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UTEcon was contracted by the Japan Pension Investment Fund (GPIF) to conduct an analysis of the effectiveness of the GPIF’s engagement.

UTEcon was contracted by the Japan Pension Investment Fund (GPIF) to conduct an analysis of the “Effects of Engagement” and collaborated with the GPIF to analyze 26,792 engagements, totaling 48,077 themes, conducted by 21 GPIF domestic equity funds from FY2017 to FY2022. The effects of the engagement were verified by applying the causality method using records of engagement conducted by the 21 GPIF domestic equity funds from FY2017 to FY2022. Note that there is no prior study that has conducted an exhaustive analysis of such a large number of funds and dialogues.

The results of the analysis showed that the dialogue on climate change showed improvements in corporate value indicators such as PBR and Tobin’s Q, along with an increase in the establishment of decarbonization targets directly related to the content of the dialogue. In addition, the dialogue on board composition and evaluation showed an increase in the number of independent directors, as well as improvements in investment return indicators such as market capitalization and return including dividends, indicating that engagement is contributing to sustainable market growth.

For the report published by GPIF, please click here (external link).

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