Strategy-focused Human Capital Disclosures Framework
Summary
Japan's Financial Services Agency published strategy-focused guidance on human capital disclosures, including a research report and examples of disclosure practices. The framework addresses how companies should disclose human capital investments that contribute to mid-to-long-term corporate value creation despite reducing short-term profits.
What changed
The Japan Financial Services Agency published strategy-focused guidance on human capital disclosures, comprising a research report on global investor focus areas and examples of disclosure practices. The materials address how human capital investments—often expensed in financial statements—contribute to medium-to-long-term corporate value creation and facilitate constructive dialogue between investors and corporate management.
Japanese public companies and regulated financial institutions should review the guidance and examples to align their human capital management strategies with business objectives and incorporate relevant metrics into investor disclosures.
What to do next
- Monitor for updated disclosure examples
- Review guidance on human capital metrics alignment with business strategy
Archived snapshot
Apr 9, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
April 9, 2026
Financial Services Agency
Human Capital Disclosures
Investments in human capital are essential for sustainable corporate growth and the creation of mid- to long-term corporate value. However, in many cases, such investments are recorded as expenses in financial statements and investors noted that relevant information is not necessarily disclosed.
Although investments in human capital may reduce short-term profits, they contribute to medium- to long-term value creation and ultimately enhance shareholder returns. Therefore, human capital disclosure is critical to facilitating constructive dialogue between investors and corporate management. In this context, a research report and guidance on human capital disclosure have been published.
Links
- Strategy-focused Human Capital Disclosures (April 9, 2026) * 1
- Examples of Disclosure on the Alignment Between Business Strategy and Human Capital Management Strategy, and Related Metrics (To be announced) * 2
- The Research Report, "Study on Global Investors' Focus Areas Regarding Human Capital Disclosure and Corporate Case Studies" (April 11, 2025)
- 1, 2 These materials are translation of the original Japanese documents on "Strategy-focused Human Capital Disclosure" and appendix published on March 23, 2026. Toshitake Inoue (Director-General, Policy and Markets Bureau, Financial Services Agency) spoke about the "Strategy-focused Human Capital Disclosure" at the Asia Sustainability Symposium on April 9, 2026.
Contact Corporate Accounting and Disclosure Division, Policy and Markets Bureau, Financial Services Agency
Tel +81-(0)3-3506-6000 (ext. 3606)
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