Verification of the Rationale for Strategic Shareholdings and Policy for Reducing Holdings
First written in FY2020. 1 of 4 entries say "Restated". Latest entry: FY2024.
- FY2024AdvancedAnnual report
「During the fiscal year, the number of holdings decreased by 3, as described below.」
The company continued its annual review of the rationality of cross-shareholdings and its policy of reducing holdings. 株式会社図書館流通センター decreased its unlisted shareholdings by 3 holdings during the fiscal year. - FY2023Review continues and 1 holding fewerAnnual report
「For the current fiscal year as well, the Board of Directors confirmed that all cross-shareholdings were held for purposes consistent with their stated objectives. During the fiscal year, the number of holdings decreased by 1, as described below.」
The company continued its review of the rationality of cross-shareholdings. 丸善雄松堂 disclosed a decrease of 1 holding, while 図書館流通センター increased its unlisted shareholdings due to the establishment of a special-purpose company through a PFI project and other factors. - FY2022RestatedAnnual report
「For each cross-held shareholding held at the end of the fiscal year, the Board of Directors once a year verifies the economic rationality of the holding by comparing its benefits with the cost of capital. It also comprehensively considers the circumstances of acquisition, the significance of the holding, synergies and risks associated with holding it, and future prospects, before determining whether continued ownership is appropriate. If it determines that the holding is not reasonable, the company will reduce it through sales or other means.」
The annual review of the rationality of cross-shareholdings by the Board of Directors and the policy of reducing holdings through sales or other means when they are not reasonable continue. - FY2020First statedAnnual report
「With respect to cross-shareholdings, the company will reduce its holdings through sales or other means if it determines that the original purpose is no longer expected to be achieved or that the benefits and risks associated with holding the shares are not commensurate with the cost of capital. Each year, the Board of Directors scrutinizes each cross-held shareholding to determine whether the purpose of holding it remains appropriate and whether the associated benefits and risks are commensurate with the cost of capital, and verifies whether continued ownership is appropriate.」
The company has disclosed for the first time a policy of annually verifying at Board of Directors meetings whether cross-shareholdings held to maintain and strengthen relationships with business partners remain consistent with their purpose and with the cost of capital, and reducing holdings through sales or other means if they are no longer reasonable.