ICJ provides a primary judgement data service for proposals
at shareholders' meetings in line with each company's voting guideline.
It's really hard to apply our proxy voting guidelines across all holdings in line with our company's guidelines.
We are wondering whether we could run our business under the current staffing and operational structure if we enhance our company's guidelines.
We want to improve efficiency of post-voting procedures, including disclosure of individual votings, reporting to sponsors, and etc.
We have the solution!
SSPS（Stewardship Solution Platform Service）is the ICJ's service
that provides a primary judgement data for proposals at shareholders' meetings in line with each company's voting guideline.
ICJ digitalizes information on a notice of calling of a shareholer's meeting (financial statement, managing directors, agenda, etc.) and matches it with predetermined voting guidelines of each client. Then, ICJ creates a primary judgement data, for or against each proposal, and provides it within two business days, in principle, after the notice is disclosed. The primary judgement data can be also used for information disclosure of each voting result, reports to sponsors, data aggregation, and so on.
* ICJ is not a so-called proxy advisor. ICJ sets the logic based on each client's voting guidelines in the SSPS system and creates the primary judgement data.
* Depending on the content of the voting guideline, ICJ may not be able to provide the service due to system specification / restriction, and etc. Please contact ICJ for details.
| Code | Name | Base Month | Type of Meeting | Meeting Date | Proposer | Agenda Number | Candidate Number | Agenda Code | Contents of Agenda | Candidate Name | Outside Director | Judgement | Note |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| XXXX | ○○○○○ | 202203 | General | 20220624 | Company | 1 | 1 | BS011 | Appointment of Directors | ●● ●● | Against | No proposal for Appropriation of Surplus and Dividend Payout Ratio less than 30% | |
| XXXX | ○○○○○ | 202203 | General | 20220624 | Company | 1 | 2 | BS011 | Appointment of Directors | ●● ●● | Against | No proposal for Appropriation of Surplus and Dividend Payout Ratio less than 30% | |
| XXXX | ○○○○○ | 202203 | General | 20220624 | Company | 1 | 3 | BS011 | Appointment of Directors | ●● ●● | For | ||
| XXXX | ○○○○○ | 202203 | General | 20220624 | Company | 1 | 4 | BS011 | Appointment of Directors | ●● ●● | For | ||
| XXXX | ○○○○○ | 202203 | General | 20220624 | Company | 1 | 5 | BS011 | Appointment of Directors | ●● ●● | For | ||
| XXXX | ○○○○○ | 202203 | General | 20220624 | Company | 1 | 6 | BS011 | Appointment of Directors | ●● ●● | 1 | Against | Candidate from a business partner |
| XXXX | ○○○○○ | 202203 | General | 20220624 | Company | 1 | 7 | BS011 | Appointment of Directors | ●● ●● | 1 | For | |
| XXXX | ○○○○○ | 202203 | General | 20220624 | Company | 2 | 1 | BS012 | Appointment of Auditors | ●● ●● | For | ||
| YYYY | ▲▲▲▲ | 202203 | General | 20220625 | Company | 1 | AS001 | Appropriation of Surplus | Against | Dividend Payout Ratio less than 30% | |||
| YYYY | ▲▲▲▲ | 202203 | General | 20220625 | Company | 2 | 1 | BS013 | Appointment of Directors who are not Audit and Supervisory Committee Members | ●● ●● | For | ||
| YYYY | ▲▲▲▲ | 202203 | General | 20220625 | Company | 2 | 2 | BS013 | Appointment of Directors who are not Audit and Supervisory Committee Members | ●● ●● | For | ||
| YYYY | ▲▲▲▲ | 202203 | General | 20220625 | Company | 2 | 3 | BS013 | Appointment of Directors who are not Audit and Supervisory Committee Members | ●● ●● | For | ||
| YYYY | ▲▲▲▲ | 202203 | General | 20220625 | Company | 2 | 4 | BS013 | Appointment of Directors who are not Audit and Supervisory Committee Members | ●● ●● | For | ||
| YYYY | ▲▲▲▲ | 202203 | General | 20220625 | Company | 2 | 5 | BS013 | Appointment of Directors who are not Audit and Supervisory Committee Members | ●● ●● | 1 | Against | Candidate from a large shareholder |
| YYYY | ▲▲▲▲ | 202203 | General | 20220625 | Company | 3 | 1 | BS014 | Appointment of Directors who are Audit and Supervisory Committee Members | ●● ●● | For | ||
| YYYY | ▲▲▲▲ | 202203 | General | 20220625 | Company | 3 | 2 | BS014 | Appointment of Directors who are Audit and Supervisory Committee Members | ●● ●● | 1 | Against | Board Meeting attendance less than 75% |
Benefit
Consistent judgement for all holdings based on your company's voting guidelines*
You can make judgement for all holdings consistently based on your company's voting guidelines, even if the shares are not covered by analysts.
