Kaga Electronics Co., Ltd.
Cite as: Japan IR Index, Kaga Electronics Co., Ltd. (8154), 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.
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.
O7 Named English IR contact published 4/5 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 4/5 Translation
Put the investment case, with figures, on one English page or section.
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 changed under a rule change on 21 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 (Wholesale Trade) | 84.1 | 1 of 4 |
| Same size band (¥100–500bn) | 77.1 | 1 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, 33 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
Summary of Consolidated Financial Results for the First Quarter Ended June 30, 2026, dated 13 August 2026 with the Japanese 決算短信: 15 pages against the Japanese 13, with the qualitative results of operations and forecast, balance sheet, income and comprehensive-income statements, the notes and the segment note, plus the Shinko Shoji subsequent-event note. The Earnings Releases page carries every quarter (FY2026/3 Q1, H1, Q3, full year 24 pages, 14 May 2026) on the Japanese results days. Every period, complete. Source document →
F2English results summary is a full translation, not an excerpt5/5
Q1 FY2027/3 tanshin, 13 Aug 2026. The English 'Summary of Consolidated Financial Results for the First Quarter Ended June 30, 2026 [Japan GAAP]' is 15 pages against 13 for the Japanese 2027年3月期 第1四半期決算短信. Both have the summary pages and the qualitative section: results, a narrative by segment, financial position, and (3) the earnings forecast with the revision table. Both have the quarterly balance sheet and the income and comprehensive-income statements. Both have the notes: going concern, significant change in equity, the cash-flow note, the segment note with sales and segment income by reportable segment for both periods plus the reconciliation, and the Shinko Shoji subsequent-event note. The whole tanshin, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (Q1 FY2027/3, 13 Aug 2026) has the quarterly consolidated balance sheet and the income and comprehensive-income statements. Its notes match the Japanese: going concern, shareholders' equity, the cash-flow note with depreciation and goodwill amortisation, segment information, and the subsequent event. The FY2026/3 English tanshin (14 May 2026) has the full statements, including cash flows and changes in equity, with notes. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form3/5
No English securities report. The IR library's 'Consolidated Financial Statements and Independent Auditors' Report' for the year ended March 2025 (48 pages, PDF created September 2025) carries the statements, notes and audit opinion only - none of the narrative parts of the yuho (business overview, risks, MD&A, governance). The Japanese 有価証券報告書 for the year to March 2026 was filed 30 June 2026 and has no English counterpart yet. Financial statements only. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
There are four reportable segments: Electronic Components, Information Equipment, Software and Others. Every English tanshin has the segment note with net sales (external and intersegment) and segment income for both periods, a note on the adjustment, and a narrative by segment (e.g. Q1 FY2027/3 total segment income ¥8,460m). The English Excel/PDF data file defines each segment's business, for example 'Development, manufacture and sale of semiconductors, general electronic components ... EMS', and gives five years of sales, income and margin by segment. It also gives a second cut by the MTP segments (Electronic Components, EMS, CSI, Others), each with its own definition. The decks repeat both cuts with forecasts. Every period, definitions stated, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
'Data File FY2026/3 Excel' (.xlsx, 14 May 2026) is in the IR Library > Data File and on the IR top. We read it in the rendered page by fetching the workbook and reading its sheet and sharedStrings XML. It has eight sheets: Front cover, Financial (Full Year), Financial (H1 6 months), Balance Sheet, Business Segment, MTMP Segment, SG&A and Cash Flows. It covers five fiscal years, FY2022/3 to FY2026/3: P&L highlights (net sales, gross profit, SG&A, operating, ordinary and net income, margins), the balance sheet, cash flows (operating, investing and financing, free cash flow, capex, depreciation), and per-share data (EPS, annual and interim dividend, payout ratio, ROE, equity ratio). It also has segment sales and income on both segment definitions. H1 workbooks (Nov 2025) and earlier years back to FY2020/3 are posted too. Five years of all statements with per-share data