Reviewing the Rationale for Strategic Shareholdings and Decisions to Continue Holding, Sell or Reduce Them
First written in FY2019. 3 of 5 entries say "Advanced", first in FY2021. Latest entry: FY2026.
- FY2026RestatedAnnual report
「Following deliberation by the Board of Directors based on the assessment results, we confirmed that holding all issues was rational.」
For cross-shareholdings, the benefits and risks and the cost of capital were assessed for each issue, and the rationale for holding all issues was confirmed during the fiscal year. - FY2025AdvancedAnnual report
「SHOFU INC. … Total sale proceeds related to reductions in the number of shares … 1 issue other than unlisted shares: ¥1,533.628 million. TERUMO CORPORATION … All shares were sold during the fiscal year.」
For cross-shareholdings, 1 issue other than unlisted shares was sold, and all TERUMO CORPORATION shares were sold. - FY2022AdvancedAnnual report
「Following an assessment of each issue and deliberation by the Board of Directors, we will consider selling issues for which we determine that the rationale for holding them is insufficient.」
The rationale for cross-shareholdings continued to be assessed, and during the fiscal year, 1 issue other than unlisted shares was sold. It also states that the rationale for holding all issues was confirmed. - FY2021AdvancedAnnual report
「Following an assessment of each issue and deliberation by the Board of Directors, we will consider selling issues for which we determine that the rationale for holding them is insufficient.」
For cross-shareholdings, the rationale for each issue was assessed, and during the fiscal year, the number of shares held in 5 issues other than unlisted shares was reduced. - FY2019First statedAnnual report
「For shares held, we verify 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. Based on the results, the Board of Directors determines whether to continue holding them.」
It separately describes, for the first time, a policy of reviewing the benefits and risks against the cost of capital for shareholdings held for business alliances, financing and expanded transactions, with the Board of Directors deciding whether to continue holding or sell them.