Preferred stock

12 Months Ended

Mar. 31, 2020

13. Preferred stock

The composition of preferred stock at March 31, 2018, 2019 and 2020 is as follows:


	March 31, 2018				March 31, 2019				March 31, 2020
Class of stock	Authorized		Issued		Authorized		Issued		Authorized		Issued
	(number of shares)
Class XIV preferred stock		900,000,000		—		900,000,000		—		900,000,000		—
Class XV preferred stock		900,000,000		—		900,000,000		—		900,000,000		—
Class XVI preferred stock		1,500,000,000		—		1,500,000,000		—		1,500,000,000		—

Holders or registered pledgees of preferred stock are entitled to receive annual dividends, and distribution of residual assets of MHFG as set out above at the liquidation value per share, prior to holders of common stock but pari passu among themselves. MHFG may pay up to

one-half

of the annual dividend payable on each class of preferred stock as an interim dividend. Dividends on preferred stock are not cumulative. Holders of preferred stock are not entitled to vote at a general meeting of shareholders except where the articles of incorporation entitle holders of preferred stock to vote.

There was no change in balance of the preferred stock in the fiscal years ended March 31, 2018, 2019 and 2020.