and segments, so 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The full-year FY2027/3 forecast is in English: the Q1 tanshin gives sales ¥660.0bn, OP ¥30.0bn, ordinary ¥30.0bn, net ¥22.0bn and EPS ¥461.61. It sets the revision against the previous forecast (645.0/28.5/28.0/20.0). The text says Shinko Shoji's earnings and the bargain-purchase gain are not yet included and why. The English Q1 deck (28 pp, 13 Aug 2026) adds the reason for the revision ('Q1 progress that exceeded expectations'), the forecast by business segment and by MTP segment, the FX assumption (¥150/US$) and an FX-sensitivity page. The 25 Sep 2026 English notice explains the second upward revision. Forecast with FX and segment assumptions and revisions 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 published 13 August 2026, the same period and day as the Japanese first-quarter tanshin; Q2 is not due until 10 November 2026. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is Medium-Term Management Plan 2027 (FY ending March 2026 to March 2028). Its English deck (18 pp, the same as the Japanese 18) is listed 28 Nov 2024 on both the English and Japanese Earnings Presentations pages, with a version with speaker notes on both sides. It gives the minimum final-year targets: net sales ¥800bn or more, OP ¥36bn or more, ROE 12% or more (equity cost about 10%), organic sales ¥700bn and OP ¥35bn (5.0%). It also gives targets for each segment: Electronic Components ¥400bn/¥16.5bn, EMS ¥230bn/¥13.5bn, CSI ¥55bn/¥4bn, Others ¥15bn/¥1bn. Over ¥100bn of new M&A revenue, the cash allocation (about ¥60bn) and the return policy (payout ratio 30-40%, DOE 4%) complete it. The English MTP page repeats the targets. Complete and same day, so 5. Source document →
S2IR presentations published in English5/5
The English Earnings Presentations page mirrors the Japanese 決算説明会 page item for item: an earnings presentation each quarter on results day (Q1 FY2027/3, 28 pages, 13 August 2026, same page count as the Japanese), and for the briefings the briefing deck, the deck with speaker notes and the Q&A (FY2026/3: 48-page deck, 50-page noted deck, 4-page Q&A; Q3 and H1 Q&As too). Judging from PDF creation dates the English Q&As follow the Japanese by a day or so. Every period with the supplements. Source document →
S3English equity-story or investment-highlights page4/5
The English IR menu has a dedicated 'Our Business' section, described as 'contents to have investors understand our company'. Its 'About Kaga Electronics' page sets out the 'Strengths of the Kaga Electronics Group': independent electronics trading company, four segments, 8,900 suppliers and 10,700 sales partners, 48 overseas group companies, in-house manufacturing (EMS). The 'Kaga Electronics statistics' page gives figures: employees, sales ¥658.9bn, suppliers, clients, 91 group companies. The section is dedicated and specific, but the strengths are mostly qualitative, some figures are stale (group count as of March 2025), and it is not framed as an investment case with return or market-share numbers. So 4. Source document →
S4Growth drivers identified and quantified in English5/5
The English MTP 2027 deck names the drivers and puts numbers on them. EMS sales go from ¥125bn to ¥230bn (CAGR 22.5%) and segment income from ¥8bn to ¥13.5bn, through 'local production for local consumption' across five regions and the wireless-module business. Electronic Components go from ¥368bn to ¥400bn and income from ¥13.8bn to ¥16.5bn. CSI goes to ¥55bn. M&A is to add over ¥100bn of new business revenue toward the ¥1trn target in FY2028. A growth matrix gives sales by company (Kaga, Kaga FEI, Excel). The FY2026/3 briefing deck (48 pp) and the Q1 FY2027/3 deck follow them with numbers: the Kyoei Sangyo and Shinko Shoji acquisitions, and the new EMS factories in Thailand, Singapore, the US and India. Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English5/5
The Japanese Earnings Presentations page posts a 主な質問と回答 (Q&A summary) for most briefings: FY2026/3 (28 May 2026, 3 pp), Q3 (12 Feb 2026), H1 (27 Nov 2025), Q1 (7 Aug 2025), FY2025/3 (22 May 2025), Q3 FY2025/3, H1 (28 Nov 2024), and back to 2023. The English page has a 'Q&A' for every one, with the same listing dates (FY2026/3 English 4 pp, 28 May 2026; Q3 2 pp, 12 Feb 2026; H1 4 pp, 27 Nov 2025; Q1 3 pp, 7 Aug 2025). There is no Q1 FY2027/3 Q&A in either language yet. Both sides' PDFs were created weeks after their listing dates, the English a day after the Japanese (e.g. 18 Jun vs 17 Jun 2026; 16 vs 15 Dec 2025; 24 Oct for both on Q1). Under the listing-date ruling that is same day. An English Q&A for every Japanese one, so 5. Source document →
S6Integrated or annual report available in English4/5
