-Strengthened sustainability promotion system to accelerate ESG and SDG initiatives throughout corporate activities-
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TOKYO, Feb. 18, 2022 — Toshiba Corporation (TOKYO: 6502) today published the English edition of Toshiba Group Sustainability Report 2021, an annual review of policies and initiatives to advance ESG and promote achievement of the SDGs.
Toshiba Group Sustainability Report 2021
Toshiba Group Sustainability Report 2021 is compiled and edited by Toshiba’s Sustainability Management Division, established in April 2021 as an independent division reporting directly to the President and CEO. This new organization integrates the former sustainability promotion department, and is responsible for bringing forward-looking sustainability perspectives into management, and for promoting and advancing ESG and SDGs initiatives in all corporate activities.
In addition to reporting on Toshiba Group’s ESG initiatives in FY2020, Toshiba Group Sustainability Report 2021 covers the work of the new division to date, the reinforcement of the sustainability management structure, the formulation of Toshiba Group Sustainability Policy, the re-identification of materiality, and the revision of Environmental Future Vision 2050. These measures are briefly explained below.
1. Strengthening the sustainability management structure
Toshiba has ensured that sustainability perspectives are brought into management by setting up the Sustainability Strategy Committee. It is chaired by the President and CEO, and its members are executives responsible for sustainability, the Presidents of key group companies, and managers responsible for promoting sustainability.
Three committees operate under the umbrella of the Sustainability Strategy Committee: The Sustainability Promotion Committee and the Corporate Environmental Management Committee (established in 1991) consider specific measures to advance plans and decisions made by the Sustainability Strategy Committee, including formulating action plans and monitoring their progress. The Non-financial Information Disclosure Committee approves disclosure of ESG information for inclusion in the annual Integrated Report and Sustainability Report.
Figure: Toshiba Group’s Sustainability Management Structure
2. Formulation of Toshiba Group Sustainability Policy
As a measure to raise corporate value over the medium to long term, the board amended the Board of Directors Rules to include responsibility for determining Toshiba Group Sustainability Policy. In October 2021, the board formulated the current policy.
Basic Commitment of the Toshiba Group, "Committed to People, Committed to the Future," reflects Toshiba’s unwavering determination to contribute to society’s development through business activities. Guided by this commitment, and as a member of a society facing issues that include energy shortages, resource depletion, and climate change, Toshiba does not simply pursue short-term profits, but considers the long-term impact of its corporate activities on society, and promotes initiatives that contribute to solving social issues.
Toshiba Group Sustainability Policy will further advance this approach and strengthen activities that contribute to social sustainability. The policy is positioned alongside Basic Commitment of the Toshiba Group, management policy and Standards of Conduct for Toshiba Group as a core policy, and efforts to promote widespread awareness and compliance of the policy in the front lines of business are now underway, in Japan and overseas.
3. Re-identification of Materiality
Toshiba Group have tackled the material issues identified in 2013 by regularly confirming their status. However, response to climate change is now required on a global scale, and social issues are changing according to various perspectives as seen in the SDGs adopted by the United Nations. Toshiba Group also reviewed its businesses. Accordingly, we re-identified new material issues in FY2021.
Before re-identifying material issues, Toshiba Group extracted and organized issues with reference to the SDGs, the Global Risks Report published by the World Economic Forum (WEF), and guidelines including the SASB (*1) Standards. They were then prioritized in respect of the Group’s core businesses, and narrowed down to those requiring further consideration.
<2021 Re-identification of Materiality>
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Vision for 2030 |
Materiality |
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For the irreplaceable global environment in which we live |
Promote corporate activities with full consideration for the global environment throughout our value chain, from design, procurement, manufacturing, logistics and sales, through to disposal. |
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For respect of human rights, to nurture people and technology, and to give back to society |
Encourage every Group employee to feel pride and fulfillment in their work, and to harness creativity and technology in collaborating with business partners to realize rich value. |
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For further strengthening thorough governance |
Practice transparent corporate governance and optimal internal controls; and execute management with integrity, trusted by stakeholders. |
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4. Revision of Environmental Future Vision 2050
Toshiba has revised Response to Climate Change in Environmental Future Vision 2050(*2), its long-term vision of environmental management from a global perspective including climate change and the circular economy, so as to further accelerate efforts to achieve carbon neutrality throughout the value chain.
Specific measures will include investments in energy-saving equipment in the Group’s business activities, the introduction of renewable energy equipment and expanded procurement of energy from renewable sources, and a focus of creating products and services that contribute to lower emissions of greenhouse gases (GHG). Among other measures, Toshiba will continue collaborations with suppliers that target lower GHG emissions derived from purchased products and services, and also promote businesses in climate change adaptation measures that aim to stabilize energy supply and strengthen resilience.
Guided by Basic Commitment of the Toshiba Group, while striving to strengthen ESG activities and information disclosure, Toshiba Group will continue to contribute to solving social issues such as the SDGs through technology advances and business activities.
– Overview of Toshiba Group Sustainability Report 2021
- Date of publication (English Edition): February 18, 2022
- Available for download at:
https://www.toshiba.co.jp/sustainability/en/report/download.htm
Notes:
*1: Sustainability Accounting Standards Board. A non-profit organization that develops sustainability accounting standards. Founded by Jean Rogers in 2011.
*2: "Response to Climate Change" vision, formulated in November 2020: "Contribution through the entire value chain to achieve net zero GHG emissions in society (50% reduction across the Group’s value chain by FY2030)"
"Response to Climate Change" vision, revised in November 2021: "Achieving carbon neutrality throughout the entire value chain (70% reduction of GHG emissions by FY2030)"
