The landscape surrounding ESG (Environmental, Social, and Governance) is shifting rapidly, and Japanese corporations can’t afford to fall behind. With global investors demanding greater transparency and Japan’s mandatory simultaneous disclosure regulations taking effect in April 2025, understanding key ESG frameworks isn’t just important—it’s essential for maintaining credibility and competitiveness.
Why This Matters to You
As an IR professional, you are responsible for ensuring your company’s financial disclosures meet international standards. Overseas investors expect clear, high-quality ESG reporting that aligns with frameworks like ISSB, TCFD, and GRI.
If your disclosures are inconsistent or fail to meet expectations, it could damage investor confidence and impact your company’s valuation. Understanding these ESG standards will help you navigate evolving regulations, boost investor trust, and position your company as a leader in sustainable business practices.
The following is a partial list of the main global organizations that control the rules for ESG disclosures for publicly traded companies around the world.
1. International Sustainability Standards Board (ISSB)
Function: Develops a global baseline for sustainability reporting.
Key Standards: ISSB issued the IFRS Sustainability Disclosure Standards (S1 and S2), effective from 2024, to ensure consistency in climate-related and sustainability-related disclosures.
(Disbanded as of Oct. 12, 2023. Monitoring now conducted by ISSB of IFRS.)
Function: Provides a framework for climate-related financial disclosures.
Key Standards: TCFD recommendations focus on governance, strategy, risk management, and metrics related to climate risks.
Regulatory Adoption: Countries like the UK, EU, Japan, and Canada have mandated TCFD-aligned disclosures.
The ISSB’s standards, IFRS S1 and IFRS S2, fully incorporate the TCFD recommendations, providing a comprehensive framework for sustainability and climate-related disclosures.
5.European Financial Reporting Advisory Group (EFRAG)
Purpose: Regulates ESG disclosure requirements for publicly traded companies in Japan.
Key Rules: The FSA has mandated TCFD-aligned disclosures, and the TSE encourages listed companies to improve ESG transparency in their corporate governance reports.
Impact: Companies must integrate ESG factors into their financial reporting to comply with new regulations and attract foreign investment.
Visualizing ESG Disclosure Convergence
The ESG reporting landscape is undergoing significant consolidation. The ISSB is leading the effort to integrate various ESG disclosure frameworks into a unified global standard. The TCFD’s climate-related disclosure principles have directly influenced ISSB’s IFRS Sustainability Disclosure Standards (S1 & S2). Additionally, SASB and the Value Reporting Foundation (VRF) were merged into ISSB, while GRI remains a complementary framework.
This visual highlights the key players shaping ESG reporting today, reinforcing the importance of aligning with ISSB’s emerging standards.
Implications
Given these developments, it’s crucial for IR professionals in Japan to:
Stay Informed: Regularly update your knowledge on global ESG reporting standards to ensure compliance and meet investor expectations.
Engage in Harmonization Efforts: Understand how global standards align with local regulations, especially with Japan’s commitment to TCFD-aligned disclosures.
Enhance Reporting Practices: Leverage the consolidated frameworks to provide transparent and comprehensive ESG disclosures, thereby boosting investor confidence and aligning with global best practices.
コーポレート・バリュー・レポーティング・ラボ（Corporate Value Reporting Lab）によると、統合報告書を発行する日本企業の数は年々増加しています。2015年には200社強だった発行企業数が、2023年には1,000社を超え、今後さらに増加が見込まれています（詳細はフルレポートをご参照ください）。
Do you publish your integrated reports as a PDF to download? If you’re not printing your material, you might be missing a chance to interact with stakeholders more effectively.
PDFs have long been used and offer countless benefits to publishing and printing material. But corporate communications are evolving. As more companies switch to paperless communication, it turns out that PDFs are no longer the best option.
How do you know your reports are being read? Do you track PDF downloads? Understanding these analytics is key to understanding your stakeholders and what they value most.
Companies like Microsoft, Philips, BASF, and Bayer publish comprehensive online reports that use hyperlinks to enhance content connectivity and user navigation.
Using HTML can help you not only offer easier access to readers but also understand your audience better through analytics.
HTML vs PDF
According to the Corporate Value Reporting Lab, the number of Japanese corporations publishing integrated reports has been on the rise. More than 1,000 Japanese companies published integrated reports in 2023, up from just over 200 in 2015, with the number of issuing companies expected to rise. (For more detailed information, see the Full Report.)
While there isn’t any readily available data on the number of companies that publish using PDF vs HTML, the trend toward digital reporting is evident.
