Corporate Collaboration and Rationality Review of Cross-Shareholdings
First written in FY2020. . Latest entry: FY2025.
- FY2025Tightening and review of the cross-shareholding policyAnnual report
「Our basic policy is not to hold listed shares as cross-shareholdings. As an exception, however, we will acquire and hold cross-held shares only when we determine that they will contribute to increasing our medium- to long-term corporate value, including through the creation of business synergies and the development of new businesses as part of our growth strategy.” “At the Board of Directors meeting held on 10 October 2025, we reviewed the appropriateness of holding every individual security held and confirmed that most of the securities reviewed were held for purposes that contribute to increasing our medium- to long-term corporate value.」
For cross-shareholdings, the Company explicitly stated its basic policy of not holding listed shares and conducted a Board of Directors review of the appropriateness of holding every security, based on holdings as of the end of September 2025. - FY2021Specific cross-shareholding policyAnnual report
「If we determine that the rationale for a cross-shareholding is not necessarily sufficient, we will reduce the holding. In exercising voting rights on cross-held shares, our basic policy is to determine whether the exercise will contribute to increasing the investee company’s medium- to long-term corporate value and, consequently, shareholder value. We will also take into account the status of corporate governance and the compliance framework, conduct a thorough range of reviews, and make a comprehensive judgment.」
For cross-shareholdings, the Company has specified not only the review of holding rationale, but also the reduction of holdings where the rationale is limited and the criteria for exercising voting rights. - FY2020First statedAnnual report
「When holding listed shares for purposes other than pure investment (hereinafter, “cross-shareholdings”), our basic policy is to hold shares in companies where stronger business relationships between the parties will contribute to increasing corporate value. For cross-shareholdings of listed shares, we scrutinize whether the purpose of holding them is appropriate and whether the benefits and risks associated with holding them are commensurate with the cost of capital, and the Board of Directors reviews the appropriateness of each holding annually.」
The Company has for the first time explicitly stated its policy of reviewing annually at Board of Directors meetings whether the benefits and risks of cross-shareholdings are commensurate with the cost of capital, with the aim of strengthening business relationships and increasing corporate value.