Fuji Electric Co., Ltd.
Cite as: Japan IR Index, Fuji Electric Co., Ltd. (6504), methodology GNT-BDS v1.1.1, reviewed 2026-10-12.
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.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O5 Single page listing all English IR documents by date and type 3/5 Quick fix
Keep one English page that lists every IR document with its date and type.
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.
S3 English equity-story or investment-highlights page 3/5 Translation
Put the investment case, with figures, on one English page or section.
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) on 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 (Electric Appliances) | 80.8 | 6 of 33 |
| Same size band (Over ¥2tn) | 87.3 | 4 of 10 |
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, 32 scored 3 or more and 0 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 English5/5
Consolidated Financial Results for the Three Months Ended June 30, 2026, end of July 2026 with the Japanese: 19 pages with the qualitative information on results and forecasts, the statements and the segment information note. Source document →
F2English results summary is a full translation, not an excerpt5/5
Read the latest English tanshin against the Japanese, page by page. 'Consolidated Financial Results for the Three Months Ended June 30, 2026' (30 Jul 2026) is 19 pages; the Japanese 2027年3月期 第1四半期決算短信 is 16. The FY tanshin of 28 Apr 2026 is 33 English pages against 28 Japanese. The English has every section the Japanese has. That means the summary pages with the forecast and dividend tables, and 1. Financial Performance: qualitative results with a narrative per segment, financial position and cash flows, and the forecast explanation. It also has 2. the statements and main notes: quarterly accounting treatment, shareholders' equity, going concern, the significant subsequent event (the JFTC investigation, also in the Japanese) and the segment note. Then 3. Supplemental Consolidated Financial Materials. The FY edition adds the non-consolidated results. The English library splits it into the same component PDFs as the Japanese, and also posts the 7 Aug 2026 'Completion of Interim Review' re-issue. Whole tanshin, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (Q1 FY2026, 30 Jul 2026) carries the full consolidated balance sheet, the statements of income and comprehensive income, and cash flows. It also carries the notes: accounting treatment specific to quarterly statements, shareholders' equity, going concern, subsequent events, and segment information with the adjustments. The year-end tanshin (28 Apr 2026, 33 pp) adds changes in net assets and the full notes. 'Fuji Electric Report 2026 Financials' (54 pp, 30 Sep 2026) has the audited FY2025 statements and notes. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form4/5
No document titled a securities report, but 'Fuji Electric Report 2026 Financials' (54 pages, 30 September 2026) carries management's discussion and analysis of fiscal 2025, the full statements and notes, and the independent auditor's report - the current year. The rest of the statutory narrative (governance, business overview) is in English in the Corporate Governance Report and the Fuji Electric Report, as with AGC and Kurita. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
There are four reportable segments (Energy, Industry, Semiconductors, Food and Beverage Distribution) plus Others. Every English tanshin gives net sales and segment operating profit for each, with the adjustment to consolidated operating profit. Q1 FY2026 figures: Energy ¥82.5bn / ¥12.1bn, Industry ¥103.9bn / ¥8.5bn, Semiconductors ¥54.4bn / ¥3.1bn, Food and Beverage Distribution ¥26.1bn / ¥2.7bn. The qualitative section discusses each segment by sub-business. The year-end note (28 Apr 2026) lists the main products of each segment. It states that segment profit is based on consolidated operating profit, and that the FY2025 reorganisation of Energy/Industry is restated in comparatives. The Q1 FY2026 transfer of part of Industry to Energy is flagged and the prior period restated. The deck and the Excel data book give the same figures by sub-segment. Every period, defined and held constant, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English IR top, IR Briefing page and Latest IR Materials box link 'All Financial Data' as Excel: Appendix_E.xlsx, 86 KB, 'Appendix for Q1 FY2026 Financial Results'. We fetched it inside the rendered page and read the workbook. It has a table of contents and sheets P1-P13. They cover quarterly data FY2025-FY2026 (sales and profit by sub-segment, forecasts at 30 Jul 2026 with average FX rates) and quarterly results FY2004-FY2024. There is a consolidated summary by year from 2005/3 to 2026/3 (net sales, profits, ROE, ROA, equity ratio, D/E), per-share