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Corporate Disclosure

The objective of Corporate Disclosure Study Group is to promote the quality and fairness of corporate disclosure from the viewpoint of securities analysts. To achieve this goal, since 1995 the Group has implemented a corporate disclosure evaluation and award system. The Group, comprising representatives from 18 sub-groups (16 industries, emerging markets, and disclosure to individual investors), formulates corporate disclosure review criteria (score sheets) for each industry / area specific features. All specific criteria attach greater importance to voluntary and positive disclosure rather than mandatory disclosure. Evaluation of emerging market companies and also of disclosure to individual investors were introduced in 2005.

This time, SAAJ did not conduct evaluation for the Foods, Machinery through this evaluation and award system.

For fiscal 2014 / 2015, the score sheets of 239 companies (213 in 14 industries and 26 in emerging markets) were marked by 491 research analysts, collected, and carefully analyzed / evaluated by each sub-group, and then the Study Group selected companies exhibiting superior disclosure in each industry / area as follows:

2015 Awards for Excellence in Corporate Disclosure
Construction/Housing/Real Estate Daito Trust Construction Co., Ltd.
Chemicals/Fiber ASAHI KASEI CORPORATION
Pharmaceuticals SYSMEX CORPORATION
Petroleum/Mining SHOWA SHELL SEKIYU K. K.
Steel / Non Ferrous Metal Sumitomo Metal Mining Co., Ltd.
Electric/Precision OMRON Corporation
Automobile/Parts/Tires Fuji Heavy Industries Ltd
Power Generation/Energy Tokyo Gas Co.,Ltd.
Transportation East Japan Railway Company
Tele-Communication/Internet NIPPON TELEGRAPH AND TELEPHONE CORPORATION
Commerce Mitsubishi Corporation
Retail Lawson, Inc.
Banks Mitsubishi UFJ Financial Group, Inc.
Computer Soft Ware SCSK Corporation

Emerging Markets



                tied score
                in the order of TSE code
Seria Co.,Ltd.
PC DEPOT CORPORATION
FUJIO FOOD SYSTEM CO., LTD.
PROTO CORPORATION
Disclosure to Individual Investors SYSMEX CORPORATION
Mitsubishi UFJ Financial Group, Inc.
NIDEC CORPORATION

Note: Regarding disclosure to individual investors, 20 companies (total number of top 10 % companies on score basis from each of 14 industries and emerging markets, excluding those which did not hold any investor meeting exclusively for retail investors between July 2014 and June 2015) were selected and evaluated.


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