Testing the Rationality of Cross-Shareholdings and Reviewing Holdings
First written in FY2019. 6 of 8 entries say "Mitigated", first in FY2020. Latest entry: FY2026.
- FY2026Disclosure of reductions in cross-shareholdings alongside strategic share acquisitionsAnnual report
「In examining the rationality of its holdings at a Board of Directors meeting using the aforementioned method, the Company sold 4 positions in fiscal 2025. As of 31 March 2026, it held 51 cross-shareholding positions.」
While selling 4 cross-shareholding positions and reducing the number held from 55 to 51, the Company additionally acquired shares in Hokuetsu Corporation to deepen its partnership with the company. It also indicated a policy of reducing the parties’ respective voting-rights ratios to approximately 5–10% in the future. - FY2025MitigatedAnnual report
「In examining the rationality of its holdings at a Board of Directors meeting using the aforementioned method, the Company sold 3 positions in fiscal 2024. As of 31 March 2025, it held 55 cross-shareholding positions.」
The Company continued its annual reviews based on WACC, ROA, dividend yields, transaction values and other factors, selling 3 cross-shareholding positions in fiscal 2024. The number of positions held as of March 2025 was 55. - FY2025MitigatedAnnual report
「In examining the rationality of its holdings at a Board of Directors meeting using the aforementioned method, the Company sold 3 positions in fiscal 2024. As of 31 March 2025, it held 55 cross-shareholding positions.」
The Company continued its annual reviews based on WACC, ROA, dividend yields, transaction values and other factors, selling 3 cross-shareholding positions in fiscal 2024. The number of positions held as of March 2025 was 55. - FY2024MitigatedAnnual report
「Regarding its cross-shareholdings, the Company regularly examines at the Board of Directors meeting held each May, from a medium- to long-term perspective and in light of the cost of capital (WACC) and ROA, the rationality and necessity of continuing to hold each position. If continued ownership is deemed inappropriate, the Company will proceed with reductions after engaging in dialogue and negotiations with the relevant business partners. In fiscal 2023, the review found no positions for which continued ownership was deemed inappropriate.」
The Company continued its annual reviews based on WACC and ROA, selling 4 unlisted positions and 2 positions other than unlisted shares during the fiscal year. - FY2022MitigatedAnnual report
「Regarding its cross-shareholdings, the Company regularly examines at the Board of Directors meeting held each May, from a medium- to long-term perspective and in light of the cost of capital (WACC) and ROA, the rationality and necessity of continuing to hold each position. If continued ownership is deemed inappropriate, the Company will proceed with reductions after engaging in dialogue and negotiations with the relevant business partners.」
The Company expressly stated its policy of conducting annual Board of Directors reviews based on WACC and ROA. During the fiscal year, it sold 2 positions other than unlisted shares, for total proceeds of ¥1,851 million. - FY2021MitigatedAnnual report
「Positions whose number of shares decreased during the fiscal year Shares other than unlisted shares 6 positions Total proceeds from sales ¥1,104 million」
The Company sold 6 positions other than unlisted shares during the fiscal year. It also expressly stated its policy of examining the rationality of continued ownership based on WACC and ROA. - FY2020MitigatedAnnual report
「Shares other than unlisted shares 4 7,695」
Under its policy of examining the rationality of cross-shareholdings at Board of Directors meetings, the Company sold 4 positions other than unlisted shares during the fiscal year, for total proceeds of ¥7,695 million. - FY2019First statedAnnual report
「Regarding its cross-shareholdings, the Company regularly examines at meetings of the Board of Directors, from a medium- to long-term perspective and in light of the cost of capital, the rationality and necessity of continuing to hold each position. If continued ownership is deemed inappropriate, the Company considers selling the shares after engaging in dialogue and negotiations with the relevant business partners.」
For cross-shareholdings, the Company for the first time identified as a theme its policy of examining at Board of Directors meetings the rationality of continued ownership, taking into account the cost of capital, strategic importance and business relationships, and considering sales as necessary.