Review of Policy-Held Shares Based on the Cost of Capital
First written in FY2019. 4 of 6 entries say "Advanced", first in FY2020. Latest entry: FY2024.
- FY2024RaisedAnnual report
「As a rule, we do not hold shares of listed companies for purposes other than pure investment.」
In addition to reviewing whether returns on strategic shareholdings are commensurate with the cost of capital, tightened the policy to a “zero strategic shareholdings policy,” under which listed shares are not held in principle. During the fiscal year, sold 3 issues other than unlisted shares. - FY2023AdvancedAnnual report
「The Board of Directors reviewed the appropriateness of each individual holding and decided to sell 2 issues and continue holding 3 issues, excluding unlisted shares.」
Continued individual reviews of strategic shareholdings and decided to sell 2 issues and continue holding 3 issues, excluding unlisted shares. - FY2022AdvancedAnnual report
「The Board of Directors reviewed the appropriateness of each individual holding and decided to sell 3 issues and continue holding 5 issues, excluding unlisted shares.」
Continued individual reviews of strategic shareholdings and decided to sell 3 issues and continue holding 5 issues, excluding unlisted shares. - FY2021AdvancedAnnual report
「The Board of Directors reviewed the appropriateness of each individual holding and decided to sell 2 issues and continue holding 8 issues, excluding unlisted shares.」
Continued individual reviews of strategic shareholdings and decided to sell 2 issues and continue holding 8 issues, excluding unlisted shares. - FY2020AdvancedAnnual report
「The Board of Directors reviewed the appropriateness of each individual holding and decided to sell 5 issues and continue holding 10 issues, excluding unlisted shares.」
Conducted an individual review of strategic shareholdings and decided to sell 5 issues and continue holding 10 issues. - FY2019First statedAnnual report
「Our policy is to hold shares only when we determine that doing so will contribute to the long-term enhancement of corporate value. We review factors including the status of transactions with us and whether the returns associated with the holdings are commensurate with the cost of capital as we determine it.」
Explicitly stated a policy of reviewing the rationale for strategic shareholdings based on their contribution to corporate value and whether the returns are commensurate with the cost of capital.