Governance structure
Company with an Audit and Supervisory CommitteeWhen one company holds most of the voting rights, its wishes are more likely to prevail in management. How the interests of minority shareholders are protected is a key issue.
This is the number of people reported to the exchange as independent officers. Whether someone is an outside officer and whether they qualify as independent are separate determinations.
The company reviews the rationale for each strategic shareholding annually. Its basic policy is to sell holdings where their rationale cannot be justified, after taking into consideration the impact on the business and market and obtaining the understanding of the business partner. The number of holdings was reduced from 134 companies at the end of March 2016 to 19 companies as of 31 December 2025.
Policy regarding shares of other companies held to maintain business relationships and for other purposes.
Not adopted
Pre-agreed countermeasures in preparation for an unsolicited takeover attempt.
The assessment of the effectiveness of the Board of Directors for fiscal 2024 identifies as major initiatives the appointment of outside directors as the chairs of the Nomination and Compensation Committees and the review of the Board’s skills, among other measures.
| Item | Details |
|---|---|
| Corporate Governance Structure | Company with an Audit and Supervisory Committee |
| Number of directors | 12 directors, including 5 outside directors (4 independent outside directors) |
| Number of independent officers | 4 people |
| Committee | Governance Committee, Nomination Committee, Compensation Committee, and Sustainability Committee. A majority of the members of the Nomination and Compensation Committees are independent outside directors, and the chairpersons of both committees are independent outside directors. The proportion of outside members on the Governance Committee is not disclosed. |
| Policy on cross-shareholdings | The company reviews the rationale for each strategic shareholding annually. Its basic policy is to sell holdings where their rationale cannot be justified, after taking into consideration the impact on the business and market and obtaining the understanding of the business partner. The number of holdings was reduced from 134 companies at the end of March 2016 to 19 companies as of 31 December 2025. |
| Takeover defenses | Not adopted |
| Controlling shareholder | There is no controlling shareholder. |
| Changes this time | The assessment of the effectiveness of the Board of Directors for fiscal 2024 identifies as major initiatives the appointment of outside directors as the chairs of the Nomination and Compensation Committees and the review of the Board’s skills, among other measures. |
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Strategic shareholdings are held to build long-term, stable relationships with business partners, promote business, strengthen relationships based on capital and business alliances, and create new business opportunities. The company’s policy is to sell holdings when their rationale cannot be justified, and it may also sell them after considering factors such as market-value fluctuation risk and capital efficiency.