Annual Review of the Rationale for Strategic Shareholdings and Decisions on Continued Holdings
First written in FY2019. 3 of 6 entries say "Advanced", first in FY2021. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「With respect to listed shares held as cross-shareholdings, we engage in dialogue with the relevant companies and conduct an annual review at Board of Directors meetings. Quantitatively, we measure and compare the benefits associated with holding the shares using dividend yield and the cost of capital using WACC.」
For cross-shareholdings, we continue annual dialogue and Board of Directors reviews comparing dividend yield with WACC, and the number of holdings stood at 3 as of the end of March 2026. - FY2024RestatedAnnual report
「With respect to listed shares held as cross-shareholdings, we engage in dialogue with the relevant companies and conduct an annual review at Board of Directors meetings. Quantitatively, we measure and compare the benefits associated with holding the shares using dividend yield and the cost of capital using WACC.」
We continue to follow the policy of engaging in dialogue with the companies, comparing dividend yield with WACC, and conducting an annual review at Board of Directors meetings for cross-shareholdings. - FY2022AdvancedAnnual report
「With respect to listed shares held as cross-shareholdings, we engage in dialogue with the relevant companies and conduct an annual review at Board of Directors meetings. Quantitatively, we measure and compare the benefits associated with holding the shares using dividend yield and the cost of capital using WACC.」
For reviewing the rationale for cross-shareholdings, we explicitly established a system of conducting annual quantitative evaluations using dividend yield and WACC in addition to dialogue with the companies. - FY2021AdvancedAnnual report
「The 60 listed issues held as of the end of March 2015 were reduced to 2 as of the end of March 2021. We will continue to evaluate and scrutinize them annually at Board of Directors meetings, but in light of the management environment surrounding the Company, we have determined that holding these 2 issues is essential at present and plan, in principle, to continue holding them.」
Based on the policy of annually reviewing the rationale for cross-shareholdings, the number of holdings was reduced from 60 to 2, and continued ownership of the remaining 2 issues was approved. - FY2020RestatedAnnual report
「Since fiscal 2019, the Board of Directors has annually scrutinized each listed shareholding held as a cross-shareholding, including whether its purpose and the benefits associated with holding it are commensurate with the cost of capital. We will continue to hold such shares when we determine that they contribute to our medium- to long-term management and business strategies.」
We continue to review cross-shareholdings annually at Board of Directors meetings and decide whether to continue holding them based on their contribution to medium- to long-term strategies and whether they are commensurate with the cost of capital. - FY2019First statedAnnual report
「Since fiscal 2019, the Board of Directors has annually scrutinized each listed shareholding held as a cross-shareholding, including whether its purpose and the benefits associated with holding it are commensurate with the cost of capital. We will continue to hold such shares when we determine that they contribute to our medium- to long-term management and business strategies.」
For cross-shareholdings, we first explicitly stated since fiscal 2019 our policy of individually reviewing them each year at Board of Directors meetings, including whether they are commensurate with the cost of capital, and continuing to hold them only when they are rational.