Key Issues (Materiality)
Process for Identifying Key Issues
We at the Mitsui Chemicals Group believe that chemistry must play a prominent role in addressing a variety of environmental and social challenges. In accordance with its Corporate Mission of "keeping in harmony with the global environment," the Mitsui Chemicals Group has contributed to solving social challenges through its business activities that emphasize striking a balance between economic, environmental and social considerations. We have further clarified our in-house initiatives that are related to these environmental and social considerations by formulating the 2025 Long-term Business Plan and are also based on the Paris Agreement*, Sustainable Development Goals (SDGs), and recent social trends. Moreover, we will address issues found throughout the supply chain and are a concern for our various stakeholders.
On the basis of these initiatives and with the aim of reaching the environmental and social targets raised in the 2025 Long-term Business Plan, the Mitsui Chemicals Group has reviewed these key issues while taking into consideration the opinions of its stakeholders, the qualities of its businesses and the characteristics of the regions in which it operates, and international guidelines to measure the impact of the Group’s business activities. We will review as necessary these key issues in light of social trends and changes in its business activities.
*The Paris Agreement
The Paris Agreement was adopted at the 21st Conference of the Parties (COP21) of the United Nations Framework Convention on Climate Change held in December 2015. The agreement has set a target of keeping global average temperatures from rising 2°C compared to temperatures before the industrial revolution by the end of the century while also urging parties to “pursue efforts” to limit it to 1.5 degrees. Advanced and emerging countries alike have also earnestly agreed to address the implementation of those SDGs under the agreement.
Step 1: Identification
Pick out issues from the requirements of ISO 26000, the GRI, and other international guidelines, as well as through engagement with various stakeholders. Identify environmental and social issues the chemical industry must help resolve from the standpoint of contributing to society through business activities.
Step 2: Prioritization
For each issue, assess the degree of importance to both stakeholders and the Group. Itemize common items so that the perspectives of stakeholders can be cross-referenced with the level of importance to the Group, and consider what measures the Group needs to implement. Assess the degree of importance to the Group in light of the Group’s Corporate Mission, Action Guidelines, and business strategies. Determine priority with a quantitative assessment and then identify the key issues.
Step 3: Validation
Solicit opinions from external experts and have the Corporate Sustainability Committee check the completeness that all the particular items are covered and confirm the validity of the identified issues.
Step 4: Review
Have the Corporate Sustainability Committee periodically review the process for identifying key issues.