Mitsui & Co.’s Materiality
Identification and Review of Materiality
In 2015, Mitsui & Co. identified its Materiality, which consists of five key material issues in areas that are important for our stakeholders and have significant implications for our business management. As the importance of sustainability has been growing globally as expressed in the environmental, social, and governance (ESG) aspects and the SDGs, and mega-trends with the potential to impact our business activities are changing rapidly, we have reviewed our Materiality and re-identified five new material issues in 2019. We recognize societal issues related to our business activities in each material issue category, verify significant risks and opportunities for Mitsui in terms of the impact of societal issues, and disclose our approach toward each Materiality.
In carrying out the revision, we took into account both the perspectives of various stakeholders in relation to the SDGs, the United Nations Global Compact, ISO26000, GRI Standards, other international frameworks, and ESG investment evaluations, as well as the impact on our business activities. In addition, we carried out questionnaire surveys of officers and employees on a global group basis, exchanged views with our external directors and outside experts, through meetings such as the Sustainability Committee, and interviews with the Sustainability Promotion Officers. After having such active discussions within and beyond Mitsui, we obtained approvals from the Corporate Management Committee and the Board of Directors, and finalized the new Materiality.
The Materiality encompasses material issues that could become risks or opportunities in the context of our medium- to long-term business strategies, and will serve as the ground on which we engage in our business activities. By positioning the Materiality as a medium- to long-term key management priority, all officers and employees of Mitsui will work together to ensure the Materiality is reflected in our business activities. Mitsui will commit itself to sustainability management and strive through its diverse global business activities and the solution of global issues including climate change, pursuing both in a well-balanced long-term perspective. We have established a Materiality Action Plan which sets out specific policies, targets, initiatives, and current status regarding each materiality for each organization and we manage and disclose progress based on this plan.
Toward 2030, with a greater focus on evolution from "connecting" to "creating," which is called for in our Long-term Management Vision 2030 that we have formulated as our future image, we will identify challenges, set targets, and find solutions to achieve the goals. Furthermore, we will create changes, trends, and new value.
In order to respond to social challenges, needs, and expectations in line with changes in the times, and also to incorporate the formulation of new medium-term management plans and the resulting changes in impact on the economy, environment, and society into our sustainability management, we will review our Materiality and specific themes to work on every 3-5 years in consideration of environmental changes and other factors.