Dr. Eloy Barrantes, Chief Executive Officer of Nexxar, commented in a 2018 news article on the IFRS Foundation Integrated Reporting website, “Although integrated online reports have become well-established in many companies, they are often neglected when it comes to conception and design. Good HTML reports consider media-specific requirements of the web as a publication channel.”
He continued to add, “Today’s best-practice examples of online reports are often from companies that have been publishing HTML reports for many years and attach importance to it in both their publication and communication strategies.”
For IR professionals, publishing reports in HTML can enhance readability, accessibility, and engagement, ensuring overseas stakeholders easily grasp key points. It also improves search engine visibility, helping more investors find your reports online. You might be asking yourself, “How exactly do PDFs and HTML differ?” Let’s take a look at the general differences in this chart.
Notice that HTML offers everything except the exact control for printing and the option to download for offline use. The advantages of using a PDF are centered around printing published material.
Now, let’s take a more in-depth look at some of the benefits of HTML.
Improved Accessibility HTML is far more accessible for users with disabilities. Assistive technologies like screen readers can easily interpret HTML, making your content available to everyone.
Mobile-Friendly Experience Have you ever pinched and zoomed endlessly to read a PDF on your phone? HTML solves this. Its responsive design adjusts to any screen size, ensuring a seamless reading experience.
SEO Benefits HTML content gets indexed by search engines, improving discoverability. PDFs, on the other hand, are less SEO-friendly and rarely optimized for search.
Interactive Features HTML supports hyperlinks, videos, animations, and interactive data visualizations. This keeps readers engaged and makes your content more dynamic.
Faster Loading and Performance No one likes waiting for a massive PDF to load. HTML is lighter and faster, especially for larger documents.
Real-Time Updates Made a mistake? Need to add new information? With HTML, updates are instant. There’s no need for users to re-download anything.
Analytics and Tracking Want to know which sections your readers find most interesting? HTML lets you track user behavior, giving you insights that PDFs can’t provide.
Switching to HTML doesn’t just improve readability—it also saves time. You can update content instantly without needing to re-download files. This means fewer errors, faster revisions, and less stress when working under tight deadlines.
Why Stick with PDFs?
If your goal is digital-only distribution, there’s no reason to cling to outdated PDFs. Save them for printable materials—but choose HTML for a more user-friendly, modern approach.
Not ready for a full transition? Start small—convert your key figures into HTML and compare reader engagement metrics. Many companies even offer a hybrid of both HTML and PDF. Check out the 2023 Bayer Annual Report for an idea of how this would look.
In Short
The digital landscape is evolving fast. Don’t let outdated formats slow you down. Using HTML aligns with global best practices, showing overseas investors that your company values innovation and accessibility. Adopting HTML-based integrated reporting allows organizations to not only future-proof communication strategies but also stand out as leaders in transparency and innovation. If your company is new to this concept, understand that embracing HTML reporting is not just a technological upgrade—it’s an opportunity to tell your story in a way that resonates with modern, digitally-savvy stakeholders.
For an idea of what HTML reports (and hybrid examples) look like, check out any of the following websites.
The Oxford comma, also known as the serial comma, is one of the most debated punctuation marks in the English language. It appears before the final item in a list, just before the conjunction (usually “and” or “or”).
(Ex.) I bought apples, oranges, and bananas.
In this sentence, the Oxford comma comes after “oranges.”
Some critics argue this comma is often unnecessary and clutters writing, especially when the meaning is already clear.
Why Is the Oxford Comma Important?
While this comma may seem like a minor detail, the presence (or absence) of this tiny mark can dramatically alter the meaning of a sentence. Without it, readers might misinterpret the sentence—especially when the items in the list are complex or could logically be grouped together.
Ex. 1
Ex.2
Ex.3
Without Oxford comma: “The report was prepared by the marketing department, John and Sarah.” -This suggests that John and Sarah are part of the marketing department.
With Oxford comma: “The report was prepared by the marketing department, John, and Sarah.” -This version clarifies that John and Sarah are separate contributors.
Consistency Is Key
Ultimately, the Oxford comma is a matter of style preference. The use of this comma is standard in American English and is often used in formal writing to avoid ambiguity. However, this comma is less common in British English and is typically reserved for cases where clarity is needed. Whether you choose to use the Oxford comma or not, it is important to remain consistent throughout your entire document.
At OWL, we recommend using the Oxford comma.
If you’re unsure whether to use the Oxford comma, consider these factors:
Clarity: Does omitting the comma make the sentence unclear or open to multiple interpretations?
