Rationale Verification and Voting Policy for Cross-Shareholdings
First written in FY2017. 5 of 7 entries say "Advanced", first in FY2021. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「Stocks whose number of shares increased during the fiscal year」
The company acquired shares in 1 unlisted company to promote research and development while reducing its holdings in 1 other unlisted company. It is implementing its policy of assessing the rationale for holdings. - FY2024AdvancedAnnual report
「Holdings whose number of shares decreased during the fiscal year」
During the fiscal year, the company reduced the number of shares held in 5 listed companies and 2 unlisted companies. It added evidence of its annual assessment of holding rationale and implementation of its policy of selling holdings that are not deemed reasonable. - FY2023AdvancedAnnual report
「Each year, the Board of Directors comprehensively considers the business necessity of maintaining and strengthening transactions and other relationships with investee companies, whether the benefits of holding the shares are commensurate with the cost of capital, and whether the holdings contribute to improving the company's medium- to long-term corporate value. If a holding is not deemed reasonable, the company will sell it while taking into consideration the impact on the market and other relevant circumstances.」
During the fiscal year, the company reduced the number of shares held in 6 listed companies and 1 unlisted company, demonstrating the implementation of its policy for assessing holding rationale and selling holdings. - FY2022AdvancedAnnual report
「Holdings whose number of shares decreased during the fiscal year」
During the fiscal year, the company reduced the number of shares held in 5 listed companies and 2 unlisted companies. It added evidence of implementing its policy of selling holdings that are not deemed reasonable. - FY2021AdvancedAnnual report
「Each year, the Board of Directors comprehensively considers the business necessity of maintaining and strengthening transactions and other relationships with investee companies, whether the benefits of holding the shares are commensurate with the cost of capital, and whether the holdings contribute to improving the company's medium- to long-term corporate value. If a holding is not deemed reasonable, the company will sell it while taking into consideration the impact on the market and other relevant circumstances.」
The company added comparison with the cost of capital to its criteria for assessing strategic shareholdings and expressly stated its policy of selling holdings that are not deemed reasonable. In fiscal 2020, it reduced its holdings in 15 listed companies. - FY2018RestatedAnnual report
「The company holds strategic shareholdings when, after comprehensive consideration, they are deemed reasonable based on the business necessity of maintaining and strengthening transactions and other relationships with investee companies, medium- to long-term economic rationale in light of returns and risks, and whether they contribute to improving the company's medium- to long-term corporate value.」
The company continues to annually verify the rationale for strategic shareholdings at Board of Directors meetings and determine voting decisions based on medium- to long-term corporate value and other factors. - FY2017First statedAnnual report
「The company holds strategic shareholdings when, after comprehensive consideration, they are deemed reasonable based on the business necessity of maintaining and strengthening transactions and other relationships with investee companies, medium- to long-term economic rationale in light of returns and risks, and whether they contribute to improving the company's medium- to long-term corporate value. The Board of Directors annually verifies the rationale for holding major strategic shareholdings and confirms whether they should continue to be held.」
The company determines strategic shareholdings based on business necessity, economic rationale and their contribution to corporate value, and annually verifies the rationale for continued holdings at Board of Directors meetings.