{
  "commentary": [
    {
      "heading": null,
      "paragraphs": [
        "FY15時点では日本マスタートラスト信託銀行5.52%・日本トラスティ・サービス信託銀行4.96%を筆頭に、創業家の鹿島昭一氏2.99%・三井住友銀行1.93%・鹿島学術振興財団1.37%が並ぶ信託・創業家・取引銀行の混在構造だった。",
        "FY24は日本マスタートラスト信託銀行が17.14%まで集中し、鹿島公子氏3.35%が個人筆頭を継承するなど信託主導と創業家保有の併存構造へ移行している。"
      ]
    }
  ],
  "long_term_commentary": [
    "1961年には会長を務めた鹿島守之助氏が単独で23.85%を握る筆頭株主であり、鹿島卯女氏（4.35%）・鹿島昭一氏（3.84%）ら一族が続く、創業家・同族が圧倒的に支配する構造だった。",
    "2010年には日本マスタートラスト信託銀行（4.82%）・日本トラスティ・サービス信託銀行（4.71%）の信託口が上位に立ち、鹿島昭一氏（2.99%）や鹿島社員持株会を交えて、創業家保有と機関投資家が併存する構造へ移った。",
    "2015年も信託2口が筆頭を占めつつ三井住友銀行（1.93%）が取引銀行として残り、創業家の鹿島昭一氏が個人筆頭を保ちながら信託主導の機関投資家化が進んでいた。"
  ],
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 5.52,
      "shares_held": 58370000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 4.96,
      "shares_held": 52464000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 3,
      "name": "鹿 島 昭 一",
      "shareholding_ratio": 2.99,
      "shares_held": 31585000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 4,
      "name": "株式会社三井住友銀行",
      "shareholding_ratio": 1.93,
      "shares_held": 20442000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 5,
      "name": "鹿島社員持株会",
      "shareholding_ratio": 1.88,
      "shares_held": 19872000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 6,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口９)",
      "shareholding_ratio": 1.64,
      "shares_held": 17326000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 7,
      "name": "公益財団法人鹿島学術振興財団",
      "shareholding_ratio": 1.37,
      "shares_held": 14470000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 8,
      "name": "石 川 ヨシ子",
      "shareholding_ratio": 1.35,
      "shares_held": 14292000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 9,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口７)",
      "shareholding_ratio": 1.22,
      "shares_held": 12930000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 10,
      "name": "大正製薬ホールディングス株式会社",
      "shareholding_ratio": 1.19,
      "shares_held": 12576000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 5.98,
      "shares_held": 63253000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 4.98,
      "shares_held": 52616000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 3,
      "name": "鹿 島 昭 一",
      "shareholding_ratio": 2.99,
      "shares_held": 31585000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 4,
      "name": "株式会社三井住友銀行",
      "shareholding_ratio": 1.93,
      "shares_held": 20442000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 5,
      "name": "鹿島社員持株会",
      "shareholding_ratio": 1.74,
      "shares_held": 18445000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 6,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口５)",
      "shareholding_ratio": 1.71,
      "shares_held": 18095000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 7,
      "name": "ステート ストリート バンク ウェストクライアント トリーティー 505234(常任代理人 株式会社みずほ銀行)",
      "shareholding_ratio": 1.6,
      "shares_held": 16868000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 8,
      "name": "公益財団法人鹿島学術振興財団",
      "shareholding_ratio": 1.37,
      "shares_held": 14470000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 9,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口１)",
      "shareholding_ratio": 1.27,
      "shares_held": 13403000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口２)",
      "shareholding_ratio": 1.25,
      "shares_held": 13255000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 6.48,
      "shares_held": 67379000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 4.29,
      "shares_held": 44592000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 3,
      "name": "鹿 島 昭 一",
      "shareholding_ratio": 3.04,
      "shares_held": 31585000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 4,
      "name": "ステート ストリート バンク ウェストクライアント トリーティー 505234(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 2.08,
      "shares_held": 21621000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 5,
      "name": "株式会社三井住友銀行",
      "shareholding_ratio": 1.97,
      "shares_held": 20442000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 6,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口５)",
      "shareholding_ratio": 1.81,
      "shares_held": 18816000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 7,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口７)",
      "shareholding_ratio": 1.65,
      "shares_held": 17136000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 8,
      "name": "鹿島社員持株会",
      "shareholding_ratio": 1.6,
      "shares_held": 16664000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 9,
      "name": "GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店)",
      "shareholding_ratio": 1.48,
      "shares_held": 15345000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 10,
      "name": "公益財団法人鹿島学術振興財団",
      "shareholding_ratio": 1.39,
      "shares_held": 14470000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 7.73,
      "shares_held": 40174000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 5.79,
      "shares_held": 30078000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 3,
      "name": "鹿 島 昭 一",
      "shareholding_ratio": 3.04,
      "shares_held": 15792000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 4,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口５)",
      "shareholding_ratio": 1.98,
      "shares_held": 10302000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 5,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口９)",
      "shareholding_ratio": 1.87,
      "shares_held": 9742000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 6,
      "name": "株式会社三井住友銀行",
      "shareholding_ratio": 1.83,
      "shares_held": 9508000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 7,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口７)",
      "shareholding_ratio": 1.74,
      "shares_held": 9034000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 8,
      "name": "鹿島社員持株会",
      "shareholding_ratio": 1.62,
      "shares_held": 8432000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 9,
