KPMG Japan Issues "Japanese Corporate Reporting Survey 2025"
KPMG Japan has published its "Japanese Corporate Reporting Survey 2025," focusing on trends in various reports, including integrated reports. The 12th edition of this survey emphasizes "integrated thinking," refreshing its survey items based on the IFRS Foundation's "Principles of Integrated Thinking." It also examines climate change-related matters, the visualization of social impact in integrated reports, and conducts a basic survey of integrated reports.
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KPMG Japan (Chiyoda-ku, Tokyo; Co-Chairmen: Hiroyuki Yamada, Masahiko Chino) has issued the "Japanese Corporate Reporting Survey 2025," which focuses on trends in various reports, including integrated reports.
This 12th edition of the survey sets "integrated thinking" as its key theme, focusing on "what constitutes a report that reflects integrated thinking," and has updated its survey items based on the IFRS Foundation's "Principles of Integrated Thinking." Furthermore, it continues to examine climate change-related matters, which are expected to be further enhanced, and the status of visualizing social impact, which has been increasingly noted in integrated reports in recent years. A basic survey of integrated reports was also conducted.
The survey targets for the core survey, themed on integrated thinking, are integrated reports issued by constituent companies of TOPIX100*1. For other topic surveys, the targets are integrated reports, annual securities reports, sustainability reports, and sustainability-related pages on corporate websites (collectively referred to as "sustainability reports" below) issued by constituent companies of the Nikkei 225 Stock Average*2. The basic survey of integrated reports covers reports issued by 1,225 domestic companies and organizations that publish "self-declared integrated reports" between January and December 2025.
**Key Survey Findings**
**1. Purpose: From "Stating" to "Articulated by Management and Linked to Value Creation"**
While 94% of companies indicate their purpose, only 59% have management actively serving as "storytellers" of purpose, promoting an understanding of the value creation narrative (Figure 1). It is crucial for management to articulate in their own words how the "reason for being" embedded in the abstract concept of purpose is reflected in concrete initiatives presented as value creation stories and management strategies, and what their intentions and aspirations are, in order to link purpose to value creation.
Figure 1: Is management's interpretation of purpose clearly stated?
**2. Risks are Discussed, but Explanation of Business's External Impacts is Limited**
Only 19% of companies describe the positive and negative impacts of their business on the external environment, with 81% not mentioning negative impacts (Figure 2). In contrast, 79% of companies explain significant risks and 68% explain significant opportunities, revealing a "twist" in the disclosure status between significant risks and opportunities and the impacts on the external environment (Figure 3).
Figure 2: Do companies address the impacts of their business (business model, operations, strategy) on the external environment (from both positive and negative perspectives)?
This 12th edition of the survey sets "integrated thinking" as its key theme, focusing on "what constitutes a report that reflects integrated thinking," and has updated its survey items based on the IFRS Foundation's "Principles of Integrated Thinking." Furthermore, it continues to examine climate change-related matters, which are expected to be further enhanced, and the status of visualizing social impact, which has been increasingly noted in integrated reports in recent years. A basic survey of integrated reports was also conducted.
The survey targets for the core survey, themed on integrated thinking, are integrated reports issued by constituent companies of TOPIX100*1. For other topic surveys, the targets are integrated reports, annual securities reports, sustainability reports, and sustainability-related pages on corporate websites (collectively referred to as "sustainability reports" below) issued by constituent companies of the Nikkei 225 Stock Average*2. The basic survey of integrated reports covers reports issued by 1,225 domestic companies and organizations that publish "self-declared integrated reports" between January and December 2025.
**Key Survey Findings**
**1. Purpose: From "Stating" to "Articulated by Management and Linked to Value Creation"**
While 94% of companies indicate their purpose, only 59% have management actively serving as "storytellers" of purpose, promoting an understanding of the value creation narrative (Figure 1). It is crucial for management to articulate in their own words how the "reason for being" embedded in the abstract concept of purpose is reflected in concrete initiatives presented as value creation stories and management strategies, and what their intentions and aspirations are, in order to link purpose to value creation.
Figure 1: Is management's interpretation of purpose clearly stated?
**2. Risks are Discussed, but Explanation of Business's External Impacts is Limited**
Only 19% of companies describe the positive and negative impacts of their business on the external environment, with 81% not mentioning negative impacts (Figure 2). In contrast, 79% of companies explain significant risks and 68% explain significant opportunities, revealing a "twist" in the disclosure status between significant risks and opportunities and the impacts on the external environment (Figure 3).
Figure 2: Do companies address the impacts of their business (business model, operations, strategy) on the external environment (from both positive and negative perspectives)?