Restricting New Strategic Shareholdings and Reviewing Their Rationale
First written in FY2019. 4 of 6 entries say "Advanced", first in FY2020. Latest entry: FY2026.
- FY2026SoftenedAnnual report
「In the fiscal year under review, the verification was conducted at the Board of Directors meeting held on 17 June 2025.」
The annual verification of the rationale for cross-shareholdings continues. Meanwhile, an increase in the number of shares held in 4 issues and expanded holdings aimed at increasing sales over the medium to long term through stronger relationships are also described. - FY2025AdvancedAnnual report
「During the fiscal year under review, we reduced our holdings by 2 issues, totaling ¥398 million. Going forward, our policy is to continue reducing holdings where the benefits of holding them are considered to have diminished, while taking into consideration the rationale for holding them and capital efficiency.」
For cross-shareholdings, 2 issues totaling ¥398 million were reduced during the fiscal year under review. The policy of conducting annual rationale reviews and reducing holdings also continues. - FY2024AdvancedAnnual report
「Specifically, once a year, in addition to business synergies identified by reviewing transaction status over the past 3 years, we assess the current status of each holding's management using indicators of growth, profitability, financial soundness and valuation, and evaluate and verify the rationale for holding the shares at a Board of Directors meeting. In the fiscal year under review, the verification was conducted at the Board of Directors meeting held on 21 June 2023.」
For cross-shareholdings, specific evidence is presented that an annual evaluation and verification of their rationale by the Board of Directors were also conducted in the fiscal year under review. - FY2022AdvancedAnnual report
「Specifically, once a year, in addition to business synergies identified by reviewing transaction status over the past 3 years, we assess the current status of each holding's management using indicators of growth, profitability, financial soundness and valuation, and evaluate and verify the rationale for holding the shares at a Board of Directors meeting. In the fiscal year under review, the verification was conducted at the Board of Directors meeting held on 17 June 2021.」
For cross-shareholdings, specific evidence is presented that an annual evaluation and verification of their rationale by the Board of Directors were also conducted in the fiscal year under review. - FY2020AdvancedAnnual report
「Specifically, once a year, in addition to business synergies identified by reviewing transaction status over the past 3 years, we assess the current status of each holding's management using indicators of growth, profitability, financial soundness and valuation, and evaluate and verify the rationale for holding the shares at a Board of Directors meeting. In the fiscal year under review, the verification was conducted at the Board of Directors meeting held on 19 June 2019.」
For cross-shareholdings, specific evidence is presented of annual evaluations of transactions and management conditions and verification of their rationale by the Board of Directors. - FY2019First statedAnnual report
「Our policy is to hold shares only where this is expected to facilitate the smooth pursuit of business activities, including sales and purchasing, through such benefits as expanded sales from stronger relationships of trust with business partners, stable procurement and stable financing. As a general rule, we do not acquire new cross-shareholdings.」
For cross-shareholdings, it is explicitly stated for the first time that holdings will be limited to cases where business benefits are expected, that new holdings will generally not be acquired, and that their rationale will be verified by the Board of Directors.