Integrated Report 2025 in English, 70 pages (PDF created December 2025), covering April 2024 - March 2025 per its editorial policy. The Japanese Integrated Report 2026 was published on 15 October 2026 (TDnet notice 8154_20261014550827); the English site still has only the 2025 edition. Complete, one edition behind. (Reason updated 16 Oct 2026; an earlier version said the Japanese was also on 2025.) Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The previous plan was MTP 2024 (FY2022-FY2024). The English MTP 2027 deck (p.3, 28 Nov 2024) has 'Review of the Medium-Term Management Plan (FY2022-2024): Quantitative Targets'. It sets the original targets (sales ¥600bn organic / ¥750bn with M&A, OP ¥20bn, ROE 8.5%+), the May 2023 updated outlook (¥608bn, ¥30bn+, 10%+), and the actuals (FY2023/3 ¥542.6bn/¥32.2bn/19.6%) against each other. It explains why: targets reached two years early excluding M&A, then missed because of prolonged inventory adjustment and wage increases. A qualitative-targets review follows. The FY2025/3 English briefing deck (May 2025) repeats the review with the final-year actuals announced 14 May 2025, and the English MTP page gives the final-year results (¥547.7bn, ¥23.6bn, ROE 10.8%). Targets against actuals, with variances explained, so 5. Source document →
G1Corporate governance report available in English5/5
Corporate Governance Report in English, the TSE filing (32 pages), 'Last Update: June 26, 2026', linked from Corporate Governance > Corporate Governance Report and from the IR library. Current. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English 58th AGM notice (June 2026) profiles all eight director candidates. Each entry has term of office (e.g. Isao Tsukamoto 58 years), board attendance, career summary, shares held and the reasons for nomination. Each is marked Outside/Independent where it applies (Miyoshi, Hashimoto, Yoshida), with the TSE independence registration noted. The four Audit and Supervisory Committee directors were not up for election. The English Management Members page gives career histories with director-since dates for all twelve directors, including Kawamura, Kitsunai, Sato and Oyanagi. The notice's skills table marks independence for every one of the twelve. Every director, all three elements, so 5. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (June 2026, p.13) has the 'Table of Officer Structure After Approval of the Proposal and Area of Directors' for all twelve directors, including the Audit and Supervisory Committee members. It covers eight skills: corporate management, global, sales and marketing, legal/risk/compliance, finance and accounting, HR, technology and manufacturing, and IT/digital, plus outside/independent status. The English Management Members page opens with the board skills matrix too. Current, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English AGM notice's business report (pp.42-44) sets out the policy for executive directors: fixed monthly cash pay, a performance-linked bonus, and restricted share remuneration (transfer restriction up to 20 years). The bonus is calculated from the degree of achievement of the target values for operating income, ordinary income and profit attributable to owners of parent, which are tied to the MTP. The mix is set by the Nomination and Compensation Committee. FY2026/3 amounts are given by pay type: directors excluding A&SC members ¥853m (fixed 280, performance-linked 546, non-monetary 25; 9 people, outside ¥30m); A&SC directors ¥33m; auditors ¥9m; total ¥895m. Weights among the three KPIs and the target mix are not quantified. 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 operating income, ordinary income and net profit with no weights. So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 58th Ordinary General Meeting in English, 58 pages (PDF created 1 June, electronic provision from 4 June) for the meeting on 25 June 2026 - about three weeks - with the reference documents for the single proposal (election of eight directors, each candidate profiled) and voting deadlines (5:30 p.m. 24 June). But the notice gives the internet voting site as 'https://evote.tr.mufg.jp/ (in Japanese)'. Whole document, Japanese-only voting route. Source document →
G6Shareholder vote results disclosed in English5/5
English Extraordinary Report delivered 29 June 2026 on the 58th AGM: votes for, against and abstentions per director candidate with the approval ratio (e.g. Ryoichi Kado 302,326 for, 93,574 against, 76.35%), on the Shareholders' Meeting page. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale3/5
