Transforming Board "Evolution" into Corporate Value: Launch of "Visible Board" Effectiveness Evaluation Service

Network Communications Corp. (Headquarters: Taito-ku, Tokyo; Representative Director, CEO/CCO: Naoko Okada; hereinafter "NWC"), a company supporting corporate communication strategies, will launch a new service, "Visible Board Effectiveness Evaluation 'Visible Board'", on July 7, 2026. This service provides integrated support from the execution of board effectiveness evaluations to the strategic disclosure of evaluation results for listed companies. To commemorate the launch, a special campaign price will be offered for a limited time.

Background of Service Provision: Moving from "Executing" to "Showing" Effectiveness Evaluations

Over 10 years have passed since the introduction of the Corporate Governance Code, and board effectiveness evaluations have become established among many listed companies. However, in many cases, the evaluation itself has become the objective, remaining a formal exercise.

Amidst this, the "Five Principles for Boards that Strengthen Earning Power" published by the Ministry of Economy, Trade and Industry in April 2025 calls for boards to adopt "offensive" governance, not just "defensive" governance, by building value creation stories and encouraging risk-taking. Furthermore, with increasing demands for constructive dialogue with investors and transparent information disclosure, effectiveness evaluations have reached a phase where they should be elevated from mere compliance responses to strategic "showcasing" initiatives as a means of investor dialogue.

Moreover, in 2026, the Corporate Governance Code itself will undergo its first revision in five years since 2021. The revision draft published by the Financial Services Agency and the Tokyo Stock Exchange in April of the same year emphasizes the "substantivization" of governance reforms that go beyond formal system setup, clearly stating the importance of explaining and verifying to shareholders the construction of growth paths by the board and the appropriate allocation of management resources. With the application of the new code, which will question "how governance functions and how it is explained" rather than "how it was set up," approaching, it is an opportune moment to review the approach to effectiveness evaluations and their disclosure.

For 17 years since its founding, NWC has primarily supported the "verbalization of management" and "communication design for enhancing corporate value" for highly technical B to B companies. As a group of experts who view governance as a "communication challenge," we will provide the new era's board effectiveness evaluation, "Visible Board."

Two Features of "Visible Board"

Feature 1: Evaluation Design Based on the "Five Principles for Boards that Strengthen Earning Power"

In addition to the traditional evaluation items based on the Corporate Governance Code, we adopt the latest evaluation items that correspond to the "Five Principles for Boards that Strengthen Earning Power." Through a 39-question survey (including 17 questions that break down the five principles), we comprehensively evaluate and analyze whether the board functions as "offensive" governance, not just "defensive" governance, and extract specific areas for improvement.

Feature 2: Unique Disclosure Strategy "PDCA+S" Based on Result Disclosure

We implement NWC's proprietary "PDCA+S cycle," which adds "Share (Disclosure)" to the conventional PDCA cycle. By actively disclosing evaluation results, we prevent the formalization of evaluations by encouraging responsible survey responses and substantive issue discussions. Furthermore, sincere disclosure, including challenges, creates a "virtuous cycle of value creation" that leads to gaining investor trust. Evaluation results will not be limited to inclusion in CG reports; communication experts will support strategic information disclosure tailored to each company's phase and characteristics, combining IR materials, integrated reports, press releases, websites, and more.

Service Flow

Board Vision Session (Confirmation of the desired state of the board / 30-60 minutes)

Web survey for board members (39 questions including 17 questions corresponding to the "Five Principles for Boards that Strengthen Earning Power" + free-form comments)

Aggregation and analysis by NWC, presentation of evaluation report

Discussion and effectiveness evaluation by the board

NWC supports the disclosure of evaluation results (drafting disclosure statements, designing media and timing, etc.)

* The scope of support varies depending on the contracted plan. Options such as individual director interviews, attendance at board reports, and support for creating public materials (English support available) are also offered.

Service Plans and Pricing (Launch Commemorative Campaign)

Essential Plan

Standard Plan

Price (per instance)

Regular Price ¥500,000 → ¥400,000

Regular Price ¥800,000 → ¥650,000

Survey and Analysis Report

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Draft Disclosure Statement

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Optional Add-ons

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* All prices are exclusive of tax. Please contact us for details on the campaign period and applicable conditions.

Regarding Evaluation Independence

Our executives serve as outside directors and outside auditors for multiple listed companies, giving them an "insider's" perspective on board operations. While this knowledge is leveraged in our evaluation design, we have established an independence policy to eliminate conflicts of interest, such as not providing this service to companies where executives involved in the consulting practice serve. This policy is operated under the advice of external legal experts. The policy will be published on our website.

Representative's Comment: Naoko Okada, Representative Director, CEO / CCO, Network Communications Corp.

As an outside director for several listed companies since 2000, I have often felt frustrated that the sincere and continuous evolution of board activities is hardly visible from the outside. Many companies are actually devising ways to improve their board structures for corporate value enhancement. The essence of a board lies in the directors elected at the general meeting of shareholders designing for themselves "what should be discussed" to enhance corporate value, and then illuminating a bright future for shareholders and employees through execution. It also involves immediate correction of any mistakes and reflecting them in management. I believe effectiveness evaluation is not an obligation but an entry point for dialogue. An increase in boards that can speak to "how they are continuously improving" rather than "they have done it" will foster trust with investors and become a force to boost the corporate value of Japanese companies. As a communication specialist, I will assist in re-examining board design, running the PDCA cycle, and sharing that progress with stakeholders. My hope is that this service will contribute to fostering communication that enhances corporate value.

Expert's Comment: Yoshihiko Fuchibe, Attorney at Law, Representative of Venture Labo Law Offices, Director of Japan Corporate Lawyers Association

While board effectiveness evaluations have become established in many listed companies, there are cases where the results are not sufficiently utilized for improving board operations or governance, leading to a formalistic implementation. This service proposes a mechanism that connects evaluation results to continuous improvement and dialogue with stakeholders by adopting the concept of "PDCA+S," which adds the perspective of "Share (Sharing/Disclosure)" to the conventional "PDCA." Making the disclosure of evaluation results a prerequisite is considered an initiative that enhances the quality of discussions and awareness within the board, as well as contributing to constructive dialogue with investors and the fulfillment of corporate accountability. From the perspective of a lawyer involved in corporate legal affairs and corporate governance, I believe the approach has significant practical significance. Furthermore, a distinctive feature is that this service is planned and designed based on the knowledge of NWC members who have extensive practical experience as outside officers of listed companies. As NWC's legal counsel, I have confirmed the governance system, including conflict of interest management and information management, and have confirmed that this service is operated under an appropriate management system.

Company Overview

Company Name: Network Communications Corp.

Location: Kaminarimon Mihama Bldg. 3F, 2-6-1 Kaminarimon, Taito-ku, Tokyo 111-0034

Representative: Naoko Okada, Representative Director, CEO / CCO

Founded: July 1, 2009

Business Activities: Support for communication activities in overall corporate management, PR/IR consulting, corporate PR practice support, corporate philosophy development, sales support, AI utilization support

URL: https://nwcom.jp/

Inquiries Regarding This Service

Contact: Network Communications Corp., "Visible Board" Department

Email: [email protected]

Phone: 03-5830-8970

URL: https://nwcom.jp/visibleboard/