data (EPS, diluted EPS, BPS, dividends, payout), business segment information, sales by region, R&D, capex, depreciation and employees. It also has the balance sheets, income and comprehensive income statements, and cash flow statements. The Chart Generator page adds a 'Download All Data (CSV)' button for ten years. Excel with well over five years of P&L, balance sheet, cash flow and per-share data plus segments, so 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The Q1 English tanshin (30 Jul 2026) gives the revised FY3/2027 forecast against the 28 Apr forecast: net sales ¥1,300bn, OP ¥156.5bn. It also gives the H1 forecast, segment forecasts for both periods with the change, and the FX assumption (US$1=¥150, €1=¥175, RMB1=¥21.9 from July). A separate English 'Announcement Regarding Revisions to Consolidated Business Results Forecast' went out the same day (English IR news and TDnet, 30 Jul). The English deck (24 pp, p.19-20) explains the revision in 'April 28 Forecast / July 30 Forecast / Change' tables. The reasons given are data-centre and semiconductor-plant demand, cost reduction and price revisions. The deck also gives the assumed exchange rate and the FX sensitivity of operating profit. The forecast with FX, market view and segment forecasts, and revisions explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the quarter ended 30 June 2026 published with the Japanese at the end of July 2026, the same period. Source document →
S1Medium-term management plan in English with numerical targets4/5
The current plan is the FY2026 Medium-Term Management Plan 'To be enthusiastic, ambitious and sensitive 2026' (FY2024-FY2026). The English MTP deck (20240523_1.pdf, 33 pp, dated 23 May 2024) and the English MTP page set the FY2026 targets. They are net sales ¥1,250bn, OP ¥140bn, OPM 11.2%, net profit ¥90bn (7.2%), ROE 12%+, ROIC 10%+, equity ratio ~50%, net D/E ~0.2x and payout ~30%. The page also gives sales, OP and margin targets for each segment. The English release announcing the plan (gl_data/20240523b.pdf, created 23 May 2024 11:01) is the same day as the Japanese timely disclosure. The English deck file was only created on 27 May 2024. The Japanese deck now sits inside a zip (20240523_all.zip) that we could not open, so same-day publication of the full plan is not shown. The annual 'Management Plan for FY2026' (28 Apr 2026, 19 pp) was posted in both languages the same day. The English plan is complete, but the full deck may have arrived four days late, so 4 (floor). Source document →
S2IR presentations published in English5/5
For every quarter an English presentation, the presentation with script, the streaming and a Q&A (Q1 FY2026: 30 July 2026), plus business-strategy meeting materials - the Japanese set item for item. Source document →
S3English equity-story or investment-highlights page3/5
The English IR site has no 'why invest', investment-highlights or at-a-glance page. The Japanese has a 個人投資家の皆様へ section with no English counterpart. Company-overview material does the job instead. Fuji Electric Report 2026 (English, 39 pp) has 'Business Areas and Strengths': four core technologies centred on power semiconductors and power electronics, and system solutions from the energy supply side to the demand side. It also has 'Consolidated Financial and Non-Financial Highlights'. The Corporate Profile (July 2026, 11 pp) is linked from the IR top, and there is an 'Our Business' page. These describe strengths qualitatively and are not framed for an investor, so 3. Source document →
S4Growth drivers identified and quantified in English5/5
The English MTP deck (23 May 2024) names the growth drivers and puts numbers on them. It gives FY2023-to-FY2026 segment sales growth: Energy +¥42.2bn, Industry +¥55.1bn, Semiconductors +¥52.0bn. Each is tied to named products: switchgear, transformers, large UPSs, global inverters, increased SiC device production and storage systems. It gives overseas sales growth of +¥42.6bn by region (Asia/India, China, Europe, Americas), a fivefold increase in sales in India, entry into the smart-meter market, and semiconductor capacity investment including 8-inch SiC. The English MTP page restates the segment targets. The May 2026 English business-strategy decks for each segment update these, as does the FY2026 management plan deck (data-centre demand, capacity expansion). Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
English 'Condensed Transcript of Q&A Session' PDFs exist for every briefing. They are Q1 FY2026 (30 Jul 2026, 5 pp), FY2025 and the Management Plan (28 Apr 2026, 5 pp), the Business Strategy Meeting (27 May 2026, 7 pp), Q3 FY2025 (29 Jan 2026, 6 pp) and H1 FY2025 (30 Oct 2025, 6 pp). They are fuller than the Japanese 主な質疑応答 (Q1: 3 pp). The Japanese IR news lists each Japanese Q&A on the briefing day (30 Jul, 27 May, 28 Apr, 29 Jan, 30 Oct). The English PDFs were created one to two days later (creation dates): Q1 31 Jul (Japanese file 31 Jul 00:00), FY 30 Apr, strategy 29 May, Q3 30 Jan, H1 31 Oct. Every briefing, but late, so 4. Source document →
