Review of the Purpose and Economic Rationale of Strategic Shareholdings
First written in FY2019. 4 of 6 entries say "Advanced", first in FY2022. Latest entry: 2026-06-25.
- 2026-06-25AdvancedGovernance
「Regarding the reduction of cross-held shares, the current Medium-Term Management Plan sets a policy of reducing the ratio of cross-held shares to total consolidated equity to 10% or less during the plan period. The target was achieved ahead of schedule in FY2025, and further reductions are being pursued.」
The company states that it will continue reducing cross-held shares after achieving ahead of schedule its target of keeping the ratio at 10% or less. - FY2026AdvancedAnnual report
「The ratio of cross-shareholdings was 8.2% during the fiscal year. We will continue to comprehensively determine whether to retain such holdings after verifying their economic rationale and significance, among other factors.」
The ratio of cross-shareholdings declined from 8.9% in the previous fiscal year to 8.2%, remaining below the policy target of 10% or less by the end of March 2027. - 2026-06-01AdvancedGeneral Meetings of Shareholders
「The company sold approximately ¥13.0 billion of cross-held shares in total during FY2024 and FY2025, and the holding ratio of cross-held shares was 8.2% as of the end of March 2026.」
The ratio of cross-held shares declined from the previously reported 8.9% to 8.2%, indicating progress toward the policy of reducing the ratio to 10% or less by the end of March 2027. - FY2025AchievedAnnual report
「During the fiscal year, the sale of cross-shareholdings generated cash proceeds of more than ¥10 billion. As a result, the ratio of cross-shareholdings fell to 8.9%, achieving the target of 10% or less ahead of schedule.」
The target of reducing the ratio of cross-shareholdings to 10% or less by the end of March 2027 was achieved two years ahead of schedule, with the ratio at 8.9% at the end of the period. - FY2022AdvancedAnnual report
「For listed shares other than those of affiliated companies, in accordance with internal rules, we quantitatively evaluate each holding every year, including returns such as related earnings and dividends received, in addition to qualitative factors such as the purpose of holding the shares, and the Board of Directors verifies whether each investment is commensurate with the Company's cost of capital.」
The Company specifically disclosed that it conducts annual quantitative and qualitative evaluations of cross-shareholdings and verifies them against the cost of capital at Board of Directors meetings. - FY2019First statedAnnual report
「When holding listed shares for purposes other than pure investment, we comprehensively determine whether they should be held after considering the economic rationale of the investment, including its necessity, purpose and profitability, such as whether it will contribute to medium- to long-term earnings growth through the maintenance and expansion of business relationships with investee companies, as well as the assessments and intentions of other investors and exit strategies.」
For cross-shareholdings, the Company determines whether holdings should be maintained based on the maintenance and expansion of business relationships, medium- to long-term earnings, economic rationale and exit strategies, among other factors, and has for the first time described as a standalone topic its policy of verifying them quantitatively and qualitatively each year at the Board of Directors.