* Listed domestic shares only.
Benefit
Smooth review of your voting guidelines
You can utilize the result of primary judgement data for reviewing your voting guidelines since the data can be preserved.
Benefit
Improve efficiency through digitalization
You can improve workflow and prevent operational errors by reducing paper-based operations.
〈For those who are considering introduction of SSPS〉
We will create a test data for you.
ICJ will provide a test data based on your voting guidelines for free of charge. You can consider an introduction of SSPS after understanding the service image. Feel free to contact us for consultation.
* Depending on the test scale, we may not be able to offer it for free. Please contact us for details.
Click Here for InquiriesShare your voting guidelines with us.
ICJ will examine each item of your voting guidelines from quantitative aspects and will propose the configuration logic for each agenda category. We may ask you to have a meeting with us if necessary.
Select several shareholders' meetings for the test.
The shareholders' meetings are limited to those covered by SSPS in the past.
You will receive a test data.
ICJ will create and provide a test data of a primary judgement, for or against each proposal, of the above shareholders' meetings.
* SSPS may not be able to respond to all requests depending on the complexity of your voting guideline.
Cover all domesitic listed shares
SSPS covers all domestic listed shares (*1). ICJ provides data of approximately 3,400 (*2) shareholders' meetings annualy.
*1 Includes extraordinary shareholders' meeitngs and shareholders' meetings for REITs. ICJ provides a primary judgement data based on your holding shares every month.
*2 2022 actual.
Respond to various types of investors' requests
A variety of domestic institutional investors, such as asset managers (mutual funds, investment advisors, trust banks), life/non-life insurance companies, and banks, enjoy the advantages of SSPS.
Solid business foundation
ICJ is capitalized by Japan Exchange Group, Inc. (JPX) and the U.S. Broadridge Financial Solutions. The business structure, business continuity and stability attracts many clients.
STEP
Share your voting guidelines with us.
ICJ will make a proposal of the judgement logic according to your voting guidelines.
* SSPS may not be able to respond to all requests depending on the complexity of your voting guidelines. Please contact ICJ for details.
| Category | Deta item | Company's voting guidelines |
|---|---|---|
| Candiate Information | Newly appointment / reappointment, Term of directors, Internal/outside, Representative related, Independent related, Board meeting attendance, Number of outside directors, Auditors, etc. | ・If the number of outside directors is less than 2, vote AGAINST the representative director. ・Vote AGAINST the (outside) director candidate who attended less than 75% of board meetings during the year. |
| Compensation | Changes in remuneration limits, Bonus recipients, Directors eligible for retirement benefits, Directors eligible for stock options (SO), SO dilution rate, etc. | ・Vote AGAINST the increase in remuneration allowance if the company has been in the red for 3 consecutive terms. ・Vote AGAINST granting stock options to outside directors and outside corporate auditors. |
| Financial Performance and Others | Dividend payout ratio, ROE, various financial information, institutional design, Transfer of dividend authority to the Board of Directors, etc. | ・Vote AGAINST the proposal for appropriation of surplus if the dividend payout ratio is less than 30%. ・Vote AGAINST reappointment of directors who have been directors for 3 years if ROE is less than 5% for 3 consecutive terms. |
STEP
You will receive a test data.
