Improvement guides
English-disclosure self-audit
Check your own English disclosure against the same 34 questions the index uses — before your next results release or shareholder meeting goes out. Free to use.
Download the Excel workbook (with scoring) Download the PDF (for printing)
How to use it
- For each question, follow “How to check” and compare your English materials with the Japanese ones.
- Score yourself 0–5 against “What a 5 looks like” and the score bands, and note the evidence URL and date.
- In the Excel workbook, the Score sheet calculates the area and overall scores for you.
- Start with the lowest-scoring questions you can fix before your next release.
A self-audit is private and separate from the published index, whose scores are set by checking the public documents.
Financial disclosure (30%)
| Code | Question | What a 5 looks like | How to check |
|---|---|---|---|
| F1 | Quarterly and full-year results summaries (tanshin) published in English | The full tanshin in English for every period the Japanese side publishes, the same day, with statements and the segment note. | Count pages of the latest English and Japanese tanshin; confirm each quarter and the full year are there. |
| F2 | English results summary is a full translation, not an excerpt | The whole tanshin translated: summary, qualitative section, statements and notes. | Compare the English and Japanese tables of contents section by section; a cover sheet alone scores 2. |
| F3 | Financial statements including notes available in English | Full financial statements with notes in English for the latest period, quarter included. | Find the notes for the latest quarter in English (tanshin, report or financial section). |
| F4 | Annual securities report available in English in any form | The full annual securities report in English, current year, with the independent auditor's report. | Open the English report and tick off its parts: overview, risks, MD&A, governance, statements, auditor's report. |
| F5 | Segment revenue and profit disclosed in English, consistent definitions | Sales and profit by segment every period, with the segment definitions stated and held constant. | Check the English segment note each quarter; a single-segment company says so in English and shows sales by line. |
| F6 | Multi-year financial data file (Excel or CSV) downloadable in English | An Excel or CSV file with five years or more of P&L, balance sheet, cash flow and per-share data. | Look for .xlsx/.csv on the English IR library or financial data page; HTML tables and PDFs do not count. |
| F7 | Guidance disclosed in English with the basis explained | The full-year forecast in English with its assumptions (FX, market view, segment forecasts) and revisions explained. | Check the English tanshin and deck for the forecast and at least two kinds of assumption. |
| F8 | English financial disclosure current to the latest Japanese filing period | English results for the same period as the latest Japanese filing. | Compare the latest period on the English and Japanese results pages. |
Strategic disclosure (25%)
| Code | Question | What a 5 looks like | How to check |
|---|---|---|---|
| S1 | Medium-term management plan in English with numerical targets | The current medium-term plan in English with all its numerical targets, published with the Japanese. | Compare English and Japanese plan documents for targets and publication date. |
| S2 | IR presentations published in English | An English deck for every results briefing, with the transcript, Q&A or supplement the Japanese side gets. | List each period's Japanese briefing materials and find the English counterpart of each. |
| S3 | English equity-story or investment-highlights page | A dedicated English page or section (investment highlights, at a glance) with quantified strengths. | Find where an investor new to the company learns, in numbers, why it is strong. |
| S4 | Growth drivers identified and quantified in English | Growth drivers named with numbers attached: market size, share, contribution to targets, capacity. | Check the English plan or deck for each named driver's figure. |
| S5 | Results-briefing transcripts or Q&A published in English | An English transcript or Q&A summary for every briefing the Japanese side publishes one for, at the same time. | Match each Japanese transcript or Q&A with an English one and compare dates. |
| S6 | Integrated or annual report available in English | The current integrated or annual report, complete, in English. | Read the report's stated reporting period, not its title year. |
| S7 | Progress against the previous plan, including misses, explained in English | The previous plan's targets set against actuals, with the variances explained, in English. | Find a target-versus-actual table for the last plan in the English plan or deck. |
Governance disclosure (20%)
| Code | Question | What a 5 looks like | How to check |
|---|---|---|---|
| G1 | Corporate governance report available in English | The Corporate Governance Report filed with TSE, in English and current. | Compare the English report's last-update date with the Japanese one. |
