Review of the Economic Rationale and Purpose of Strategic Shareholdings and Consideration of Partial Sales
First written in FY2019. 4 of 6 entries say "Advanced", first in FY2020. Latest entry: FY2026.
- FY2026RestatedAnnual report
「During the fiscal year, based on this policy, the Board of Directors conducted qualitative and quantitative reviews of whether individual securities should be held at its meeting on 26 February 2026.」
The Board of Directors continues its qualitative and quantitative reviews of individual holdings of policy-held shares. The company states that no holdings had changes in the number of shares during the year. - FY2025AdvancedAnnual report
「During the fiscal year, based on this policy, the Board of Directors conducted qualitative and quantitative reviews of whether individual securities should be held at its meeting on 28 March 2025.」
The Board of Directors continued its qualitative and quantitative reviews of individual holdings of policy-held shares. Maruha Nichiro shares and Sotetsu Holdings shares were acquired to strengthen business relationships, and one unlisted shareholding was sold. The company also continued its policy of engaging in dialogue regarding Chubu Suisan shares, determining that the rationale for holding them was weak. - FY2024AdvancedAnnual report
「During the fiscal year, based on this policy, the Board of Directors conducted qualitative and quantitative reviews of whether individual securities should be held at its meeting on 29 March 2024.」
The Board of Directors conducted qualitative and quantitative reviews of individual holdings of policy-held shares. Two unlisted shareholdings were sold. With respect to Chubu Suisan shares, which have not been traded, the company determined that the rationale for holding them was weak and stated its policy of continuing dialogue toward a sale. - FY2021AdvancedAnnual report
「For each holding, the company conducted an analysis comparing ROIC with the dividend yield on the shares held and also considered contributions to overall improvements in corporate value. As a result of reviewing all holdings, it determined that retaining them was appropriate from the perspectives of economic rationale and the purpose of the holdings.」
The company states that it reviewed all strategic shareholdings based on ROIC, dividend yield and their contribution to improving corporate value, among other factors, and determined that retaining them was appropriate. During the current fiscal year, it also sold 1 unlisted holding and 1 listed holding. - FY2020AdvancedAnnual report
「For each holding, the company verifies whether related revenue, including dividends and profits from related transactions, exceeds its target cost of capital relative to the acquisition cost. It confirmed that related revenue exceeded the cost of capital for the majority of the holdings reviewed.」
As of the end of March 2020, the company verified the economic rationale of each strategic shareholding and confirmed that related revenue exceeded its target cost of capital for the majority of holdings. For holdings to be retained, it also confirmed purposes such as maintaining and strengthening business relationships. - FY2019First statedAnnual report
「The company may acquire and hold shares and equity interests in companies other than subsidiaries as general investment securities when the purpose is not pure investment, using them as one means of creating business opportunities and building, maintaining and strengthening business and cooperation relationships. Following a review of its holding policy for each listed and unlisted holding from the perspectives of economic rationale and the purpose of the holding, the Board of Directors verified the results.」
The company holds strategic shareholdings to build, maintain and strengthen business and cooperation relationships, and has disclosed for the first time as an independent topic its policy of verifying the economic rationale and purpose of each holding at Board of Directors meetings. It states that, taking into account cash and deposits and capital investment, it will consider selling some holdings.