ICJ will create and provide a test data of the result of a primary judgement based on your voting guidelines and will provide it. After your confimation, ICJ will adjust necessary changes.
STEP
Start SSPS.
After signing on the contract, you can start using SSPS.
Please let us know your holdings every month.
STEP
You will receive a primary judgement data.
After digitalizing information in each company's notice of calling of shareholders' meeting, ICJ will match the digitalized data with your predetemied voting guidelines and provide a primary judgement data within 2 business days after the notice is disclosed.
STEP
Utilize the primary judgement data for your voting
Please utilize the primary judgement data for your final decision of voting.
* ICJ is not a proxy advisor. ICJ just sets a logic in the SSPS system based on the client's voting guidelines and provides the result.
In addition to SSPS,
"Electronic Voting Platform" will make your voting process more efficent!
Participating investors in the Electronic Voting Platform (platform) can check a notice of calling of shareholders' meeting and also exercise their voting rights after the notice is posted on a "Exercise of Voting Right Site (ProxyEdge)" on the platform. In addition, the investors can enjoy greater advantages by expanding the review period for proposals since they can exercise their voting rights until the expiration date (in many cases, the day before the shareholders' meeting).
ICJ creates SSPS data for a primary judgement in line with the number of proposal items (particularly, shareholder proposals and agenda items for class-shareholders' meeting) in the platform and you can use both services smoothly.
Click Here for Details (Japanese Page) >ICJ will estimate fees for SSPS individualy in accordance with the number of shareholders' meetings and system logic for your guidelines.
Feel free to contact us for details.
A variety of institutional investors, such as asset managers (mutual funds, investment advisors, trust banks),
life/non-life insurance companies, and banks have been using SSPS.
We can make judgement for all holdings consistently according to our voting guidelines through SSPS. Before the introduction, we had to narrow down proposals we examine due to the limited internal resource.
（Investment Advisor A）
We can push forward our operation schedule drastically by SSPS because we used to work on paperbase previously.
（Non-life Insurance Company B）
We can improve efficiency for making documents such as reports to pension funds and disclosure of voting results.
（Investment Advisor C）
AThe delivery method varies depending on whether or not you use "Stewardship Solution (SS)", a proxy management system provided by XNET Coporation.
（1）SS user
You can receive the data directly through the SS network.
（2）Non-SS user
You can receive the data in CSV or other file formats.
AICJ obtains the data from our web service, "Arrow Force", which provides informatin including the notices of all domestic listed companies in a timely manner and creates a primary judgement data.
> Lean more about Arrow Force (Japanese Page)ASSPS is a service based on systemic qualitative judgement, so it may not be able to meet all criteria including qualitative elements due to the restrictions on the SSPS system, etc.
AIt will take about three to six months generally depending on contents of your voting guidelines, test scale, data delivery method, etc. Contact us for details.
〈For those who are considering introduction of SSPS〉
We will create a test data for you.
ICJ will provide a test data based on your voting guidelines for free of charge. You can consider an introduction of SSPS after understanding the service image. Feel free to contact us for consultation.
* Depending on the test scale, we may not be able to offer it for free. Please contact us for details.
Click Here for InquiriesShare your voting guidelines with us.
ICJ will examine each item of your voting guidelines from quantitative aspects and will propose the configuration logic for each agenda category. We may ask you to have a meeting with us if necessary.
Select several shareholders' meetings for the test.
The shareholders' meetings are limited to those covered by SSPS in the past.
You will receive a test data.
ICJ will create and provide a test data of a primary judgement, for or against each proposal, of the above shareholders' meetings.
* SSPS may not be able to respond to all requests depending on the complexity of your voting guideline.
