In today’s briefing:
- The Game Has Changed Since the Era of Cross-Shareholdings
The Game Has Changed Since the Era of Cross-Shareholdings
- Share buybacks peak every year in June when AGMs are held, after which the “Quiet Period” begins. Toward the fiscal year-end, buybacks are expected as a means to resolve cross-shareholdings.
- Given that the capital profitability of all TSE-listed companies hasn’t shown improvement, investors must continue to call for reducing excess cash reserves through dissolution of cross-shareholdings and the share buybacks.
- Shareholders entrust management with the responsibility to maximize shareholder interest, which includes shareholder returns and corporate value growth. It’s natural for shareholders to demand that management fulfill this fiduciary duty.
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