S6Integrated or annual report available in English5/5
Fuji Electric Report 2026 in English, 39 pages (September 2026), on fiscal 2025 - the year ended March 2026, already the year just closed. Current and complete, with its 54-page Financials volume. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English FY2026 MTP deck opens with 'I. Review of FY2023 Medium-Term Management Plan' (pp.3-10). It sets the FY2023 plan targets against FY2023 actuals: net sales ¥1,000bn target vs ¥1,103.2bn, OP ¥80bn vs ¥106.1bn, plus OPM, net profit, ROE and the financial indicators. It does the same for each segment, with variances, with the targets restated for the FY2023 segment reorganisation. It then has 'Measures, Successes, and Uncompleted Tasks', which explains the outcome and carries the gaps into the new plan. Fuji Electric Report 2026 has 'Progress of the FY2026 Medium-Term Management Plan' for the current plan. Targets against actuals with explanations, so 5. Source document →
G1Corporate governance report available in English5/5
The Corporate Governance Report in English, 31 pages, dated 7 August 2026, on its own page in the English IR library. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English notice of the 150th AGM (72 pp, 2 Jun 2026) profiles all ten director candidates, which is the whole board on one-year terms. Each profile gives date of birth, dated career history, significant concurrent positions, shares held, board attendance and committee roles. Tenure is stated in words, e.g. 'elected Director in 2008, and his tenure of office is 18 years' and 'elected Outside Director in 2016 ... 10 years'. Each has the reasons for nomination and expected roles. The four outside directors are marked '(Outside Director) (Independent Officer)', with the independence analysis and the company's criteria. The English governance page adds each director's areas of expertise. Every director, all three elements, so 5. Source document →
G3Board skills matrix published in English5/5
The English Corporate Governance page has a skills matrix under 'List of Officers (As of June 24, 2026)'. All ten directors are marked against seven areas: business management; finance and accounting; global business; environment and society; R&D, technology, manufacturing and DX; corporate governance, legal matters and risks; marketing and industry. It also gives each director's titles and committee seats. The English AGM notice ties the standing-director nominations to those skills. Current and in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
The English AGM notice business report gives the remuneration policy. Standing directors get base pay, annual bonuses and share-based remuneration. Bonuses are based on the previous year's consolidated operating-profit-to-sales ratio (the MTP key target), capped at 1% of consolidated profit and paid only when dividends are paid. Share-based pay is based on the consolidated profit-to-sales ratio and capped at 42,000 shares a year. Outside directors and A&SB members get base pay only. It gives the FY2025 KPI outcomes (OPM 11.1%, profit ratio 8.0%) and the resulting mix: bonuses ~40.1% and share-based ~25.2% of pay. Amounts are given by pay type: directors ¥1,088m in total, of which base ¥382m, bonus ¥433m and share-based ¥273m, for 11 recipients (outside directors ¥50m, 4); A&SB members ¥92m. It also explains how individual amounts are delegated and bounded by the Nomination and Remuneration Committee. Structure, KPIs, weights and amounts by type, so 5. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of Convocation of the 150th Ordinary General Meeting in English (72 pages, file dated 2 June 2026, the electronic-provision start date it states) with votes due 23 June - about three weeks - and the reference documents for every proposal. 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
The English Shareholders' Meeting page carries a 'Report on the 150th Ordinary General Meeting of Shareholders' (held 24 June 2026): matters reported and 'Matters Resolved', each passed as proposed, with no vote counts. The Japanese extraordinary report with the counts (1 July 2026) has no English counterpart. Notice of resolutions without counts: 2 (was 0 on 12 Oct, when the page carried the convocation notice only; re-checked 16 Oct 2026). Source document →
G7Cross-shareholdings in English with reduction schedule and rationale3/5
