With respect to the Corporate Value Improvement Award established by Tokyo Stock Exchange, Inc. (TSE), the "Listed Company Award Selection Committee" selected the following five finalists for FY2012.
1. Finalists
The following five listed companies were selected as the finalists (in order of code numbers).
| Company Name | Code | Sector | Market Division |
| Eisai Co.,Ltd. | 4523 | Pharmaceutical | First Section |
| UNITED ARROWS LTD. | 7606 | Retail Trade | First Section |
| HOYA CORPORATION | 7741 | Precision Instruments |
First Section |
| Marubeni Corporation | 8002 | Wholesale Trade |
First Section |
| Mitsubishi Corporation | 8058 | Wholesale Trade |
First Section |
2. Reason for Selection
In addition to achieving high corporate value, the above five companies were deemed to introduce a high level of management practices which are aimed at enhancing corporate value in full consideration of capital cost and other investor concerns.
(Reference) Corporate Value Improvement Award
The Corporate Value Improvement Award has been established to recognize listed companies which are deemed to have high management practices to enhance corporate value and to have actually improved it.
The Listed Company Award Selection Committee, consisting of three experts, selects the winner according to the following process. Based on interviews with the five finalists, the committee will select one company as the winner in December 2012.
(Process of Selecting the Award Winner)
| Selection Period |
Selection Method and Process | No. of Listed Companies Subject to Selection |
| Jul. 2012 (Implemented) |
- Select Companies based on Financial Figures using Quantitative Methods - From all TSE-listed companies, select 400 companies with a high ROE average or growth rate for the past several years. - For the 400 companies selected, calculate weighted average cost of capital (WACC) and corporate value, etc. based on figures of consolidated financial statements using a specified formula. Select 100 companies with favorable value. |
- All TSE-listed companies (Approx. 2300 companies) |
| Oct. 2012 (Implemented) | - Select Companies in terms of Management Stance, etc. using Qualitative Method - Send questionnaires to the 100 companies on management stance, etc. to improve corporate value. - Based on the results of questionnaires, select finalists. |
100 companies |
| Today (October 9) |
- Select Eisai Co. Ltd., UNITED ARROWS LTD., HOYA CORPORATION, Marubeni Corporation, and Mitsubishi Corporation as the finalists. | — |
| Dec. 2012 (Scheduled) |
- Select the winner. - Interview the finalists. While interviewing the finalists, accept comments and opinions on the finalists from investors. - As a result of the interviews, select one company as the winner which is deemed to have high management practices which are aimed at enhancing corporate value in full consideration of capital cost and investor concerns. |
-Five finalists |
(Listed Company Award Selection Committee Members)
| Chairman | Kunio Ito | Professor Hitotsubashi University |
| Member | Atsuto Sawakami | Chairman & CIO Sawakami Asset Management Inc. |
| Member | Scott Callon | Partner and Chief Executive Officer Ichigo Asset Management, Ltd. |
