Verifying the rationale for cross-shareholdings and selling them as appropriate
First written in FY2019. 2 of 6 entries say "Reframed", first in FY2020. Latest entry: FY2023.
- FY2023ReframedAnnual report
「With respect to reviewing the appropriateness of its holdings, the Board of Directors verifies the rationale and appropriateness of holding each individual stock, using the reason for holding it, the appropriateness of the transaction details, changes in its value, and profitability based on acquisition cost and dividends as evaluation criteria.」
The Board of Directors is identified as the body responsible for reviewing policy-held shares, with reviews based on the reason for holding each stock, transaction details, changes in value and profitability. The company also continues to sell 1 stock whose significance as a holding had diminished. - FY2022AdvancedAnnual report
「As a result, during the current fiscal year the company sold 1 stock whose significance as a holding had diminished. If circumstances change and it determines that continued ownership is no longer meaningful in light of the purpose of the holding, it will proceed with appropriate sales as necessary and seek to reduce its holdings.」
The company disclosed that it sold 1 policy-held stock whose significance as a holding had diminished, and continues its policy of reducing its holdings. - FY2021AdvancedAnnual report
「As a result, during the current fiscal year the company sold 1 stock whose significance as a holding had diminished. If circumstances change and it determines that continued ownership is no longer meaningful in light of the purpose of the holding, it will proceed with appropriate sales as necessary and seek to reduce its holdings.」
Based on its review of policy-held shares, the company actually sold 1 stock whose significance as a holding had diminished. It continues its policy of reducing holdings whose continued significance is no longer recognized. - FY2020ReframedAnnual report
「At a meeting of full-time officers held on 14 September 2020, the company verified the rationale and appropriateness of holding each individual stock, using the reason for holding it, the appropriateness of the transaction details, changes in its value, and profitability based on acquisition cost and dividends as evaluation criteria. Going forward, if it determines that continued ownership is no longer meaningful in light of the purpose of the holding, it will proceed with appropriate sales as necessary and seek to reduce its holdings. In addition, to avoid risks from share-price fluctuations and improve asset efficiency, the company does not intend to acquire new holdings except where they are necessary for business relationships with investee companies or for collaboration with the company.」
The company reaffirmed its policy of verifying the rationale for individual holdings and selling stocks whose continued significance is no longer recognized, and added a policy of not acquiring new holdings except where necessary for business relationships or collaboration. - FY2020-Q1RestatedAnnual report
「There were no material changes to our management policies or management strategies during the first quarter cumulative period.」
Because the company states that there have been no material changes to its management policies or strategies, it has not indicated any changes to its policy of verifying the rationale for policy-held shares and selling them as appropriate. - FY2019First statedAnnual report
「The company holds shares in business partners and other companies to the extent necessary to maintain and develop favorable business relationships and stable, ongoing financial relationships. At meetings of full-time officers, the company verifies the rationale and appropriateness of continuing to hold each individual stock, using the reason for holding it, the appropriateness of the transaction details, changes in its value, and profitability based on acquisition cost and dividends as evaluation criteria. Going forward, if it determines that continued ownership is no longer meaningful in light of the purpose of the holding, it will proceed with appropriate sales as necessary.」
For policy-held shares held to maintain business relationships, the company has disclosed for the first time that its meetings of full-time officers will verify the reason for holding each stock, transaction details, changes in value and profitability, and that it will sell holdings whose continued significance is no longer recognized.