Kewpie Report
2024
The Kewpie Group Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie GroupThe Kewpie Group
Integrated Report 2024

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human
Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Contents
Contents / Editorial Policy....................................................... 1

Editorial Policy

Value Creation Story

Creates Vibrant Discussions with an Eye
to the Future
Risk Management .................................................................. 45

In putting together the Integrated Report
2024, the Kewpie Group hopes to deepen theunderstanding of all stakeholders, including its
shareholders and investors, regarding efforts
to create value over the medium to long term.
This Integrated Report therefore provides an
overview of the Groupʼs business as well ascomprehensive strategies and plans aimed atcreating corporate value.
The Report also summarizes mattersof a material nature that underpin theGroupʼs efforts to create corporate value.
All other information, including details of
the Groupʼs financial results and position,social and environmental initiatives,
products, and businesses can be found on
its corporate website.

Performance and Company Information

Period Covered by the Report

The Kewpie Group Value Creation Story ............................ 19

Basic Policies
Corporate Philosophy of the Kewpie Group ......................... 2

StoryⅠ Accelerate Global Growth ..................................... 20
Story Ⅱ Domestic Business Quality Upgrading .................. 23

Message from the President

Story Ⅲ Contribute to Food Culture and Health ................ 27

Message from the President ................................................... 3
The Value Creation Process .................................................... 8

Dialogue What Kewpie Can Do for the Very Reason That
We Work Closely with Producers in Handling
Eggs and Vegetables to Deliver Value to
Our Customers .................................................... 31

Medium- to Long-term Business Management Strategy

Corporate Governance

The Value Creation Process

Medium-term Business Plan ................................................... 9

Corporate Governance ................................................... 34-44

Sustainability .................................................................... 10-14

̶Dialogue A Highly Transparent Board of Directors

̶ Sustainability Management
̶ History of Sustainability Activities̶ Kewpie Groupʼs Thoughts on Salads
̶ Sustainable Procurement

11-year Financial and Non-financial Summary .................... 46

̶ Sustainability Targets and Progress

Human Resource Strategy............................................... 15-16
̶Efforts of Diverse Human Resources

Stock Information................................................................... 47
Corporate Information .......................................................... 48

Financial Strategy .............................................................. 17-18
̶ Cash Flow Allocation
̶ Financial Strategy to Support Sustainable Growth

WebsiteForward-looking Statements

The Kewpie Group posts a wide range of information from a variety of perspectives on its website.

IR Information
https://www.kewpie.com/en/ir/

Sustainability
https://www.kewpie.com/en/sustainability/

The Report covers the 12-month period from
December 2022 to November 2023.
Past background information and data as
well as recent examples of the Groupʼs activities
that fall outside the period covered have also
been included when considered appropriate.

Recipes / Products
https://www.kewpie.co.jp

The forecasts and forward-looking statements
contained in this Integrated Report 2024 arebased on information available as of April
2024 and on certain assumptions deemed
rational. These forecasts also include certain
probable uncertainties.
Actual performance, etc., could differ
greatly from forecasts due to a variety of factors
including changes in business conditions.
Note: Throughout this report, fractional amounts lessthan the indicated unit have been discarded.
However, monetary figures in billions of yen,
as well as percentages, have been rounded to
the nearest fractional unit.

1The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Corporate Philosophy of the Kewpie Group
Corporate Philosophy of the Kewpie Group
Corporate Philosophy of the Kewpie Group
Corporate
Motto

RAKU-GYOU-KAI-ETSU

Corporate
Principles● Act on Moral Principles● Strive for Originality and Ingenuity● Look After Parent’s Well Being

Words to remember: “The world is fairer than you imagine”
Toichiro Nakashima (Founder) was deeply impressed by the following words that he encountered in his
younger days: “It may seem that the lazy and sly get ahead in the world. However, the world is actually aplace where the people who strive in sincerity and earnestness are the winners in the long run.” He held thebelief that the world is fairer than you imagine. When faced with difficulties, Toichiro would consider what
was true and what was right, and always strove for originality and ingenuity. Throughout his life hecontinued to show gratitude toward all those who helped him. These words inherited from Toichiro were
included in the Kewpie Group corporate principles up to 1992.

Our Ideal

We aim to be a group contributing to the food culture
and health of the world through“great taste, empathy, and uniqueness.”

