Listed Company Awards
Corporate Value Improvement Award
Update : Jun. 07, 2013
Corporate Value Improvement Award
1.About the Corporate Value Improvement Award
Overview
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(1) Purpose
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To spread and promote management aimed at improving corporate value deemed desirable by TSE in its position as a market operator
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(2) Eligibility
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Listed companies with high corporate value and management practices deemed to contribute to the appeal of the TSE market, such as by improving corporate value through initiatives which consider capital cost and other investor concerns
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(3) Selection
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All domestic listed companies are eligible for selection
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(4) Awards
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1 company, finalists are announced
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(5) Period
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Once a year
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2.1st Corporate Value Improvement Award Companies (FY2012)
Grand Prix
United Arrows Ltd. was awarded the Grand Prix for FY2012.
UNITED ARROWS LTD.
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UNITED ARROWS LTD. (Code 7606)
UNITED ARROWS LTD. (the Company) is a specialty fashion retailer that strives to set new standards of Japanese lifestyle, focusing on trend-conscious and high quality products. The Company’s mainstay businesses includes UNITED ARROWS, BEAUTY&YOUTH UNITED ARROWS, and UNITED ARROWS green label relaxing, each of which has a product lineup of clothing and miscellaneous lifestyle goods for men and women. CHROME HEARTS, a brand of silver accessories, leatherwear and others, is also one of the Company’s key businesses. The Company’s medium-term business strategy for fiscal year ending March 31, 2014 has three points: 1) reinforcing existing businesses to build a solid earnings base, 2) developing new sales channels such as commercial spaces within airports, railway station buildings, and service and parking areas along expressways, and 3) uncovering fresh business opportunities in new fields. With this strategy, the Company will create and provide value that helps enrich customers’ lives.
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Excellence Award
The following four companies received the Excellence Award in recognition of the actual implementation of outstanding management efforts toward enhancing corporate value.(in order of code numbers)
Eisai Co.,Ltd.
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Eisai Co.,Ltd. (Code 4523)
Eisai Co., Ltd. is a research-based pharmaceutical company that discovers, develops and markets products worldwide. Guided by its corporate mission of “giving first thought to patients and their families, and to increasing the benefits that health care provides,” all Eisai employees aspire to meet the various needs of global health care as representatives of a “human health care (hhc) company” that is capable of making a meaningful contribution under any health care system. In addition, Eisai continuously strives to enhance corporate governance. As part of its effort, Eisai adopted a company-with-committees system and has 7 independent outside directors in its 11-member board. In terms of financial strategies, Eisai conducts business which is aimed at creating corporate value using key performance indicators (KPI) such as ROE, equity spread, and DOE (dividend on equity).
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HOYA CORPORATION
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HOYA CORPORATION (Code 7741)
HOYA, since its foundation in 1941 as a manufacturer specialized in optical glass in Japan, has been providing sophisticated products with high quality and enhanced value. Today, HOYA is active worldwide in two business segments: The Life Care segment deals eyeglass lenses, contact lenses, intraocular lenses for cataract surgery and medical endoscopes. The Information Technology segment handles key components for semiconductor, FPD and PC industry such as mask blanks, photomasks, and magnetic glass disks for HDD, we also supply optical lenses and lens modules for digital cameras and CD/DVD player. HOYA Group comprises of over 100 subsidiaries and over 30,000 people worldwide with the revenue of 376.9bn(yen) * in the year ended 31st Mar 2012: (* all operations – including discontinued operations) We continue to maximize corporate value by developing new products and markets with technical excellence and M&A aiming for greater market share and profitability.
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Marubeni Corporation
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Marubeni Corporation (Code 8002)
With 9 branch offices in Japan and 120 in 67 countries as well as a network across 430 companies, Marubeni Corporation is engaged in multifaceted business in a wide range of fields such as food, textiles, materials, paper and pulp, chemicals, energy, metal, machinery, finance, logistics, IT-related business, and development and construction. Their business activities involve import-export (including trades across foreign countries), domestic transactions, various service operations, domestic and overseas investments, and resource development.
In accordance with its corporate creed, "Sei (Fairness), Shin (Innovation), and Wa (Harmony)", the Marubeni group is proudly committed to contributing to social and economic development and preserving the global environment by conducting fair and upright corporate activities. At the same time, the company continues to build on its efforts to become a partner which exceeds the expectations of all its stakeholders.
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Mitsubishi Corporation
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Mitsubishi Corporation (Code 8058)
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business.
MC’s current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.
With over 200 Offices & Subsidiaries in approximately 90 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people.
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3.Selection Process and Appraisal Points
(1) Selection Process

(2) Appraisal Points
1.Management Strategy and Business Strategy
・Management targets were set with a view toward enhancing corporate value.
・To achieve the management targets, business strategies were drawn up and structures were established, and such structures functioned appropriately.
・There was also a concerted effort throughout each company toward enhancing corporate value.
2.Financial Strategy
・The perspective of raising corporate value was incorporated in each company's financial strategy which includes an emphasis on shareholder returns.
3.Initiatives Toward Enhancing Corporate Value and its Results
・Initiatives toward enhancing corporate value described above under 1. and 2. resulted in an actual increase in investment value (stock price gains).
4.Introduction of the Report
Mr. Hidenori Sugiura (Senior Analyst, Strategic Research Dept., Mizuho Securities Co., Ltd.; Specially-Appointed Professor of Corporate Finance, Graduate School of Management, Kyoto University) released the report "The Objectives and Effects of TSE's Corporate Value Improvement Award"* in January 2013 analyzing the objectives and effects of the award in detail.
TSE introduces the writer's thoughts and commentary on the purpose, framework, and selection criteria of the Corporate Value Improvement Award, as well as his opinions on management initiatives taken by Japanese listed companies to improve corporate value.
*The original report in Japanese is entitled "東証による企業価値向上表彰の狙いと効果."
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"The Objectives and Effects of TSE's Corporate Value Improvement Award"
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DISCLAIMER:
This translation may be used for reference purposes only. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. This translation is subject to change without notice. Tokyo Stock Exchange, Inc. and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or changes with regard to this translation.