Yokogawa Electric Corporation
Cite as: Japan IR Index, Yokogawa Electric Corporation (6841), 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.
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.
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.
O5 Single page listing all English IR documents by date and type 4/5 Quick fix
Keep one English page that lists every IR document with its date and type.
S6 Integrated or annual report available in English 4/5 Translation
Publish the current integrated or annual report in English.
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 (Electric Appliances) | 80.8 | 8 of 33 |
| Same size band (¥500bn–2tn) | 84.2 | 10 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, 31 scored 3 or more and 1 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 (Japan GAAP), dated 4 August 2026 and filed the same day as the Japanese 決算短信: 11 pages against the Japanese 14, carrying the qualitative overview of results, financial position and forecast, the balance sheet and income/comprehensive-income statements, the notes including segment information, and the reference sheet with orders, sales and profit by segment. The Japanese extra pages are the voluntary interim review report. Every quarter (1Q, 1H, 3Q, full year) is in the English library back to FY2022. Every period, same day, complete. Source document →
F2English results summary is a full translation, not an excerpt5/5
We compared the English and Japanese tanshin page by page. Q1 FY3/2027 (4 Aug 2026): the English 'Consolidated Financial Results for the Three Months Ended June 30, 2026 (Japan GAAP)' is 11 pages against the Japanese 14. The English has the summary pages, the qualitative overview (results, financial position, forecast explanation with the USD 150 assumption), the balance sheet, the income and comprehensive-income statements, and the notes: segment information, shareholders' equity, going concern and cash flows. It also has the reference sheet by segment. The extra Japanese pages are the voluntary auditor's interim review report (期中レビュー報告書, pp.13-14), which the anchors do not count. FY3/2026 (7 May 2026): 22 English pages against 20 Japanese, with the same sections: overview, cash flow, outlook, dividend policy, choice of accounting standards, all four statements, and the notes (going concern, scope of consolidation, income statement, segment, per-share and subsequent events). The whole tanshin, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (Q1 FY3/2027, 4 Aug 2026) has the full quarterly statements and the notes. The notes cover segment information (sales and segment profit for the three segments), significant changes in shareholders' equity, going concern and cash flows (depreciation and goodwill amortisation). The FY3/2026 English tanshin has the full annual statements, including changes in net assets and cash flows. Its notes cover going concern, scope of consolidation and equity method, the income statement, segment information, per-share data and subsequent events (the ¥30bn buyback). Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form3/5
No English Annual Securities Report as such. The English Yokogawa Report 2025 carries the business risks, the full audited consolidated statements for the year ended 31 March 2025 with their notes, and Deloitte's Independent Auditor's Report (pp. 100-102), but not the report's other narrative parts (facilities, shareholdings, the full governance section), and it is a year behind the Japanese securities report of 18 June 2026. Statements with the opinion, not the whole report: 3. Set in review, 17 Oct 2026 (was 0/not_found, which missed the financial section of the Yokogawa Report; as 4062 IBIDEN's Financial Review). Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
There are three reporting segments: Industrial Automation and Control, Measuring Instruments, and New Businesses and Others. Every English tanshin has the segment note with sales and segment profit. The note defines the segments by product line, and the FY note says segment profit is operating profit. FY3/2026 figures: IA&C ¥565.5bn sales and ¥75.2bn profit; MI ¥34.0bn and ¥7.8bn; New ¥5.3bn and -¥0.4bn. The tanshin narrative and reference sheet add segment orders. The decks add Control subsegments (Energy & Sustainability, Materials, Life) and regions, and the English Segment Data page has five years by segment. Every period, definitions stated and unchanged, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
There is no downloadable data file. We ran a link search for xls/xlsx/csv/excel/data on the English Financial Information pages (Highlights, Consolidated Financial Statements, Segment Data, Per Share, Other), the Financial Fact Book page, the Reports page and the IR top. It found nothing. What is there instead: five-year HTML tables (Financial Highlights, Segment Data and so on), and the bilingual Financial Fact Book PDFs (2010-2026, 24 pp, ten-year series). The IR top's 'All download (ZIP 20.7MB)' is labelled as a bundle of the latest IR documents (the five PDFs listed beside it). We could not open it in the browser, because it triggers a download, so we did not list its contents. The Japanese 業績・財務情報 and ファクトブック pages have no spreadsheet either.
