In the July METRICAL ratings and analysis, a more nuanced pictured emerged for Japanese companies. The significantly positive correlation of financial performance with the percentage of INEDs and the number of Female Directors disappeared this month, suggesting that an increasing number of non-superior performers are “copying” other companies in this respect, and/or have only only done so recently, and no little positive impact is discernible.
Also, as for committee structure, based on this month at least it does not seem that many of the new committees formed or that those with better practices (e.g. chair/majority of the members are INEDs) are having significant positive impact.