Sustainability
Management
Initiatives to Create Value ....................................... 27
Mitsubishi Electric Corporate Strategy ................. 28
Materiality ................................................................... 30
Basic Policy and Promotional System for
Sustainability .............................................................. 37
Initiatives / External Evaluation .............................. 47
Communicating with Stakeholders ........................ 49

Contents /About the ReportManagement Message

Sustainability Highlights

Sustainability
Management

Initiatives that contribute toaddressing social challenges

Environment

SocialAbout
Mitsubishi Electric Group

GovernanceInitiatives to Create Value
The Mitsubishi Electric Group aims to realize "a vibrant and sustainable society" that we have committed to in our
Purpose. Furthermore, we have returned to our fundamental principle of "addressing social challenges through ourbusinesses" and positioned the realization of sustainability as the cornerstone of our management. By utilizing all the
resources available to the Mitsubishi Electric Group and realizing Circular Digital-Engineering, we aim to create socialand economic value, solve social challenges and sustainably enhance our corporate value.

Business Foundation
Human capital●●

Mitsubishi Electric Corp. stockholders’ equity: 3,239.0 billion yen (FY2023 actual)● Ratio of Mitsubishi Electric Corp. stockholders’ equity: 58.0% (FY2023 actual)● Cash flow from operating activities : 166.7 billion yen (FY2023 actual)●

Value Creation■ Circular Digital-Engineering■ Business Area (BA), Segment

STEP.4

Customers

Infrastructure BA

Manufacturing companies: 79 (consolidated subsidiaries, as of March 31, 2023)● Capital investment: 365.3 billion yen (FY2023 actual*1)Intellectual capital●●

R&D expenditures: 212.3 billion yen (FY2023 actual)
Number of patents held: 62,102 (31,833 in Japan and 30,269 overseas)(as of March 31, 2023, Mitsubishi Electric)

Natural capital
Total energy input: 20.92 million GJ (FY2023 actual)
Water consumption (intake + reuse): 14.98 million m3 (FY2023 actual)● Effective utilization rate of waste plastic (Japan): 92.5% (FY2023 actual)●●

Social capital●Group locations (number of countries/regions): 44 countries/regions

STEP.3

Investment in startup companies via the ME Innovation Fund*2 :Cumulative total of 5 companies (as of July 19, 2023)● Funds invested in social contribution activities (Japan, overseas):
Approx. 1.77 billion yen (FY2023 actual)*3

Group

STEP.1

Integrated Solutions
Systems
Components

●

●

Data

Industry &Mobility BA

STEP.2

Mitsubishi ElectricGroup

Public Utility Systems
Energy & Industrial Systems
Defense & Space Systems

Expand possibilities for manufacturingand mobility
Group

●
●

Factory Automation Systems
Automotive Equipment

Digital SpaceLife BA

STEP.1

STEP.2

Consolidate diverse data

Ascertain potential issues andneeds of customers

Consolidate data generated throughusage of our components and systems
by a wide range of customers into a
digital space

STEP.4

STEP.3Return value to a wide range ofcustomers

Create new value

Return new value to a wider range ofcustomers, and solve social
challenges with customers

Realize smarter, more comfortable life
and workplace
Group

●
●

Analyze the consolidated data via a
digital space and ascertain potential
issues and needs of customers

Create new value evolving components,
systems, and integrate Solutions basedon potential issues and needs

Business
Platform BA

Semiconductor&
DeviceBuilding Systems
Living Environment & Digital Media
Equipment

Respond with a wide range of IT services
for a better future
Group

●

Information Systems & Network Service

Provide key devices that support a more
affluent society
Group

●

Semiconductor & Device■ Economic value (FY2026 ﬁnancial target)
Net sales:

Operating profit margin:

5.0 trillion yen+

10％

ROE:

Cash generation*:10％

3.4 trillion yen/5years* Adjusted operating cash ﬂow■ Social value
Carbon neutrality
Reduce the company's and society's
CO2 emissions, and realize adecarbonized society that lessens
climate change

Circular economy
Realize a society in which resources
are utilized effectively and recycledsustainably

Safety and security
Realize a resilient society that cancope with a variety of environmental
changes and risks■ Materiality (important challenges)
Realize a sustainable global
environment
Respect for all people(as of March 31, 2023)●

Support social infrastructure withreliable technologies●

Manufacturing capital●We, the Mitsubishi Electric Group, will contributeto the realization of a vibrant and sustainable
society through continuous technologicalinnovation and ceaseless creativity.

Business Model

Consolidated number of employees: 149,655 (as of March 31, 2023)
Investments in human capital development and workplace environment:
approx. 20 billion yen (Target for FY2024–FY2026 (Mitsubishi Electric))

Financial capital

PurposeRealize a safe, secure, andcomfortable society

Strengthen corporate governance andcompliance on a sustainable basis

Create a sustainability-oriented
corporate culture

Well-being■ Three Key Reforms
Quality assurance reforms

Inclusion
Realize a society in which all people
are respected and everyone can live
freely, fairly, and in a vibrant way

Organizational culture reforms*1 Total investment amount determined in FY2023*2 Corporate venture capital fund established by Global Brain, an independent venture capital firm,and Mitsubishi Electric*3 Including philanthropic-related expenses such as internal programs and product donations

27

Governance reforms

Realize healthy, comfortable lives
for everyone, both mentally andphysically

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialAbout
Mitsubishi Electric Group

Governance

Mitsubishi Electric Corporate Strategy
Circular Digital-Engineering

The Mitsubishi Electric Group has defined its management policy as follows:“In addition to
our threefold balanced management policy consisting of‘Growth,’‘Profitability & Efficiency,’
and‘Soundness,’we will return to our fundamental principle of‘addressing social challenges
through our businesses’and positions the realization of sustainability as the cornerstoneof our management. From this approach, we will pursue a sustained enhancement of ourcorporate value and fulfill our responsibility to society, to our customers, shareholders andemployees, and to all other stakeholders.”
The Group has established its Corporate Strategy as follows:“Through co-creation and byintegrating knowledge within and outside the Group, we will transform into a‘Circular DigitalEngineering’company that provides evolved integrated solutions thereby contributing tosolving various social issues.”
It is essential to strengthen innovation and our business foundation to achieve sustainablegrowth. To realize this growth, the Mitsubishi Electric Group pursues the strategies andinitiatives such as innovation strategies, human capital strategy, risk management, and theThree Key Reforms.

Leverage strong intra-group connections and knowledge sharing in order to consolidate andthen analyze data in the digital space to create new value and contribute to solving key social
challenges
Solving social challenges through Circular Digital-Engineering

Return value to a wide range of customers
STEP.4

Customers

Create new value

Mitsubishi Electric Corporate Strategy

STEP.3

STEP.1

Integrated Solutions
Systems
Components

Data

STEP.2

Sustainability Management

Mitsubishi Electric Group

Consolidate diverse data

Digital Space

Respond to key social challenges in five basic areas in order to contribute to sustainability

Ascertain potential issues and needs of customers

Key social challenges

Enhance assets in the digital field

Materialize and commercialize Integrated Solutions
OT*1 security solution

Carbon neutral

Decarbonize society

Circular economy

Build a circular society

Safety/Security
Resilient society

Inclusion

Society that values diversity

Decarbonize society with energy management and heat pumps technologies etc.
Build a circular society through innovation in the fields of maintenance/
operation and recycling
Build a resilient society through maintenance/management of infrastructuresand facility automation etc.
Realize vibrant lives of all people through sophisticated use of people flow
data and personal data

Co-creation

Data analysis andutilization

Foster andacquireDevelop newmarkets

Accelerate by DX Innovation Center

Initiatives for realizing sustainability
Contribution to a sustainable society through business

Digital Space

Well-being
Vibrant lives

One-stop service to improve availability/safety of customer OT assets andaddress needs for promoting IoT/DX adoption

DX
Human
CapitalProgress in social initiatives
causes positive impacts
on the Company

Realizesustainability
Apply initiatives within
the Company to businessResponsibilities for a sustainable society

Technological
Development

Strengthen efforts for cutting greenhouse gas emissions- FY2051: Aim for net zero greenhouse gas emissions in the entire value chain- FY2031: Aim for net zero greenhouse gas emissions from factories and offices

Enhance AI/
model-based
development

Respect for human rights based on international norms
Realize workplace where diverse and versatile human capital gathers andworks together
Adherence to compliance*1 Operational Technology *2 Energy & Facility

28

Process
Reforms

E&F*2 solution

Integrate various engineering technologies to optimize energy
management and offer comprehensive facility operation/maintenanceservices

Enhance and evolve components and systems
Systems

Realize secure and highly flexible/expandable systems utilizing various
knowledge of fields and components

Components
DX in production
and operation process

Pursue miniaturization, energy conservation and smartification by fusionof strengthen technology, such as power-electronics, control, etc., andadvanced technology, such as AI, modeling, etc.

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Enhancement of Innovation and Business Foundation to Achieve Sustainable GrowthInnovation
Strategy

Human
CapitalStrategy

RiskManagement

Three Key
ReformsThree Key Reforms

I n n o va t i o n St r a t e g y

Risk Management

Human Capital Strategy

Promote open innovation with technical capabilities
and creativity

Grow together with our people and buildinga brighter future with the power of human capital

Strategically control diversifying uncertainties
in the business environment

Build digital platform and space to consolidate various data andknowledge, leveraging our advantage, OT*1 and domain knowledge, andreform to a future-oriented business model.
Design the future and provide new value in a timely manner byintegrating knowledge within and outside the Group and through cocreation with customers.

Expand and strengthen investment in human capital. Through this initiative,
respect career ownership of each person, in particular, and embrace andcherish diverse and versatile human capital who can think independently,
act proactively, and continuously take on challenges.
Promote early appointment and well-planned development of senior
management*5 candidates who will lead the company, based on open talentmanagement by building a global human capital management system.

Visualize our global business structure/supply chains and enhancecapability to address increasing risks associated with geopolitics, naturalenvironment, etc.
Work to minimize intrinsic risk through a company-wide control andoperational process standardization/DX.

Recent strategies and initiatives
Build digital platform and spacel Established the DX Innovation Centerl Build digital platform that integrates various OT solutions in
a composable form*2, and digital space that fuses data on things, experiences,markets and operation

Co-create with external partiesl Strengthen business-academia collaboration, starting with the Mitsubishi
Electric and The University of Tokyo Future Design Conferencel Invested in 4 companies in total, through the ME Innovation Fund*3 (total
investment amount of ¥5.0 billion). Plan to invest in 4 additional companies
in FY2024l Started with Kao Corporation a sorting trial of plastics, utilizing ouradvanced sorting technologies, through OTB*4 activities. Negotiations areunderway with 43 companies, seeking co-creation in a variety of industries

KPIs : Digital technology - related patent applications

Number of patent applications expected in FY2026： 4,000

Ratio of solutions-related patents
in all patent applications

22%

Current
Target for FY2026

Ratio of AI-related patents Current
in all patent applications

Target for FY2026

11%30% or more

13% or more

*1 Operational Technology *2 A scheme to provide applications flexibly and efficiently according to requirements bycombining independent services *3 A corporate venture capital (CVC) fund established jointly with Global Brain
Corporation, an independent venture capital *4 Activities to promote co-creation through disclosing technology assets
on internal and external websites and vitalizing inter-businesscollaborations within the company and licensing toexternal parties

Enhance career ownership that respects self-initiative and challenging spirit

l Enhance initiatives to increase mobility of human capital and personal careerdevelopment support programs such as in-house job offering/application systemsl Revamp the salary and compensation system into a new, hybrid one by adding the
job-based employment to the existing membership-based model

Diversification of senior management and early appointmentl Promote D&I*6 in management leaders based on succession management utilizing
the global job gradingl Early appointment of personnel for managerial positions linked with a management
candidate development system and promote recruitment of mid-career people

KPIs : Employee engagement survey, D&I of senior management
54%

Ratio of employees who areproud and motivated to workfor the Company

Target for FY2026 (non-consolidated)

Ratio of female/non-Japanese
in senior management

Target for FY2031 (non-consolidated)

Investments in human capitaldevelopment and workplace

Results for 2H FY2023

Results as of FY2023 end

3%Results for FY2021 - FY2023

70%
30%

Approx. ¥12bn

Target for FY2024 - FY2026 (non-consolidated)*5 Senior management: Executive Officers and Directors *6 Diversity and Inclusion

29

Recentstrategies
strategiesandandinitiatives
initiatives
RecentEnhance a company-wide risk management system

Recentstrategies
strategiesandandinitiatives
initiatives
RecentApprox.

