Reviewing the Rationale for Cross-Shareholdings and Policy of Reducing Them
First written in FY2019. 3 of 6 entries say "Advanced", first in FY2021. Latest entry: FY2026.
- FY2026RestatedAnnual report
「Based on the above, the Board of Directors conducted a review during the current fiscal year and decided to reduce the holding after taking share prices and other factors into consideration. However, due in part to market conditions, the sale has not been implemented.」
The policy of reviewing the rationality of cross-shareholdings and reducing them remains in place, but no holdings identified for reduction were sold during the current fiscal year either. - FY2025Reduction decided, sale not implemented; change to pure investment purposeAnnual report
「Based on the above, the Board of Directors conducted a review during the current fiscal year and decided to reduce the holding after taking share prices and other factors into consideration. However, due in part to market conditions, the sale has not been implemented.」
The policy of reducing cross-shareholdings remains in place, but no holdings identified for reduction were sold during the current fiscal year. In addition, five holdings were reclassified as being held for pure investment purposes, with a policy of selling them if the payout ratio remains below 30% for 3 consecutive years. - FY2023AdvancedAnnual report
「Based on the above, the Board of Directors conducted a review during the current fiscal year. After taking share prices and other factors into consideration, it decided to reduce two specific holdings, and ultimately reduced two holdings during the current fiscal year.」
The rationality of cross-shareholdings was reviewed by the Board of Directors, and two holdings were reduced during the fiscal year. - FY2022AdvancedAnnual report
「Based on the above, the Board of Directors conducted a review during the current fiscal year. After taking share prices and other factors into consideration, it decided to reduce one specific holding, and ultimately reduced one holding during the current fiscal year.」
The rationality of cross-shareholdings was reviewed by the Board of Directors, and one holding was reduced during the current fiscal year. - FY2021AdvancedAnnual report
「Based on the above, the Board of Directors conducted a review during the current fiscal year. After taking share prices and other factors into consideration, it decided to reduce one specific holding, while continuing to hold the other shares because they contribute to corporate value. As a result of subsequent changes in business relationships and other factors, the company reduced two holdings during the current fiscal year.」
The rationality of cross-shareholdings was reviewed, and two holdings were reduced during the current fiscal year, including the holding identified in the initial review. - FY2019First statedAnnual report
「We believe that developing, maintaining and strengthening industry and business relationships are essential to stable corporate operations and sustainable growth. For investment shares held for purposes other than pure investment, we comprehensively consider whether the purpose of holding them is appropriate, as well as the benefits and risks associated with holding them. We plan to progressively reduce holdings that we determine do not contribute to enhancing our medium- to long-term corporate value.」
While stating that the purpose of holding cross-shareholdings is to maintain and strengthen business relationships, the company has for the first time confirmed as a specific theme its policy of progressively reducing holdings that do not contribute to enhancing medium- to long-term corporate value. The appropriateness of holdings is reviewed once a year by the Board of Directors.