Consistency: Are you writing in a style guide that requires (or forbids) the Oxford comma? For example, the Chicago Manual of Style recommends it, while the Associated Press (AP) style does not.
Note: OWL values clarity and brevity in communicating your story to diverse stakeholders. For this reason, we use the Oxford comma, even though we follow the AP Stylebook.
Q.次のうち、ビジネス英語として最も簡潔で自然な表現を選んでください。 a. We conducted a hearing for the purpose of understanding stakeholder opinions. b. We held a hearing to understand stakeholder opinions c. We did a hearing for understanding stakeholder opinions.
正解：b. 解説： 「Held a hearing to understand（〜するためにヒアリングを実施した）」は、簡潔かつ自然な表現です。 aの「for the purpose of understanding（〜する目的で）」は文法的には正しいですが、冗長に感じられます。”to understand” に短縮することで読みやすくなります。 cは “did a hearing” という不自然な表現を使っており、ビジネス文書には不適切です。
(水) 5月14日
Q.過度に形式的な次の英文を、最も適切なビジネス英語に修正したものを選んでください。 We hereby announce the completion of the acquisition. a. We have completed the acquisition. b. The acquisition has been completed. c. We hereby inform you of the acquisition completion.
正解：a. 解説： 「We have completed the acquisition（買収を完了しました）」は、現代のビジネス英語で好まれる、明確で直接的な表現です。 bは受動態で、場合によっては使えますが、ビジネス英語では能動態の方が読みやすく自然に感じられます。 cは “hereby” や “inform you of” などの硬い表現が並んでおり、現代の英語としてはやや古めかしく感じられます。
(金) 5月16日
Q. 次の日本語を、最も適切なビジネス英語に翻訳したものを選んでください。
「コスト削減策を講じました。」
a. We reduced costs. b. Cost-reduction measures were implemented. c. We took cost-reduction measures.
正解：c. 解説： 「We took cost-reduction measures（コスト削減策を講じました）」は、自然でよく使われるビジネス英語の表現です。 aは意味が近いですが、単に結果（コストを削減した）に焦点を当てており、「施策を講じた」というニュアンスが抜けています。 bは受動態になっており、英語のビジネス文書では推奨される“能動態を90%以上使用する”という原則からは外れます。
(水) 5月21日
Q.次の英文の続きとして最も適切なものを選んでください。 The board of directors consists of seven members who make positive contributions to board discussions. a. The board meets once a month to b. They meet once a month to… c. It meets once a month to…
Q. 次の文のような “the fact that” という表現は、ビジネス英語として明確でプロフェッショナルでしょうか？ We revised our forecasts upwards in light of the fact that demand recovered faster than expected. a. はい b. いいえ
正解：b. いいえ 解説： “in light of the fact that” は冗長な表現で、ビジネス英語では簡潔さが重視されるため避けた方が良いとされています。以下のように書き換えることで、より洗練された印象になります：
We revised our forecasts upwards due to stronger-than-expected demand.
We revised our forecasts upwards as demand recovered faster than expected.
We revised our forecasts upwards following a faster-than-expected recovery in demand.
このように短く言い換えることで、同じ意味をより自然かつ明快に伝えることができます。
(水) 5月28日
Q. 次の日本語に対する英訳として、ビジネス英語で最も適切なものを選んでください。
「社外取締役が経営陣に助言を行います。」
a. Advice is provided to management by outside directors. b. Outside directors provide advice to management. c. Management is advised by outside directors.
Environmental, Social, and Governance (ESG) reporting is evolving rapidly. As an IR professional, you play a crucial role in ensuring that your company stays ahead of ESG reporting requirements. With major updates coming in 2025, now is the time to prepare to help your company maintain investor confidence and demonstrate your company’s commitment to transparency. Here are four major ESG frameworks undergoing changes in 2025.
Key ESG Framework Overhauls in 2025
1.B Lab Global
Certified B Corporation
The Certified B Corporation standard is undergoing its seventh revision. This revision will introduce minimum ESG performance thresholds based on company size. Previous certification was based on an overall score, allowing companies to compensate for weaker areas. (Heather Clancy, Trellis, January 7, 2025)
B Lab announced that they will announce the new standards for certification in early 2025.
