1．Policy on Cross-Shareholdings
Shimadzu holds stocks that Shimadzu judges will result in increasing medium-and long-term corporate value, from a management strategy perspective. Each year, the Board of Directors verifies the appropriateness of holdings, by confirming whether the overall scale of cross-shareholdings is appropriate and then confirming whether the holdings of individual stocks are appropriate for the given objectives for holding the respective stocks and whether the benefits and risks from holding the stocks are commensurate with the corresponding cost of capital and other factors. Based on the above holding policy, we reduced our holdings by ¥1.3 billion in FY2024 by divesting two stocks that were deemed to have insufficient strategic significance as a result of the review.
2．Stocks Held by Shimadzu for Reasons Other Than Net Investment Purposes
The number of stocks held for purposes other than net investment and their total amount recorded on the balance sheet are as follows.
Number of Stocks(Stock types)
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|
| Unlisted Stocks | 30 | 30 | 30 | 30 | 28 | 30 |
| Stocks Not Unlisted | 36 | 30 | 24 | 22 | 22 | 20 |
Value of Stocks Included on Balance Sheet(Million yen)
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|
| Unlisted Stocks | 525 | 519 | 612 | 1,530 | 1,381 | 2,467 |
| Stocks Not Unlisted | 10,418 | 11,907 | 11,405 | 10,426 | 13,054 | 9,261 |
As of March 31, 2025, in addition to the stocks listed above, we also held eight deemed shareholdings totaling ¥31.098 billion.
3．Scale of Listed Equity Holdings by Shimadzu
As of March 31, 2025, the total number of listed stocks held by Shimadzu, including deemed shareholdings, was 20, with a total book value of ¥40.36 billion, representing 6.0% of consolidated total assets and 8.1% of consolidated net assets.
4．Shareholder Voting Criteria
Shimadzu exercises voting rights for all cross-shareholdings subject to a vote if it is judged that doing so would increase shareholder value. To ensure we exercise our voting rights appropriately, we check the content of each proposal being voted on based on decision criteria specified for each proposal, such as appropriation of retained earnings, appointment of directors or Audit & Supervisory Board members, or establishment of measures to defend against a takeover. For issues involving particularly serious concerns, such as a social scandal, we consider our vote very carefully.