¥20bn

l Established the Corporate Information Security Division, the Corporate Economic
Security Division, and the Corporate Risk Management Division under the directcontrol of the president to accumulate know-how and knowledge in risk handling.
Enhance our company-wide capability to address risks

Reinforce supply chainsl Build a procurement database in the entire companyl Ascertain information on hazards and sanctions in a timely manner; Visualize supply
chains, including the 2nd-tier partners and beyond, with the use of AI

Prevent intrinsic riskl Draw up a risk map to identify prioritized themes/basesl Eliminate any chance of improper practices with the use of DX in operational processl Prioritize prevention and foster a mindset that encourages employees to learn frommistakes and to create a better company, and thereby regain trust from societyContents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Materiality
Mitsubishi Electric Group’s Materiality
The Mitsubishi Electric Group has positioned the realization of sustainability at the cornerstone of our management based on the principle of "Provide solutions to social challenges through ourbusinesses." To address sustainability at the management level and to promote it over the long term, we have identified five areas as materiality to "Provide solutions to social challenges throughour businesses" and as part of our "Strengthen our business foundation to enable sustainable growth." Through these materiality initiatives, we will create economic and social value and willcontribute to solving social challenges, starting with contributing to the achieving the SDGs. In our materiality-related initiatives, we promote continuous activities for improvement by implementing
the PDCA cycle for mid- to long-term goals as well as for targets/Key Performance Indicators (KPIs).
With regard to the SDGs, we believe that they are in line with our Purpose of contributing to solving social challenges, and we will contribute to the achievement of the 17 Sustainable
Development Goals (SDGs) through all of our corporate activities.

Materiality

Initiative items

Long-term target

Provide solutions to social
challenges through our business
Strengthen our business foundation to
enable sustainable growth30

Priority SDGs initiatives

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialToward the achievement of carbon neutrality

The Group has formulated its Environmental Sustainability Vision 2050 to clarify theGroup's stance on addressing long-term environmental issues. Based on this, we haveengaged in activities since fiscal 2022 in line with our medium-term Environmental Plan
2023, and we aim to achieve carbon neutrality and a circular economy by promoting
innovation in products and services, and by providing integrated solutions.

The Mitsubishi Electric Group is working to achieve carbon neutrality from two aspects: responsibility
and contribution. As we expand our business, our target is to achieve effectively zero greenhouse gas
emissions from our own operations and carbon neutrality throughout our entire value chain by 2050.
Although in May 2022, the Company announced an interim target of "reducing our own emissions to
50% of fiscal 2014 levels by fiscal 2031," we changed the interim target in May 2023 to "aiming foreffectively zero greenhouse gas emissions in fiscal 2031" in order to more proactively align with theglobal movement to keeping the global average temperature rise to below 1.5°
C.

Reasons why it is important
Environmental challenges such as climate change and resource/energy issues are
hurdles at a global scale. The Mitsubishi Electric Group will contribute to solving theseissues with the aim of realizing a sustainable global environment.

Adopted dual approaches to carbon neutral:
Responsibility and Contribution.
Develop internal initiatives
into businesses

Targets and key performance indicators (KPIs)

Fiscal 2031

Aim forAim fornet zero greenhousegas emissions

net zero greenhousegas emissions

in the entire value chain

from factories and offices

Scope: Mitsubishi Electric Group

Scope: Mitsubishi Electric Group

Responsibility
Make the entire
value chain
carbon neutral〜2022

Expanding in-house power
generation using solar
power, etc.

Provide products, services, andsolutions that contribute tocarbon neutrality

Procuring electricity fromrenewable energy sources
and non-fossil certificates, etc.
Procuring credits, etc.

Scope: Mitsubishi Electric Group (in Japan)

Contribution
Create/expand
carbon neutral
businesses

Roadmap for reducing emissions from factories and offices

Fiscal 2024

effective use of waste plastics

AchievecarbonneutralProgress toward a carbon
neutral society leads the Groupto become carbon neutral

Reducing emissions
through energy
conservation,
electrification,and non-energy use

90% or more

About
Mitsubishi Electric Group

TopicsRealize a sustainable global environment

Fiscal 2051

Governance

Scope: Mitsubishi Electric Group

31

2025

2030

Development of energy conservation,
electrification, and greenhouse gas
alternative technologies
Application and demonstration
at internal sites
Investigation

Net zero emissions
from the Mitsubishi
Electric Group
Expansion of application
to sites in Japan andoverseas

Expansion of introduction atsites in Japan and overseas

Promotion of procurement

Investigation

2050

Promotion of
procurement

Reduction of emissions
with in-house andexternal technologies

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialAbout
Mitsubishi Electric Group

Governance

TopicsRealize a safe, secure, and comfortable society

Contributing to the realization of a safe, secure, andcomfortable society through business activities

Since our inception, the Mitsubishi Electric Group has been contributing to society
primarily by offering products and services.
We aim to solve diversifying social challenges through our businesses to realize the"vibrant and sustainable society" outlined in our Purpose.

The Mitsubishi Electric Group provides various products and services that contribute to safety/security,
inclusion, and well-being, while also promoting co-creation and joint studies with external parties.

Management Related to Materiality

Reasons why it is important[Fiscal 2023 Example]

Aiming to solve diversifying social challenges, the Mitsubishi Electric Group willcontribute to the realization of a safe, secure, and comfortable society by providing
integrated solutions that combine the strengths of both inside and outside the Groupin the Business Areas and segments of Infrastructure, Industry & Mobility, Life, Business
Platforms, and Semiconductor & Devices.

・ Water Surface Condition Monitoring Service MINAMONITOR
Remote monitoring of water levels in reservoirs,etc. to streamline maintenance and managementof agricultural irrigation facilities, which
also contributes to disaster prevention andmitigation.

Targets and key performance indicators (KPIs)

Mitsubishi Electric Starts Accepting the Orderof Water Surface Condition Monitoring Service
MINAMONITOR (in Japanese text)
MINAMONITOR (Buoy type water surface sensor)

・ Mitsubishi Electric EcoCute P/S series

Provide products, services,and solutions that contribute to"safety and security"

These series are equipped with“Kirariyuki Keep
PLUS,”which sterilizes hot water before bathingor washing by continuous irradiation of deep UV
rays. In addition, the "pakatto handle" function
enables to users to take hot water easily from the
hot water storage tank in case of emergency suchas a water outage.

Provide products, services andsolutions that contribute to"inclusion" and "well-being"

Mitsubishi Electric Launches New series of
EcoCute (in Japanese text)

Scope: Mitsubishi Electric Group

Scope: Mitsubishi Electric Group

Heat pump unit (left) and hot water storage tank (right)

・ Started joint research with Sanda City on a road management system using cloud AI
We contribute to improvement of t h eefficiency of road maintenanceand repair work, and optimizationof city functions and the "smartificationof city hall."In-vehicle camera

Photographic
image

Cloud AI

Damaged partsinformation

PotholeSanda City

Rubbed white line

Road patrol car

CracksTortoise cracks

Road Management System (Outline of service)

Mitsubishi Electric Starts joint research with Sanda City on Road Management system Using Cloud AI (in Japanese text)32

Contents /About the ReportManagement Message

Initiatives that contribute toaddressing social challenges

Sustainability Highlights

Sustainability
Management

Environment

SocialAbout
Mitsubishi Electric Group

Governance

TopicsRespect for all people

Joining JaCER

We recognize that we enjoy a wide range of relationships with the people andsocieties in the countries and regions where we operate, and we respect the humanrights of all people. In addition, we promote diversity so that diverse people can dotheir best work, and we make Group-wide efforts to create work environments inwhich all employees can maintain their physical and mental health as well as work
actively.

Mitsubishi Electric has joined the Japan Center for Engagement and Remedy on Businessand Human Rights (JaCER), which was established in June 2022 to support and promote
the redress of grievances by companies. Going forward, we will continue to strengthen its
grievance handling mechanisms in order to promote respect for human rights in society.

Reasons why it is important
The protection of human rights is a global issue. Everyone’s rights as individuals must
be respected. The Mitsubishi Electric Group will respect human rights in all of ouractivities and realize a workplace environment that helps all employees work actively.

Targets and key performance indicators (KPIs)
Fiscal 2024

Fiscal 2025

Improve employee engagement through their careerownership empowerment

Implementation of the Human Rights
Impact Assessment based on the United
Nations Guiding Principles on Businessand Human Rights in all business groups

Establishing a mechanism forrespecting human rights in the supply
chain based on the RBA process

The Company is implementing various initiatives to realize a work environment in which all
employees can work "actively". In particular, we are implementing numerous measures toempower career ownership that respects employees' sense of initiative and challenges.

Scope: Mitsubishi Electric Group

Scope: Mitsubishi Electric Group

Fiscal 2026

Fiscal 2031

・ Implementation of career consulting (career interviews)
In addition to the consultation and resolution function between managers and employees,
we have established the Career Consulting Room. Employees, regardless of which division
they belong to, are free to choose internal or external career consultants (advisors) for
advice and guidance on career development.

・ P rovision of transfer opportunities that contribute to employees'
career development

1

Employee engagement score*

70% or more
(Scope: Mitsubishi Electric)

60% or more

Ratio of female and non-Japanese insenior management*2

This measure helps employees to realize their desired careers by matching such careerswith the human resources needed in their workplaces through the Job-Net system (anintranet-based internal recruitment system) and the Career Challenge system (an internal
job search system).
Through these efforts, we are working to improve our employee engagement scores.

30% or more

(Scope: Some of related companies)
Scope: Mitsubishi ElectricFiscal 2031
Ratio of female in managerial positions

Ratio of employees who areproud and motivated to workfor the Company

12% or more
Scope: Mitsubishi Electric*1 Average percentage of positive responses to the five questions in the employee attitude survey conducted annually (twice a year since fiscal 2021):"Pride in working for the Company," "Willingness to contribute," "Desire to change jobs," "Encouraging others to join the Company," and "Sense of achievement through work"*2 Senior management:Directors, Executive Officers and Executive Officers (Associate)

33

Results for 2H FY2023
Target for FY2026(non-consolidated)

54%

70%

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

TopicsStrengthen corporate governance and compliance on a sustainable basis

Roundtable discussion with Outside Directors andmembers involved with the reform project for the purposeof monitoring the Three Key Reforms

While maintaining the flexibility of its operations and promoting managementtransparency, the Mitsubishi Electric Group works to strengthen the supervisory
functions of management with the goal of realizing sustained growth. Our fundamental
policy is to build and improve a corporate structure that is more able to meet the
expectations of customers, shareholders and all of its stakeholders, while endeavoring
to further increase corporate value. Additionally, the Mitsubishi Electric Group
recognizes that not only ethics and legal compliance, but also compliance in the wider
sense of the term that includes the perspective of corporate ethics, are the foundationof the Group's continued existence.

The Mitsubishi Electric Group is implementing the Three Key Reforms in response to a seriesof improper quality control practices. One of these, the governance reforms include efforts tostrengthen directors' monitoring function with respect to business execution.

Recently, as part of this project, a roundtable discussion was held among all seven

Reasons why it is important

outside directors and six members involved with the reform project. By sharing not only
what has changed in Mitsubishi Electric as a result of the reform project’s efforts but also

Corporate governance and compliance are fundamental preconditions for a company’scontinued existence. The Mitsubishi Electric Group will continue to reinforce these areas.

the challenges that must be overcome, opinions were exchanged from diverse perspectives

regarding the progress of organizational culture reform. The discussion concluded withconfirmation that the Board of Directors will continue to provide advice and support as well

Targets and key performance indicators (KPIs)

as to closely monitor the reform.