2. World Resources Institute (WRI) & World Business Council for Sustainable Development (WBCSD)
Greenhouse Gas Protocol
This widely used carbon accounting framework is undergoing its first major update in over a decade. The Greenhouse Gas Protocol made major changes to its governance structure in 2024, announcing a new Steering Committee, Independent Standards Board, and four new Technical Working Groups. (Greenhouse Gas Protocol website)
Proposed revisions include stricter Scope 3 emissions reporting, updates to corporate emissions accounting rules, and new procedures for renewable energy credits. Nearly all S&P 500 companies use this protocol, making the updates critical for global emissions reporting. Public consultation drafts are expected in 2025, with final standards anticipated in late 2026. (Heather Clancy, Trellis, January 7, 2025)
3.International Organization for Standardization (ISO)
ISO Net-Zero Standard
ISO introduced the Net Zero Guidelines (IWA 42:2022) at COP27 in 2022. The new standards will build upon the current guidelines and are expected to be announced at COP30 in November 2025. However, the ISO will set a public consultation period earlier in the year. (ISO website, June 2024) (Net Zero Now)
Changes to the guidelines will require continuous verification and emphasize reducing all greenhouse gases rather than relying on carbon offsets.
SBTi is revising its net-zero framework to align with the latest climate science. The revised standard will require companies to halve emissions by 2030 and cut them by 90% before 2050, with minimal reliance on offsets. Recent controversies over proposed offset allowances have delayed the next version. (Heather Clancy, Trellis, January 7, 2025)
According to the Science Based Target’s website, the revised standard will be up for public consultation twice, with the first round beginning no earlier than March 2025. Companies will also be able to apply to test drive the new standards.
As of February 2025, the SBTi is asking for additional stakeholder feedback on the revision. (Science Based Targets)
For IR professionals managing ESG disclosures, these updates signal a need for:
Stronger alignment with global reporting standards – Aligning with evolving ESG frameworks will improve consistency and stakeholder credibility.
Enhanced carbon and net-zero disclosures – As climate risk reporting becomes more stringent, companies need to integrate these changes in metrics into financial statements.
Data accuracy and comparability –Stricter regulation scrutiny means companies must ensure their ESG data is robust, verifiable, and in line with global best practices.
Must-Do Action Steps for IR Professional
As an IR professional, you are at the forefront of ensuring that your company remains compliant and transparent in an ever-evolving ESG landscape. With the significant changes coming in 2025, staying ahead of these updates will be essential for maintaining investor trust and meeting regulatory expectations. Take the following steps to help navigate these changes effectively and strengthen your company’s sustainability reporting strategy.
Assess current ESG reporting practices – Conduct an internal review to identify gaps between existing reports and upcoming standards.
Engage with external experts – Collaborate with consultants or translation partners to ensure ESG disclosures meet international expectations.
Leverage technology for reporting consistency – Utilize ESG reporting software and translation memory tools to ensure consistency across disclosures.
Monitor global regulatory trends – Stay informed about updates from ESG frameworks and key regulatory bodies to maintain compliance.
Stay Updated on ESG Frameworks – Regularly check for updates and industry news from the official sources:
The ESG landscape is constantly evolving, and some of these updates are still subject to further change. Timelines may shift and updates could face delays or even revisions based on industry feedback. Keeping a close watch on regulatory announcements, industry news, and expert discussions will help you avoid last-minute surprises and ensure your company is always a step ahead.
ISO（国際標準化機構）は、2022年のCOP27においてネットゼロ・ガイドライン（IWA 42:2022）を発表しました。現在、このガイドラインを基にした正式な国際標準の策定が進められており、2025年11月に開催されるCOP30での公表が見込まれています。ただし、それに先立ち、2025年中にパブリックコンサルテーション（意見募集期間）が設けられる予定です（出典：ISO公式サイト、2024年6月／Net Zero Now）。
SBTi（Science Based Targets initiative）は、最新の気候科学に基づき、企業向けネットゼロ・スタンダードの見直しを進めています。 改訂後のスタンダードでは、企業に対して2030年までに温室効果ガス排出量を半減し、2050年までに90％削減することが求められる見通しで、カーボンオフセットの使用は最小限に制限される予定です。ただし、オフセット利用の容認範囲をめぐる議論が続いているため、次期バージョンの発表は延期となっています。
How important is your font choice? The answer might surprise you. Fonts are valuables tools in writing that affect legibility, spacing, and even the perception of your company. The American Profession Guide states, “Fonts hold more power than many realize. They shape our feelings and perceptions in subtle yet profound ways. Understanding this emotional impact can help designers, marketers, and communicators convey messages more effectively.”
In today’s blog, we’ll look at spacing and perception.
