Reviewing the Rationale for Cross-Shareholdings and Policy of Reducing Them
First written in FY2019. 2 of 4 entries say "Advanced", first in FY2022. Latest entry: FY2026.
- FY2026RaisedAnnual report
「In addition, our group's medium-term management plan (fiscal years 2026–2030) sets a target of reducing the ratio of cross-shareholdings to consolidated net assets to 10% or less by the end of fiscal 2030. After verifying the significance of each holding, we will engage in sufficient dialogue with the companies whose shares we hold and proceed with sales in stages.」
For cross-shareholdings, it has newly established a deadline and numerical target of reducing the ratio to consolidated net assets to 10% or less by the end of fiscal 2030, and has also specified a phased sale process. - FY2025AdvancedAnnual report
「Issues with a decrease in the number of shares during the fiscal year: Shares other than unlisted shares: 6 2,136」
For cross-shareholdings, it reports a decrease in the number of shares held in 6 listed issues in FY2025 and total sale proceeds of ¥2,136 million. - FY2022AdvancedAnnual report
「Holdings whose number of shares decreased during the fiscal year」
For cross-shareholdings, it reports a decrease in the number of shares held in 1 unlisted issue and 4 issues other than unlisted shares during the fiscal year, demonstrating progress in line with the policy of reducing holdings following verification of their rationale. - FY2019First statedAnnual report
「We verify the economic rationale of each holding, including whether the benefits and risks of holding the shares are commensurate with the cost of capital under our investment criteria established from the perspective of capital costs, and verify the appropriateness of the holding purpose, including whether maintaining or strengthening relationships with an investee company, for example, contributes to our medium- to long-term earnings growth and enhancement of corporate value. We hold only shares for which the rationale for ownership is confirmed. For shares whose ownership is no longer considered rational following verification of their economic rationale and holding purpose, we will consider reducing the holdings as appropriate.」
For cross-shareholdings, it has for the first time explicitly stated a policy of verifying their economic rationale and holding purpose in light of the cost of capital, and reducing holdings if the rationale is lost.