Key Topics
Maintain the ratio of independent
outside director

over 50%

Scope: Mitsubishi Electric・ How to improve employees' understanding of the need for change

Promote Three Key Reforms (quality
assurance, organizational culture, andgovernance), monitoring of the Three Key
Reforms by the Board of Directors, andappropriate information disclosure

・ The current situation of working at the manager level・ Employee engagement, including job satisfaction

Scope: Mitsubishi Electric GroupFY2029Provide compliance education on acontinuous basis

Achieve Level 2
or higher

Roundtable discussion between outside directors and members involved with the reform project (May
2023, Information Technology R&D Center)in the Cybersecurity Maturity
Model Certification
Scope: Mitsubishi Electric Group

Scope: Mitsubishi Electric Group34

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

TopicsCreate a sustainability-oriented corporate culture

Organizational culture reform through the company-widereform project "Team Sousei (Creation)"

To contribute to realizing sustainability, the Mitsubishi Electric Group must instilla corporate culture that includes: a commitment to solving social challenges froma long-term perspective, having sensitivity and adaptability to changes in society,and proactive disclosure of information to stakeholders. Corporate culture cannot
be changed overnight. We will work to build this culture over a long period as afoundation to support sustainable management.

"Team Sousei (Creation)" is a company-wide reform project led by the president andcomposed of volunteers selected through internal recruitment. The aims are to foster theculture "Employees feel that they can consult with their superiors," "failures are tolerated,"and "problems are solved together." In Fiscal 2023, the project's second year, "revitalizing

Reasons why it is important

communication" was positioned as a top priority for organizational culture reform, andmeasures were implemented to deepen understanding of what the term "psychological

The Mitsubishi Electric Group will contribute to realizing sustainability through all of
our activities. To this end, we will proactively communicate with stakeholders andfoster a corporate culture that encourages employees to pursue initiatives from a midto long-term perspective.

safety" means. We will continue to make efforts to promote the understanding that a highlevel of psychological safety is essential to organizational development and to have thisawareness deeply take root.

Information about "Team Sousei (Creation)" activities is posted as necessary to thecompany website so that all employees can check the current status and share comments.

Targets and key performance indicators (KPIs)

Fiscal 2026

Fiscal 2024

Understanding on the operation ofbusiness in line with the corporate
purpose and goals according to theresults of the employee awareness survey

Issue the Sustainability Report and theIntegrated Report, hold dialogues withexperts, and conduct sustainability reportquestionnaires

Good

Key measures implemented
Activities to change awareness and behavior, such as on why psychological safety isnecessary, throughout the company from the top down:・ The "Psychological Safety Guidelines" rolled out company-wide as the ideal interpersonal
relationships to achieve in our company
・ Lectures for personnel in executive management positions and middle management
・ Job-level specific lectures to promote practices of senior managers and section managers
・ Collaboration with the measure for productivity improvement such as meeting guidelines, etc.

75% or more
Scope: Mitsubishi Electric

Scope: Mitsubishi Electric GroupA lecture for personnel in executive management positions and middle management with Mr. Ryosuke Ishii

35

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Mid- to long-term initiatives and goals for FY2024 (17 items)
Materiality

Item

Long-term target

Mid-term target ／ KPI[Scope 1、2、3]
FY2051 : Aiming for net zero greenhouse gas emissions in the entire value chain

Realize asustainable global
environment

Realize a safe,
secure, andcomfortable society[Scope 1、2] FY2031 :Aim for net zero greenhouse gas emissions from factories and offices

Carbon neutrality
Achieving a decarbonized society throughinnovation and integrated solutions

Provide products, services and solutions that contribute to carbon neutrality

Circular economy

Contributing to the realization of a circular
economyFY2036 : 100% effective use of waste plastics

Safety/Security,
Inclusion, andWell-being

Achieving safety/security, inclusion, andwell-being through our business activities

Human rights

FY2025: Establish a foundation for human rights due diligence in accordance with
Establishing human rights initiatives based international norms
on international norms and implementing
FY2025: Establishing a mechanism for respecting human rights in the supply chain
responsible supply chainsbased on the RBA process

Governance

Strengthen
corporate
governance andcompliance on asustainable basis

QualityCompliance[Scope 3] Newly developed models with an energy efficiency improvement of
1.0% or more compared to the previous models

Mitsubishi
Electric Group

Reduce greenhouse gas emissions from factories and offices by 30% or morecompared to FY2014

Mitsubishi
Electric Group
Mitsubishi
Electric Group

90% or more effective use of wasted plastics

Provide products, services and solutions that contribute to safety/security

Mitsubishi
Electric Group(in Japan)
Mitsubishi
Electric Group

Provide products, services and solutions that contribute to inclusion and well-being
Implementation of the Human Rights Impact Assessment based on the United
Nations Guiding Principles on Business and Human Rights in all business groups
Operational development for the transition to the RBA supplier human rights due
diligence process

Mitsubishi
Electric Group・Steady implementation of organizational culture reforms (related measures)・Strengthening of support for career autonomy
・Consideration of a new personnel treatment system

Mitsubishi
Electric Group(in Japan)

FY2031: Ratio of female/non-Japanese in senior management*2 30% or more

・Promotion of strategic recruitment of external human resources
・Planned succession planning for leadership candidates within the company, etc.

Mitsubishi
Electric

FY2031: Ratio of female in managerial positions 12% or more

・Promotion of programs to promote women to managerial positions
・Linking to management candidate development programs, etc.

Mitsubishi
Electric

Increase effectiveness of the Board of
Directors

Maintain the ratio of independent outside director of Mitsubishi Electric over 50%

・Outside directors as more than 50% of directors
 ontinued disclosure of the skills matrix in General Meeting of Shareholders
・C
reference documents
・Appointment of an outside director as Chairman of the Board of Directors

Mitsubishi
Electric

Prevent the recurrence of improper quality
control practices

Promote Three Key Reforms (quality assurance, organizational culture and governance), monitoring of the Three Key Reforms by the Board of Directors, andappropriate information disclosure

Realize workplace where diverse andversatile human capital gathers and works
together

True understanding and practices of aProvide compliance education on a continuous basis
compliance motto “Always Act with Integrity”

Information security Improve the Cybersecurity maturity level

Create asustainabilityorientatedcorporate culture

Scope

FY2026: Employee engagement score*1 of 70% or more (Mitsubishi Electric) and
60% or more (Some of related companies)

Respect for all
peopleHuman capital

Initiatives for FY2024

Mitsubishi
Electric Group
Mitsubishi
Electric GroupFY2029: Achieve level 2 or higher*3 in the Cybersecurity Maturity Model Certification

Understanding
and practices ofsustainability

Understanding and practices ofsustainability by employees

FY2026: Understanding on the operation of business in line with the corporate
purpose and goals according to the results of the employee awareness survey 75%
or moreCommunication

Promote communication with stakeholders Issue the Sustainability Report and the Integrated Report
both inside and outside the company
Hold dialogues with experts, and conduct sustainability report questionnaires*1 Ratio of employees who respond that they feel that they are proud and motivated to work for the Company in the employee awareness survey*2 Senior management: Directors, Executive Officers and Executive Officers (Associate)*3 Framework for Cybersecurity Maturity Model Certification set forth by the U.S. Department of Defense (CMMC 2.0)36

Mitsubishi
Electric Group

Promotion of sustainability awareness via internal newsletters, the intranet,
training, etc.

Mitsubishi
Electric
Mitsubishi
Electric GroupContents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Basic policy and Promotional System for Sustainability

Actions to promote the realization of sustainability

To realize sustainability, we have set the following four points as actions to advance:

Responsibility for a sustainable
society

To conduct business responsibly in a manner that does not cause or exacerbatesocial challenges or environmental issues

Risk management for long-termsocial and environmental changes

To adapt to changes in society and the environment not only in the short andmedium terms but also in the long term. To create business opportunities andsustainable development. To predict risks and to control or minimize their impacts
on business management

Communication with stakeholders

To communicate with society, customers, shareholders, employees, and otherstakeholders through highly transparent disclosure of information in a waythat reflects society's expectations, requests, and opinions in our corporate
management

Governance

About
Mitsubishi Electric GroupThe policies and planning for the sustainability activities of the Mitsubishi Electric Groupare decided by the Sustainability Committee, which is chaired by the Chief Strategy Officer(CSO), the Executive Officer in charge of corporate planning and sustainability, and appointed
by Mitsubishi Electric’s Executive Officers meeting. The Sustainability Committee comprisesof the heads of Mitsubishi Electric's corporate divisions and corporate strategic planning
divisions (as of April 1, 2023, there are 34 members in charge of environmental, social andgovernance aspects from divisions such as Corporate Strategic Planning and Corporate
Human Resources). Based on the materiality, the Committee discusses monitoring the resultsof activities,, decisions on future activity plans, and responses to law amendments, andpromoting initiatives from a perspective that spans the entire Mitsubishi Electric Group. In
addition, the corporate divisions are responsible for the promotion of specific initiatives suchas ethics and legal compliance, quality assurance and improvement, environmental protection
activities, social contribution activities, and stakeholder communication.
The Sustainability Planning Division provides the secretariat for the Sustainability
Committee. We have established the Sustainability Planning Division under the direct controlof the President as the core organization responsible for this task from fiscal 2024 in order torealize sustainability.
The Sustainability Committee generally holds meetings at least three times a year, andthe details on the discussion are reported to the senior executives the Executive Officers'
Meeting. From fiscal 2022, the details on the discussion are also reported to the Board of
Directors. The Board of Directors regards the statuses of sustainability initiatives as oneof "main agenda items" for the Mitsubishi Electric Group and it holds full discussions fromthe perspective of risk management and profit-generating opportunities, receiving diverse
opinions from independent outside directors, as well as supervising the status of initiatives by
Executive Officers.
The promotion of sustainability initiatives is one of the compensation indicators
for Executive Officers, and theachievement of performanceindicators in non-financial areas suchas sustainability and ESG-related areas
is reflected in incentive compensation.
In order to deal with sustainability
challenges that involve multiple
divisions in a cross-sectionalmanner, we also have established'Sub-committees' as permanent
meetings and‘Projects’as temporary
meetings under the Sustainability
Committee. The two subcommittees,

The Mitsubishi Electric Group implements sustainability-oriented initiatives in all corporate
activities in accordance with its "Purpose," "Our Values," and "Commitment." Our management
policy states, "we will return to our fundamental principle of 'addressing social challenges
through our businesses' and position the realization of sustainability as the cornerstone of ourmanagement. From this approach, we will pursue a sustained enhancement of our corporate
value and fulfill our responsibility to society, to our customers, shareholders and employees,
and to all other stakeholders." We will pursue initiatives for achieving a sustainable society
to incorporate the expectations, requests, and opinions from society into activities, and tominimize the negative impact on society and the environment.

To contribute to the realization of a "vibrant and sustainable society" by solvingsocial and environmental issues through our business activities

SocialPromotional System for Sustainability

Basic policy on Sustainability

Contribution to a sustainable
society through our businesses

Environment

Sustainability Committee

37

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

the“Carbon Neutrality Subcommittee”and the“Human Rights Subcommittee," promote
initiatives in response to legal and social requirements. In addition, we have established the"Integrated Report/Legal Disclosure Working Group" and "TCFD Working Group" to consider
the clarification of individual categories of activities and the roles of participating divisions,information disclosure in accordance with norms, and other matters. Subcommittees andprojects are led by the relevant corporate division, andthe progress of these subcommittees'
initiatives is confirmed at each Sustainability Committee meeting.
Further, to share and execute the policies and plans established by the Sustainability
Committee, we have established the "Sustainability Communication Meeting" aimed atcollaboration between internal divisions and affiliates in Japan and overseas.

Environment

SocialGovernance

About
Mitsubishi Electric Group

Main agenda of the Sustainability Committee (Apr., Oct., and Jan., FY2023, and Apr., FY2024)⃝ Sustainability initiatives at the management level⃝ Strengthening the management of the Sustainability Committee (setting up Subcommittees and Projects, etc.)⃝ Report on achievements made in the previous fiscal year and activities planned in thecurrent fiscal year, with focus on materiality initiatives⃝ Responses to sustainability-related legal regulations and to requests from stakeholders⃝ Responses to the sustainable development goals (SDGs)⃝ Initiatives to carbon neutrality⃝ Human rights initiatives⃝ Response to TCFD

Materiality⃝ Responses to legal disclosures related to sustainability

Corporate governance⃝ Production of Sustainability Reports and Integrated Reports

Human Rights Subcommittee⃝ Promotion of social contribution activities

Carbon Neutrality Subcommittee
Integrated
体制図Report/Legal Disclosure Working Group
TCFD Working Group

Main suggestions from the Board of Directors⃝ Sustainability initiatives are necessary to gain customer trust and sustain thebusiness.

