Returning to the spirit of our foundation and contributing to Earth and society
The unprecedented crisis brought on by the COVID-19 pandemic provided us with an opportunity to reconsider the significance and value of our existence. As we formulated our growth strategy, Good to Great, which we announced in November 2020, we came to the conclusion that we exist to contribute to the good of Earth and society. This was the very aspiration of our founder, Iwai Katsujiro, who stated that the basis of management is to "contribute to the development of the economy and society while pursuing profits." For our group, sustainability is not about following trends, but about returning our roots. Our company is undergoing a major transformation with ESG management at its core, and this involves returning to the spirit in which the company was founded and working to solve social issues in order to benefit the world. We will pursue sustainability by making every effort to help achieve a decarbonized society, circular economy, and a safe and secure society by utilizing technologies and human resources we have cultivated through our paint and coating business.
Re-examining the materiality Returning to the spirit of our foundation, we conducted a reexamination of the materiality, which are challenges to tackle in order to grow and become a company that society needs through ESG management. As sustainability is becoming increasingly important worldwide, the risks and opportunities for our business are changing constantly, so we conducted the reexamination. With the initiative of Sustainability Committee, we actively discussed internally and externally, including exchanging views with our directors and external experts. After the approval by a management meeting and the Board of Directors, the new materiality was identified.
1. Realize Decarbonization 2. Improve QOL 3. Sophisticated balance of resources and economic circulation 4. Transform into a Group where diverse people play an active role
This is to take more opportunities to respond to social issues, such as environmental and human rights issues, taking advantage of technology and human resources that we have developed.
Our challenges By covering the surface of the material with a membrane of 0.01 to a few millimeters, paints protect the material from environmental loads such as light, water, and heat, thereby promoting effective use of resources. They also perform various grant functions to enrich lives such as antibacterial and stain prevention, and produce the effects of color enriching the mind of the viewer. Through these their advantages, paints are widely used as a material to respond to various issues. We create new value by taking advantage of paints. We provide the products and services needed by everyone, with a small but varied value. We believe that we are connected to people in various regions through various overseas affiliates. In order to ensure that relationships with all of these people and be needed by them, it is essential that diverse people play active roles. We aim to create a society where our group members, of course, our suppliers, and our customers, as well as local communities, can together play active roles. With regard to the environmental impact that is a concern for the chemical industry, we will work on four types of materiality, while carefully managing chemical substances and proposing paint materials and coating processes that minimize environmental impact.
Closing thoughts With our founding spirit of "pursuing profits and contributing to social development" at the core, our group will continue to take on the challenge of solving problems in order to benefit Earth and society. This challenge means that we will thoroughly refine our strengths, proactively invest in future assets (businesses, communities, and human resources) that will contribute to social development, and create solid management foundations to support our businesses. Through our future challenges and reforms, we will become a truly global company as paint professionals.