Reviewing the Rationale for and Reducing Cross-Shareholdings
First written in FY2019. 2 of 4 entries say "Advanced", first in FY2020. Latest entry: FY2026.
- FY2026ReframedAnnual report
「As a general principle, the Company does not hold shares for policy purposes. However, it exceptionally holds shares as strategic shareholdings when it determines that doing so is necessary to maintain and grow its business.」
The Company defined its policy for reducing strategic shareholdings as generally holding none, with holdings permitted only as an exception when necessary to maintain and grow the business. It holds 3 listed shareholdings. - FY2021AdvancedAnnual report
「For holdings that fail to meet these criteria, the Board of Directors deliberates each year on whether they should be sold and determines which holdings to sell. At the end of the fiscal year, the number of listed shareholdings held for policy purposes was 3.」
The Company continued to assess sales based on an annual review of economic rationale and capital cost criteria, reducing its listed shareholdings held for policy purposes from 4 in the previous fiscal year to 3. - FY2020AdvancedAnnual report
「For holdings that fail to meet these criteria, the Board of Directors deliberates each year on whether they should be sold and determines which holdings to sell. At the end of the fiscal year, the number of listed shareholdings held for policy purposes was 4, following the disposal of 6 holdings during the fiscal year.」
Based on the annual review of economic rationale and the 10% ROE benchmark, the Company disposed of 6 listed shareholdings during the fiscal year, reducing its listed shareholdings held for policy purposes to 4. - FY2019First statedAnnual report
「At meetings of the Board of Directors, we review the appropriateness of holding each listed share held for policy purposes at least once a year from an independent and objective standpoint, specifically examining the purpose of the holding and its medium- to long-term economic rationale. In verifying economic rationale, we consider selling a holding if its yield, calculated as {dividends received + (ending market value − beginning market value)} ÷ beginning market value, is below 10%, using the 10% target ROE in the Company's medium-term management plan as the benchmark.」
For the first time, the Company comprehensively disclosed its annual review of strategic shareholdings and its sale-review criterion of a 10% ROE benchmark, and disposed of 3 listed shareholdings during the fiscal year.