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Mitsui & Co. (Australia) Ltd.

Mitsui & Co.'s Materiality - Key Sustainability Goals

Build an Organisation with Integrity

Strengthen our governance and compliance as a corporate group trusted by society.

Trust is Mitsui & Co.’s most important asset. To maintain the trust of our stakeholders we continue to focus on and improve our policies to ensure consistent governance across a range of issues including our internal controls, supply chain management, the environment and human rights. We aspire to act fairly and ethically in all we do, practice and encourage open and honest communication and take responsibility for our actions.

Our Activities in Oceania to Contribute to SDGs

Our activities are covered under the relevant focus areas below, and are linked to the SDGs to demonstrate our efforts on tackling the SDGs’ 17 goals.

1.Integrity and Compliance

To maintain its reputation as a company that is trusted by society, the Mitsui & Co. group is working to ensure the compliance awareness of our employees and build an organisation with integrity.

Please scroll horizontally to look at table below.

Target SDGs (Target Numbers) Mitsui & Co. Activities in Oceania More Information
GENDER EQUALITYREDUCED INEQUALITIESPEACE, JUSTICE AND STRONG INSTITUTIONS
  • Our business conduct guidelines cover the following topics.

    • 1)  Compliance with the law and respect for human rights
    • 2)  Office environment
    • 3)  Compliance with competition laws and related laws
    • 4)  Conflicts of interest between employees and Mitsui
    • 5)  Gifts and favours
    • 6)  Treatment of confidential information
    • 7)  Compliance with procedures for export and import and other applicable laws
    • 8)  Corporate funds and financial reporting
    • 9)  Contributions to the community
    • 10) Protection of the environment
    • 11) Action against antisocial groups
    • 12) Reporting and sanctions
  • Our compliance reporting and consultation route provides various internal and external avenues for our employees to address any activities in violation of the guidelines.
  • Our policy on grievance and dispute provides a framework whereby employee grievances are handled in a fair, professional and as timely manner as possible.
  • Our compliance framework is led by the Compliance Committee, which consists of Mitsui & Co. Australia board members and office general managers. Its operation is supervised by the CEO as the Chief Compliance Officer, and supported by the Compliance Sub-committee.
  • The Sub-committee consists of representatives from our Mitsui & Co. group companies and provides input in planning and implementing our annual compliance program.
  • Our annual compliance program generally includes e-learning, face-to-face training, newsletter, induction for new employees, and awareness survey to ascertain the level of compliance awareness. The result of the survey then feeds back into the compliance program for the following cycle.
  • Some of our group companies also implement separate programs to cover the topics more specific to own business.
  • Mitsui & Co. group is committed to paying the right amount of tax, at the right time, in the right jurisdiction. We are proud of the contribution we make to the Australian community, including the payment of income tax, payroll tax, stamp duty and royalties. We recognise the important role that tax transparency plays in building community trust in the integrity of the tax system and improving the environment for tax reform.
  • We have adopted Voluntary Tax Transparency Code, and our Report(*1) reflects our commitment to providing accessible and clear information about our businesses and our approach to taxation.

2.Corporate Governance & Internal Controls

In accordance with Mitsui & Co. Corporate Governance Principles, the corporate governance framework consists of the Board of Directors being the ultimate decision-making body for business execution and oversight, and the Audit & Supervisory Board to audit the execution of the duties of the Board of Directors as an independent body and report to shareholders.

Please scroll horizontally to look at table below.

Target SDGs (Target Numbers) Mitsui & Co. Activities in Oceania More Information
PEACE, JUSTICE AND STRONG INSTITUTIONS
  • At Mitsui & Co. group companies in Oceania, our corporate governance framework is guided by the Mitsui & Co. Corporate Governance Principles, and governed by the respective constitution, internal rules and regulations.
  • For our respective Board of Directors, the audit and supervisory function is provided though Mitsui & Co. Internal Audit Division.
  • At Mitsui & Co. group companies in Oceania, our internal control framework is guided by the Mitsui & Co. Internal Control Principles, and supported by the respective internal policies and procedures.
  • In order to improve the effectiveness and efficiency of operations, we aim to design and operate our internal controls so that:

    • Policies and procedures are suitable for our organisational targets and are applied throughout;
    • Management resources (human resources, funds, equipment and information) conform to the operational objectives and are used on a timely basis;
    • Operations are implemented in a rational scope, over the shortest time, and at the lowest cost (human as well as economic);
    • Timely responses are made to environmental changes internal and external to the organisation; and
    • The products and services we provide exceed the expectations of our clients.

    Supported by our business and corporate teams, our respective Board of Directors periodically reviews the above aspects, and makes improvements as necessary.

  • In order to ensure compliance with generally accepted accounting principles, and the reliability of financial reporting, we aim to design and operate our internal controls so that:

    • Individual transactions are exercised with the comprehensive and individual approval of the responsible manager;
    • Exhaustive and accurate records and accounts are recorded and stored to reflect the contents of individual transactions;
    • Periodic spot investigations are conducted in relation to the assets listed in accounting records, and appropriate measures are taken in the event of any discrepancies; and
    • Where required, financial information is announced externally upon completion of the necessary internal procedures and approval by the respective Board of Directors.