      "name": "公益財団法人鹿島学術振興財団",
      "shareholding_ratio": 1.39,
      "shares_held": 7235000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 10,
      "name": "ジェーピー モルガン チェース バンク385151(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 1.37,
      "shares_held": 7145000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 8.83,
      "shares_held": 45347000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 6.39,
      "shares_held": 32834000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 3,
      "name": "鹿 島 昭 一",
      "shareholding_ratio": 3.08,
      "shares_held": 15792000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 4,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口７)",
      "shareholding_ratio": 2.1,
      "shares_held": 10807000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 5,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口９)",
      "shareholding_ratio": 2.1,
      "shares_held": 10791000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 6,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口５)",
      "shareholding_ratio": 1.95,
      "shares_held": 10039000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 7,
      "name": "株式会社三井住友銀行",
      "shareholding_ratio": 1.79,
      "shares_held": 9171000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 8,
      "name": "鹿島社員持株会",
      "shareholding_ratio": 1.67,
      "shares_held": 8551000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 9,
      "name": "ジェーピー モルガン チェース バンク385151(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 1.55,
      "shares_held": 7967000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 10,
      "name": "公益財団法人鹿島学術振興財団",
      "shareholding_ratio": 1.41,
      "shares_held": 7235000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 9.88,
      "shares_held": 50008000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 2,
      "name": "株式会社日本カストディ銀行(信託口)",
      "shareholding_ratio": 5.79,
      "shares_held": 29325000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 3,
      "name": "株式会社日本カストディ銀行(信託口７)",
      "shareholding_ratio": 2.21,
      "shares_held": 11168000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 4,
      "name": "鹿 島 昭 一",
      "shareholding_ratio": 1.84,
      "shares_held": 9292000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 5,
      "name": "鹿島社員持株会",
      "shareholding_ratio": 1.77,
      "shares_held": 8967000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 6,
      "name": "株式会社三井住友銀行",
      "shareholding_ratio": 1.75,
      "shares_held": 8871000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 7,
      "name": "ＪＰモルガン証券株式会社",
      "shareholding_ratio": 1.74,
      "shares_held": 8790000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 8,
      "name": "公益財団法人鹿島学術振興財団",
      "shareholding_ratio": 1.43,
      "shares_held": 7235000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 9,
      "name": "ステート ストリート バンク ウェストクライアント トリーティー 505234(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 1.4,
      "shares_held": 7071000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 10,
      "name": "株式会社日本カストディ銀行(信託口５)",
      "shareholding_ratio": 1.39,
      "shares_held": 7046000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 17.22,
      "shares_held": 84983000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 2,
      "name": "株式会社日本カストディ銀行(信託口)",
      "shareholding_ratio": 5.53,
      "shares_held": 27293000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 3,
      "name": "鹿 島 公 子",
      "shareholding_ratio": 3.21,
      "shares_held": 15849000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 4,
      "name": "鹿島社員持株会",
      "shareholding_ratio": 1.89,
      "shares_held": 9347000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 5,
      "name": "株式会社三井住友銀行",
      "shareholding_ratio": 1.8,
      "shares_held": 8871000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 6,
      "name": "ステート ストリート バンク ウェストクライアント トリーティー 505234(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 1.54,
      "shares_held": 7603000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 7,
      "name": "公益財団法人鹿島学術振興財団",
      "shareholding_ratio": 1.47,
      "shares_held": 7235000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 8,
      "name": "大正製薬ホールディングス株式会社",
      "shareholding_ratio": 1.27,
      "shares_held": 6288000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 9,
      "name": "ゴールドマン・サックス証券株式会社 ＢＮＹＭ(常任代理人 株式会社三菱ＵＦＪ銀行)",
      "shareholding_ratio": 1.2,
      "shares_held": 5908000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 10,
      "name": "渥 美 伊都子",
      "shareholding_ratio": 1.18,
      "shares_held": 5817000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 15.91,
      "shares_held": 77499000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 2,
      "name": "株式会社日本カストディ銀行(信託口)",
      "shareholding_ratio": 7.37,
      "shares_held": 35876000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 3,
      "name": "鹿 島 公 子",
      "shareholding_ratio": 3.25,
      "shares_held": 15849000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 4,
      "name": "鹿島社員持株会",
      "shareholding_ratio": 2,
      "shares_held": 9747000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 5,
      "name": "ＪＰモルガン証券株式会社",
      "shareholding_ratio": 1.91,
      "shares_held": 9282000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 6,
      "name": "株式会社三井住友銀行",
      "shareholding_ratio": 1.71,
      "shares_held": 8331000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 7,
      "name": "公益財団法人鹿島学術振興財団",
      "shareholding_ratio": 1.49,
      "shares_held": 7235000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 8,
      "name": "ステート ストリート バンク ウェストクライアント トリーティー 505234(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 1.44,
      "shares_held": 7028000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 9,
      "name": "大正製薬ホールディングス株式会社",
      "shareholding_ratio": 1.29,
      "shares_held": 6288000
    },
    {
      "FY": "FY22",
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      "rank": 10,
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}