Policy on Cross-Shareholdings
From a management strategy perspective, the Company holds shares that it determines will contribute to enhancing corporate value over the medium to long term. Each year, the Board of Directors reviews whether the scale of cross-shareholdings is appropriate and also verifies, for each individual holding, whether it is appropriate in light of the purpose of holding and whether the benefits and risks associated with the holding are commensurate with the cost of capital and other factors. The Company will reduce holdings that are not aligned with its holding policy.
Shares Held for Purposes Other Than Pure Investment
Number of Issues(Issues)
| FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Unlisted Stocks | 30 | 30 | 30 | 28 | 30 | 27 |
| Listed Stocks | 30 | 24 | 22 | 22 | 20 | 18 |
Carrying Amount on the Balance Sheet(Millions of yen)
| FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Unlisted Stocks | 519 | 612 | 1,530 | 1,381 | 2,467 | 1,646 |
| Listed Stocks | 11,907 | 11,405 | 10,426 | 13,054 | 9,261 | 12,600 |
As of March 31, 2026, in addition to the above, the Company held six deemed shareholdings amounting to ¥32,540 million. Including these holdings, the aggregate amount of shareholdings represented 6.3% of consolidated total assets and 8.3% of consolidated net assets.
Standards for Exercising Voting Rights
In exercising voting rights for cross-shareholdings, the Company exercises its voting rights on all proposals after determining whether they contribute to enhancing shareholder value. To ensure the appropriate exercise of voting rights, the Company reviews each proposal in accordance with criteria established for each type of proposal, such as appropriation of surplus, the election of Directors and Audit & Supervisory Board Members, and anti-takeover measures. If serious concerns arise, such as scandals or other serious misconduct, the Company carefully considers whether to vote for or against the proposal.