The English AGM notice ('[Reference] Policy on Cross-shareholding', p.24), the CG report and the governance page give the policy: 'As a basic policy, we will reduce our cross-shareholdings'. They give the board's periodic test (the need for the relationship, cost of capital against return) and the voting policy. They also give the numbers. Listed holdings fell from 102 (March 2019) to 6 (March 2025) and rose to 8 by March 2026 after an IPO and an affiliate reclassification: ¥95,117m listed, 71 unlisted issues of ¥4,373m, and ¥99,603m in total including deemed holdings, 11.8% of net assets. There is no reduction target or schedule, numerical or 'zero'. Policy, holdings, progress and rationale without a target, so 3. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (fujielectric.com) has a footer block headed 'Investor Relations' linking straight to /ir/, one click. The header 'IR' item opens a menu whose first entry is 'IR Top' (two clicks). One visible click from the homepage, so 5. Source document →
O2English document links resolve to English documents5/5
We sampled 27 English document links across types, all opened in the rendered browser. Tanshin: 2026q1_all, 2025q4_all, 2025q3_all, 2025q2_all, and the FY2016 tanshin (ir/box/doc/pdf/gh2017_04/170427_all.pdf). Decks: 20260730_1, 20260428_1, 20260428_2 and the MTP 20240523_1. Q&A transcripts: 20260730_2, 20260428_4, 20260527_6, 20260129_3 and 20251030_4. AGM notices: 20260602a, 20250603a_E and gl_data/20240603. Also the CG report (corporategovernance.pdf), Fuji Electric Report 2026, the 2026 Financials, Appendix_E.xlsx, the TDs 20260827, gl_data/20240531, 20240523b, 20221027_01 and 20200529_01, and Corporate_Profile_E_202607. Every one was an English document. Some older English news links sit on the fujielectric.co.jp host under /gl_data/, but the files are English. All English, so 5. Source document →
O3English IR archive free of dead links5/5
Every link in the same sample of 27 English documents is live. The sample runs from the 2017 FY tanshin and 2020-2022 news-box PDFs to the Q1 FY2026 set. The site's WAF sometimes returned 403 to the automated browser under repeated requests; each such link loaded when retried a minute later, so we do not count them as dead. All live, so 5. Source document →
O4English IR pages render without blank JavaScript failures4/5
We rendered the English IR top (carousel, IR news, Latest IR Materials), the Financial Results library, IR Briefing, Fuji Electric Report, CG report, Business Reports, Shareholders' Meeting, MTP, Historical Financial Data and the Chart Generator (table with CSV download). All rendered their content. The Stock Price Chart page's StockWeather widget draws the price chart and summary, but its 'Timely Disclosure' panel showed an empty body. A widget section empty, the content there, so 4 (floor; it may only be a collapsed panel). Source document →
O5Single page listing all English IR documents by date and type3/5
There is no single English library page. Documents are split by type across pages under 'IR Information': Financial Results (tabs FY2015-FY2026, each set dated 'announced on ...'), IR Briefing (a period grid of presentations, scripts, Q&A, streaming and Excel, labelled by quarter but not dated), Fuji Electric Report/Annual Reports, Business Reports, and the Corporate Governance Report. The IR News Archives is one dated, typed list back to 2007. It carries results announcements, TDs and AGM items, but not the decks, Q&A, reports or CG reports, which are several types. Split by type across pages, so 3. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is well populated. Financial results go back to FY2015 by fiscal year, with the full component PDFs (e.g. the FY2016 year-end tanshin, 20 pp, 27 Apr 2017). Fuji Electric Report/annual reports, business reports and AGM pages go back to the 141st meeting. Presentations and Q&A cover several years, and the IR news list goes back to 2007. Several years across document types, so 5. Source document →
O7Named English IR contact published3/5
Named in the tanshin header by title only - General Manager, Corporate Planning Office. The global Contact Us page ends with 'Corporate Inquiries', a form whose link carries kind=Investor Relations, below a long list of product inquiries; the IR section itself has no contact link. A genuine route, not obvious. Source document →
R1Earnings materials published in English simultaneously with Japanese4/5
