Furukawa Electric Establishes “Furukawa Electric Group Basic Policy on Sustainability” and “Furukawa Electric Group Sustainability Committee”
- Promoting ESG management for sustainable growth and enhancement of the Furukawa Electric Group’s corporate value -
September 30, 2021
- Furukawa Electric has established the “Furukawa Electric Group Basic Policy on Sustainability”, which describes the Group’s basic concept of sustainability
- The “Furukawa Electric Group Sustainability Committee” has also been established to consolidate discussions on sustainability and further enhance the quality and speed of implementation thereof
- Continued promotion of ESG management to achieve sustainable growth and enhance the Group’s corporate value over the medium-to-long term
Furukawa Electric Co., Ltd. (Head Office: 2-6-4 Otemachi, Chiyoda-ku, Tokyo, President: Keiichi Kobayashi) has established the “Furukawa Electric Group Basic Policy on Sustainability” and “Furukawa Electric Group Sustainability Committee”.
Background
Companies must be able to respond positively both to the ongoing rapid changes in the business environment and to sustainability-related issues, and they must also be able to achieve sustainable growth and increase corporate value over the medium-to-long term. Furthermore, companies are also increasingly required to disclose information on sustainability issues and countermeasures.
Details
Furukawa Electric has established the “Furukawa Electric Group Basic Policy on Sustainability” (hereinafter, “Sustainability Policy”), which lays out the Group’s basic stance on sustainability. Additionally, the “Furukawa Electric Group Sustainability Committee” (hereinafter, “Sustainability Committee”) has also been established to consolidate discussions on sustainability and further enhance the quality and speed of implementation thereof.
About the Sustainability Policy
The Furukawa Electric Group’s mission as set out in its Corporate Philosophy is to contribute to the realization of a truly affluent and sustainable society. This policy clarifies our basic concept for ensuring environmental, social, and economic sustainability for the medium-to-long term and achieving sustainable growth while improving our medium-to-long-term corporate value.
Furukawa Electric Group Basic Policy on Sustainability
The Furukawa Electric Group will:
- in line with its mission of contributing to the realization of a truly affluent and sustainable society, tackle important management issues (materiality) from the perspectives of both revenue opportunities and risks, while focusing on the future of people and the planet.
- in order to have sustainable growth and contribute to the achievement of SDGs (sustainable development goals), strengthen and create businesses that solve social issues, while focusing on capital efficiency and continuing to transform its business through continuous technological innovation centered on material technologies and collaboration with various stakeholders.
- contribute to the sustainable development of society by maintaining and improving sound and positive relationships with all stakeholders through appropriate information disclosure and active communication, while complying with laws, regulations, social norms and ethics in Japan and overseas.
About the Sustainability Committee
The Sustainability Committee was established to consolidate discussions on sustainability within the Furukawa Electric Group and further enhance the quality and speed of implementation thereof.
The committee is chaired by the President, vice-chaired by the General Manager of the Business Basis Transformation Division, and composed of members of top management. It meets to discuss sustainability issues that concern the Furukawa Electric Group and makes proposals and reports to the Board of Directors. The Corporate Sustainability Office serves as the secretariat, and the committee will generally meet twice a year.
The Sustainability Committee focuses on the following items:
- the Sustainability Policy
- basic matters and current progress on materiality related to revenue opportunities and risks
- disclosure of basic information related to sustainability
- SDG activities and community/social activities
- other important sustainability issues
Additionally, as risk materiality matters are closely related to risk items concerning management of the Group, they are therefore handled in coordination with the Risk Management Committee.
Furukawa Electric Group ESG Management and Materiality
In order to realize the goals of Furukawa Electric Group, Vision 2030 (hereinafter, “Vision 2030”), the Furukawa Electric Group is promoting ESG management with the aim of improving its corporate value over the medium-to-long term. The Group has defined “materiality” as important management issues that the Group should address in order to achieve Vision 2030, and we determined materiality in terms of both revenue opportunities and risks. By tackling these issues, we will achieve Vision 2030 and contribute to the achievement of SDGs, which are highly related to materiality.
From the perspective of revenue opportunities, we have identified “creating businesses that solve social issues” as materiality. Specific examples of this include “creating businesses that support next-generation infrastructure” and “creating environment-friendly businesses”. Additionally, we are advancing initiatives for “creating businesses that solve social issues” through our “Open, Agile, Innovative” policy, which expresses our aim of becoming a company that changes positively by itself, and “building partnerships with various stakeholders,” which focuses on co-creation with external parties.
On the other hand, from a risk perspective, in order to achieve sustainable growth, it is essential that companies develop business activities that consider climate change, and we see this as materiality. In addition, in order to become a company that actively transforms itself, we will strengthen the foundation of ESG management by focusing on the materiality of “strengthening human capital management and organizational execution abilities” and “building a governance system for strengthening risk management” including corporate governance.
Furukawa Electric website “Sustainability” page
Furukawa Electric Group’s efforts towards the SDGs
Based on the “Sustainable Development Goals (SDGs)” adopted by the United Nations, the Furukawa Electric Group has formulated the “Furukawa Electric Group Vision 2030” which sets the year 2030 as its target and is advancing efforts with the aim to “Build a sustainable world and make people’s life safe, peaceful and rewarding, Furukawa Electric Group will create solutions for the new generation of global infrastructure combining information, energy and mobility.” Toward the achievement of our Vision 2030, we will take open, agile, and innovative approaches to promote ESG management that that aims to increase corporate value over the medium to long term and will contribute to the achievement of the SDGs.
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