Mind-setComplying with group policies, we strive toearn the highest degree of trust fromour customers and stakeholders.

The Kewpie Groupʼs policies https://www.kewpie.com/en/company/promise/

Kewpie was founded in 1919, and in the more than 100 years
that have passed since then, the business areas in which theGroup operates have diversified, with its activities expanding
both in Japan and overseas. As employee duties diversify,
it is important to share our philosophy in order to promotemanagement that takes the entire Group in the same
direction.
The corporate motto and principles are the values that all
Group employees hold dear and serve as the foundation of
their work. Our founder Toichiro Nakashima acted on moral
principles and would consider what was true and what wasright, and always strove for originality and ingenuity. We haveinherited the teachings of Toichiro Nakashima, who said,
the world is fairer than you imagine over the long run if you
work hard and remember to be humble and grateful to yourparents and others who have helped you.
Our ideal expresses our will and desire to contribute to
the world through the type of businesses we pursue.
In order to embody our corporate motto and corporate
principles in their work and realize our vision, each employee
is thinking more deeply about this philosophy throughorganizational and team discussions.

2The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Message from the President〜The Kewpie Groupʼs Growth Strategy〜
Our goals are to achieve sustainablegrowth by investing in future growth whilebalancing both social and economic value.

Mitsuru Takamiya
Representative Director
President and Chief Executive Corporate Officer
Kewpie Corporation

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Creating Social Value by Contributing
to Food Culture and Health Since theCompanyʼs Founding
Roughly 100 years ago, Kewpieʼs founder, Toichiro
Nakashima, was fascinated by the taste andnutritional value of mayonnaise when serving as
an overseas intern for what was at that time theJapan Department of Agriculture and Commerce.
In 1925, he pioneered the production and sale ofmayonnaise in Japan.
Witnessing first-hand the robust physiquesof Westerners compared with the Japanese, helaunched the egg yolk-based Kewpie Mayonnaise
in an effort to not only showcase its delicious
taste, but also to help improve the physique of
the Japanese people by promoting a nutritious
diet. This aspiration has been carried forward to
the present day, and our ideal scenario is to bea group that contributes to the food culture andhealth of the world through “great taste, empathy,
and uniqueness.”
Eating habits have changed over time, and more
so with respect to the kitchen table. With the shift
to nuclear families, an aging society and declining
birthrate, and increase in dual-income households,
people of all ages are eating alone more often
than ever before. Against this backdrop, we see the
kitchen table as a space where people can be happy
while enjoying their meals, and a means by which
to support lifelong health through proposals that
underpin healthy meals even when eating alone.
To support the mental and physical health of thechildren who create the future, we will also focus onsustainability initiatives that help improve the global
environment and society, and create social value.

3

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

Review of FY2023
Looking back at FY2023, the business environment
remained difficult. In addition to the yenʼscontinued depreciation, this was largely due to theeffects of soaring raw material prices triggered byhigh international grain and energy prices, and the
spread of the highly pathogenic avian influenza.
In particular, shortages in the supply of eggs
impacted the Groupʼs procurement capabilities
significantly inconveniencing many of our business
partners. In order to respond to these unforeseenrisks, we have worked diligently to strengthen risk
management by undertaking a variety of measures,
including bolstering collaboration with government
authorities and poultry farmers, establishingoverseas procurement channels, and increasing
inventories since last year.
Although the future outlook remains uncertain,
I regard this difficult business environment as
a positive opportunity for change. Avoiding
an excessive preoccupation with short-term
performance, the Kewpie Group has promoted
initiatives geared toward future growth.
In particular, overseas, we have undertaken
investments to expand production capacity in North
America, Indonesia, and Thailand to meet growing
demand. This in turn will help enhance the Groupʼsability to generate profits overseas from 2025.
In Japan, the recovery in the retail and foodservice markets gained momentum from thefourth quarter. In addition to initiatives aimed at
expanding demand, this also reflects efforts to passon the cost of surging raw material prices throughprice revisions. Moreover, we have successfully
upgraded the quality of our domestic business by
optimizing the supply chain.