There is an English 'Cross-Shareholdings' page under Corporate Governance: 'Status of Shareholdings (as of March 31, 2026)'. It gives the classification criteria, 18 listed issues at ¥3,572m and 45 unlisted at ¥513m, and a per-issue table for both years with holding rationale and cross-holding Y/N (SANKYO ¥970m, SINFONIA ¥618m, Bandai Namco ¥580m and others). It lists issues sold in FY2026/3. The English CG report's Principle 1-4 gives the holding policy and the annual board review, and the FY2026/3 deck and AGM notice give the ¥1,663m gain from 'the reduction of cross-shareholdings'. No reduction target or schedule is stated anywhere in English. Policy, numbers and rationale with no target, so 3. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
On the English homepage (taxan.co.jp/en/), 'Investor Relations' in the header navigation is a direct link to ./ir/. Clicking it in the rendered browser landed on https://www.taxan.co.jp/en/ir/. One click, so 5. Source document →
O2English document links resolve to English documents5/5
We sampled 23 English document links across types and years, and every one opened as an English document (cjk count about 0). Tanshin: Q1 FY2027/3. Decks: Q1 FY2027/3, FY2026/3 briefing with notes, H1 FY2025/3 briefing (2024), FY2023/3 (2023). The MTP 2027 deck and its version with notes. Q&As: FY2026/3 and FY2023/3. Data file PDF and xlsx. Consolidated FS and auditors' report FY2024/3. Integrated Reports 2024 and 2019. Extraordinary report (vote results) 29 Jun 2026. Articles of Incorporation. Corporate Profile (Sep 2026). Releases of 30 Sep, 20 Aug and 4 Aug 2026. One more: the 25 Sep 2026 forecast-revision notice, which the English IR news links at a /jp/ path (8154_20260925540154_P01_.pdf) but which is the English version. All English, so 5. Source document →
O3English IR archive free of dead links5/5
We checked the same 23 links (tanshin, decks, MTP, Q&As, data files, FS and auditors' report, integrated reports 2019 and 2024, extraordinary report, articles, corporate profile, releases from 2023 to Sep 2026). All loaded. None was dead. So 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered the English IR top, IR information archive, Earnings Presentations, IR Library pages (Latest, Earnings Releases, Integrated Report, Consolidated FS, Data File, Management Briefing, Other), Management Policy, MTP, Management Members, Corporate Governance and the Cross-Shareholdings page. We also rendered Latest Business Results (HTML tables), Distribution of Profits and the Our Business pages. All showed their content. The stock widget showed ¥5,350 (2026.10.15). The 'Stock price information' page redirects to Bloomberg, which shows a robot check, but that is a third-party page and doesn't count (ruling). So 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The English 'IR information' archive (/en/ir/backno.html) is one dated list with year tabs from 2014 to 2026. It covers tanshin, earnings presentations, briefing material, timely disclosures, the CG report, extraordinary reports and the integrated-report notice, but it is not typed. It also leaves out some types: data files, Q&As, the AGM notice (the English notice of 2 Jun 2026 is on the TDnet list and the Shareholders' Meeting page, not here), and the financial statements. The typed IR Library is split across pages by type. One dated page that is untyped and misses some types, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive goes back many years across types. Earnings presentations run FY2005/3 to FY2027/3, earnings releases FY2009/3 onward, and the consolidated FS with auditors' report FY2007/3 onward. Integrated reports go from 2018 to 2025 and data files from FY2020/3. The IR-information list runs from 2014. Q&As go back to 2023 at least. Several years across types, so 5. Source document →
O7Named English IR contact published4/5
'Contact IR' in the English IR menu opens a dedicated page naming the Investor Relations & Public Relations Department with its own line, +81-3-5657-0106; its email link goes to the site enquiry form's 'Investor Relations/Sustainability/Recruitment/Other' tab. Dedicated IR phone route, obvious from the IR menu. Tanshin contact: Yasuhiro Ishihara, Director, Senior Executive Officer, Head of Administration Headquarters, +81-(0)3-5657-0111. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Listing dates, English against Japanese, every period read. Q1 FY2027/3: tanshin and earnings presentation both 13 Aug 2026 (the English deck PDF was also created 13 Aug). FY2026/3: tanshin, presentation and data file 14 May 2026 on both sides. The briefing deck, the deck with notes and the Q&A are all listed 28 May 2026 on both sides (English deck PDF created 26 May, Japanese 25 May). Q3: 12 Feb 2026 on both. H1 FY2026/3: tanshin, presentation and data file 6 Nov 2025 on both, briefing material 27 Nov 2025 on both. The Japanese TDnet list shows the English tanshin and deck beside the Japanese on each results day. Same day every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags, English against Japanese, from the Japanese 決算・適時開示 list, where English and Japanese are listed together. Q1 FY2027/3 tanshin: 13 Aug / 13 Aug = 0. FY2026/3 tanshin: 14 May / 14 May = 0. 58th AGM notice: 2 Jun / 2 Jun = 0. Corporate Governance Report: 26 Jun / 26 Jun 2026 = 0. Annual securities report: Japanese filed 30 Jun 2026, and there is no English. The English 'Consolidated Financial Statements and Independent Auditors' Report' is financial statements only and covers FY2025/3, so it counts as more than 90 (ruling). Sorted 0, 0, 0, 0, >90: the median is 0, so 5. Source document →
