, every link resolved to a live PDF, from 2 to 70 pp and dated 2020 to Aug 2026; none was dead. The IR News and Financial Results Reports pagination (pno pages) and the integrated-report back-number links also resolved. All live: 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chromium, every main English IR page shows its content. Pages checked: IR top (IR News block, library links), IR News (dated list, year filter, category tabs, ten paginated pages), Financial Results Reports, Integrated Report (links through to the Integrated Reports page), MTP, Corporate Governance (full text and tables), Board of Directors, Shareholders' meeting, Financial Highlights (charts drawn) and Business Performance by Segment (charts drawn), plus the Disclaimer. Nothing rendered blank. The IR Calendar does render, but its newest entry is the 13 May 2026 results, so it is stale rather than broken. All render: 5. Source document →
O5Single page listing all English IR documents by date and type4/5
English IR News is one dated list, each item typed (Financial Results Reports, IR News Release, Shareholders' meeting). It has year filters from 2016 to 2026 and category tabs (Release, IR Briefing Materials, Stock Information). It covers tanshin, decks, transcripts and Q&A, timely disclosures, AGM notices and resolutions. The integrated reports, the Corporate Governance Report, the CG Guidelines and the MTP deck are not in it; they sit only on their own pages. One dated, typed page, but not every type: 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep. The Financial Results Reports library has year filters from FY2016 to FY2026, with documents back to at least 2020 opened (FY2020 Q1 deck and transcript, 2019-21 MTP progress deck). IR News runs back to 2016. AGM notices and resolutions go back to the 97th (2022) in the news list. Integrated reports in English run from 2021 to 2026. Several years across types: 5. Source document →
O7Named English IR contact published3/5
Katsumi Shiraishi, Corporate Communications Dept., named with phone in the tanshin header; "Corporate Communications Dept." is also the first option in the general inquiry form's department list - a genuine, correctly-matched route, but one entry among many departments rather than a dedicated IR contact. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Posting dates match for both latest periods, from the English and Japanese IR news lists. Q1 FY2026: English tanshin and deck on 7 Aug 2026, Japanese tanshin and deck on 7 Aug. The English tanshin PDF was created 4 Aug, the deck 7 Aug. FY2025: English tanshin and deck on 13 May 2026, Japanese the same day. The English tanshin PDF was created 11 May; both FY deck PDFs (EN and JP) carry a 19 May creation date, apparently a re-upload of both. The earlier periods also match: Q3 on 13 Feb 2026 and Q2 on 11 Nov 2025, both languages the same day. Transcripts lag, but that is S5. Same day every period: 5. Source document →
R2Median lag in days between Japanese and English statutory publication4/5
Lags, English against Japanese, from the two IR news lists. Q1 FY2026 tanshin: 7 Aug / 7 Aug = 0. FY2025 tanshin: 13 May / 13 May = 0. AGM notice: Japanese 28 May, English listed 29 May (PDF created 29 May) = 1. Corporate Governance Report: the Japanese was updated 29 Jun 2026, but the English is still the 26 Mar 2025 edition, so >90. Annual securities report: Japanese filed 24 Jun 2026 with no English version, so >90. Median 1 day: 4. Source document →
R3Timely disclosures published in English5/5
Compared the Japanese IR news list (適時開示) for Oct 2025 to Oct 2026 with the English IR News. Every timely disclosure has a same-day English counterpart. 11 Nov 2025: forecast/dividend revision, forecast-vs-actual difference, subsidiary transfer. 13 Feb 2026: forecast/dividend revision, change of representative director. 6 Apr: absorption merger. 13 May: dividends of surplus, restricted-stock plan revision, opinion on the shareholder proposal. 29 Jun: investment-unit policy. 14 Jul and 7 Aug: restricted-stock issuance and payment. 7 Aug: stock split with articles amendment and dividend-forecast revision. What is not translated is statutory filings: extraordinary reports, shelf-registration amendments, large-holding reports, merger statutory documents, the yuho and the amended articles (1 Oct 2026). All, same day: 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR top, IR News, Disclosure Policy and Disclaimer and searched their visible text. There is no machine- or AI-translation notice and no translation pop-up; the Disclaimer covers only investment, forward-looking and accuracy matters. The documents (tanshin, notices, MTP deck) carry only the human-translation precedence line ('translated from the Japanese original for reference purposes only... the original shall prevail'), which belongs to R5. Nothing presented as machine-translated: 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
Tanshin and governance report both carry "translated from the Japanese original for reference purposes only... the original shall prevail." 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 2026-10-06. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
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 →
2025–2027 return and dynamic-portfolio plan
Strategy or target reset · In progress · Action announced 21 May 2025
Mitsui Kinzoku introduced business-specific WACC and hurdle rates and later updated FY2027 ROE, ROIC and EVA targets.
Timeline and sources (2 steps)
- 21 May 2025Plan announced The company introduced business-specific WACC, hurdle rates and dynamic portfolio management. 2025–2027 New Medium Term Business Plan
- 31 March 2026 · announced 21 May 2026Targets updated The FY2027 ROE, ROIC and EVA targets were updated to 17%, 14% and ¥46bn. Progress Briefing on the 2025–2027 Medium Term Business Plan
What management said it would do
Mitsui Kinzoku committed to business-specific WACC, hurdle rates and dynamic portfolio management, with updated FY2027 ROE of 17%, ROIC of 14% and EVA of ¥46bn.
From the company’s own disclosure · 2025–2027 New Medium Term Business Plan · Progress Briefing on the 2025–2027 Medium Term Business Plan
What it actually did, and when
The company has issued a first-year progress briefing and revised its target set.
Partly disclosed — a gap remains · Progress Briefing on the 2025–2027 Medium Term Business Plan
What it disclosed about the economics
The framework explicitly links investment decisions to WACC, ROIC spread and EVA.
Partly disclosed — a gap remains · 2025–2027 New Medium Term Business Plan · Mitsui Kinzoku Integrated Report 2025
What has happened since
The FY2027 outcome is not due.
Partly disclosed — a gap remains · 2025–2027 New Medium Term Business Plan
The question this leaves open
Investor question: Which portfolio actions and investment cohorts create the updated EVA? IR preparation: publish capital, WACC, ROIC and value contribution by business.
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
The plan uses business-specific WACC and hurdle rates and updates group ROE, ROIC and EVA targets.
Capital structure
The prior plan ended with a 50.4% equity ratio and 0.37x net D/E, providing a visible starting point.
Governance of capital decisions
Dynamic portfolio management is tied to business-specific WACC and EVA.
Preliminary and not scored: a selected-source reading, reviewed 28 September 2026. Surplus cash, leases, maturities, project ROIC, 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 · G2: 4 → 5. Under v1.1.1, an AGM candidate list covers the board when every sitting director is a candidate or is profiled elsewhere in English. The Audit and Supervisory Committee members are profiled in last year's English AGM notice.
- Rule change 21 October 2026 · G4: 5 → 4. Under v1.1.1, a 5 needs the weight of each performance measure in every performance-linked element. The bonus (ordinary income, ROIC) and the ESG stock (six indicators) carry no weights.
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.