Minimum holdings and reduction of cross-shareholdings
First written in FY2019. 6 of 8 entries say "Advanced", first in FY2020. Latest entry: FY2026.
102 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「Going forward, the Company will shift to management with a stronger focus on the cost of capital and reduce cross-shareholdings toward the capital-efficiency KPI in its new medium-term management plan, namely, keeping cross-shareholdings at 20% or less of consolidated net assets. It will purchase its own shares as necessary and pursue shareholder returns, improved capital efficiency and agile capital policies in response to changes in the operating environment.」
For the reduction of cross-shareholdings, the Company set a new KPI of 20% or less of consolidated net assets, stated a policy of selling 2 holdings during the current fiscal year and proceeding with partial sales of 2 additional holdings. - FY2025AdvancedAnnual report
「As part of its past results, the Company sold during the current fiscal year 1 of the listed holdings deemed inappropriate to retain in the above review conducted at the Board of Directors meeting held on 15 May 2024. In addition, following the above review at the Board of Directors meeting held on 15 May 2025, 1 listed holding was deemed to lack economic rationality, while another holding had been approached about unwinding the cross-shareholding relationship. Both were deemed to have limited significance, and the Company will proceed with their sale.」
The Company sold the 1 holding for which it had decided on a sale policy in the previous fiscal year, and additionally decided on a policy of proceeding with the sale of 2 holdings. - FY2024AdvancedAnnual report
「Following the above review at the Board of Directors meeting held on 15 May 2024, 1 listed holding was deemed to lack economic rationality, while another holding had been approached about unwinding the cross-shareholding relationship. Both were deemed to have limited significance, and the Company will proceed with their sale.」
Following its review of cross-shareholdings, the Company decided to proceed with the sale of 2 listed holdings. The number of holdings targeted for sale increased from the previous policy of selling 1 holding. - FY2023AdvancedAnnual report
「In addition, following the above review at the Board of Directors meeting held on 15 May 2023, 1 listed holding was deemed to lack economic rationality and to have limited significance, and the Company will proceed with its sale.」
The policy changed from retaining all holdings in the previous fiscal year to deciding to sell 1 listed holding. The Company also transferred 1 unlisted holding. - FY2022No new holdings targeted for sale; all holdings retainedAnnual report
「In addition, following a similar review at the Board of Directors meeting held on 17 May 2022, the Company determined that no holdings met its sale criteria and decided to retain all holdings.」
The Company sold during the current fiscal year the 1 holding for which it had decided on a sale policy in the previous fiscal year, but the May 2022 review found no holdings meeting the sale criteria, and the Company decided to retain all holdings. - FY2021AdvancedAnnual report
「As part of its past results, the Company sold during the current fiscal year 2 listed holdings that had been deemed inappropriate to retain in the above review conducted at the Board of Directors meeting held on 25 May 2020. In addition, following a similar review at the Board of Directors meeting held on 18 May 2021, 1 listed holding was deemed to lack economic rationality and to have limited significance, and the Company will proceed with its sale.」
The Company sold during the current fiscal year the 2 listed holdings deemed inappropriate to retain in the previous fiscal year, and additionally decided on a policy of selling 1 holding. - FY2020AdvancedAnnual report
「In addition, following a review by the Board of Directors at its meeting held on 25 May 2020, the Company determined that 2 listed shareholdings should not be retained and will proceed with their sale.」
For cross-shareholdings, the Company determined during the current fiscal year that 2 listed holdings should not be retained and reached the stage of proceeding with their sale. - FY2019First statedAnnual report
「With respect to shares held for purposes other than pure investment, the Company limits its holdings to the minimum necessary, using criteria including their strategic importance, policy-related necessity based on relationships with business partners, and whether the benefits and risks associated with holding them are commensurate with the cost of capital. Each year, the Board of Directors carefully reviews and verifies whether individual holdings should be retained, and seeks to reduce holdings in shares whose significance is deemed limited.」
The Company stated a policy of limiting cross-shareholdings to the minimum, reviewing them annually at Board of Directors meetings and reducing holdings with limited significance. During the current fiscal year, it concluded that 1 of its 14 listed holdings should be sold.