Policy for Cross-shareholdings and Voting Standards

Principle 1-4 Cross-shareholdings

The Company has prepared and disclosed a policy for cross-shareholdings (reduction policy and voting standards).

(1)Views on cross-shareholdings

  • In principle, the Company will not hold listed stocks as cross-shareholdings except in cases where it recognizes there is significance or justification for ownership. Significance or justification for ownership will be judged from the results of yearly examinations conducted on each stock based on whether there are expectations of collaboration with the issuers and business synergies, as well as on whether the benefit and risk of holding said stock are appropriate to its capital cost. Consequently, stock where there is little significance or justification for ownership will be sold while taking into account the proper stock price, market conditions and other factors.

(2)Standard for voting cross-shareholdings

  • The execution of voting rights is an important means of communicating with investees and the Company exercises its voting rights related to all cross-shareholdings. In exercising these rights, the Company checks each proposal and rather than making a uniform judgement on whether to approve or reject it based on formulaic or short-term standards, it makes a judgement from the perspective of whether said proposal will lead to continuous growth and a medium- to long-term increase in corporate value for the Company and the investee, based on sufficient consideration of said investee's management policy, strategies, and the like. Judgement on whether to approve or disapprove a proposal includes careful consideration of the following items in particular, as they may have a significant impact on shareholder return.
    1. Transfer of important assets
    2. Merger or share transfers which cause or cease wholly owned subsidiary
    3. Third-party allotments through favorable issuances
    4. Introduction of measures to defend against hostile takeovers

Shareholdings (As of March 31, 2020)

  • Number of stocks held for purposes other than pure investment and total amount on balance sheet: 55 stocks: ¥21,903 million
  • Category, issue, number of shares, balance sheet amount, and purpose of holding of investment shares held for purposes other than pure investment purposes
Stocks Number of Options (shares) Balance Sheet Amounts Purpose of holding
million Yen
Omron Corporation 543,000 3,057 To ensure stable procurement in Business Technologies Business and Healthcare Business, and to maintain and strengthen business relationships in Office Business
Marubeni Corporation 3,570,000 1,924 To maintain and strengthen cooperative relationships with issuers that are sales partners in Business Technologies Business
ROHM CO., LTD. 217,300 1,288 To ensure stable procurement in Business Technologies Business and Industrial Business, and to maintain and strengthen business relationships in Office Business
Dai Nippon Printing Co., Ltd. 453,010 1,042 To maintain and strengthen business relationships in Industrial Business and Office Business
MS & AD Insurance Group Holdings, Inc. 314,117 950 To maintain and strengthen stable insurance transactions and Office Business business relationships
Mitsubishi Warehouse Co., Ltd. 432,000 942 To maintain and strengthen close relationships as a logistics contractor in Business Technologies Business and business relationships in Office Business
Sumitomo Mitsui Financial Group, Inc. 283,600 743 To facilitate financing transactions with financial institutions affiliated with the issuing company and to collect domestic and overseas information
T & D Holdings, Inc. 753,600 666 To maintain and strengthen stable insurance transactions and Office Business business relationships
114 Bank, Ltd. 307,800 603 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Mebuki Financial Group, Inc. 2,281,500 501 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
NOK Corporation 408,600 487 To ensure stable procurement in Business Technologies Business and Healthcare Business, and to maintain and strengthen business relationships in Office Business
Nikon Corporation 454,800 453 To maintain and strengthen cooperative relationships in Industrial Business and business relationships in Office Business
Kamigumi Co., Ltd. 200,000 365 To maintain and strengthen close relationships with Business Technologies Business and Industrial Business as logistics contractors and business relationships in Office Business
Chiba Bank, Ltd. 723,500 342 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
SOMPO Holdings, Inc. 56,100 187 To maintain and strengthen stable insurance transactions and to maintain and strengthen business relationships in Office Business
The Shizuoka Bank, Ltd. 254,000 166 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Kansai Mirai Financial Group, Inc. 402,900 156 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Komori Corporation 200,000 147 Developed and marketed alliance partners in Professional Print Business and Office Business, and to maintain and strengthen business relationships
Iyo Bank, Ltd. 241,000 131 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Aichi Bank, Ltd. 31,900 101 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Resona Holdings, Inc. 285,700 92 To facilitate financing transactions with financial institutions under the umbrella of the issuing company
Ushio Electric Co., Ltd. 71,561 73 For stable procurement in Business Technologies Business and the maintenance and strengthening of Industrial Business business relationships
Ryoden Shoji Co., Ltd. 44,000 57 For stable procurement in Business Technologies Business and the maintenance and strengthening of business relationships
Nanto Bank, Ltd. 14,500 32 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Yamanashi Chuo Bank, Ltd. 37,600 27 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Ogaki Kyoritsu Bank, Ltd. 4,100 8 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business

(NOTE)At the stage of selecting top issues on the balance sheet, specified investment shares and shares deemed to be held are not combined.

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