Board of Directors
ReportSupervision⃝ Society expects the Mitsubishi Electric Group to "realize a sustainable global
environment" and to "realize a safe, secure, and comfortable society," and theGroup must demonstrate its capabilities in these areas, with carbon neutrality at
the forefront of such efforts.

Executive Officers’ meetings
ReportCommission
Carbon Neutrality Subcommittee

Sustainability Committee
Chairman : Director in charge of Sustainability
Members : Sr. General Managers of corporate divisions,
Sr. General Manager of corporate strategicplanning
Head of the Secretariat : Sr.General Manager of
Sustainability Planning Div.
Secretariat : Sustainability Planning Div.

⃝ More and more companies are being criticized for greenwashing*. It is important to
get the facts right.

Human Rights Subcommittee⃝ In order to disseminate the Purpose, Management policy, and so forth, it isnecessary for management to communicate directly and repeatedly with
employees.

Integrated Report/
Legal Disclosure Working Group
TCFD Working Group* Creating an illusion of efforts being made for the environment when in reality, such efforts were non-existent

Sustainability
Communication Meeting

Departments

Affiliates in Japan

Overseas Affiliates

Sustainability Promotion Framework

38

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Materiality of the Mitsubishi Electric Group

Carbon Neutrality Subcommittee
The Carbon Neutrality Subcommittee confirms items related to decarbonization of the
Mitsubishi Electric Group that are to be reported to the Sustainability Committee, alongwith holding discussions on issues that practicing departments such as the Corporate Total
Productivity Management & Environmental Programs Group and each business group are notable to resolve on their own.

The Mitsubishi Electric Group has positioned the realization of sustainability as thecornerstone of our management based on the principle of "Provide solutions to social
challenges through our businesses." To address sustainability at the management level andto promote it over the long term, we have identified five areas as materiality (important
challenges) to "Provide solutions to social challenges through our businesses" and as part of our"Strengthen our business foundation to enable sustainable growth." Through these materiality
initiatives, we will create economic and social value and will contribute to solving social
challenges, starting with contributing to the achieving the SDGs. In our materiality-related
initiatives, we promote continuous activities for improvement by implementing the PDCA
cycle for mid- to long-term goals as well as for targets/Key Performance Indicators (KPIs). In
terms of targets and KPIs, we have identified 17 essential company-wide sustainability-related
targets for fiscal 2024 from among a range of initiatives, and the Sustainability Committee
confirms and drives progress towards these targets to increase corporate value.
With regard to the SDGs, we believe that they are in line with our Purpose of contributing
to solving social challenges, and we will contribute to the achievement of the 17 Sustainable
Development Goals (SDGs) through all of our corporate activities.

Main agenda of the Carbon Neutrality Subcommittee (FY2023)⃝Initiatives toward zero emissions from our company in fiscal 2031
⃝Initiatives in the Contribution category⃝SBT certification updates⃝Using internal carbon pricing⃝Sharing external trends related to carbon neutrality

Integrated Report/Legal Disclosure Working Group

About the Sustainability Report

We have established the Integrated Report/Legal Disclosure Working Group under the
Sustainability Committee to comply to sustainability legal disclosures on a global scale.

The Sustainability Committee discusses and confirms creation policy for the reports,
sustainability management, and other especially important items regarding the
Sustainability Report before publication. In particular, the report describes the resultsof materiality-related initiatives and targets approved by the Sustainability Committee
for such initiatives.

Main agenda of Integrated Report/Legal Disclosure Working Group (FY2023)⃝ Responses to CSRD and ESRS
⃝ Responses to laws and regulations around the world related to sustainability⃝ Warranty of sustainability information⃝ Response to revisions to the Annual Securities Report⃝ Production of the Integrated Report

Human Rights Subcommittee
TCFD Working Group

39

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Process of Identification and Review of Materiality

SASB
Materiality of competitors
Extraction of candidate materiality
from guidelines, etc.

● Eliminate items thathave little relevanceto Mitsubishi Electric’s
business● Eliminate economicrelated items

Low

SDGs
Industry-specific issues● Sort similar items

MediumISO26000

High

Stakeholder expectation level

GRI Standards

Tasks to prioritize

Low

MediumHigh

Company's understanding of the initiative priority

Candidate materiality (357 issues) were identified based on ISO26000*1, the GRI Standards*2,
the SASB standards*3, and the Sustainable Development Goals (SDGs).

General issues

Governance

About
Mitsubishi Electric Group

Using the short list created in step 1, we conducted a questionnaire survey of consumers,
suppliers, investors, and Mitsubishi Electric Group employees, who are our stakeholders,regarding what expectations they have for the Mitsubishi Electric Group to contribute toaddressing social challenges. In addition, we received opinions from experts regarding
the identification of materiality through interviews and dialogues with them in order toassess both internal and external views of the Mitsubishi Electric Group. Based on the
results obtained, internal working groups narrowed down the issues that the Mitsubishi
Electric Group should address as top priority, and the Sustainability Expert Committee andSustainability Matrix
Business
Promotion Committee are studying the materiality of such issues.
of CSR Materialiry

Step 1 Awareness of social issues (fiscal 2021)

Derive a long list
from the items below

SocialStep 2 A ssessment of internal and external views and study of materiality (fiscal 2021)

In fiscal 2016, the Mitsubishi Electric Group identified materiality and initiatives in response to
today's social trends and business environment, as required by the fourth edition of the GRI
Guidelines.
In fiscal 2021, a full internal review of the materiality, mid-to-long-term initiatives, andtargets/key performance indicators (KPIs) was undertaken by the Sustainability Expert
Committee and Sustainability Business Promotion Committee, in view of subjective
evaluations from inside and outside the company, featuring questionnaires and interviews
from a total of 1,551 people, including Mitsubishi Electric Group employees, suppliers,
investors, analysts, and general consumers.
We have carried out stakeholder questionnaires targeted at general consumers (600
respondents) since fiscal 2017, and we held a questionnaire in fiscal 2022 as well. We willtake evaluation from external parties into account as we review these mid-to-long-term
initiatives and targets.
While incorporating opinions from inside and outside the company, these initiatives willcontinue to be improved, and the materiality, mid-to-long-term initiatives, and targets/key
performance indicators (KPIs) will be reviewed by implementing the PDCA cycle.

*1 Guidelines concerning social responsibility issued by theInternational Organization for Standardization (ISO)*2 International standards for sustainability reporting issued
by the international NGO, Global Reporting Initiative (GRI)*3 Information disclosure rules concerning the environment,
society, and governance (ESG) created by the
Sustainability Accounting Standards Board (SASB), a nonprofit organization in the U.S.

Environment

Mitsubishi Electric's Matrix of Materiality

Derive a short list
1 Contribution to SDG 1: No Poverty
2 Contribution to SDG 2: Zero Hunger
3 Contribution to SDG 3: Good Health and Well-being
4 Contribution to SDG 4: Quality Education
5 Contribution to SDG 5: Gender Equality
6 Contribution to SDG 6: Clean Water and Sanitation
7 Contribution to SDG 7: Affordable and Clean Energy
8 Contribution to SDG 8: Decent Work and Economic Growth
9 Contribution to SDG 9: Industry, Innovation and Infrastructure
10 Contribution to SDG 10: Reduced Inequality
11 Contribution to SDG 11: Sustainable Cities and Communities
12 Contribution to SDG 12: Responsible Consumption and Production
13 Contribution to SDG 13: Climate Action
14 Contribution to SDG 14: Life below Water
15 Contribution to SDG 15: Life on Land
16 Contribution to SDG 16: Peace, Justice and Strong Institutions
17 Contribution to SDG 17: Partnership for the Goals
18 Respect human rights (prohibition of discrimination, forced labor, harassment, etc.)
19 Promote workplace diversity (use of diverse human resources)
20 Promote work-life balance (harmony between work and life)
21 Develop human resources
22 Ensure occupational safety and mental and physical health
23 Secure product quality and safety
24 Contribute to local communities (volunteer)
25 Strengthen environmental initiatives
26 Implement corporate management with sound functional check capabilities (corporate governance)
27 Implement appropriate risk management
28 Disclose information transparently in a timely and appropriate manner
29 Ensure thorough compliance
30 Ensure information security (management of trade secrets, protection of personal information)
31 Create innovation through research and development
32 Strengthen intellectual property capabilities and protect intellectual property rights
33 Request that business partners cooperate with Mitsubishi Electric Group's CSR activities (supply chain management)
34 Engage in corporate activities globally as a group
35 Actively communicate with stakeholders

Internal working groups

Tasks to prioritize

・Provide products and services that help tosolve environmental issues.
・Provide products and services that help tosolve energy problems.
・Secure product quality and safety.
・Develop globally competent human resources.
Actively communicate with stakeholders.
・Strictly enforce compliance.
・Implement corporate management withsound functional check capabilities.
・Provide products and services that help tosolve health and aging issues.
・Provide products and services that contribute topeaceful and safe living.
・Develop products with a low environmental
impact in manufacturing, use, and disposal.
・Request that business partners cooperate with
Mitsubishi Electric Group's CSR activities.
・Promote workplace diversity.
・Promote work-life balance.

Interviews with experts

Step 3 Identification of materiality (fiscal 2021)
Identification by the Sustainability Committee

The issues thus extracted and studied through the above-described process and specificmid-to-long-term initiatives and targets/key performance indicators (KPIs) were confirmedby executive officers and identified as the Mitsubishi Electric Group's materiality by the
Sustainability Committee.

40

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Materiality and SDGs

Environment

SocialGovernance

About
Mitsubishi Electric Group

Priority SDG initiatives

In 2015, the countries of the United Nations General Assembly adopted the Sustainable
Development Goals (SDGs). The Mitsubishi Electric Group views these SDGs as an important
agenda, the realization of which society seeks.
Under its Purpose that "We, the Mitsubishi Electric Group, will contribute to therealization of a vibrant and sustainable society through continuous technological innovationand ceaseless creativity" the Group aims to contribute to solving social issues. This policy
corresponds
what the globally shared goals of the SDGs aim to achieve.
Materiality to/ SDGsThrough our numerous businesses and the entirety of our corporate activities, including
environment, social and governance (ESG)-related activities, the Mitsubishi Electric Group iscontributing to meetingMateriality
the 17 SDGs.
Contribute to the SDGs
Provide solutions to social
challenges through our businessIn line with the materiality identified for fiscal 2022, we reviewed the SDGs to address ona priority basis that we determined in fiscal 2019. In the course of reviewing our goals, we
conducted an internal and external survey. As a result of it, we found that Mitsubishi Electric
is expected to contribute to resolving social challenges through its business activities.
Based on a study within the company, we set SDGs 3, 7, 9, 11, and 13 as the Priority
SDG initiatives, which correspond to "realize a sustainable global environment" and "realize asafe, secure, and comfortable society," the areas that the Group will focus on going forward.
By further promoting initiatives to create value for these goals to which we can contributesignificantly as a comprehensive electrical and electronics manufacturer, we will make aspecific contribution to achieving the SDGs.

Realize a sustainableglobal environment◦ Goal 3: Good Health and Well-being◦ Goal 7: Affordable and Clean Energy◦ Goal 9: Industry, Innovation, and Infrastructure◦ Goal 11: Sustainable Cities and Communities◦ Goal 13: Climate Action

Priority
SDG initiatives
Realize a safe, secure, andcomfortable society

In doing this, the Mitsubishi Electric Group will integrate the concept of the SDGs into
its management strategy and contribute to the SDGs that we will prioritize through ourmateriality initiatives.
Respect for all people

Strengthen our business foundation to
enable sustainable growth

Strengthen corporate governanceand compliance on a sustainable basis

Initiatives related to the 17 SDGs

Contribute throughall corporate activities

The Mitsubishi Electric Group, as a comprehensive electrical and electronic manufacturer,
handles a wide range of technologies, products, and services, ranging from familiar homeelectronics products to satellites and projects on a national scale. As such, we believe that
we can also greatly contribute toward meeting the 17 Sustainable Development Goals (SDGs).