Space, for example, is precious in writing—especially when translating between languages as different as Japanese and English. Did you know your font choice may waste both horizontal and vertical space?
When translating Japanese materials into English, space issues often arise. English text can take up twice the space of Japanese, leading to design headaches in graphs, headings, and layouts. Don’t let your font make matters worse.
Is your font optimized for English or Japanese? Different fonts have different uses. Fonts like MS Mincho, Yu Gothic, and Meiryo are fantastic for Japanese text—but they can wreak havoc on spacing and legibility in English translations.
Let’s take a look at some common Japanese fonts and why they aren’t the best choice for English communications.
Examples of Poor Fonts for English Reports (and Why)
MS Mincho
This serif font is optimized for Japanese kanji and kana. Its strokes are too delicate for English, making text look uneven and hard to read in large blocks.
Issue: Thin lines and poor balance for Roman characters.
MS Gothic
Common in Japanese documents, but its blocky English characters feel outdated.
Issue: Lack of proportional spacing, resulting in an unattractive and rigid appearance.
Yu Mincho
While elegant for Japanese text, the Roman alphabet in Yu Mincho can look mismatched due to overly narrow or wide characters.
Issue: Inefficient use of space and inconsistent kerning (spacing between letters).
So which fonts should you use? wo of the most common font categories in English are Serif and San-Serif fonts. Let’s take a look at how Carter Printing introduces these fonts:
Serif fonts are traditional body types. Examples include Times New Roman and Garamond. At the tips of their letters, there are little lines called “feet” that make them especially excellent for smaller type. The feet help with readability even at 8 or 9 pts. They are often seen in printed novels and books.
Sans Serif, meaning “without feet”, fonts are increasingly popular. Google Docs’ go-to font, Arial, and Microsoft Word’s automated font, Calibri, are both Sans Serif. The lack of lines at the end allows for a sleek and modern appeal.
Sans-Serif Fonts: Arial, Helvetica, Roboto, Calibri Serif Fonts: Times New Roman, Georgia, Garamond
Serif and Sans-Serif fonts ensure professionalism, clarity, and compatibility with English writing standards
But what about tone and perception? The American Profession Guide mentions that we tend to associate serif fonts like Times New Roman with newspapers, books, and other printed formal texts. Sans-serif fonts, on the other hand, tend to be common in digital content as they give off a more modern, clean, and simple feel.
Let’s take a closer look at some of these fonts.
Arial
A widely used sans-serif font known for having a clean and modern appearance. Arial is easy to read on both screens and printed documents, making it a reliable choice for professional reports.
Times New Roman
A classic serif font that balances professionalism with readability. This font is common in academic and business settings with a familiar structure that makes it easy for readers to process large amounts of text.
Helvetica
A versatile sans-serif font valued for its clarity and neutrality. Helvetica’s balanced proportions and smooth curves make it a popular choice for corporate reports and branding.
Are fonts really that different? Let’s compare Japanese-optimized fonts vs. English fonts side by side. In the figure below, I use Yu Mincho and Times New Roman in the same size to type out the word “English.”
Figure 1
Notice how, like Times New Roman (serif font) Yu Mincho also has “feet” at the bottom. Yu Mincho (Japanese font) and Times New Roman (English font) are two examples that may appear identical at first glance. But let’s take a look at the text enlarged to size 120 and highlighted.
Figure 2
Notice the difference in the length and width of the gray boxes? Times New Roman is an English-optimized font with tighter spaces between each individual letter (also known as “kerning”), as well as above and below the letters. This may not seem like much for a single word, but imagine the amount of space this adds up to in a 100-page report!
Also notice how Times New Roman letters are slightly more rounded, while Yu Mincho is slightly boxier.
Let’s downsize the font and take a look at another example.
Figure 3
In this figure, I used three common Japanese-optimized fonts on the left side, and three fonts optimized for English on the right. All text in this picture is set to 10.5. The font choice is the only variable factor between each input.
Notice how the Japanese fonts on the left generally take up more space between each letter and line? The difference between MS Gothic and Times New Roman may be the most obvious, but notice how MS Gothic takes up a whole extra line.
Also notice how Times New Roman (serif font) feels more traditional and reliable than Ariel and Helvetica (sans-serif fonts).
Final Thoughts Your font choice matters. It’s not just about aesthetics—it’s about ensuring your message is clear, professional, and optimized for your audience. Contact One World Link if you have any questions on font use
Next time you’re formatting a report, remember: your font speaks louder than words. Ask your publisher to consider the English version during the initial design phase, including font, text direction, and layout.
