Annual Review of the Rationale for Holding Shares for Strategic Purposes
First written in FY2019. 3 of 7 entries say "Advanced", first in FY2020. Latest entry: FY2025.
- FY2025AdvancedAnnual report
「As a result of determining whether to continue holding the shares, the company sold all of its holdings during the fiscal year.」
The company continued its annual review of the rationale for cross-shareholdings and, as a result, sold all of its shares in Takara Standard. - FY2024RestatedAnnual report
「At least once a year, the Board of Directors examines, from a medium- to long-term perspective, the need for and economic rationale of holding cross-shareholdings, considering qualitative factors such as maintaining and strengthening relationships with, and expanding transactions with, the companies whose shares are held, as well as quantitative factors such as recent transaction volume, total gross profit, the presence or absence of valuation losses, and whether the dividend yield exceeds the cost of capital, and determines whether to continue holding them.」
For cross-shareholdings, the company continues its annual review, including business relationships and comparison of transaction volume, total gross profit, valuation losses, and dividend yields with the cost of capital. - FY2023RestatedAnnual report
「At least once a year, the Board of Directors examines, from a medium- to long-term perspective, the need for and economic rationale of holding cross-shareholdings, considering qualitative factors such as maintaining and strengthening relationships with, and expanding transactions with, the companies whose shares are held, as well as quantitative factors such as recent transaction volume, total gross profit, the presence or absence of valuation losses, and whether the dividend yield exceeds the cost of capital, and determines whether to continue holding them. As a result of this review, the company will reduce holdings as appropriate where it determines that there is no rationale for holding them.」
For cross-shareholdings, the company continues to conduct an annual review, including comparison of transaction volume, total gross profit, valuation losses, and dividend yields with the cost of capital, and maintains its policy of reducing holdings that lack a rationale. - FY2022AdvancedAnnual report
「At least once a year, the Board of Directors examines, from a medium- to long-term perspective, the need for and economic rationale of holding cross-shareholdings, considering qualitative factors such as maintaining and strengthening relationships with, and expanding transactions with, the companies whose shares are held, as well as quantitative factors such as recent transaction volume, total gross profit, the presence or absence of valuation losses, and whether the dividend yield exceeds the cost of capital, and determines whether to continue holding them. During the fiscal year, the company sold part of its holdings as a result of this review.」
The company continued its review based on transaction volume, total gross profit, valuation losses, and comparison of dividend yields with the cost of capital, and sold 1 issue during the fiscal year. - FY2021Quantification of the criteria for reviewing the rationale for cross-shareholdingsAnnual report
「At least once a year, the Board of Directors examines, from a medium- to long-term perspective, the need for and economic rationale of holding cross-shareholdings, considering qualitative factors such as maintaining and strengthening relationships with, and expanding transactions with, the companies whose shares are held, as well as quantitative factors such as recent transaction volume, total gross profit, the presence or absence of valuation losses, and whether the dividend yield exceeds the cost of capital, and determines whether to continue holding them. As a result of this review, the company will reduce holdings as appropriate where it determines that there is no rationale for holding them. During the fiscal year, the company sold part of its holdings as a result of this review.」
While continuing its annual review and the sale of part of its holdings, the company made the review criteria for the rationale of holdings more quantitative and specific, including transaction volume, total gross profit, valuation losses, and comparison of dividend yields with the cost of capital. It also stated a policy of reducing holdings that lack a rationale. - FY2020AdvancedAnnual report
「Once a year, the Board of Directors examines, from a medium- to long-term perspective, the need for and economic rationale of holding cross-shareholdings, including related income such as dividends and the maintenance and strengthening of relationships with the companies whose shares are held, and determines whether to continue holding them. As a result of this review, the company sold part of its holdings during the fiscal year.」
The company conducted its annual review of cross-shareholdings and, as a result, sold part of its holdings during the fiscal year. - FY2019First statedAnnual report
「Once a year, the Board of Directors examines, from a medium- to long-term perspective, the need for and economic rationale of holding cross-shareholdings, including related income such as dividends and the maintenance and strengthening of relationships with the companies whose shares are held, and determines whether to continue holding them.」
The company first stated explicitly that the Board of Directors annually reviews the related income, including dividends, the maintenance and strengthening of business relationships, the need for and economic rationale of cross-shareholdings, and determines whether to continue holding them.