Create a sustainability-oriented
corporate culture*The SDGs are a set of global goals that are to be achieved betw een 2016 and 2030. They were adopted by theUnited Nations General Assembly in September 2015 as a successor to the Millennium Development Goals (MDGs)
that were formulated in 2001, and are composed of 17 goals and 169 targets for achieving a sustainable world.

41

Contents /About the ReportManagement Message

Initiatives that contribute toaddressing social challenges

Sustainability Highlights

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric GroupManagement Related to Materiality
For single-year goals 〇 : Goals achieved△ : Partially not achieved or not achieved for reasonable causes (Excluding non-numerical goals) ×: Not achieved
For multiple-year goals 〇 : Expected to be achieved in the final fiscal year △ : Slight delay for the final fiscal year 		×: Delay for the final fiscal year

FY2023 Targets and Results
Materiality

Mid- to long-term initiatives

Realize a decarbonized society throughinnovation and Integrated Solutions

Realize asustainableglobalenvironment

Contribute to achieving a circular
economyFY2023 targets/Key performance indicators (KPIs)

Quantitative targets

Reduce CO2 emissions related to the usage of new products and improve therate of "CO2 emission reduction contribution by product use" compared to theprevious model

FY2024

1.0％ or higher

2.8%

Reduce CO2 emissions from our company

FY202430％ or higher
vs. FY2014

27％

Use recycled plastics(in terms of the volume of molding and packaging materials)

FY2024

10.0% or higher

8.1%

Make effective use of waste plastics

FY2024

90.0% or higher

92.5%

Rate of reduction in water usage at high-risk sites (per unit of sales)

FY20244% or higher vs.
the FY2020
16%
level

① Promotion of products, services, and solutions that contribute to minimizing damage due tonatural threats, including prevention of natural disasters

Safety/security

Realize a safe,
secure, andcomfortablesociety

Contribution through business activities
in the areas of safety/security, inclusion,
and well-being
Inclusion

Mitsubishi
Electric Group

Evaluation○○※1

Mitsubishi
Electric Group(in Japan)
Mitsubishi
Electric Group(Overseas)△○○・Next Generation Geostationary Meteorological Satellite(Himawari-10)
・Water surface condition monitoring service MinaMonitor
・Ecocute
Developed a technology to automatically detect
dangerous behaviors with high accuracy from camera
images③ Promotion of products, services, and solutions that contribute to improving adaptability

Launched joint research on a cloud AI-operated roadmanagement system to streamline road maintenanceand repair operations

Promotion of products, services, and solutions that reduce the impact of physical limitations (age,disability, etc.) and environmental limitations such as residential areas

・Service for watching over seniors MeAMOR
・AI × watching over service for seniors kizkia-Knight○

Promotion of products, services, and solutions that contribute to realizing more comfortable
and healthy living

・Mitsubishi Electric and AIST established the HumanCentric system design collaboration laboratory
・SUSTIE, a ZEB-related technology demonstrationbuilding, acquired Platinum WELL certification
 eleased the Emoco Eye Mitsubishi room air conditioner
・R
Kirigamine Z Series equipped with emoco eye○

Developed improvement plans for items that had yet tobe addressed

△

100%

○

Mitsubishi
・Have established and run JaCER in addition to theElectric Group
contact points for inquiries regarding sustainability andharassment as well as the ethics and compliance hot line・Improved accessibility and transparency by improving
the "Sustainability Inquiries" section of the official
website and joining JaCER○

mitigation, and quick solutions regarding human-caused threats, including crime andaccident suppression

Identify and improve priority initiative items based on the results of the FY2022
Human Rights Impact Assessment
Grasp the improvement statuses of human rights initiatives based on the
FY2023 Human Rights Impact Assessment
Promote human rights initiatives that are
based on international norms

Scope② Promotion of products, services, and solutions that contribute to avoidance, damage

to urban and social challenges, including labor shortages, declining population, anddepopulation

Well-being

Respect for all
peopleFY2023 Result

Target year

FY2024All items
addressed

FY2023100%

Enhance response for grievances on human rights

Provide education on human rights and e-learning sessions

FY2023*1 Rated as good because we achieved the target emissions for FY2023, which are equivalent to the quantitative targets for the target year.

42

100%

100%

○

Mitsubishi
Electric Group

Mitsubishi
Electric○

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric GroupFor single-year goals 〇 : Goals achieved△ : Partially not achieved or not achieved for reasonable causes (Excluding non-numerical goals) ×: Not achieved
For multiple-year goals 〇 : Expected to be achieved in the final fiscal year △ : Slight delay for the final fiscal year 		×: Delay for the final fiscal year

Materiality

Mid- to long-term initiatives

Procurement that contributes tosustainability

Realize a workplace environment thathelps all employees work actively

Respect for all
peoplePromote diversity

FY2023 targets/Key performance indicators (KPIs)

Target year

Scope

Evaluation

Mitsubishi
Electric Group○

Carry out CSR assessments of major suppliers to build a responsible supply chain, and identify and correct
risks related to human rights violations

Conducted CSR Procurement surveys of 300 major
business partners; confirmed that there are noserious human rights violations, such as forcedlabor or child labor

Establish a plan for sustainability procurement policy guidelines (Integrate the Green Procurement Standards
Guide with the CSR Procurement Guidelines)

Reviewed plans to ensure that the procurement
guidelines are developed in a manner that complies
with the RBA process

Carry out a transformation starting with the renewal of the personnel system based on the "Robust Policies"
from the company-wide reform project "Team Sousei (Creation)"

Facilitated internal human resource mobility
by updating the rules for operating the internal
recruitment program and internal job search
programContinue to promote the Mitsubishi Electric Workplace Reform Program. In particular, accelerate initiatives for
improving employee engagement (Quantitative targets for Mitsubishi Electric only)・Implemented a variety of measures from
Mitsubishi Electric's Workplace Culture Reform
Mitsubishi
Program
Electric Group・Promoted work style reforms at domestic affiliates (in Japan)

Employee engagement score* (for Mitsubishi Electric only)* Percentage of employees with pride and motivation in their work

FY2023

70% orhigher54％

Work-life balance score* (for Mitsubishi Electric only)*Percentage of employees who respond that they feel that they have a goodwork-life balance in the employee awareness survey

FY2023

70% orhigher66％

Increase the ratio of women among new recruits(Reference value: the average of the past five years, FY2017 to FY2021) *1

FY2026

1.2 or moretimes thebaseline

1.3 times*1

Increase the ratio of women in managerial positions

FY20262.00 ormore times
the ratio of
FY20211.38 times

Encourage male employees to take child-care leave (including those taking
leave when their spouse gives birth)

FY2026

70.0% orhigher

76.1%

Overseas actively appoint local national staff as executives for overseas bases

Promotion of occupational health andmental and physical health

FY2023 Result

Quantitative targets

○

×

○

Mitsubishi
Electric○○

Promoted one local national staff member toSenior Executive Officer, and another to head of an
overseas office

Mitsubishi
Electric Group(Overseas)○

Promote the hiring of people with disabilities at more than the statutory
employment rates and promote the development of a workplace environmentthat is comfortable for them (including special subsidiary companies ; Mitsubishi
Electric Life Service Corporation and Melco Tender Mates Corporation)

FY2024

2.50％ orhigher

2.47％

Mitsubishi
Electric△

Make improvements regarding the rate of lost worktime injuries*2

FY20230.25 or less

0.37

Mitsubishi
Electric×

Mitsubishi
Electric Group(in Japan)

×

Realization of a workplace environment where people can work while maintaining their mental and physicalhealth through the establishment of a health-conscious management by implementing Mitsubishi ElectricGroup Health Plan 21 activities and other initiatives.
Percentage of employees who were classified as having high stress levels atstress checks*1 Total number from FY2022*2 Total number of accidents per 1 million hours Mitsubishi Electric43

FY2023

Less than
9.0%

9.8％ (Mitsubishi Electric)

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric GroupFor single-year goals 〇 : Goals achieved△ : Partially not achieved or not achieved for reasonable causes (Excluding non-numerical goals) ×: Not achieved
For multiple-year goals 〇 : Expected to be achieved in the final fiscal year △ : Slight delay for the final fiscal year 		×: Delay for the final fiscal year

Materiality

Mid- to long-term initiatives

Improve the board of directors’
effectiveness

FY2023 targets/Key performance indicators (KPIs)

FY2023 Result

Scope

Continue to strengthen the function of the board of directors and the three statutory committees based on theeffectiveness assessment

Had a third-party evaluation of the effectiveness of
the Board of Directors carried out in FY2023, andmade improvements based on the evaluation results

Mitsubishi
Electric

Realize a highly independent composition in the board of directors

58％

Target year

FY2023

Quantitative targets

Over 50%

Compliance training on a continuous basis
Rate of attendance in e-learning programs about the Code of Conduct

Thorough compliance

Strengthen
corporate
governance andcompliance on asustainable basis

Information security activities to protect
important information

Complete reform in the area of quality
assurance with an aim for zero qualityrelated fraud

FY2023100%○

Mitsubishi
Electric Group

○

100%

Mitsubishi
Electric○

Conducted training on antimonopoly laws
（Mitsubishi
Electric)

Major incidents of the violation of the prevention of antimonopoly violations

0

0

○

Conducted training by a variety of mean such asworkshops, e-learning programs, and handouts

Fair competition (prevention of antimonopoly violations)・E stablish and thoroughly implement antimonopoly prevention measures: provide practical training on an
ongoing basis, conduct monitoring with an eye toward establishing regulations and rules
FY2023

Evaluation○

Mitsubishi
Electric Group○

Corruption prevention (prevention of bribery)・E stablish and thoroughly implement bribery prevention measures: provide bribery prevention education, andconduct monitoring with an eye toward establishing regulations and guidelines

Conducted anti-bribery training (Mitsubishi Electric)○

Number of major bribery incidents

FY202300○Number of major information leakage incidents

FY202300Violation of information security related laws and regulations

FY202300Mitsubishi
Electric Group

Improve the information security maturity level*1

FY2026

Level 2 orhigherMade steady progress toward achievement in
FY2026

Mitsubishi
Electric Group(in Japan)

Reconstruct functions for checks and balances・Conduct quality audits and promote improvements once a year at all
manufacturing facilities and plants

FY2023

Implementation
rate: 100%100%

Mitsubishi
Electric○○○○

Measures for technology capability and resource issues・B uild a system for compliance with quality-related laws, regulations and public standards; develop andimplement an investment plan for infrastructure development, etc. related to the quality assurance system

・Developing an environment to confirm the latest
standards by utilizing an online standard viewing
system (accessed 23,470 times)
Mitsubishi
・Establishing a consultation contact point related toElectric Group
product quality laws and regulations
・Reorganizing check items and content for laws
and regulations development/modification
management○

Renewed efforts to raise awareness on quality compliance・Improve quality compliance awareness and provide e-learning (Attendance
rate of 100%) Survey the awareness of employees on quality

・E-learning attendance rate: 100%
・Conducted a biannual employee awareness survey Mitsubishi
on quality
Electric Group・Comprehension level of the employee awareness(in Japan)
survey related to quality philosophy rules andregulations: 86%○*1 Framework of the Cyber Security Maturity Model Certification (CMMC) issued by the U.S. Department of Defense.

