Policy for Holding, Reviewing and Exercising Voting Rights on Cross-Shareholdings
First written in FY2018. 3 of 7 entries say "Advanced", first in FY2019. Latest entry: FY2024.
- FY2024AchievedAnnual report
「As we completed the sale of all cross-shareholdings held during the fiscal year ended March 2024, we held no such shares as of the end of the fiscal year ended March 2024.」
Regarding cross-shareholdings, holdings changed from the previous 3 issues valued at less than 0.5% of net assets to zero at fiscal year-end, following completion of the sale of all holdings in the fiscal year ended March 2024. - FY2023AdvancedAnnual report
「The Board of Directors decided to sell all of these shares and reached agreement with each company. We will proceed with the sales as appropriate.」
We maintained the policy of limiting cross-shareholdings to 3 issues and keeping their value below 0.5% of net assets, and the Board of Directors decided and agreed to sell all shares. The sales themselves are scheduled to take place in the future. - FY2022RestatedAnnual report
「We currently hold only the minimum number of 3 issues, and as of the end of the fiscal year, the value of these cross-shareholdings was less than 0.5% of net assets.」
We continue to limit cross-shareholdings to 3 issues and keep their value below 0.5% of net assets. - FY2021AdvancedAnnual report
「We currently hold only the minimum number of 3 issues, and as of the end of the fiscal year, the value of these cross-shareholdings was less than 0.5% of net assets.」
We disclosed that cross-shareholdings were limited to 3 issues and that their value was less than 0.5% of net assets. We also continue to review the rationale for holdings and the criteria for reducing or selling them. - FY2020RestatedAnnual report
「With respect to cross-shareholdings, the company seeks to strengthen and deepen relationships with companies with which it has ongoing business dealings, while eliminating customary reciprocal holdings and favoritism based on personal relationships. It keeps such holdings to a minimum after comprehensively considering their merits and demerits from a medium- to long-term perspective, including whether they will contribute to future business relationships and sustainable enhancement of corporate value. As of the end of the period, it held only 3 issues.」
We continue to review cross-shareholdings based on their contribution to medium- and long-term business relationships and corporate value, with holdings limited to 3 issues. - FY2019AdvancedAnnual report
「With respect to cross-shareholdings, the company seeks to strengthen and deepen relationships with companies with which it has ongoing business dealings, while eliminating customary reciprocal holdings and favoritism based on personal relationships. It keeps such holdings to a minimum after comprehensively considering their merits and demerits from a medium- to long-term perspective, including whether they will contribute to future business relationships and sustainable enhancement of corporate value. As of the end of the period, it held only 3 issues.」
We specified our criteria for reducing or selling cross-shareholdings when their economic rationale is limited, such as when their book value declines by 50% or more, while limiting fiscal year-end holdings to 3 issues and setting out a policy for exercising voting rights on each proposal. - FY2018First statedAnnual report
「While strengthening and deepening relationships with companies with which we have ongoing business dealings, we exclude customary reciprocal holdings and favoritism based on personal relationships. We hold strategic shares only after comprehensively considering their benefits and costs from a medium- to long-term perspective, including whether they will contribute to future business relationships and sustainable corporate value.」
We newly systematised our policy for cross-shareholdings: holdings are maintained based on business relationships and their contribution to corporate value, stock-price volatility and economic rationale are reviewed, and voting rights are exercised on each proposal.