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Sustainability
I would like to explain our Group's sustainability management.
Introduction
Sustainability Management and Our Group's Corporate Philosophy
Sustainability management is management that balances the sustainability of the company with the sustainability of society and the environment.
Sumitomo’s Business Philosophy and our Group's Corporate Philosophy, "Toward a Promising Future," are consistent with this idea, and as such, the Group has established a Basic Sustainability Policy, "Be the first to create the world's best Precision products that support a sustainable society," in order to fully make sustainability a core management priority starting with our 2024-2026 Medium-Term Management Plan. This phrase, which embodied the management's passion, was adopted as a slogan in the previous Medium-Term Management Plan, and as it has become widely accepted within the company, we have now decided to upgrade it to a Basic Sustainability Policy.
Important issues that the Group must address (materiality)
In today's world, where the future is uncertain and difficult to predict, companies cannot grow by thinking only about their own company. It is essential to manage society and the environment by viewing changes not only as risks but also as business opportunities. Our group possesses numerous Precision technologies and products that can solve social issues, including thermal management technology that contributes to a decarbonized society. Taking into account our strengths and the trends of internal and external stakeholders, our management team spent a lot of time discussing the issue, identifying and articulating the important issues, or materiality, for our group.
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Materiality and medium- to long-term goals
Materiality and the corresponding medium- to long-term goals are linked to our vision for fiscal 2030 and the business and company-wide strategies in the medium-term management plan for fiscal 2024-2026. Progress toward the medium- to long-term goals will be confirmed together with progress toward the medium-term management plan.
The actions of each and every executive and employee working to achieve the goals of the medium-term management plan will lead to the achievement of materiality and medium- to long-term targets, and ultimately to the realization of sustainability management. Therefore, we will reflect the content of materiality and medium- to long-term targets in our organizational goals and work to steadily achieve them.
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Sumitomo’s Business Philosophy and Sumitomo Precision Products Group Corporate Philosophy
Since its establishment, the Group has been guided by Sumitomo’s Business Philosophy and Sumitomo Precision Products Group Corporate Philosophy. Aiming to continue to develop together with society and the environment Sumitomo’s Business Philosophy and Corporate Philosophy are the starting point for sustainability management within the Group.
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We value trust and reliability:
Our greatest priority is to live up to the trust of our customers and society.
Do not rush into easy profits:
We will steadily earn profits through our core business operations, without being obsessed with short-term profits or pursuing easy profits.
Sustainability Management in Sumitomo Precision Products Group
With sustainability management - "management that balances corporate sustainability with social and environmental sustainability" - as the core of our group management, we have established our basic sustainability policy: "Be the first to create the world's Precision machinery that supports a sustainable society."
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Materiality Review Process
Following the steps below (*), discussions were held multiple times at management meetings and board meetings.
After identifying important social issues while taking into account suggestions from external experts, we decided on materiality and medium- to long-term goals.
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Materiality and medium- to long-term goals
We have identified various social issues that are of great importance to society, internal and external stakeholders, and the sustainable growth of our Group as important social issues, and have identified our own key issues in relation to these as materiality.
For the identified material issues, we have set medium- to long-term goals that are linked to our vision for fiscal 2030 and our medium-term management plan. We will monitor progress toward these medium- to long-term goals together with progress toward the medium-term management plan.
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The Overall Picture of Sustainability Management - Value Creation Process
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