| G2 | Director biographies in English with tenure, expertise and independence | Every director in English with years on the board, career or expertise, and independence. | Check the English AGM notice or governance page for all three, for every director. |
| G3 | Board skills matrix published in English | The current board skills matrix in English. | Confirm the English matrix reflects the board after the latest AGM. |
| G4 | Executive remuneration structure and its performance linkage explained in English | Remuneration structure (fixed, bonus, stock), KPIs and weights, and amounts by pay type, in English. | Check the English report or notice for the amounts broken down by pay type. |
| G5 | AGM notice in English with sufficient lead time to vote | Reference documents for every proposal in English three weeks or more before the meeting, with an English route to vote. | Count days from the English posting date to the AGM; check the voting instructions are usable in English. |
| G6 | Shareholder vote results disclosed in English | Vote counts and approval ratios for every resolution in English. | Find the English extraordinary report or voting-results sheet after the AGM. |
| G7 | Cross-shareholdings in English with reduction schedule and rationale | Holdings disclosed (count and amount), a reduction target or schedule, progress against it, and the board's rationale. | Check for a stated number or "zero" target; policy and holdings without a target scores 3. |
English IR website (15%)
| Code | Question | What a 5 looks like | How to check |
|---|---|---|---|
| O1 | English IR section reachable within two clicks of the English homepage | The English IR top one click from the English homepage. | Start at the English homepage and count clicks; a hover-only menu counts as harder. |
| O2 | English document links resolve to English documents | Every English link opens an English document. | Sample at least ten English document links across types and note any that open in Japanese. |
| O3 | English IR archive free of dead links | No dead links in the English archive. | Use the same sample of ten or more links and record any that fail. |
| O4 | English IR pages render without blank JavaScript failures | Every English IR page renders its content in a normal browser. | Open each main IR page and look for empty lists or blank widgets. |
| O5 | Single page listing all English IR documents by date and type | One library page listing every English document type, dated and typed (filters count). | Check whether one page carries results, decks, AGM, governance and disclosures together. |
| O6 | English archive genuinely populated, not an unverifiable shell | Several years of English documents across types. | Scroll the English archive to its oldest item for each document type. |
| O7 | Named English IR contact published | A dedicated, immediately obvious IR contact route on the English IR site (the index caps this at 4). | From the English IR top, find an IR-only email, phone or form without using the global contact page. |
Japanese–English parity (10%)
| Code | Question | What a 5 looks like | How to check |
|---|---|---|---|
| R1 | Earnings materials published in English simultaneously with Japanese | The English tanshin and deck the same day as the Japanese, every period. | Compare posting dates on the English and Japanese results pages for the last two periods. |
| R2 | Median lag in days between Japanese and English statutory publication | A median lag of zero days across the last two tanshin, AGM notice, governance report and securities report. | Write down both dates for each of the five documents; an untranslated one counts as over 90 days. |
| R3 | Timely disclosures published in English | Every timely disclosure of the last twelve months in English, the same day. | List twelve months of Japanese timely disclosures and match each to the English list. |
| R4 | English disclosure free of machine-translation accuracy disclaimers | Nothing on the English site or documents is presented as machine-translated. | Check rendered English pages and documents for AI or machine-translation notices. |
| R5 | English version stated as authoritative, not subordinate to Japanese | The English stated as authoritative or filed as an original; "the Japanese shall prevail" lowers the score. | Read the first page of the tanshin, deck and AGM notice for a prevailing-language statement. |
What each score means
| 5 | Complete and current. An English reader is not behind a Japanese one. |
|---|---|
| 4 | Whole, but late, or without the supporting material around it (a delivery gap). |
| 3 | Cut down: part of the substance exists only in Japanese (a content gap). |
| 2 | Token. The fact exists in English; the substance does not. |
| 1 | Present but undercut — published and then disclaimed. |
| 0 | Not found. |
The line between 4 and 3: does an English reader have to open the Japanese document to get the substance? Full methodology →