The Sumitomo Chemical Group established its Basic Principles for Promoting Sustainability in January 2019 by comprehensively reviewing and organizing its thoughts and commitments on sustainability. The Basic Principles are positioned next to the Business Philosophy in importance, demonstrating the Group's firm management commitment to promoting sustainability.
Basic Principles for Promoting Sustainability
We at the Sumitomo Chemical Group are committed to promote sustainability by acting in accordance with Six Basic Principles, guided by the Sumitomo Spirit and the Group's Business Philosophy, namely contributing to establishment of sustainable society through achieving sustainable growth of business.
Principle 1: Creating economic value which helps create social value (“Jiri-rita Koushi-ichinyo”)
We are committed to promote creating economic value (jiri*) which helps to create social value (rita*) through offering technological or other innovation so that we can continue to grow as a business group that earns the trust and confidence of society.
Principle 2: Contribution to solving globally vital issues
We are committed to contribute to solving a variety of issues that are globally vital, such as establishing diverse and inclusive society and achieving the Sustainable Development Goals (SDGs), as well as doing business in compliance with accepted universal standards and principles, including those concerning human rights, labor, safety, the environment and anti-corruption.
Principle 3: Active participation in global initiatives
We are committed to play a leadership role in multilateral initiatives through actively participating in various partnerships domestically and overseas with international organizations, national or local governments, business corporations, industrial associations, universities, academic circles, civic communities, etc.
Principle 4: Collaboration with stakeholders
We are committed to work closely with various stakeholders through promoting spontaneous disclosure of information and open dialogue on the targets of our sustainability promotion initiatives and the progress of their implementation.
Principle 5: Top management commitment and participation by all
We are committed to carry out initiatives toward promoting sustainability, led by our top management having taken firm pledges to this end and advanced by all officers and employees, across the Sumitomo Chemical Group with a shared strong sense of mission and great enthusiasm.
Principle 6: Enhancing Corporate Governance
We are committed to assess and improve our activities continually and proactively for promoting sustainability by reviewing the progress of the activities periodically and from holistic viewpoints.
*：“Jiri” and “rita” both come from a time-honored traditional concept of Buddhism, “Jiri-rita koushi-ichinyo”, meaning, as it applies in Sumitomo's business, that our business must benefit ourselves (jiri) and at the same time serve the interests of the nation and society (rita). This teaching emphasizes the importance of maintaining harmony between the interests of a business and those of the public (koushi-ichinyo).