SMBC Group’s Value Creation Process and Priority Issues (Materiality)
SMBC Group's Value Creation Process
SMBC Group is a global financial group that develops operations in a wide range of fields, including banking, leasing, securities, credit cards, and consumer finance. We are committed to providing solutions that meet customer needs and solve social issues by leveraging our strengths developed over many years and maximizing the power of industry-leading subsidiaries.
Through our business activities, we aim to create both economic and social value, contributing to "Fulfilled Growth" where social issues are resolved as the global economy grows, and where everyone can experience more fulfillment in life.
The Spirit of Creating Social Value Over 400 Years of "Mitsui" and "Sumitomo"
SMBC Group has long inherited the business spirit of Creating Social Value from its origins in Mitsui and Sumitomo, walking alongside our customers and society. The spirit of social value creation from our predecessors forms the foundation of our current endeavors.
Mitsui: Innovating Commercial Practices for a Prosperous Life
Mitsui's predecessors came to Edo (now Tokyo) as a kimono fabric merchant in 1673, pioneering new commercial methods that anticipated the latent needs of Edo's townspeople, thereby enriching their lives. Later, Mitsui expanded into the financial industry, supporting the economic activities of Japan and the world as a key player in financial infrastructure.
Sumitomo: Reviving Land Damaged by Copper Mines Under the Spirit of "Benefit self and benefit others, private and public interests are one and the same"
Sumitomo's predecessors developed the most advanced copper refining methods around 1600, elevating Japan to one of the world's leading copper-producing countries. Recognizing the environmental destruction caused by copper mining early on, they began reforestation activities in 1894. Under the spirit of " Benefit self and benefit others, private and public interests are one and the same," they provided future generations with lush green mountains and safe, secure lives for local communities.
(The photo on the left is from the Sumitomo Historical Archives, and the photo on the right is from Sumitomo Forestry Co., Ltd.)
COLUMN：Support for Grants by the Sumitomo Foundation
We are supporting and promoting the activities of the Sumitomo Foundation through various collaborative initiatives, including donations to the Foundation and the dispatch of officers and employees.
Based on the Sumitomo Group's business philosophy of “Benefit self and benefit others, private and public interests are one and the same,” the Foundation aims to contribute to the creation of an affluent society with an international perspective, and provides grants for basic scientific research, environmental research and Japan-related research in Asian countries, as well as for the conservation and restoration of cultural properties in Japan and abroad.
Priority Issues (Materiality)
SMBC Group has selected five priority issues (materialities) to be proactively addressed: “Environment,” “DE&I/Human Rights,” “Poverty & Inequality,” “Declining Birthrate & Aging Population,” and “Japan's Regrowth.”
We are also promoting initiatives toward the creation of social value under ten goals along with key performance indicators (KPIs).
Priority Issues and 10 Goals
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| Priority Issues (Materiality) | SMBC’s Approach | 10 Goals |
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In addition to internal initiatives, we will support client efforts to decarbonize and to become nature positive as a global financial institution that provides the life blood of the economy with the goal of realizing a green world. |
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Talent is an important asset for financial institutions. We will strive to build a virtuous circle in which diligent and highly-motivated employees take on the challenge of creating new social value. |
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We will work to eliminate poverty and inequality in the next generation, which includes providing children in Japan and the rest of the world with education and opportunities. |
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Through the provision of advanced financial and non-financial solutions, and the creation of digital infrastructure that is accessible to all, we will ensure stable asset building for all generations. |
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We will contribute to the re-growth of Japan by maximizing our financial functions, supporting clients reform their business models, and driving the development of new industries in a manner that reflect the changing times. |
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Materiality identification process
In light of the ever-growing and increasingly serious social issues facing the world, it has become even more important to proactively address a wide range of social issues, and aim to create social value as a corporate citizen. Based on this recognition, we have reviewed the materialities identified in 2014.