Tanshin: the English Q1 FY2026 (30 Jul 2026), FY2025 (28 Apr 2026), Q3 (29 Jan 2026) and H1 (30 Oct 2025) results are each listed in the English IR news on the Japanese announcement day, and each English tanshin is on TDnet at 15:30 that day (kabutan disclosure list). That is the same day every period. Decks are listed with the results in both languages. By file creation date, the English Q3 deck (29 Jan 2026) matches the Japanese release day. The English Q1 deck was created 31 Jul 2026 14:22, against 30 Jul for the Japanese 2026年度1Q決算プレゼン資料. Both FY decks were re-saved on 7 May, so they show nothing. Tanshin same day; the deck possibly a day late, so 4 (floor). Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Japanese vs English publication dates, by TDnet time stamps (kabutan list) or the site where noted. Q1 FY2026 tanshin: 30 Jul vs 30 Jul 2026 (0 days). FY2025 tanshin: 28 Apr vs 28 Apr 2026 (0). AGM notice: JA TDnet 2 Jun 08:00 vs EN TDnet 3 Jun 08:00 (1); the English PDF itself was created 2 Jun. CG report: the latest update was 7 Aug 2026 in both (16:40 JA, 16:50 EN; 0); the previous one was 24 Jun JA vs 25 Jun EN. Securities report: the Japanese 第150期 yuho was filed 19 Jun 2026. There is no English yuho; 'Fuji Electric Report 2026 Financials' (MD&A, statements, auditor's report) came on 30 Sep, 103 days later, so >90. Lags of 0, 0, 1, 0 and >90 give a median of 0 days, so 5. Source document →
R3Timely disclosures published in English5/5
We compared the Japanese timely disclosures for 16 Oct 2025-15 Oct 2026 (Japanese IR news '適時開示/IR' items, checked against the kabutan TDnet list) with the English IR news and TDnet. They are: interim dividend (30 Oct 2025); dividend forecast revision and buyback parameters (28 Apr 2026); dividends from retained earnings (25 May); buyback completion (26 May); investment-unit policy (30 Jun); revision of the full-year forecast (30 Jul); merger agreement with a subsidiary (27 Aug). Every one has an English version on the same day, both on the English IR news and on TDnet. The results tanshin also come out the same day in English, including the 7 Aug interim-review re-issue. So do the management-change announcements (26 Mar, 31 Aug). The 8 Oct 2026 Helical Fusion capital alliance is a Japanese news release, not on TDnet, and has no English version yet. All same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No English document or IR page is presented as machine-translated. The tanshin, CG report and AGM notice carry human-translation precedence language ('Japanese original shall prevail'), which is R5. The IR Disclaimer page says nothing about translation. Every page of the English site has a WOVN 'Language' button in the header labelled 'Translated by AI'. It offers AI translations of the English site into Bahasa Melayu, Thai and Vietnamese; the English text itself is the source. A general website-translation notice that does not cover the English content, so 4. Set to 5 in review, 16 Oct 2026: the AI-translation button offers only other languages (Malay, Thai, Vietnamese); nothing on the English site or documents is presented as machine-translated (as 6383). Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin and the Corporate Governance Report say 'the Japanese original shall prevail'; the AGM notice is 'for your reference and convenience only and without any warranty'. The Fuji Electric Report and the presentations carry no such statement. Disclaimed on some documents. 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 2026-10-12. 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 →
FY2026 growth-investment and capital-efficiency plan
Strategy or target reset · In progress · Plan announced 23 May 2024
Fuji Electric set FY2026 profit and return targets and committed 90% of generated cash to growth investment within explicit balance-sheet guardrails.
Timeline and sources (1 step)
- 23 May 2024FY2026 plan announced Fuji Electric disclosed the FY2026 plan and capital policy. FY2026 Mid-Term Management Plan briefing archive · FY2026 Medium-Term Management Plan
What management said it would do
Management targets ¥1.25tn sales and ¥140bn operating profit with at least 12% ROE and at least 10% ROIC.
From the company’s own disclosure · FY2026 Medium-Term Management Plan
What it actually did, and when
The plan is active; the selected materials do not yet provide a complete project-by-project outcome ledger.
Partly disclosed — a gap remains · FY2026 Medium-Term Management Plan
What it disclosed about the economics
Fuji Electric will allocate 90% of generated cash to growth while targeting a 50% equity ratio and 0.2x net D/E.
Partly disclosed — a gap remains · FY2026 Medium-Term Management Plan
What has happened since
The FY2026 result is not due.
Partly disclosed — a gap remains · FY2026 Medium-Term Management Plan
The question this leaves open
Investor question: Where did the 90% growth allocation go and what returns resulted? IR preparation: bridge spend, milestones and segment ROIC.
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
Fuji Electric plans to direct 90% of generated cash to growth investment across capex, R&D, M&A and IT.
Capital structure
The plan targets a 50% equity ratio and 0.2x net debt-to-equity ratio while retaining M&A flexibility.
Governance of capital decisions
Management targets ROE of at least 12% and ROIC of at least 10% and manages segment margins.
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.
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.