44

FY2023

Attendance
rate: 100%

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric GroupFor single-year goals 〇 : Goals achieved△ : Partially not achieved or not achieved for reasonable causes (Excluding non-numerical goals) ×: Not achieved
For multiple-year goals 〇 : Expected to be achieved in the final fiscal year △ : Slight delay for the final fiscal year 		×: Delay for the final fiscal year

Materiality

Mid- to long-term initiatives

FY2023 targets/Key performance indicators (KPIs)

Target year

Strengthen the management system to realize sustainability management that integrates the promotion ofsustainability
・Report to the Executive Officers’ Meeting and the Board of Directors at least three times
・Business divisions participating in the Sustainability Committee

Promote mid- to long-term initiatives foraddressing social challenges

Create asustainabilityorientatedcorporate culture

Improve
understanding on
the relationshipbetween business
operation andsustainability

Rate of employees who understand the new management
policy according to the results of an employee
engagement survey

FY2023Rate of employees who understand the operation ofbusiness in line with the management policy according to
the results of an employee engagement survey

FY2023

FY2023 Result

Quantitative targets

80％ orhigher

Scope・Reported to executive officers and directors atleast three times
・Business units began participating, starting fromthe Sustainability Committee meeting in October
2022

Evaluation

○

71％
×

75％ orhigher67％

Promote activities aimed at realizing an inclusive society
・Coexistence with the global environment: As an activity related to the Mitsubishi Electric Outdoor Classroom,
contribute to biodiversity preservation activities by using BIOME, a living things collection application developed
Although the number of BIOME participants did notby Kyoto University’s environmental venture company, Biome Inc. (1,000 participants)
reach the target, the activities are making steady・Coexistence with the local community: Support organizations that contribute to solving social challenges
progress
including support for people with disabilities, based on the SOCIO-ROOTS Fund・Coexistence with all people: Promote the development of people in the next generation through support forscience, technology, culture, art, and sports

Mitsubishi
Electric Group△

Promote organizational culture reform with focus on the Robust Policies Plan from "Team Sousei"

Promoted by encouraging employees to greet,
express appreciation, and address one another withthe "san" honorific, implementing the psychologicalsafety guidelines, etc.

○

Improve sensibility and adaptability tochanges in values among society andindividuals

Discuss social trends in Sustainability Committee meetings and respond to these trends

Conducted a survey of global laws and regulations,and discussed and considered responses at the
Sustainability Committee meeting○

Promote active communication
with stakeholders based on highly
transparent information disclosure

・Issue the Sustainability Report and the Integrated Report,
・Hold dialogues with experts, and conduct sustainability report questionnaires

・Issued the Sustainability Report and Integrated
Report in FY2023
・Held dialogues with experts
・Conducted a survey of 600 members of the generalpublic○Please refer to materiality for mid- to long-term initiatives and goals for FY2024 (17 items), and back issues of our Sustainability Report for results to date.
Materiality

Reports (Sustainability)

45

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Initiatives Related to the Value Chain
The Mitsubishi Electric Group is engaged in a wide range of businesses, ranging from familiar home appliances to satellites and projects on a national scale. Our operations of these businesses
affect society and our value chain is also expanding. Recognizing these circumstances, the Mitsubishi Electric Group promotes sustainability initiatives across the entire value chain with a focus onmateriality.

Initiatives on Materiality
across the Value Chain

Procurement

Development

Production

Sharing its way of thinking aboutprocurement, the Group promotes
sustainability initiatives along the supply
chain.

In addition to thoroughly strengthening
businesses and promoting development
for innovation, the Group is striving tocreate greater value and engage in thedevelopment of future technologies.

The Group is engaging in manufacturing that lowers environmental burden
and that takes into consideration safety
and quality.

Procurement that
contributes tosustainability

Transportation

The Group is striving to reduce theamount of packaging materials used
and to emit less CO2 in transporting
products.

Sales and use

Through products and services, theGroup contributes to the realization of asustainable global environment and therealization of a safe, secure, andcomfortable society.

Reduce CO2 emissions from production
Aim for net zero greenhouse gas emissions in the entire value chain

Use water effectively
Use waste plastic effectively

Safety/Security
Inclusion
Well-being

Strengthen our businessfoundation to enable
our sustainable growthEstablishing human rights initiatives based on international
norms and implementing responsible supply chains
Realize workplace where diverse and versatile human capitalgathers and works together

Increase effectiveness of the Board of Directors
Preventing the recurrence of improper quality control practices
True understanding and practices of a compliance motto"Always Act with Integrity"
Improve the Cybersecurity maturity level

Materiality

Environmental Considerations for Value Chain Management
46

Understanding and practices of sustainability by employees
Promote communication with stakeholders both inside andoutside the company

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Initiatives / External Evaluation
Initiatives

Participating in the GX League

Mitsubishi Electric is participating in the GX League announced by
the Ministry of Economy, Trade and Industry (METI). The GX League
has been established by companies which actively work on green
transformation (GX) together with players who strive to achieve GX,
including governments, academia, public research institutions, andfinancial institutions, as a forum for discussing the overall economic and social system andcreating new markets accordingly. Mitsubishi Electric will promote efforts to achieve GX
through the activities of the GX League.

Participation in the UN Global Compact

In May 2018, the Mitsubishi Electric Group signed the UN Global Compact (UNGC)*
aimed at promoting sustainability activities based on international norms.
By signing the UNGC, the Group pledges to make continued efforts toenhance sustainability activities by complying with the ten principles in the fourareas of human rights, labor, environment, and anti-corruption to the extent
that it can make an impact on society. Efforts will be made to enhance the Group's activities bymaintaining close communication with UN organizations and relevant initiatives.
UN Global Compact

Participating in METI’s GX League (in Japanese text)

Joining the RBA* A voluntary initiative to participate in creating a global
framework to achieve sustainable growth.

In February 2022, Mitsubishi Electric joined
the Responsible Business Alliance (RBA), an alliance that promotes corporate social
responsibility in global supply chains. We commit to progressively align our own operations
with the provisions of the RBA Code of Conduct, a global standard, to promote continuous
improvement of our sustainability efforts.

SBT

It is recognized that the Mitsubishi Electric Group's greenhousegas reduction targets for 2030 are based on scientific grounds to"Holding the increase in the global average temperature to well
below 2ºC above preindustrial levels" as stipulated in the Paris
Agreement. We have obtained certification from the SBT (Science
Based Targets) initiative.

Mitsubishi Electric Joins the Responsible Business Alliance (RBA)

Joining JaCER as a Founding Member

Mitsubishi Electric Sets Ambitious Greenhouse Gas Reduction Targets

Mitsubishi Electric has joined the Japan Center for Engagement andRemedy on Business and Human Rights (JaCER), which was establishedin June 2022 to support and promote the redress of grievances bycompanies, as a founding member (regular member). Going forward, we
will continue to strengthen its grievance handling mechanisms in order to promote respectfor human rights in society.

Expression of approval of the TCFD recommendations

The Mitsubishi Electric Group has expressed approval of the recommendations by TCFD (Task
Force on Climate-related Financial Disclosures) and has beenpromoting initiatives and disclosing information according to its
recommendations.

Mitsubishi Electric Joins Japan Center for Engagement and Remedy on Business and Human Rights as a Founding Member

Financial Information Based on Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)

Joining CLOMA

Main initiatives in which Mitsubishi Electric is participating⃝ Japan Business Federation (Keidanren)⃝ Ministry of the Environment (30by30 Alliance for Biodiversity)⃝ Japan Association of Corporate Executives⃝ The Japan Chamber of Commerce and Industry⃝ Japan Electronics and Information Technology Industries Association⃝ The Japan Electrical Manufacturers' Association

On April 1, 2023, Mitsubishi Electric joined the Japan Clean Ocean
Material Alliance (CLOMA) to help solve marine plastic waste problems. By
accelerating our efforts toward solving waste plastic problems including thoserelated to marine plastics through the use of our proprietary advanced plastic
sorting technology, we will further contribute to realizing a circular society.
Joining the Clean Ocean Material Alliance (CLOMA) (in Japanese text)47⃝ C ommunications and Information Network
Association of Japan⃝ The Japan Machinery Federation⃝ Council on Competitiveness-Nippon⃝ Japanese Standards Association⃝ Japan Intellectual Property Association⃝ Japan Institute of Invention and Innovation

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

External Evaluation
Positive Impact Finance

MSCI Indexes

Mitsubishi Electric has entered into a Positive Impact Finance (PIF) financing agreement, whichis intended to continuously support the activities of companies that comprehensively assess
and monitor the impacts of their corporate activities on the environment, society, and theeconomy, thereby contributing to the achievement of the SDGs, with MUFG Bank, Ltd. Upon
entering the agreement, we received qualitative and quantitative assessment from Mitsubishi
UFJ Research and Consulting Co., Ltd. and obtained independent opinions from Japan Credit
Rating Agency, Ltd.

MSCI (USA) is a company that calculates andannounces various indexes of global constituents.
Mitsubishi Electric was selected as a constituent for the MSCI Japan Empowering Women
Index (WIN), consisting of select companies in Japan displaying excellent gender diversity.
The index has also been adopted as an investment outlet by GPIF.
* THE INCLUSION OF Mitsubishi Electric Corporation IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS,
TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP,
ENDORSEMENT OR PROMOTION OF Mitsubishi Electric Corporation BY MSCI OR ANY OF ITS AFFILIATES. THE
MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE
TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES.

Mitsubishi Electric Enters into a PIF Agreement with MUFG Bank (in Japanese text)

CDP

Mitsubishi Electric was selected as a "Supplier Engagement Leader" in the
Supplier Engagement Rating from CDP. We also received "A-" (Leadership
Level) ratings in the Climate Change and Water Security categories.

S&P/JPX Carbon Efficient Index

Mitsubishi Electric was selected as a constituent of the S&P/JPX Carbon
Efficient Index designed to measure the performance of companies byfocusing on the level of carbon efficiency (carbon emissions per sales).
The Index, which is constructed by S&P Dow Jones Indices, is based oncarbon emission data by Trucost, which assesses risks relating to climatechange, natural resource constraints, and broader environmental, social, and governancefactors. The index has also been adopted as an investment outlet by GPIF.

Mitsubishi Electric Named CDP Supplier Engagement Leader for Three
Consecutive Years and Sixth Time

EcoVadis

Mitsubishi Electric has been awarded the Bronze Rating in corporatesocial responsibility (CSR) by EcoVadis, the global CSR assessment
agency. The Bronze Rating places Mitsubishi Electric among the top 50
percent of all companies assessed by EcoVadis.

PRIDE Index 2022

Mitsubishi Electric received the Gold award in the“PRIDE Index 2022,”
an index to evaluate initiatives for LGBTQ and other sexual minorities
at workplaces in Japan. We were recognized for our continuing LGBTQ
initiatives and received the Gold award for the first time following ourreceipt of the Silver award in 2021.

FTSE Index Series

FTSE Russell (UK) is a company that engages in thedevelopment of global investment indexes and theprovision of financial data to investors. Mitsubishi
Electric was selected as a constituent of the company’s
FTSE4Good Index Series.
Additionally, Mitsubishi Electric was selected asa constituent of the FTSE Blossom Japan Index and
the FTSE Blossom Japan Sector Relative Index. These
indexes have also been adopted as investment outlets
by the Government Pension Investment Fund (GPIF).

Mitsubishi Electric Receives“PRIDE Index 2022”Gold Award (in Japanese text)

Eruboshi

Mitsubishi Electric has received Eruboshi (Grade 2) from the Ministry of Health,Labour and Welfare as an outstanding enterprise in promoting women’sparticipation and career advancement.

48

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Communicating with stakeholders

Environment

SocialGovernance

About
Mitsubishi Electric Group

Opinion 3: Please explain the concept of Circular Digital-Engineering in aneasy-to-understand manner

We have received many comments asking us to explain Mitsubishi Electric's concept of"Circular Digital-Engineering" in an easy-to-understand manner using concrete examples. We
did our best to provide an easy-to-understand explanation at Corporate Strategy briefingsand other meetings in FY2024.

Basic policy on stakeholder engagement
The Mitsubishi Electric Group understands that requests and opinions from its stakeholders
are extremely important—not only to avoid acts that will inconvenience society, but also to
pursue initiatives for achieving a sustainable society.
Stakeholders of the Mitsubishi Electric GroupAs such, the Group captures every opportunity to communicate
with various stakeholders,it shares opinions and other information received from them among director-level personnel
and elsewhere within the Group through the
Sustainability Committee, and we incorporates
Customers
these opinions and information within various
Shareholders
Employees
initiatives.
Going forward, the Mitsubishi Electric Group
Mitsubishi
aims to realize a vibrant and sustainable society
Electric
Local
communities
Governments
while endeavoring to ensure transparentGroupdisclosure of information on sustainability andwhile working to solve social challenges together
Business partners
NGOs and NPOs
with its stakeholders.

