Annual review and rational reduction of cross-held shares
First written in FY2019. 4 of 5 entries say "Advanced", first in FY2020. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「Most recently, at a Board of Directors meeting in August 2025, we reviewed the significance of holding each cross-held share and confirmed that all currently held cross-held shares were held for purposes consistent with our holding policy.」
At a Board of Directors meeting in August 2025, the Company reviewed each cross-held share and confirmed that the holdings were consistent with its policy. - FY2023AdvancedAnnual report
「Most recently, at a Board of Directors meeting in August 2022, we reviewed the significance of holding each cross-held share and confirmed that all currently held cross-held shares were held for purposes consistent with our holding policy.」
At a Board of Directors meeting in August 2022, the Company reviewed each cross-held share and confirmed that the currently held shares were consistent with its holding policy. - FY2021-Q3AdvancedAnnual report
「Most recently, at a Board of Directors meeting in August 2019, we reviewed the significance of holding each cross-held share and confirmed that all currently held cross-held shares were held for purposes consistent with our holding policy.」
The Company reviewed the significance of holding each cross-held share at a Board of Directors meeting and confirmed that the currently held shares were consistent with its policy. - FY2020AdvancedAnnual report
「Most recently, at a Board of Directors meeting in August 2019, we reviewed the significance of holding each cross-held share and confirmed that all currently held cross-held shares were held for purposes consistent with our holding policy.」
At a Board of Directors meeting in August 2019, the Company reviewed the significance of holding each cross-held share and confirmed that the currently held shares were consistent with its policy. - FY2019First statedAnnual report
「After acquiring cross-held shares, the Board of Directors conducts an annual review of (i) the purpose of holding them, (ii) the expected benefits of holding the listed shares, including maintaining and strengthening business relationships, and (iii) the risks associated with holding the listed shares, including the risk of a decline in their share price. Based on this review, the Board determines whether the purpose of holding the shares is appropriate and whether the benefits and risks associated with holding them are commensurate with the cost of capital. For cross-held shares that are not found to be economically rational over the medium to long term, we will consider disposing of them or otherwise unwinding the cross-holding.」
The Company stated for the first time its policy of having the Board of Directors annually review the purpose, benefits and risks of cross-held shares and their appropriateness relative to the cost of capital, and consider unwinding the holdings when they are not found to be economically rational.