Our Material Topics
Our materiality process
Policy and Basic Approach
Material topics are identified through understanding requests and expectations from stakeholders, and analyzing and verifying the scale of social influence from our business activities. We regard this process as significant for the Mitsui Chemicals Group to recognize issues we need to address to help build a sustainable society. The Mitsui Chemicals Group keeps track of any changes in the importance of issues we are addressing by regularly conducting this process.
Our Material topics in VISION 2030
The Mitsui Chemicals Group has reviewed its material topics in the course of formulating VISION 2030. In VISION 2030, we redefined our ideal future society from the standpoints of transitioning to a circular economy, pursuing diverse value chains, and a flexible and resilient society. And in order to achieve this, we identified the topics material to our business. The identified material topics are the premise of our Basic Strategy for VISION 2030. In addition, we use key performance indicators (KPIs) derived from our material topics as non-financial metrics of VISION 2030. These include our Blue Value™ and Rose Value™ products sales revenue ratios, and greenhouse gas (GHG) emissions reduction rate.
Our materiality process
Step 1: Identify issues
Identify issues comprehensively with reference to the following:
✔ Dialog with stakeholders *1
✔ Information gathering regarding global social challenges*2
✔ Guidelines for sustainability information disclosure and evaluation criteria used by sustainability rating agencies
✔ Group policies such as our Corporate Mission and Action Guidelines
✔ Content of discussions during the formulation of VISION 2030
*1Dialogue with Stakeholders:
Through open and constructive opinion exchange with stakeholders, we aim to build trust among them and encourage mutual understanding, while identifying their expectations and needs. For example, we established a system to reflect the environmental and social challenges in our businesses by seeking advice from experts in the screening and certification process of Blue Value™ and Rose Value™ products.
*2Gathering Information on Global Social Challenges:
Mitsui Chemicals is gathering information on the latest global issues by joining the World Economic Forum. With forum members, we aim to resolve social challenges working together with international institutions and governments.
Step 2: Classify issues by topic
Classify the identified issues by topic mainly with reference to guidelines for sustainability information disclosure and evaluation criteria used by sustainability rating agencies.
Step 3: Prioritize and organize topics
Prioritize topics by mapping them along the two dimensions of the importance to stakeholders and the importance to the Mitsui Chemicals Group, and narrow them down to candidate material topics.
Step 4: Confirm validity
Confirm the validity of the identified material topics with the Corporate Sustainability Committee, Management Committee, and Board of Directors. Then acquire final approval from the Board of Directors.
To ensure our material topics take into account changes in the importance of issues and the appearance of new ones, hereafter the Corporate Sustainability Committee plans to discuss the necessity of review on an annual basis.