We are also giving serious consideration to many other comments that we have received,
and we will incorporate them into the Mitsubishi Electric Group's sustainability efforts.

METoA Ginza, a place for co-creation with stakeholders
Our customers

Realizing a society
full of prosperity
through co-creation

Mitsubishi Electric Group

Social entrepreneurs
Influencers
Other business partners

METoA Ginza, which is located in Tokyo Ginza district, aims to be a "space for co-creation" withstakeholders by providing opportunities to experience ideas in the development stage at the
Mitsubishi Electric Group and by incorporating the opinions gathered there into the development
process.
Visitors are diverse, ranging from families and foreign tourists to students, government officials,
customers, and employees. In this place, visitors can deepen their understandings of social issues
and solutions both in the physical and digital worlds. Hands-on exhibits showcase the latest
technologies that can help solve social issues, while public recordings and archives of speaking
events roundtable discussions among social entrepreneurs, influencers, and Mitsubishi Electricengineers can be accessed via the website.
In fiscal 2023, we received approximately 8,000 comments and opinions from visitors, which
has motivated our employees to provide even better products and services. In addition, when we
exhibited "ekinote," a guidebook application that integrates transportation, sightseeing, and dining
information at approximately 9,100 stations across Japan and their surrounding towns and cities,
we incorporated approximately 8,200 pieces of visitor feedback into our development process, thus
contributing to regional revitalization.
By expanding METoA Ginza's activities as a "space for co-creation," we will increase the numberof people who will work together to realize a sustainable future, and together with our stakeholders,we will work toward the realization of a "sustainable society full of prosperity."

Stakeholders of the Mitsubishi Electric Group

Reflecting stakeholders' opinions

Stakeholders have expressed a variety of opinions regarding the Mitsubishi Electric Group's
efforts in FY2023. In response, the Group has been working to promote and implement
sustainability initiatives.

Opinion 1: Clarification of four areas to promote the realization of sustainability

We identified four areas to promote the realization of sustainability in response to an employee'scomment that we should be more specific about what the Mitsubishi Electric Group will do to realize
sustainability.
Basic policy and promotional system for sustainability

Opinion 2: It is difficult to see what specific activities the Mitsubishi ElectricGroup is implementing

Investors and other stakeholders have commented that the Mitsubishi Electric Group should disclose
the specific details of how it will strive to reform. In our 2023 Sustainability Report, we will disclose
what social issues our products and services are attempting to solve and how we are working toreform our organizational culture, including the views of our employees.

METoA Ginza
49

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Dialogues with Experts

Environment

SocialGovernance

About
Mitsubishi Electric Group

Setting clear timescales for achieving goals and working withstakeholders to keep initiatives moving forward
Professor, Institute for Future Initiatives, the University of Tokyo

Ms. Yukari Takamura

I consider that the BA management structure, which was put in place in fiscal 2023, is aneffective platform for addressing specifically to social challenges. My expectation is that
BAs will make good use of the diverse technological seeds that they have collected andgrow buds of new businesses, starting from the question of "How can we help solve social
challenges?"
To achieve the goal of carbon neutrality by 2050, it is important to consider initiatives
with a clear understanding of the timescale, including the technological prospects. It is alsoessential for employees to share the timeline in which the technological development they
are involved in will contribute to achieving the goal and the importance of their contributions
to the company's initiatives in order to increase motivation. Moreover, it is not easy to reduce
Scope 3 emissions, because your company has a wide range of products. It is desirable
for Mitsubishi Electric to be able to clearly demonstrate its approach to initiatives and theprogress made.
Thinking about and working with stakeholders is critical to recognizing the materiality ofsustainability as a social challenge and helping to address it. Mitsubishi Electric must establish
similar mechanisms for other issues, just as you have worked with and engaged in dialogue
with international NGOs and other organizations to address human rights issues in the supply
chain.
In terms of the structure for promoting sustainability, I expect that stronger measures will
be taken with the Sustainability Planning Division being positioned under the direct controlof the president in fiscal 2024. Meanwhile, the company could consider inviting third parties
to serve on the Sustainability Committee. Establishing governance is an important step in
integrating sustainability issues into the business. I look forward to seeing how the President's
initiatives have progressed in a year's time.

From right to left
External Experts・M r. Peter David Pedersen, President of NELIS, a non-profit organization, Full-time Professor, Graduate School of
Leadership and Innovation, Shizenkan University, Director of the Center for Sustainability and Innovation
・ Ms. Yukari Takamura, Professor, Institute for Future Initiatives, the University of Tokyo・ Ms. Chieko Matsuda, Professor, Faculty of Economics and Business Administration and Graduate School ofManagement, Tokyo Metropolitan University
Mitsubishi Electric ・ Kei Uruma, Representative Executive Officer, President and CEO・ Yoji Saito, Executive Officer
・Asako Ueno, Head of the Sustainability Planning Division

The Mitsubishi Electric Group incorporates opinions from external experts on sustainability
into our management activities and initiatives. We invited three experts to our head office toexchange their views with three executives, including the president, in March 2023.
We began by explaining the Mitsubishi Electric Group’s Corporate Strategy for becoming a
Circular Digital-Engineering Company, which is our new framework for promoting sustainability
from fiscal 2024, and the progress we have made in specific initiatives. We also introduced"My Purpose" activities, which we are currently promoting to have every employee personallyadopt the Company's Purpose, and the "President's School," which is designed to develop
future executives. Experts shared their perspectives on our initiatives based on the latest global
trends, and we used their input to deepen our discussions.
During the discussions, the experts provided a wide range of advice on various topics,
including our efforts to achieve carbon neutrality by 2050, how to prepare TCFD (Task Forceon Climate-related Financial Disclosures) disclosures, and measures to integrate sustainability
into management.
The dialogue lasted for two hours with positive feedback and expectations for the
management structure, which consists of four Business Areas (hereafter, BA), and thegovernance reform.
Main topics of discussion
・Toward achieving carbon neutrality by 2050
・How to integrate TCFD into management

 preading awareness within the company and fostering・S

the next generation

・Expectations for the governance reform
50

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Looking forward to the realization of green innovation thatconverts "environmental costs" into "corporate value"

Environment

SocialGovernance

About
Mitsubishi Electric GroupOn the other hand, there are several points that need to be re-examined to improve theapproach. There is room for improvement in the diagram currently used to represent thethree innovation areas of "Green By," as it is not sufficiently clear in terms of the timeframes,
resources to be used, and business models. The four elements that are becoming theframework for sustainability disclosure—namely Strategy, Risk Management, Metrics andTargets, and Governance—are essentially a series. First, there is the Corporate Strategy, andthen consideration of risk scenarios to implement the strategy. Quantitative indicators andtargets have been set to manage and understand the risks assumed in the scenarios. Get
the governance that monitors the risk scenarios to work, and feed the results back into thestrategy. It is important to follow the PDCA cycle in this way.
In the four BAs, the question is how much authority and power the BA owners have tolead the company. To advance business based on market response, direct dialogue between
investors and BA owners could be considered. In addition, developing the next generationof managers to have excellent management acumen is essential to achieving sustainability
transformation.
It is also important to consider employees as stakeholders. Employees want to know
where Mitsubishi Electric is heading and what its business and management story will be.
Because your company has experienced the crisis brought about by the improper quality
control practices, I believe that the company is now in a situation in which it is possible to
make drastic revisions to all internal systems and structures. I sincerely hope that this crisis
will be turned into an opportunity and that the company will continue to carry out its reforms
with a sense of urgency.

President of NELIS, a non-profit organization
Full-time Professor, Graduate School of Leadership and Innovation, Shizenkan University, Director of theCenter for Sustainability and Innovation

Mr. Peter David Pedersen

When considering sustainability and its relevance to business, it is important to take into
consideration the particular focus and strengths of different business lines in a company. I
expect Mitsubishi Electric to realize green innovation by leveraging the strengths of its diverse
technologies and products to reduce CO 2 emissions, to recycle resources, to regenerate
ecosystems, and to solve water issues.
We recognize that the goal of carbon neutrality by 2050 is important, but we will not beable to achieve it all at once. It is essential for those in charge of the business to accumulate
experience by steadily building a solid foundation while obtaining small wins by solving eachproblem in a stepwise fashion before realizing the distant future vision. While formulating
strategies to solve big problems based on backcasting, it is important to build technologies
and businesses through forecasting.
Although the TCFD may seem like a severe restriction in that it requires the disclosureof the specified items based on standards, it is essential to demonstrate how you will
incorporate them into your company's strategy based on a full understanding of theelements contained within those standards. I would like to see the company demonstrate its
management skills by transforming "environmental costs" into "corporate value" and realizing"trade-ons" instead of "trade-offs."
In my opinion, the Circular Digital-Engineering Company value creation model is an
excellent vision to strive for. The four BAs also have great market potential. I hope that under
the leadership of the BA owners, the entire business will be linked to sustainability and spiral
upwards. The ultimate responsibility that a company should bear is not "responsibility toshareholders" but "responsibility to the future," specifically future generations yet to be born,and I hope that the company will accelerate innovation as a true pioneer.

After the dialogue
The various opinions we heard have renewed our determination to achieve sustainability
starting from "solving social challenges through our businesses."
As the Sustainability Planning Division came under the direct control of the president
in fiscal 2024, we will strive to further strengthen the connection with management andto make effective efforts. We seriously consider the comment that the three innovation
areas of "Green by" and the timescale for achieving carbon neutrality have not beencommunicated well, and we will revise them to strengthen our communications withstakeholders.
We also appreciate the valuable comments on the TCFD's proposed framework ofStrategy, Risk management, Metrics and Targets and Governance, which is not intended
to be completed on an item-by-item basis but is necessary to properly implement the
PDCA cycle for managing risks and opportunities on climate change as well as to disclose
these four elements as a whole process. This framework will be used not only for climatechange but for human capital, diversity, and other sustainability disclosures. Throughthe dialogue, I was convinced that it is necessary to have a proper understanding of
why these items are important and to ensure that they are rooted in the PDCA cycle ofCorporate Strategy. Thank you for your time today.

Sharing with employees the story of business and management
for the future, and continuing rapid reforms
Professor at the Faculty of Economics and Business Administration and Graduate School of Management,
Tokyo Metropolitan University

Ms. Chieko Matsuda

I participated in the Dialogue last year as well, and I have seen several developments inadvancing sustainability over the past year. It is commendable as a demonstration of thecompany's determination that the starting point is clearly stated as "solving social challenges
through business" and that "My Purpose" activities to disseminate the Purpose are being
carried out under the President’s leadership.

Senior General Manager of Sustainability Planning Division, Mitsubishi Electric Corporation

51

Asako Ueno

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Results of Reader Surveys

SocialAbout
Mitsubishi Electric Group

Governance

Whether the Mitsubishi Electric Group's efforts to address important challenges are sufficient
Whether the company's efforts to address materiality are sufficient	Q uestionnaire-based Survey Conducted on the
Sustainability Report

Satisfactory0%

The Mitsubishi Electric Group conducted a survey questionnaire among its stakeholders inJapan regarding the Group's sustainability initiatives and Sustainability Report 2021, resulting
in responses from 600 individuals.
A portion of the survey results is presented here. The Group's initiatives were quite wellthought of overall, with the responders offering many positive options. They also raisedcertain issues. The Group takes these points seriously and will adjust based on them in future
activities, with the Group as a whole pushing further forward on its sustainability efforts.

