The objective of the Corporate Disclosure Study Group is to promote the quality and fairness of corporate disclosure from the viewpoint of securities analysts. To achieve this goal, the Group has implemented a corporate disclosure evaluation and award system since 1995. The Group, comprising representatives from 20 sub-groups (18 industries, emerging markets, and disclosure to individual investors), formulates corporate disclosure review criteria (score sheets) for each industry / area specific features. The criteria attach greater importance to voluntary and positive disclosure rather than mandatory disclosure. Evaluations of emerging market companies and also of disclosure to individual investors were introduced in 2005.

For this year, the score sheets for 323 companies (293 for 18 industries and 30 for emerging markets) were filed by 531 securities analysts, and carefully analyzed / evaluated by each sub-group, and then the Group selected companies performing excellent disclosure in each industry / area as follows: