A request for price-conscious management is not a return guarantee: TSE’s initiative
Distinguish cost-of-capital analysis, improvement plans and investor dialogue from later publication of disclosure lists.
Updated Oct 21, 2026
The request went beyond buybacks
On 2023-03-31, TSE asked Prime and Standard companies to manage with awareness of capital costs and stock prices. It called for board analysis, disclosed improvement plans and continued investor dialogue, rather than one-off reliance on buybacks and dividends.
A disclosure list is not a performance scorecard
On 2024-01-15, TSE announced that it had begun publishing a list of responding companies. Corporate-governance-report keywords then determined disclosed or under-consideration status.
Examine analysis, allocation and execution
Look beyond payout amounts to profitability relative to capital costs and resource-allocation plans. List inclusion does not validate improved corporate value or rising prices.
This does not predict Korean multiples
TSE described the historical request as nonmandatory under its rules. It does not establish Korean legislative effects, foreign inflows or index targets.
Sources
- JPX — Action on Cost of Capital-Conscious Management and Other RequestsAccessed Oct 21, 2026
- JPX — Publication of the List of Companies That Have Disclosed InformationAccessed Oct 21, 2026