Governance structure
Company with an Audit & Supervisory BoardThe company holds cross-shareholdings for the purpose of maintaining and strengthening smooth business relationships over the long term, among other purposes, and considers selling them after verifying their holding purpose and economic rationale annually at meetings of the Board of Directors. To improve capital efficiency, the company has set a target of reducing both the number and value of its listed shareholdings by at least 50% from the levels at the end of March 2024, and bringing them below 20% of consolidated net assets by the end of March 2028. If a shareholder with cross-shareholdings offers to sell, the company will not impede the sale.
Policy regarding shares of other companies held to maintain business relationships and for other purposes.
The company has adopted a policy of reducing its cross-shareholdings more proactively and has set reduction targets. In the fiscal 2025 evaluation of the effectiveness of the Board of Directors, individual interviews with directors and Audit & Supervisory Board members, as well as analysis and evaluation by a third party, were conducted in addition to a questionnaire.
| Item | Details |
|---|---|
| Corporate Governance Structure | Company with an Audit & Supervisory Board |
| Number of directors | 13 directors (including 5 outside directors) |
| Committee | Personnel and Compensation Advisory Committee (composed solely of outside directors; outside members account for 100%), Sustainability Committee (proportion of outside members: Not disclosed), Risk Management Committee (proportion of outside members: Not disclosed), Asset Management Committee (proportion of outside members: Not disclosed) |
| Policy on cross-shareholdings | The company holds cross-shareholdings for the purpose of maintaining and strengthening smooth business relationships over the long term, among other purposes, and considers selling them after verifying their holding purpose and economic rationale annually at meetings of the Board of Directors. To improve capital efficiency, the company has set a target of reducing both the number and value of its listed shareholdings by at least 50% from the levels at the end of March 2024, and bringing them below 20% of consolidated net assets by the end of March 2028. If a shareholder with cross-shareholdings offers to sell, the company will not impede the sale. |
| Changes this time | The company has adopted a policy of reducing its cross-shareholdings more proactively and has set reduction targets. In the fiscal 2025 evaluation of the effectiveness of the Board of Directors, individual interviews with directors and Audit & Supervisory Board members, as well as analysis and evaluation by a third party, were conducted in addition to a questionnaire. |
Items this document does not state (3)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Because the company determined that it was necessary to further improve capital efficiency. Regarding the evaluation of the effectiveness of the Board of Directors, the stated purpose is to use the evaluation process to further enhance corporate governance.