Due to the intricately intertwined nature of social challenges, we need to adopt a big-picture approach when tackling them. Therefore, our business activities need to take into account the environment and society throughout the entire product life cycle, from raw material procurement, processing, and usage, to disposal and recycling.
Our Material Topics
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. In order to keep abreast of changes in the business environment and update its initiatives, the Group periodically and continuously identify material topics, check changes in importance, and reflects them in its business activities.
Step 1: Identify issues
- 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 by internal committees and decision-making bodies
- Content of discussions during the formulation of VISION 2030
- Risks and opportunities identified in the group-wide risk management process
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 selecting candidate material topics. Discuss these decisions within the Corporate Sustainability Committee, Management Committee, and the Board of Directors.
- Identify material topics by organizing the candidate topics under the categories of “contributing to a sustainable society,” “prerequisites for business continuity,” and “abilities essential to business continuity.”
Step 4: Confirm validity
- We 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.
- When identifying material topics and associated key performance indicators (KPIs), the Corporate Sustainability Committee and Company-wide Strategy Committee annually review the material topics to take into account the changing importance of issues, as well as emerging issues, and discuss the need for update.
- For updated materiality topics and KPIs, the approval of the Management Committee and the Board of Directors is obtained.