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Accelerating the Groupʼs Global
Expansion by Actively Investing in
Measures Aimed at Enhancing theAbility to Generate Profits Overseas
Driven by a steady performance in China andSoutheast Asia as well as significant growth inNorth America, where the Group is strengthening
its operations, net sales on a yen basis climbed 18%
to ¥78.3 billion, and operating income came in at¥10.3 billion, up 22%, in FY2023. As a major driverof the Groupʼs growth, we are enhancing our ability
to generate profits overseas through vigorous
investments and are targeting operating income of¥20 billion in FY2030.
The Kewpie Group recognizes that the allocationof such management resources as personnel,
production facilities, and funding as well as global
governance are key issues when it comes toexpanding the Groupʼs business. In line with our
growth going forward, we will develop our global
operations at an accelerated pace by adopting a
Corporate Message

love around the kitchen table
Our Ideal

Corporate Motto

RAKU-GYOUKAI-ETSU

We aim to be a group contributing
to the food culture and healthof the world through “great taste,empathy, and uniqueness.”

2030 VISION
Leading Company for Salads and Eggs

Corporate Principles
Act on Moral Principles
Strive for Originality
and Ingenuity
Look After Parent’s
Well Being

Food Partner for Every Person
Supporter for Bringing Smiles to Children

Words to remember:

The world is fairer
than you imagine

Medium-term Business Plan
All the activities of the Kewpie Group

Overview of the Kewpie Groupʼs Philosophy,
Vision, and Corporate Message
https://www.kewpie.com/company/policy/

Corporate
Governance

Performanceand Company
Information

variety of measures, including allocating domestic
resources overseas and taking steps to nurture
overseas leaders.
The Groupʼs contributions to food culture andhealth continue to progress overseas. In China,
our three factories in Beijing, Hangzhou, andGuangzhou were certified as “Sites for Food Science
Popularization and Education” in 2023, in recognitionof their efforts to convey the great taste and healthbenefits of salads. As far as the environment isconcerned, we are advancing initiatives in a bid toenhance social value. These initiatives include theinstallation of solar power generation systems, theuse of external tools to assess water risk and stress,
and the adoption of recycled plastic bottles for
dressing containers in Malaysia.
The Groupʼs track record in the Japanese market,
which demands a high level of quality, its refined
product capabilities, and long-standing popular
brand, are strengths in expanding business globally.
Kewpie Mayonnaise is made with plenty of egg
yolks, and has received high acclaim as a sauce witha thicker, richer flavor and umami taste comparedwith most foreign mayonnaise. Many foreigners
who have visited Japan have spread the word about
Kewpie Mayonnaise after returning home. In the
U.S., restaurants using Kewpie Mayonnaise havebecome increasingly popular, and as a result ourconfidence in the marketʼs response has grown overthe past few years. Recognizing that exports fromJapan were insufficient to meet this widespreaddemand, we decided to establish a second U.S.
production base in Tennessee. Kewpie Deeproasted Sesame Dressing, another mainstay pillarof our product line, has also been well received in
China, where it is used, for example, as a hot pot
dipping sauce.

4

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

Focusing on these two products, we will work toincrease the global foothold of the KEWPIE brandand build a foundation for future growth.

Becoming a Brand That Creates
Social Value
Touching on the brand concept a moment ago,
there are essentially three dimensions to brandvalue: functional value, emotional value, and selfexpressive value. Of the three, self-expressive value
is considered the most appropriate means for
consumers to express their own style and values.
Recently, consumers are increasingly motivatedto make purchases based on their empathy witha companyʼs environmental and social stance,
including measures toward climate change andrespect for human rights. The level of comfort inowning and using a brand also equates to selfexpressive value. With this in mind, we believe thatenhancing the self-expressive value of the Groupʼs
products will lead to the creation of social value andin turn further enhance brand value.
As each and every employee realizes that theCompany, through its products and services, isdistinguished by its high social value and empathy
with a great many people, we anticipate a pickup
in motivation. At the same time, continuing toenjoy the support of consumers as a company
that creates social value will we believe help
generate profits and ensure the Companyʼs
growth over the medium to long term. Based on
the aforementioned, the Kewpie Group will work
to expand this virtuous cycle by returning profits
to customers and other stakeholders.

