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 United Nations Sustainable Development Goals (SDGs), and megatrends with the potential to impact on our business activities are changing rapidly, we have reviewed our Materiality and identified five new material issues in April 2019.
In carrying out this 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 and exchanged views with our external directors, outside experts and through the meetings of 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 new 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 a ground on which we engage in our each business activity. By positioning the new 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 to contribute to both sustainable economic and social development in various countries and regions, and the solution of global issues including climate change, and also pursue both of them in a well-balanced long-term perspective.
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 incorporate, in our sustainability management, changes in impact on the economy, environment, and society in formulating a new Medium-term Management Plan, we will review our Materiality and specific themes to work on every 3-5 years in consideration of environmental changes and other factors.
As a management approach in line with the GRI Standards, we have defined specific themes to work on each material issue, and clearly indicated relevant policies and set targets accordingly. While promoting such activities to work on the material issues, we have also identified material aspects as indicated by GRI Standards, and have been making reports in accordance with the GRI Standards.