Realize a sustainableglobal environment
Realize a safe, secure, andcomfortable society

Respect for all people

Survey summary and partial results

Strengthen corporate
governance and complianceon a sustainable basis[Period] November 2022
[Questionnaire responders]

Environment◦Japan ◦600 persons

Create a sustainabilityoriented corporate culture◦General population nationwide, men and women aged 15 or older (people with a strong
interest in sustainability)20%

FY202339.0

FY202239.5

FY202338.3

FY202237.3

FY202338.8

FY202234.0

FY202338.8

FY202237.3

FY2023

42.3

Slightly Satisfactory
40%

Slightly Unsatisfactory60%

Unsatisfactory

80%

100%

49.3
48.3
49.0
44.5
44.3
49.7
44.0
41.7

43.8

9.8

1.8

8.8

3.3

10.5

2.2

13.7

4.5

14.2

2.7

11.0

5.3

13.0

4.2

15.2

11.2

5.8

2.7

* The "Create a sustainability-oriented corporate culture" was not surveyed in Fiscal 2022 because it was newly formulated in Fiscal 2023.

[Main questions]◦Is senior management pursuing sustainability initiatives in earnest?
◦Does the company have the framework that will allow it to implement sustainability efforts
as a total organization?
◦Are the company initiatives truly moving forward?
◦Is the company engaging in dialogue with the relevant parties in its orbit?
◦Does the company consider ease of comprehension and access to information?
◦Please select all those items in the report that made a particular impression on you (e.g.
evoked positive feelings, sparked interest, felt you could approve of it, etc.).
◦Whether the company's efforts to address materiality (important challenges) are sufficient◦What is the social challenge among five areas that you particularly expect to be solved in thecore businesses?
◦What kind of stakeholder groups do you think the company should be fostering a dialog with?

Total rating

80.9/100

Commitment
Managerial determination
20.0 16.6

Accessibility
Easy of understanding/access to data 15.6

Engagement
Dialogue with people
involved with our company 16.1

15.0
10.0
5.0

Main comments received on expectations regarding materiality
Realize a sustainableglobal environment

・Issues such as the realization of a sustainable global environment and the occurrence of extreme weather
events seem to be alarm bells and cries from the earth for humanity. These issues are very important forcompanies that are heavily involved in energy (Male over 60).
・A process chart for decarbonizing and a policy compatible with the circular economy are clearly laid out (Male, 30s).

・I feel that the company is learning from a series of issues related to misconduct of the past and is correcting
Realize a safe, secure,its corporate structure in a number of ways (Male, 50s).
and comfortable・I hope that universal design efforts will continue to be promoted to create products that are easy for manysocietypeople to use and apply in their daily lives (Male, 60s).
・Proactive efforts are being made to reform the corporate culture to eliminate gender barriers, with an example
being the promotion of women and the provision of maternity leave for men (Female, 30s).
・The company takes on the challenge of creating an environment where employees can work confidently while
Respect for all people
being well-rounded, physically and mentally healthy individuals, regardless of their diversity with regard topoint of view, gender, and abilities. And I find it very wonderful that the company is showing these efforts toevery section of the company, thereby promoting a corporate environment where employees have abundant
opportunities to freely realize their dreams and goals (Male, 20s and below).

Management
CSR implementation
structure
16.6

Strengthen corporate ・I like their orientation towards listening to and understanding employees' feedback proactively (Female, 40s).
governance and・I think the reform of the system is sufficient, but the most important thing is the restoration of trust and thecompliance on abuilding of a track record for the future (Male, 50s).
sustainable basis
Create a sustainability- ・I hope that the company pursue essential wealth and happiness for people (Female, 30s).
oriented corporate ・I think disclosure is sufficient. If I had to choose, I hope that the company describe more about the results ofcultureinternal communication and alignment of understandings (Male, 30s).

Reliability
Trust/impartiality
16.0 of initiatives

52

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Measures for Internal Dissemination

Executives

・Sustainability lectures
Lecture presentations are held by experts who are asked to speak about changes insocial perspectives and the latest industrial trends concerning sustainability to Mitsubishi
Electric executives and members of the Sustainability Committee.

Affiliate companies
in JapanAffiliate companies
overseas

Sustainability
managers

New employees

About
Mitsubishi Electric Group

Mitsubishi Electric holds interactive
meetings between executives andemployees at each workplace tocommunicate executives' thoughts
regarding reforms to employees, as wellas to exchange views between them. In
fiscal 2022, these meetings were held at
a total of 42 bases, and in fiscal 2023,
Scene at a town hall meeting
314 meetings were held in the form ofsmall-scale town hall meetings to facilitate
deeper dialogue. We have listened to ouremployees' diverse opinions and will feed them back into various reforms.

・Sharing of sustainability information in conferences of Mitsubishi Electric Groupadministrative managers

Sustainability lectures for executives
Lecture presentations are held by experts
regarding changes in social perspectives
and the latest industrial trends concerning
sustainability for Mitsubishi Electric
executives and members of the Sustainability
Committee. These are opportunities for
executives to reaffirm the importance ofsustainability.

Twice a year, general managers of administrative departments of affiliate companies in Japan
gather in a conference to discuss compliance and other related matters, in which they share
information on the Mitsubishi Electric Group's company-wide sustainability policy and initiatives.

・Sustainability promotion activities in each region
Overseas affiliates of the Mitsubishi Electric Group also hold committees for promoting
sustainability and otherwise implement activities as needed for each region.

Sustainability lectures for executives

Sustainability training・S ustainability manager training

To deepen each employee's understanding, we conduct training, such as e-learning and new
employee training, and check the degree of dissemination through an employee awarenesssurvey.
We also disseminate the SDGs to our employees in various ways to help them understandthe context of their adoption and their individual goals, and to help them contribute to theachievement of the SDGs.

Mitsubishi Electric holds training for sustainability managers from the company's offices andaffiliates in Japan. Through lectures, they learn the basic principles of sustainability, social
demands, and the Mitsubishi Electric Group's sustainability initiatives.

・Promoting understanding of sustainability through training and in-house newsletters
Group employees

GovernanceDirect dialogue between executives and employees

Internal Dissemination Measures
Description of Initiative

SocialKey Initiatives for Fiscal 2023

The Mitsubishi Electric Group is implementing various internal dissemination measures to help
employees understand sustainability and to unite the Group in its efforts for addressing social
challenges through our businesses. The main measures are as follows.

TargetEnvironment

E-learning educational materials are distributed so that employees of Mitsubishi Electric andits group companies in Japan can learn about sustainability. In addition, in-house newslettersdistributed to the group companies in Japan and overseas introduce sustainability initiatives bothin Japanese and English.

Results of the employee survey on the awareness of sustainability training・S ustainability training

Understanding of the new management policy

71%

Sustainability training is provided to new Mitsubishi Electric employees to give them an
opportunity to deepen their understanding of sustainability, which is positioned as thecornerstone of its management. They are also informed of the importance of ensuring ethical andlegal compliance as well as addressing quality and environmental issues in their daily work.

Implementing operations in accordance withmanagement philosophy

67%

53

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Dissemination of information to group employees

Eco-chan activities

The Mitsubishi Electric Group actively utilizes information to disseminate sustainability
internally. In particular, it is important for employees to understand our Management policy
and Corporate strategy, which position the realization of sustainability as the cornerstone ofour management.
For this reason, we have posted easy-to-understand video contents on the intranet andposters for employees at manufacturing sites, which are about "Sustainability Management,""Addressing Social Challenges through our Businesses," "Circular Digital- Engineering
company," and "Purpose," etc, from the perspectives of what is different from the past andhow to apply the concepts to their work.

As stated in our corporate strategy, the Mitsubishi Electric Group contributes to realizing
sustainability by solving social issues through the products and services we provide.
One measure to disseminate our sustainability efforts to our employees is creating the"Sustainability Square" website. This site features easy-to-understand explanations of how
Mitsubishi Electric Group's products and services contribute to solving social issues by using
characters such as "Eco-chan." In addition, the site also includes content that introduces
human rights and other sustainability initiatives.
Employees are regularly notified by email of new content postings. Timely, appropriate
content is also added in response to the employee questionnaire. We strive to ensure that all
employees of the Mitsubishi Electric Group deepen their understandings of our sustainability
initiatives.

The thoughts behind Mitsubishi Electric's
Purpose and the need for "Purpose"

Video of executive officers answering employees'
various questions regarding sustainability
management

社外秘2

Confidential

ビジネスエリアオーナーが語り合う！
当社グループ事業の未来に向けて

3

三菱電機の経営⽅針・経営戦略をご存じですか。

「事業を通じた社会課題の解決」、「サステナビリティ経営」、「循環型 デジタル・エ
ンジニアリング企業」といったワードが並んでいますが、今までと何が違うのか？仕事にどのように活かすのか？ピンとこない⽅もいらっしゃるのではないでしょうか？
当社グループ事業の未来をどう変えていくのか、どう進化させていくのか、
ビジネスエリア（BA)オーナーの4名が語り合いました。
１

２

３

４

５

６

7

8

9

7

8

9

What are the 3 perspectives needed
for future business?

Sustainability Square (in Japanese text)

Are you familiar with Mitsubishi Electric's Management Policy and Corporate Strategy
announced on May 30, 2022?

The words “solving social challenges through business,” “sustainability management,” and “circular digitalengineering company” all appear in these materials, but what exactly has changed compared to previous
approaches? How are these relevant to our work? Some of you may find it hard to picture what they mean.
The three representatives introduce initiatives from the perspectives of “quality control and manufacturing”,“development and intellectual property”, and “new business development”.
１

２

３

４

５

6

7

8

9
9

Example content appearing in the Sustainability
SquarePosters for employees who are not in the environment to access the videos on the intranet (scripted overview)54

Human rights explanation video

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Communication with stakeholders
A strong relationship of trust with stakeholders is indispensable for conducting business activities. We provide various opportunities to help stakeholders understand the Mitsubishi Electric Groupand ask for their expectations, requests, and opinions.
Major stakeholders
Customers
Individual and corporate customers

Responsibilities and issues

Major contact departments

・Improvement of customer satisfaction

・Sales departments

・Product safety and quality

・Quality departments

・Customer response and support
Employees
Workers related to the Mitsubishi ElectricGroup in general

Major communication opportunities

Inquiry centers (home appliances: Customer Relations Center;building systems: Information Center, etc.), sales activities, websites,
showrooms, events, exhibitions, customer questionnaires, mass
media / commercials

・Occupational health and safety
・Personnel departments

・Respect for human rights

・Sustainability promotion
departments

・Human resource development

Hotlines, intranets, in-house bulletins, training programs,
meetings between management and employees, employee
awareness surveys

・Respect for diversity
Government, local governments, industrialorganizations

・Compliance with laws and regulations

Governmental institutions, local governments andindustrial organizations relevant to the businessactivities of the Mitsubishi Electric Group・Compliance with restrictions

NGOs and NPOs

・Grants and partnerships through contributions toregional communities

NGOs/NPOs citizens groups, etc. with
relevance to the social and environmental
aspects of Mitsubishi Electric Group
Business partners
Business partners that supply raw materials andparts
Regional communities

・Sustainability promotion
departments

・Dialogues on social and environmental issues
・Fair transactions

・Materials departments

・Sustainability promotion through the supply chain
・Contribution to four activity philanthropic areas(social welfare; science and technology; global
environmental conservation; culture, art and sports)

Shareholders

・Increase in corporate value

Academic institutions and research institutions
Future generations

the activities of industrial and economic organizations

・Proper redistribution of profits
・Information disclosure

・Cooperation in creating innovation
・Joint studies
・Provision of education opportunities

Information sessions on sustainability procurement, BCP seminars,

meetings based on the results of fair selection and evaluationof suppliers

Contributions through business, philanthropic activities(funds, overseas foundations, volunteer activities), grants touniversities, plant inspection tours, factory open-house events

・IR departments

Financial results presentation meeting (4 times yearly), general
meetings of shareholders (once a year), IR events/individual
meetings, websites (IR library), responses to interviews,
shareholder communications

・R&D departments

Industry-academia cooperation in research, stakeholder
dialogues (once a year)

・Sustainability promotion
departments
・Overseas foundations

55

Philanthropic activities (funds, foundations, volunteer
activities), dialogues on social and environmental issues

・Sustainability promotion
departments

・Response to ESG investments
OthersParticipation in advisory councils and committees, participation in

・Policy proposals

Communities near Mitsubishi Electric offices

Shareholders, investment institutions, investors,
etc. directly or indirectly possessing Mitsubishi
Electric Group shares

・External affairs departments

Inquiry centers, philanthropic programs, factory inspection

tours, grants via foundations, events, METoA