F7Guidance disclosed in English with the basis explained5/5
The forecast and its basis are both in English. The FY3/2026 tanshin (7 May 2026), section (4) Future Forecast, gives the FY3/2027 forecast: orders ¥645.0bn, sales ¥615.0bn, OP ¥85.0bn, ordinary ¥85.0bn, net ¥58.5bn. It gives an FX assumption of USD 150 against 151.17 actual, and a market view: Middle East and China uncertainty, raw material and labour costs, robust energy-transition demand. It also gives orders, sales and OP forecasts for each segment with narrative. The FY deck (49 pp) adds the forecast by Control region and subsegment, with FX-neutral growth. Revisions are explained: the English 'Notice Regarding the Revision of Consolidated Business Forecast and Dividend Increase Forecast' (3 Feb 2026) gives the previous and revised figures and the reasons, including the FX assumption raised from 145 to 150. The Q1 tanshin states the forecast is unchanged. All three assumption types plus explained revisions, 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 published 4 August 2026, the same period and day as the Japanese first-quarter tanshin; the half-year is not due until November. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is 'Medium-term Business Plan Fiscal Years 2024-2028' (Growth for Sustainability 2028). The English is 42 pages, the same as the Japanese 2024年度～2028年度中期経営計画説明会資料 (42), and both carry 'May 7, 2024 (Revised June 21, 2024)'. Both IR news lists post it on 7 May 2024. The plan is linked from the English IR top. Its quantified targets include order and sales growth of 10%/yr or more, ROS 15% or more, ROE and financial ROIC 10% or more, EPS ¥300 or more in FY28, operating cash flow ¥300bn or more over five years, and order-growth targets by segment (Control, Energy & Sustainability, Materials 10% or more; Life 15% or more; Measuring Instruments 12% or more). It also gives a capital allocation (M&A ¥100bn or more, a payout above 30%) and FY30 sustainability targets. The English PDF was created 1 Jul 2024, after the June revision. The Japanese file was re-uploaded in 2026, so the revision's lag cannot be measured. Complete and same-day for the plan itself, so 5. Source document →
S2IR presentations published in English5/5
For every quarter an English slide deck and a 'Script Including Q&A' transcript: Q1 FY2026 deck (27 pages, 4 August 2026) and script (20 pages, 21 analyst questions answered, posted 13 August, the same day as the Japanese スクリプト). The Japanese page carries the same three items per period and nothing more. Deck and Q&A every period. Source document →
S3English equity-story or investment-highlights page5/5
There is no 'why invest' web page, but the English Investors' Guide (IR top > Investors' Guide; 56 pp, dated 30 Jun 2026) is an investor-facing deck built for this job. It gives quantified strengths: DCS global market share 10.1% (5th) in a $16.6bn market (ARC 2025), stable share over decades, and the industry shake-out from 27 vendors to 7. It also gives overseas sales of 73.3%, ten-year sales, ROS and net income trends, Control sales by industry and region, MAC/project-size order trends, LNG positioning, the global network and the shareholder-return record. The IR top also has a 'Message to Investors'. A dedicated investor document with quantified strengths, so 5. Source document →
S4Growth drivers identified and quantified in English5/5
The drivers are named and numbers are attached. The GS2028 plan (English) sets 5-year order-growth targets for each driver area: Energy & Sustainability, Materials and Control 10%/yr or more, Life 15%/yr or more, Measuring Instruments 12%/yr or more. It puts ¥100bn or more into M&A and alliances. The FY3/2026 deck (p.34) tracks each against actuals: E&S +18.9%/+2.5%, Materials, Life, and MI +38.5% in FY25. Its business-environment page names the drivers by industry and region: LNG, AI data centres in chemicals, desalination, renewables and nuclear. The Investors' Guide gives the $16.6bn DCS market and the 10.1% share. The IR Day 2024 decks give a business strategy for each of E&S, Materials and Life. Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English5/5
Every quarterly briefing has an English 'Presentation Materials ... (Script Including Q&A)', posted the same day as the Japanese 質疑含むスクリプト付. Q1 FY3/2027: both 13 Aug 2026 (EN 20 pp, JA 22 pp, both '57 minutes, Q&A 45 minutes', PDFs created minutes apart). FY3/2026: both 15 May 2026. Q3: both 12 Feb 2026. H1: both 12 Nov 2025. The IR Day and DX Briefing scripts with Q&A (2022-2024) are in English too, matching the Japanese business-briefing page item for item. Every briefing, same day, so 5. Source document →
