Reviewing the economic rationale for cross-shareholdings and policy to reduce them
First written in FY2019. 1 of 4 entries say "Restated". Latest entry: FY2023.
- FY2023AdvancedAnnual report
「(Holdings whose number of shares decreased during the fiscal year) Shares other than unlisted shares 2 299」
Based on the results of its review of cross-shareholdings, the company sold 2 listed stocks, for total proceeds of ¥299 million. - FY2022RestatedAnnual report
「Every year, the Board of Directors evaluates each individual stock holding qualitatively, including the appropriateness of its purpose based on the company's management strategy, and quantitatively, including whether the benefits, such as dividend yield, are commensurate with the cost of capital, to verify whether the holding is appropriate. Based on the results of the review, we will dispose of or reduce holdings whose significance has diminished at an appropriate time.」
The company continues to conduct qualitative and quantitative evaluations of each cross-shareholding, compare the benefits with the cost of capital, and pursue a policy of disposing of or reducing holdings. - FY2020Further specifying the review process for cross-shareholdingsAnnual report
「For the shares we hold, we carefully assess whether medium- to long-term economic rationality and the status of transactions, among other factors, are commensurate with the cost of capital, and submit the matter to the Board of Directors to verify whether each holding is appropriate.」
In addition to the policy of disposing of or reducing holdings whose significance has diminished, the company specifies a process for assessing holdings by comparing them with the cost of capital and submitting them to the Board of Directors for review. - FY2019First statedAnnual report
「We may hold shares in companies when deemed necessary, taking comprehensive account of factors including financing and the establishment and strengthening of business relationships with counterparties, in order to contribute to improving our medium- to long-term corporate value and achieving sustainable growth. We intend to dispose of or reduce holdings in companies whose significance as holdings has diminished, such as where transactions have decreased.」
The company newly specifies a policy of holding cross-shareholdings based on business relationships and their contribution to medium- to long-term corporate value, while disposing of or reducing holdings whose significance has diminished.