Hiroshi Miyai

Hiroshi Miyai


He worked at an environmental consulting firm after graduate school graduation in 1981 where he engaged in environmental assessment business and research project regarding the water pollution in the case of the Tokyo Bay entrusted by Environmental Protection Agency.

He began his financial analyst career at the Investment Analysis Division of Nikko Research Center in 1987. He started consulting business for pension asset management in 1990 after he engaged in developing a portfolio risk management model for convertible bond and asset allocation. He has served as a member of investment committee at various public pension funds, such as the National Pension Fund Association, the National Federation of Mutual Aid Association for Municipal Personnel, etc.

He also is the chair of the SAAJ’s (Securities Analysts Association of Japan) ESG Working Group, in which ESG factors in corporate valuation has been discussed and published a report in 2010. English translation of the summary report : a brief summary of Chapter 1 and 2; a most part of Chapter 3; and Appendix 2 – the results of a survey on ESG factors to holders of the CMA designation (CMA: Chartered Member of SAAJ) can be downloaded from the following web site: https://www.saa.or.jp/english/research/esg_factors.html

He holds a BA in Education for Science from Waseda University (1978), MA in Environmental Science from the Graduate school of University of Tsukuba (1981).


I wanted to contribute to resolve the environmental problems with the technology based on natural science when I was a student at university and graduate school. Now, I have a real feeling that the integration of the knowledge and the knowhow of both natural science and social science such as financial economics, as well as the application of the market mechanism to ESG investment are both crucial in order to resolve the environmental problems.

His main interests are as follows:

- Enhance ESG investment in Japan in cooperation with various stakeholders

- Set up “engagement fund” using disclosure level of the ESG information

- Reduce mismatch between investor’s information needs and companies’ information disclosures about ESG issues

- Make a global network to promote pension governance reform in Japan

- Sophisticate portfolio risk management of pension funds

Email: miyai[at]nrc.nikko.co.jp