    Please refer to Mitsui & Co. Australia 2019 Annual Report(*1) for more information.

  • In order to ensure compliance with laws, regulations and internal rules, we aim to design and operate our internal controls so that:

    • Our officers and employees are versed in the laws and regulations and internal rules relating to the operations which they manage, and are immediately notified of any changes;
    • Our officers and employees ensure that the objective of the pursuit and methodology employed in operations, or operations for which they are responsible are in accordance with laws, regulations and internal rules; and
    • In cases where violations of any laws, regulations and internal rules are discovered, the officers and employees immediately report in accordance with the internal rules, and strictly respond to such violation.

    Please refer to 1. Integrity and Compliance above for more information.

  • On order to safeguard company assets, we have policies and procedures in place to reduce the risk of damage or misuse of company assets (including data assets) and ensure the physical security of company assets.

3.Risk Management

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Target SDGs (Target Numbers) Mitsui & Co. Activities in Oceania More Information
GOOD HEALTH AND WELL-BEINGCLIMATE ACTIONLIFE BELOW WATERLIFE ON LANDPEACE, JUSTICE AND STRONG INSTITUTIONS
  • As part of the global Mitsui & Co. group, our business initiatives are governed by the Specially Designated Business Management System where the business:

    • is related to environment;
    • is related to medical, healthcare and bioethics;
    • is a project receiving government subsidies; and
    • may be in conflict with public order and morality, and Mitsui’s management philosophy etc.
  • Information is a vital business asset. We recognise the importance of appropriate information management and implements measures to protect personal information and cyber-security measures.
  • In accordance with our policy on information management, our officers and employees acknowledge all information obtained and handled in the course of business belongs to the company, and the use of such information not in the course of business including private use and personal possession is prohibited. All information in the course of business should be managed as internal use only expect for public knowledge.
  • Our policy on IT security aims to ensure the confidentiality, integrity and availability of the information resources and the information systems owned by the company – through various measures to continually improve the level of risk management.
  • Our policy on privacy outlines how we handle personal information collected in the course of our business activities in compliance with the Privacy Act 1988. Please refer to Mitsui & Co. Australia Privacy Policy(*1) for more information.
  • We regard business continuity in the event of disasters as an important priority. Our policy on emergency response outlines processes and procedures in place in anticipation of a potential contingency that could threaten ongoing business operations of our company.

4.Supply Chain Management

Mitsui & Co. has diverse supply chains to provide a wide range of functions and services. In order to find solutions to various issues in supply chains, we place focus on complying with laws, respecting human rights, maintaining safe and sanitary working conditions, reducing environmental load, and ensuring consumer safety and confidence in relation to products and services. Together with our business partners, we endeavour to meet society’s expectations.

Please scroll horizontally to look at table below.

Target SDGs (Target Numbers) Mitsui & Co. Activities in Oceania More Information
ZERO HUNGERGOOD HEALTH AND WELL-BEINGCLEAN WATER AND SANITATIONAFFORDABLE AND CLEAN ENERGYDECENT WORK AND ECONOMIC GROWTHREDUCED INEQUALITIESRESPONSIBLE CONSUMPITION AND PRODUCTIONCLIMATE ACTIONLIFE BELOW WATERLIFE ON LANDPEACE, JUSTICE AND STRONG INSTITUTIONSPARTNERSHIPS FOR THE GOALS Mitsui Australia Group Sustainable Procurement Policy(*1) is guided by Mitsui & Co. Supply Chain CSR Policy and Human Rights Policy, and sets out the standards of practice which we require our suppliers to embody in their operations and supply chains. It will be supplemented by a supplier assessment process to help us effectively identify and address any issues in our supply chains.  

5.Engagement with Investment and Joint Venture Partners

Mitsui & Co. has a number of investments and joint ventures with minority equity holdings over which we do not have an operational control day to day. Our approach is to contribute to a successful outcome of such investments and joint ventures as a proactive partner.

Please scroll horizontally to look at table below.

Target SDGs (Target Numbers) Mitsui & Co. Activities in Oceania More Information
ZERO HUNGERGOOD HEALTH AND WELL-BEINGCLEAN WATER AND SANITATIONAFFORDABLE AND CLEAN ENERGYDECENT WORK AND ECONOMIC GROWTHREDUCED INEQUALITIESRESPONSIBLE CONSUMPITION AND PRODUCTIONCLIMATE ACTIONLIFE BELOW WATERLIFE ON LANDPEACE, JUSTICE AND STRONG INSTITUTIONSPARTNERSHIPS FOR THE GOALS
  • When we launch into a new investment or venture, selection of a trusted partner is one of the most important decisions.
  • We consider that a successful outcome of our investments and joint ventures cannot be achieved without due consideration to environmental, social and governance factors. Our group companies such as Mitsui Iron Ore Development(*1), Mitsui Iron Ore Corporation(*2), Mitsui E&P Australia(*3), and Mitsui Coal Holdings(*4) maintain close collaborative relationships with the partners to achieve Mitsui’s vision – including response to climate change.

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