S6Integrated or annual report available in English4/5
The English Integrated Report page's latest is the 2025 Yokogawa Report, 106 pages, 'For the year ended March 31, 2025' (fiscal year 2024). The Japanese YOKOGAWAレポート2026 (72 pages, covering 1 April 2025 - 31 March 2026) went up on 30 September 2026 with no English counterpart yet. Complete report, one edition behind. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English GS2028 plan opens with a 'Review of Accelerate Growth 2023' (pp.7-13). Its financial KPI table sets each AG2023 target against the FY23 actual, and adds an FX-neutral column that explains the gap (the AG2023 budget rate was US$1 = ¥105). Order growth target 8-10%/yr: actual 15.1%, 9.3% ex-FX. Sales growth 4-6%: 13.0%, 6.9% ex-FX. ROS 10%: 14.6%, 9.7% ex-FX. EPS growth 16-18%: 48.3%, 24.3% ex-FX. ROE 10%: 15.1%. Operating cash flow ¥140bn or more: ¥155.9bn. For each of the four strategies there are achievements and issues against non-financial targets: 151 new solutions (target 150), product development man-hours -41% (target 50%), cash conversion cycle 138 days (target 100). Target against actual, with the variances explained, so 5. Source document →
G1Corporate governance report available in English5/5
Corporate Governance Report in English, 36 pages, 'Last Update: June 23, 2026' - the TSE filing in full, linked from the IR Reports menu and Governance > Related Documents. Current. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of 2026 AGM (57 pp) has a profile for each of the 11 candidates, who are the whole board of this nominating-committee company: 4 insiders and 7 outside directors. Each profile has a dated career history, significant concurrent positions, shares held, 'Number of years since appointment' (15 years for Nara, 1-7 years for the outside directors), board attendance and reasons for nomination. Each outside director also has an 'About the independent officers' statement (registered with TSE) and the expected role. The notice also sets out the company's independence standards and the committee membership. Every director, all three elements, so 5. Source document →
G3Board skills matrix published in English5/5
The English 2026 AGM notice has the skills matrix for the board as it would stand after the meeting (p.19). It maps all 11 directors (Nara, Shigeno, Kikkawa, Nakajima, and outside directors Uchida, Urano, Hirano, Goto, Ono, Maruyama, Ahmadjian) against corporate management, global experience, treasury/finance/investment, technology/development, IT/digital, sales/marketing, HR, legal/risk management and sustainability/ESG. The committee composition follows on p.20. Current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English 2026 AGM notice (business report, pp.38-41) and the CG report set out the structure. Directors get fixed basic pay only. Executive officers get basic pay plus an annual incentive and a PSU plan, paid 60% in shares and 40% in cash. The annual incentive KPIs are consolidated sales and ROS, plus ESG ratings and engagement for the CEO, paying 0-200%. The PSU KPIs are financial ROIC and EPS growth, plus Scope 1-2 GHG, energy intensity and engagement. Pay mix: 1 : 0.5 : 0.25 on average and 1 : 0.75 : 0.375 for the CEO. Benchmarking is at the 50th percentile of peers, and there is a clawback. Amounts for FY3/2026 are given by pay type: directors ¥167m, all basic, ¥138m to 9 outside directors; executive officers ¥973m, of which ¥517m basic and ¥456m performance-linked, 28 people. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the annual incentive and PSU plans name several KPIs each with no weights (only the pay mix is given). So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of 2026 Annual General Meeting of Shareholders in English, 57 pages (file 26-27 May; electronic provision from 28 May) for a meeting on 23 June 2026 - about four weeks - with the Reference Materials for both proposals, each of the eleven director candidates with reasons for nomination, the business report and statements. English instructions for internet voting at soukai.mizuho-tb.co.jp with no Japanese-only label. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, soukai.mizuho-tb.co.jp (Mizuho Trust & Banking), 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 English5/5
Vote Results of 2026 Annual General Meeting of Shareholders, the English extraordinary report (24 June 2026, 2 pages): for, against and abstaining counts and the approval ratio for the dividend and for each of the eleven directors (94.4% to 99.1%). Every year back to 2017 on the Shareholders Meetings page. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale2/5