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Helping Extend Healthy Life
Expectancy Through Food Cultureand Health
The Kewpie Group is endeavoring to enhancethe value of salads, engage in proprietary healthfunction research, and focus on frailty prevention ina bid to help extend healthy life expectancy.
With a view toward contributing to customersʼ
health by increasing the intake of vegetables, wehave also worked to create a food culture of eating
vegetables with salad in Japan by proposing
salad menus that meet the needs of the times andchanging dietary habits. Employing the catchphrase
SALAD FIRST since last year while collaboratingwith producers, local governments as well ascompanies and organizations, we are endeavoring
to enhance the value and appeal of salads. Amida growing awareness toward the importance ofprotein in recent years, we are taking steps toaddress social issues by contributing to the healthyeating habits of each individual through salads andhighly nutritious eggs.
To help customers age well, we are focusing on
the functionality of eggs and vinegar, two essential
ingredients in mayonnaise. We are also engaged in
proprietary health function research to help maintainpeopleʼs cognitive function and enhance immunity.
Following its mail-order launch in December
2023, sales of Deare Plus, a supplement that
contains the Groupʼs proprietary acetic bacteria
GK-1, which helps maintain peopleʼs immune
function and reduce nasal discomfort caused bypollen, dirt, and house dust, and GABA, which isreported to reduce temporary mental stress andfatigue, are expanding. Notification of a food withfunctional claims containing egg yolk choline, which

to help maintain peopleʼs cognitive function (verbal
memory) was also accepted in March 2024.
Furthermore, in Japan, where the population
is aging more than any other country in the world,“frailty*” is attracting attention as a social issue.
Of the three pillars of frailty prevention: nutrition,
exercise, and social participation, the Kewpie
Group is leveraging its extensive nutrition researchdata largely covering vegetables and eggs toprovide value through a variety of food proposals
encompassing the enjoyment of eating, nutritionalbalance, and menus with the right amount of salt.
These initiatives will help reduce the burden on
caregivers and care recipients as well as the burdenof medical costs. We also believe that if we apply
the knowledge we have accumulated in Japan, an
advanced aging society, to such overseas markets
as South Korea and China, where the aging ofsociety is fast approaching, we will be able to create
significant social value. Moving forward, we willcontinue to meet the expectations of consumers
and help extend healthy life expectancy.
* Frailty: A condition in which physical and mental vitality (muscle
strength, cognitive ability, social connection) declines with age.

5

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

Expanding Investment with a View to
Growth Over the Next Decade
As a manager, I am always thinking about how andwhere to allocate management resources in orderto realize the continuous development of the Groupand the growth of employees over the next fiveto ten years. The Kewpie Group has continued toundertake various investments. Looking back overthe past few years, we have focused on securing
short-term earnings based on the assumption thatthe volume of goods would increase. One example
is expansion of the production system. Reflecting
on the investment decisions made at that time,
and while considered necessary in the short term,
we could have allocated resources to different
areas from a medium- to long-term perspective.
In undertaking investments in the future, we will
determine investment areas and allocate resources
based on the level of contribution.

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

The Kewpie Group will continue to strongly
pursue overseas investment. While investing mainly
in China, after taking into consideration such factors
as growth potential, market size, and geographicaldistance, going forward, we recognize the need todiversify and optimize our investment portfolio inorder to accelerate global expansion. Accordingly,
we will also position the Asia Pacific region and theAmericas as areas on which to focus.
In addition, we will prioritize future investmentsin the five key areas of human capital, brand,
research/technology development, IT digital, andsustainability. This decision to prioritize theseareas reflects the critical need to nurture a senseof empathy for the Groupʼs business and stanceamong future employees, including those who areabout to join the Company, in order to promote job
satisfaction, maximize performance, and achievesustainable growth from 2030. Each of the five key
areas are linked to the Groupʼs vision of the future.
Chronic labor shortages at domestic production
sites and in logistics are projected to become
increasingly severe. Accordingly, the Kewpie
Group will also promote upfront investments in IT
digitalization to improve productivity throughout
the supply chain, from R&D to procurement,
production, logistics, and sales.
As far as sustainability is concerned, a host of
key initiatives, including efforts to reduce food loss,
eliminate CO2 emissions, introduce solar power
generation systems, and minimize plastic waste,requires considerable energy, time, and cost. Here,
we are once again making upfront investments
to increase the social value of the Group and to
become a company that is supported by a growing
number of people. As a result, our work to achieve
established sustainability targets are progressing
faster than originally planned.

