Review of the Rationale for Strategic Shareholdings and Policy for Reducing Holdings
First written in FY2019. 4 of 8 entries say "Advanced", first in FY2020. Latest entry: FY2026.
- FY2026Confirmation of holding rationale; ratio increasedAnnual report
「At a Board of Directors meeting held on 4 December 2025, the Company individually reviewed each shareholding, assessing the company and the shares, capital efficiency, and business relationships, on the premise that policy-held listed shares as a whole accounted for 2.3% of net assets as of the end of September 2025 and that the interest-bearing debt-to-net-assets ratio was 119.5%. As a result, the rationale for holding all of the shares was confirmed.」
The Company continued its annual individual reviews and confirmation of the rationale for holding the shares, while the policy-held share ratio based on the review assumptions rose from 1.4% to 2.3%. - FY2025Confirmation of holding rationale; ratio increasedAnnual report
「At a Board of Directors meeting held on 5 December 2024, the Company individually reviewed each shareholding, assessing the company and the shares, capital efficiency, and business relationships, on the premise that policy-held listed shares as a whole accounted for 1.4% of net assets as of the end of September 2024 and that the interest-bearing debt-to-net-assets ratio was 107.2%. As a result, the rationale for holding all of the shares was confirmed.」
The Company continued its annual individual reviews and confirmation of the rationale for holding the shares. The policy-held share ratio based on the review assumptions rose from 1.1% in the previous fiscal year to 1.4%. - FY2024Confirmation of holding rationale; ratio increased based on review assumptionsAnnual report
「At a Board of Directors meeting held on 6 December 2023, the Company individually reviewed each shareholding, assessing the company and the shares, capital efficiency, and business relationships, on the premise that policy-held listed shares as a whole accounted for 1.1% of net assets as of the end of September 2023 and that the interest-bearing debt-to-net-assets ratio was 106.7%. As a result, the rationale for holding all of the shares was confirmed.」
The Company continued its annual individual reviews and confirmed the rationale for holding 4 issues. The policy-held share ratio based on the review assumptions rose from less than 1% in the previous fiscal year to 1.1%. - FY2023AdvancedAnnual report
「At a Board of Directors meeting held in December 2022, the Company individually reviewed each shareholding, assessing the company and the shares, capital efficiency, and business relationships, on the premise that policy-held listed shares as a whole accounted for less than 1% of net assets and that the interest-bearing debt-to-net-assets ratio exceeded 100%. As a result, the rationale for holding all of the shares was confirmed.」
The Board of Directors individually reviewed the policy-held shares in December 2022 and confirmed the rationale for holding 4 issues, with a total carrying amount of ¥62.970 million. - FY2022AdvancedAnnual report
「At a Board of Directors meeting held in December 2021, the Company individually reviewed each shareholding, assessing the company and the shares, capital efficiency, and business relationships, on the premise that policy-held listed shares as a whole accounted for less than 1% of net assets and that the interest-bearing debt-to-net-assets ratio exceeded 100%. As a result, the rationale for holding all of the shares was confirmed.」
The Board of Directors individually reviewed the policy-held shares in December 2021 and confirmed the rationale for holding all issues. - FY2021AdvancedAnnual report
「At a Board of Directors meeting held in December 2020, the Company individually reviewed each shareholding, assessing the company and the shares, capital efficiency, and business relationships, on the premise that policy-held listed shares as a whole accounted for less than 1% of net assets and that the interest-bearing debt-to-net-assets ratio exceeded 100%. As a result, the rationale for holding all of the shares was confirmed.」
The Board of Directors individually reviewed the policy-held shares in December 2020 and confirmed the rationale for holding all issues. - FY2020AdvancedAnnual report
「At a Board of Directors meeting held in December 2019, the Company individually reviewed each shareholding, assessing the company and the shares, capital efficiency, and business relationships, on the premise that policy-held listed shares as a whole accounted for less than 1% of net assets and that the interest-bearing debt-to-net-assets ratio exceeded 100%. As a result, the rationale for holding all of the shares was confirmed.」
The Board of Directors individually reviewed the policy-held shares in December 2019 and confirmed the rationale for holding all issues. - FY2019First statedAnnual report
「Regarding policy-held listed shares held by the Company for purposes other than pure investment, the Company’s policy is not to hold shares unless the holding is deemed to contribute to an increase in corporate value over the medium to long term, such as by maintaining and building long-term, stable business relationships or strengthening relationships through business alliances, after taking into account the risks associated with the holdings and capital efficiency. For each listed shareholding, the Board of Directors verifies the balance between the benefits and risks associated with the holding every year on an individual-share basis. For shares deemed to have little holding rationale, the Company’s policy is to reduce the holdings as appropriate, taking into account market conditions and the impact on the business after engaging in sufficient dialogue with the companies in which it holds shares.」
For policy-held shares, the Company stated for the first time as a standalone topic that it holds shares based on business relationships and their contribution to enhancing corporate value, verifies the rationale annually at Board of Directors meetings, and reduces holdings where the rationale is limited.