R3Timely disclosures published in English4/5
The Japanese 決算・適時開示 list for 16 Oct 2025 to 16 Oct 2026 has about 40 timely disclosures besides statutory filings, and almost all have a same-day English version listed beside them. These include the forecast revisions (6 Nov 2025, 12 Feb, 13 Aug, 25 Sep 2026), the dividend increase (14 May), the Shinko Shoji tender offer series (15 May to 4 Aug, 9 items) and the Sun-Wa Technos stake. Others: the treasury-share disposals and corrections, the reorganisation and executive-officer changes (12 and 26 Feb), new EMS plants (Singapore, US, India), JPX400, Highlanders and Star seeds. Four Japanese disclosures have no English: 人事異動のお知らせ (24 Jun and 30 Jul 2026), the Kumamoto earthquake support notice (30 Jul) and 「統合レポート2026」の発行について (15 Oct 2026). Two of these are personnel changes. Nearly all same day, a few management-change notices missing, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top, Disclaimer and 'Using this Website' pages and searched the visible text for machine, automatic, AI or translation notices. There are none and no translation pop-up appears. The disclaimer covers forward-looking statements and investment decisions only. The only precedence language is the AGM notice's 'the original shall prevail', which belongs to R5. So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The AGM notice says it is 'translated from a part of the Japanese original for reference purposes only ... the original shall prevail'. The Q1 tanshin, full-year tanshin, earnings presentation, briefing Q&A and Corporate Governance Report carry no such statement, nor does the IR disclaimer page. 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 →
Electronics distribution, EMS, M&A and strategic cash-allocation plan
Strategy or target reset · In progress · Plan announced 28 November 2024
Kaga Electronics set FY2027 growth and ROE targets and a three-year allocation across growth investment and shareholder returns.
Timeline and sources (1 step)
- 28 November 2024Plan announced Kaga Electronics set FY2027 growth and ROE targets and a three-year allocation across growth investment and shareholder returns. Medium-Term Management Plan 2027
What management said it would do
Management targets at least ¥800bn sales, ¥36bn operating income and 12% ROE by FY2027.
From the company’s own disclosure · Medium-Term Management Plan 2027
What it actually did, and when
The growth and M&A program is underway; final integration, deployment and returns are not yet complete.
Partly disclosed — a gap remains · Medium-Term Management Plan 2027 · Action to Implement Management Conscious of Cost of Capital and Stock Price
What it disclosed about the economics
The plan allocates about ¥30–35bn to growth and ¥22–30bn to returns from roughly ¥60bn of operating cash flow.
Partly disclosed — a gap remains · Medium-Term Management Plan 2027 · Action to Implement Management Conscious of Cost of Capital and Stock Price
What has happened since
The FY2027 result is not due.
Partly disclosed — a gap remains · Medium-Term Management Plan 2027
The question this leaves open
Investor question: What acquired-business returns are required to maintain ROE above equity cost? IR preparation: publish purchase price, integration milestones, synergies and 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
Kaga Electronics plans roughly ¥30–35bn of growth investment and ¥22–30bn of shareholder returns from about ¥60bn of operating cash flow.
Capital structure
The plan targets a 30–40% payout and 4% DOE and frames an expected ROE above an approximately 10% cost of equity.
Governance of capital decisions
Management introduced business-portfolio mapping and bottom-up divisional plans and disclosed prior M&A shortfalls.
Preliminary and not scored: a selected-source reading, reviewed 29 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
- 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 uses operating income, ordinary income and net profit with 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.