Corporate
Governance

Performanceand Company
Information

Human Resources Are the Driving Forceof the GroupThoughts on Human Capital Investment
Among our investments geared toward the future,human capital is the force that drives the Groupʼsactivities. Looking ahead, we will strengthen
our human capital as an especially importantinvestment in a bid to secure sustainable growth
going forward.
As a part of our human resource development
endeavors, we are deeply committed to the careerdevelopment of each employee and the promotionof diversity, equity and inclusion. With this in mind,
we promote a variety of career support initiatives,
including specialized training and self-development
programs, as well as a self-assessment system andan internal job application system to fulfill career
aspirations. By clarifying the career paths that
employees themselves wish to follow, encouraging
them to gain the knowledge and experience
necessary to move forward, and fostering a culture
in which employees can maximize their potential andtake on challenges, we are creating an environment
in which a diverse workforce can thrive.
And in the process of moving toward the future,
I would like to make Kewpie a “fun” company wherea more diverse workforce can play an increasingly
active role. Our corporate philosophy RAKU-GYOUKAI-ETSU espouses the idea that people who havethe same ambitions enjoy working together, endure
struggles together and rejoice together. When thebusiness environment is difficult, it is easy to focus
solely on the immediate future. I want Kewpie to be
a company that fosters a constant sense of fun andvalues the camaraderie of its employees who cangrow and enjoy each otherʼs company with a broad
and long-term perspective.

6

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

To help new employees share in the “fun” of theCompany, we held a ceremony to welcome all 46
new career-track employees for FY2024 at Fukaya
Terrace Vegetable Friendsʼ Farm, which openedin 2022. The decision to choose this venue wasbased on the belief that new employees could learn
more about the Companyʼs initiatives through theunique Kewpie experience of touching and tasting
first-hand delicious freshly harvested vegetables.
In addition to helping new employees forge
deeper relationships, this initiative was a positive
opportunity to better understand vegetables,
salads, and the Companyʼs business.
Moving forward, our goals are to balance
the equally important need to create social andeconomic value and to contribute to society
while continuously evolving into a company that
employees are proud of and stakeholders consider
appealing with considerable potential.
Looking ahead, we will work in unison to securesustainable growth in a bid to achieve our ideal and2030 VISION, while carefully carrying forward our
corporate and management philosophies.

Fukaya Terrace Vegetable Friendsʼ Farm
Fukaya Terrace Vegetable Friendsʼ Farm opened
in May 2022. This facility embodies the message of“A farm where people are inspired by and grow tolove vegetables with a smile on their faces,” which
was conceived of based on a new business proposal
selected from the Kewpie Start Up Program.
This facility communicates the appeal ofvegetables through a restaurant where customers
can enjoy dishes made from local ingredients, ahands-on farm, a vegetable classroom, and a marché.

https://www.kewpie.co.jp/farm/

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Teach Us Mr. Takamiya!
Q What is your mostQ

memorable episode sincejoining the Company?
As a member of the new
product development team,
I worked on the development of
a new condiment that goes wellwith bread. The fruits of our labors
culminated in the launch of Pan
Koubou, which became a hit. I was
absorbed in my work and shared
the joy of being appreciated bycustomers with my colleagues.
Drawing from this episode, I am
keen to create a structure andculture that allow all employees tochallenge themselves so they canaccumulate similar experiences.

A

What makes the Kewpie
Group unique?

Our uniqueness isextremely important andlies at the heart of our vision.
For example, we were the first in
the industry to use freestanding
mayonnaise bottles, and maintaina culture of addressing each otherusing an honorific rather than bytitle, which are characteristic of ouruniqueness. This in fact defines
how we wish to see ourselves.

A

Q What do you value the mostwhen going about yourbusiness?
As I often talk about
within the Company, it isimportant to maintain a positivemindset. There are always things
that can go wrong in doing yourjob. I, too, have had my share of
failures, a loss of confidence, andthen picking myself up. Negativity
is an emotion while positivity isa sense of will. Although unable
to change any negative emotionthat we may feel, we can unearth apositive mindset through a strong
sense of determination.

