Reviewing the Rationale for Cross-Shareholdings and the Policy to Reduce Them
First written in FY2021. 3 of 5 entries say "Advanced", first in FY2022. Latest entry: FY2026.
- FY2026RestatedAnnual report
「Although the quantitative effects of the holdings are not disclosed because they relate to individual transaction terms and other matters, the company reviewed the appropriateness of its holdings in October 2025 using the method described in (1).」
For policy-held shares, the company reviewed the appropriateness of its holdings in October 2025 using benefits and risks, profitability, the cost of capital and other factors. - FY2025AdvancedAnnual report
「Although the quantitative effects of the holdings are not disclosed because they relate to individual transaction terms and other matters, the company reviewed the appropriateness of its holdings in October 2024 using the method described in (1).」
For policy-held shares, the company reviewed the appropriateness of its holdings in October 2024 using benefits and risks, profitability, the cost of capital and other factors. - FY2024AdvancedAnnual report
「As for the review process, the Board of Directors is to review the benefits, risks and other factors related to each individual shareholding on a regular annual basis. … In October 2023, the company reviewed the appropriateness of its holdings.」
For policy-held shares, the company disclosed that it reviewed the appropriateness of its holdings in October 2023 using benefits and risks, profitability, the cost of capital and other factors. - FY2022AdvancedAnnual report
「The company confirms the transaction status with investee companies and their growth potential and profitability based on their financial position and operating performance, and comprehensively considers the appropriateness of continued ownership, including a quantitative comparison between the yield on benefits from ownership and the company’s cost of capital, market conditions, share-price trends and whether the purpose of ownership is consistent with the company’s policy on policy-held shares, before reviewing whether to continue holding the shares for policy purposes.」
For policy-held shares, the company disclosed that the Board of Directors conducted a review in October 2021 using benefits and risks, profitability, the cost of capital and other factors. - FY2021First statedAnnual report
「The company’s policy is to sell shares when it determines that continued ownership is not reasonable, and to work to reduce investment shares held for policy purposes. As for the review process, the Board of Directors reviews the benefits, risks and other factors related to each individual shareholding on a regular annual basis.」
For policy-held shares, the Board of Directors reviews the benefits and risks, transaction status, growth and profitability, comparison with the cost of capital and other factors annually, with a policy of selling or reducing holdings when ownership is not reasonable; this was disclosed separately for the first time.