The English CG report (23 Jun 2026), Principle 1.4, has the policy: hold the minimum necessary, review each holding yearly. It classifies holdings as business partners, financial institutions or others, and gives the assessment method: market value, ROIC against cost, qualitative purpose. It says 'We sold some of those shares in the fiscal year ended March 31, 2026'. The 2025 Yokogawa Report (English, p.57) repeats the policy, and its ROE chart footnotes a 'large-scale sale of cross-shareholdings'. No English document gives the number of issues or the amount held, and there is no reduction target or schedule. The yuho, which carries the holdings table, has no English version. Policy only, without numbers, so 2. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (www.yokogawa.com/) has 'Investor Relations' as a visible link in the top utility navigation, and it goes straight to /about/ir/. One click, so 5. Source document →
O2English document links resolve to English documents5/5
We sampled 16 English document links across types and years. Tanshin: Q1 FY3/2027, FY3/2026, Q3 FY3/2025. Results script with Q&A: Q3 FY2023. Results deck: H1 FY2024. AGM notices: 2026, 2024. Vote results 2023 and resolutions notice 2025. Sustainability Report 2025. CG reports 2019 and 2026. Dividend forecast revision (2019). Fact Books 2013 and 2022. IR Day 2024 script and IR Day 2022 E&S deck. Buyback notice (Sep 2026). Investors' Guide. All are in English. The Fact Books are bilingual (Japanese line labels beside the English ones), not Japanese documents. So 5. Source document →
O3English IR archive free of dead links5/5
Every one of the same 16 links (2013-2026, 1 to 106 pp) opened as a live PDF in the browser, and so did every other document cited in this record. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered these in Chromium: the IR top (recent news widget and latest documents), the IR News list and the 2024-2026 year pages, Reports, Financial Results, Fact Book, Investors' Guide, Shareholders Meetings, Business Briefing, Yokogawa Report, Financial Highlights and Segment Data (HTML tables), Stock Information, Analyst Coverage, Calendar, Governance Related Documents and the Disclaimer. All rendered their content, with no blank lists or failed widgets. (The IR calendar has not yet added the 4 Nov 2026 date, which is a content issue, not a rendering one.) So 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The document library is split by type across pages under Reports: Financial Results, Yokogawa Report, Fact Book, Investors' Guide, Shareholders Meetings, Business Briefing and the CG report. Each page is dated by period. Alongside it, the IR News list (/news/ir/, with year archives back to 2008) is one dated list of every disclosure type. Each entry is tagged and filterable as Financial Results, Shareholders Meeting, IR Library or Information. It covers results and scripts, AGM notices, resolutions and vote results, CG report updates, Fact Book, Investors' Guide, Yokogawa Report, IR Day and timely disclosures. But the results, AGM and fact-book entries point to the library pages, not to the PDFs. So it is one dated, typed index rather than a library of the documents themselves, and we recorded 4 as the floor. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep. The results library has the tanshin, deck and Q&A script for every quarter over several years (FY2023 to Q1 FY2026 seen on the page). There are Fact Books from 2010 to 2026, AGM notices and vote results from 2017, IR Day and DX briefings from 2022 to 2024, Yokogawa Reports, CG report updates from 2019 on, and IR News year pages from 2008 to 2026. Several years across types, so 5. Source document →
O7Named English IR contact published3/5
The English IR top's Services box has 'Contact us For IR Information', which opens the shared corporate Contact Us form at contact.yokogawa.com with category and sub-category preset to '01_Investor Relations' (one of 14 categories). A genuine, prominently linked IR route, but a shared form with an IR category, not a dedicated IR channel; recorded at the floor. The tanshin names Hirohiko Nakatani, Department Manager of Treasury & IR Department, +81-422-52-6845. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
