Verifying the rationale for cross-shareholdings and reducing them where appropriate
First written in FY2019. 4 of 8 entries say "Advanced", first in FY2024. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「During the fiscal year, the number of shares declined for 6 issues other than unlisted shares, with total sale proceeds of ¥4,820 million.」
The company reduced its holdings of 6 policy-held share issues and disclosed total sale proceeds of ¥4.820 billion. This was described as a specific reduction based on its review of their rationale. - 2026-05-14AdvancedEarnings
「Profit attributable to owners of the parent has been calculated on the assumption that some strategically held shares will be sold in order to advance the company’s financial and capital strategy.」
The policy of reducing strategically held shares is described in connection with investment securities disposal gains of ¥4,235 million for the fiscal year and the assumption of partial sales in the earnings forecast for the following fiscal year. - FY2025AdvancedAnnual report
「During the fiscal year, the number of shares declined for 4 issues other than unlisted shares, with total sale proceeds of ¥1,345 million.」
The company reduced its holdings of 4 policy-held share issues and disclosed total sale proceeds of ¥1.345 billion. - FY2024AdvancedAnnual report
「During the fiscal year, the number of shares declined for 10 issues other than unlisted shares, with total sale proceeds of ¥1,252 million.」
The company reduced its holdings of 10 policy-held share issues during the fiscal year and disclosed total sale proceeds of ¥1,252 million. This was described as a specific implementation of its policy of verifying the rationale for holdings and reducing them as appropriate. - FY2023RestatedAnnual report
「From a medium- to long-term perspective aimed at enhancing corporate value, we hold shares deemed necessary for policy purposes, including to maintain and strengthen relationships with business partners into the future, review the purpose and economic rationale for holding these shares every year, and determine whether continued ownership is appropriate.」
The company continues its policy of reviewing the benefits and risks, cost of capital, business relationships, and synergies associated with policy-held shares each year, and reducing holdings where they are not justified. - FY2022RestatedAnnual report
「We review the purpose and economic rationale for holding these shares every year and determine whether continued ownership is appropriate. In the review, we examine each holding annually to determine whether the benefits and risks associated with holding it are commensurate with the cost of capital and whether it serves the purposes of maintaining and strengthening medium- to long-term business relationships and creating synergies.」
The company continues its policy of reviewing the benefits and risks, cost of capital, business relationships, and synergies associated with policy-held shares each year. - FY2020RestatedAnnual report
「We review the purpose and economic rationale for holding these shares every year and determine whether continued ownership is appropriate. In the review, we examine each holding annually to determine whether the benefits and risks associated with holding it are commensurate with the cost of capital and whether it serves the purposes of maintaining and strengthening medium- to long-term business relationships and creating synergies.」
The company continues its policy of reviewing the benefits and risks, cost of capital, business relationships, and synergies associated with policy-held shares each year, and reducing holdings where they are not justified. - FY2019First statedAnnual report
「From a medium- to long-term perspective aimed at enhancing corporate value, we hold shares deemed necessary for policy purposes, including to maintain and strengthen relationships with business partners into the future. We review the purpose and economic rationale for holding these shares every year and determine whether continued ownership is appropriate. We will review these holdings in light of future changes, including by reducing them where we consider continued ownership unjustified.」
For policy-held shares, the company has for the first time stated a policy of reviewing each year the relationship between benefits and risks and the cost of capital, as well as business relationships and synergies, and reducing holdings where their rationale is not recognized.