Reviewing the Rationale for and Reducing Cross-Shareholdings
First written in FY2019. 6 of 7 entries say "Advanced", first in FY2020. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「The Board of Directors is verifying individual stocks in May 2026 based on the above-mentioned method for verifying the rationale for holding them, to determine whether each individual stock should be held.」
For cross-shareholdings, verification by the Board of Directors was explicitly described using quantitative assessments comparing total return ratios with the cost of capital and qualitative assessments such as contributions to the regional economy. During the fiscal year, 5 unlisted stocks and 4 listed stocks were sold. - FY2025AdvancedAnnual report
「Unlisted stocks 7 325 Stocks other than unlisted stocks 8 1,446」
With respect to cross-shareholdings, 7 unlisted stocks and 8 listed stocks were sold during the fiscal year. The policy of verification by the Board of Directors and reducing holdings where no improvement is seen continues. - FY2023AdvancedAnnual report
「Unlisted stocks 7 747 Stocks other than unlisted stocks 11 1,457」
With respect to cross-shareholdings, 7 unlisted stocks and 11 listed stocks were sold during the fiscal year. The policy of verifying their rationale and reducing holdings where no improvement is seen continues. - FY2022AdvancedAnnual report
「We will nevertheless consider reducing cross-shareholdings for which no improvement is seen.」
During the fiscal year, 2 unlisted stocks were acquired, while 8 unlisted stocks and 5 listed stocks were sold. The policy of verifying the rationale and reducing holdings continues. - FY2021AdvancedAnnual report
「We will nevertheless consider reducing cross-shareholdings for which no improvement is seen.」
The policy of verifying the rationale continued. During the fiscal year, 2 listed stocks were sold and 3 unlisted stocks were acquired. We hold 126 listed stocks with a carrying amount of ¥113,606 million. - FY2020AdvancedAnnual report
「We will nevertheless consider reducing cross-shareholdings for which no improvement is seen.」
The policy of verifying the rationale for cross-shareholdings continued. During the fiscal year, 6 listed stocks were sold, while shares in a local infrastructure company important to the development of the regional economy were purchased. - FY2019First statedAnnual report
「With respect to cross-shareholdings, our policy is to hold shares only where they are deemed to contribute to such objectives as maintaining and strengthening sound business and cooperative relationships with our group’s business partners, improving the medium- to long-term corporate value of our group and the issuing company, and contributing to the local economy through the issuing company, from the standpoint of ensuring stable relationships with business partners and others of our group.」
The purpose of holding cross-shareholdings was limited, and the policy was explicitly presented for the first time as an independent theme: each year, the Board of Directors verifies whether holdings should be continued and whether their risk-return profile is economically rational, and considers reducing holdings where no improvement is seen.