On TDnet (read on kabutan) the English tanshin and the English deck went out at 15:30 on the same day as the Japanese in every period read. Q1 FY3/2027: 4 Aug 2026. FY3/2026: 7 May 2026. Q3: 3 Feb 2026. H1: 4 Nov 2025. The English and Japanese IR News lists post the results on the same dates. The Q&A scripts follow on the same day in both languages (13 Aug, 15 May, 12 Feb, 12 Nov). PDF creation dates fit: EN Q1 tanshin created 31 Jul, JA 29 Jul. Tanshin and deck same day every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags, English against Japanese, from TDnet and the two IR News lists. Q1 FY3/2027 tanshin: 4 Aug / 4 Aug = 0. FY3/2026 tanshin: 7 May / 7 May = 0. 2026 AGM notice: 28 May / 28 May, both on TDnet at 08:00 = 0. Corporate Governance Report: 23 Jun / 23 Jun, both on TDnet at 16:00 = 0. Annual securities report: Japanese posted 18 Jun 2026, no English version = more than 90. The median of 0, 0, 0, 0 and more than 90 is 0 days, so 5. Source document →
R3Timely disclosures published in English5/5
We read the TDnet list on kabutan for 16 Oct 2025 to 16 Oct 2026, and the Japanese and English IR News lists. Besides the results, AGM papers and CG reports, the Japanese timely disclosures are: buyback status reports (10 Nov and 3 Dec 2025; 7 Jan, 4 Jun, 7 Jul, 7 Aug and 7 Sep 2026), the 8 Sep correction, the forecast and dividend revision (3 Feb 2026), the executive changes (3 Feb), the share cancellation (3 Mar), the director nominations (24 Mar), and the buyback resolution (7 May). Each has an English version on TDnet at the same timestamp and on the English IR News the same day. Japanese-only items on the company site are non-TD postings (the 中間配当のお知らせ shareholder notice, the AGM video and briefing slides, the yuho). All, same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top (screenshot), IR Disclaimer and governance pages, and searched the visible text for machine/automatic/AI translation. There is no translation notice, banner or pop-up. The IR Disclaimer covers only investment solicitation and unsponsored ADRs. A WOVN cookie appears in the Cookiebot declaration, but no machine-translation modal or notice shows on the English pages. The documents carry only human-translation precedence language, the CG report's and AGM notice's 'the Japanese version shall prevail', which belongs to R5. Nothing presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The AGM notice, the vote-results extraordinary report and the Corporate Governance Report each say the Japanese 'shall prevail'. The Q1 tanshin, the results deck, the script with Q&A and the Yokogawa Report 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 →
GS2028 five-year growth investment and capital-return plan
Strategy or target reset · In progress · Plan announced 7 May 2024
Yokogawa set five-year growth and cash-flow targets and a ¥100bn first-three-year strategic-investment allowance.
Timeline and sources (1 step)
- 7 May 2024GS2028 announced Yokogawa disclosed the five-year plan, financial targets and strategic-investment budget. Growth for Sustainability 2028
What management said it would do
Management targets at least ¥300bn of five-year operating cash flow and ¥100bn of strategic investment in the first three years.
From the company’s own disclosure · Growth for Sustainability 2028
What it actually did, and when
GS2028 is underway; this first pass does not yet reconcile every investment and realized return.
Partly disclosed — a gap remains · Yokogawa Report 2025: Value Creation Story
What it disclosed about the economics
Yokogawa targets ROE and ROIC above 10%, exceeding its estimated 7–9% cost of capital, while protecting rating capacity.
Partly disclosed — a gap remains · Growth for Sustainability 2028 · Yokogawa Report 2025: Value Creation Story
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · Growth for Sustainability 2028
The question this leaves open
Investor question: Which investments produce the cash-flow and EPS goals? IR preparation: publish spend, milestones and return outcomes by project.
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
GS2028 budgets ¥100bn of strategic investment in its first three years, backed by at least ¥300bn of five-year operating cash flow.
Capital structure
Management intends to preserve an A rating under stress while using debt for growth and retaining risk capacity.
Governance of capital decisions
The plan targets ROE and ROIC above a recognized 7–9% cost of capital and uses business-risk simulations to set investment capacity.
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 (Mizuho Trust & Banking) is in Japanese only.
- 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 annual incentive and PSU plans name several KPIs each with no weights; only the pay mix is given.
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.