A

Hands-on Welcoming Ceremony for New Employees in FY2024

7

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

The Value Creation Process The process of delivering the aspiration for “love around the kitchen table.”
Under our philosophy, the Kewpie Group has built a value chain by putting forward product proposals and providing information that is finely attuned to various food-related scenes in Japan and overseas.
In response to changes in the external environment, we are refining our business model as we clarify the themes that we must address. At the same time, we aim to contribute to the foodculture and health of the world through “great taste, empathy, and uniqueness.”
Management Capital Supporting
the Value Creation Process(INPUT)

Value Provided ThroughOur Business (OUTPUT)

Business Model

Stakeholders

Brands highly trusted
by consumers

Providing value
in all mannerof food-related
scenesStable productsupply capabilities
Proposal capabilities
across all manner offood-related scenes inJapan and overseas

Great taste
Empathy
UniquenessProducts thatadd flavor todiverse dietary
lifestyles

Co

Robust financial
positionC o rprpo

o rate Gra teceovernanM o tt o a n d P rin c

i p leSustainable
Procurement

Addressing Diverse
Dietary Lifestyles
P.12, 23, 27

Respect for
Human Rights

Deal with
Climate Change

Conservation of
Biodiversity

P.14, 22

Mayonnaise
Dressings

Potatosalads

P.13, 30

Efforts of Diverse
Human Resources
P.15 -16, 26 -28

P.13

Stronger
Global Governance
P.21

P.13

Effective Use andRecycling of Resources
P.22, 26, 30● Rising awareness of human rights
Loss of biodiversity
Dramatic shifts in international affairs ● Rapid technological innovation● Depletion of water resources● Diversification of values● Economic growth and market expansion of developing countries●●

Shareholders
and investors

We aim to be a groupcontributing to the foodculture and health of theworld through “great taste,empathy, anduniqueness.”

PackagedsaladsRealizing fun andhealthy diets forevery personsChanges in the External Environment
Changes to the social structure(demographics, labor environment, etc.)● Climate change (risk of natural disasters,
reduced crop yields, etc.)

Business
partners

Local
communities

Dressings Tartar sauce Processed
egg
filled withingredients products

Themes the Kewpie Group Must Address
Contributing to Food
Culture and HealthP.12, 21, 27–30

Employees

Our Ideal

2030 VISION

Food Services
MarketProviding information
on ways to eat andhealth functions

Diverse humanresources who share
our philosophy

Customers

Retail Market

Discovering the food andhealth-related needsof each person

Research anddevelopment capabilities
leading dietary lifestyles●

Value Creation(OUTCOME)

Overseas Markets

Mayonnaise
Dressings

FY2021–FY2024
Medium-term
Business Plan
P.9–18Creating foodcultures that suiteach country
and region
Seeking empathy
for society andthe global
environment
Creating a work
environment
where employees
can challenge andshare joy with
one anotherWorld

Leading Company for
Salads and Eggs
Bringing Kewpie Group’s culture
to the world

Customers

Food Partner for
Every Person
Spreading out from being a food
manufacturer to becoming
a creator of food culture

Society
Realizing a profit
structure throughsustainable growth

Supporter for Bringing
Smiles to Children
Become a group that engages
with children who are the future8Corporate
Contents Philosophy of the
Kewpie GroupThe Kewpie Group
Integrated Report 2024

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business
Management Strategy
̶ Medium-term Business Plan̶

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

2030 VISION
Theme of the FY2021–FY2024 Medium-term Business Plan

Transition to a structure that realizes sustainable growth
Strengthening our profit structure and creating new dietary lifestyles
The Group will respond to customers’ needs with overseas business as a growth driverand by introducing a market-based focus domestically.

Overseas Regions

Key Indicators

Strengthen North America
while focusing on
China and Southeast Asia

ROE* of 8% or more,
operating income ratio of
7.5% or more,annual growth rate in overseas
net sales of 10% or more

Redoubling efforts involving
society and theglobal environment

Developing a framework for
empowering a diverse
range of talent

Major Initiatives

Major Initiatives

Contribution to extending healthy life
expectancy and mental andphysical health support for children● Effective use of resources andrealization of a circular economy● Deal with climate change●*ROE：return on equity

Performanceand Company
Information

Progress in the Third Year of the FY2021–FY2024
Medium-term Business Plan

Our Ideal

Salads(including condiments)and eggs

Corporate
GovernanceTo achieve Our Ideal, we are continuing to drive initiatives that focus on the three perspectives set forth in its
2030 VISION. In our Medium-term Business Plan that began in FY2021, we adopted the theme of transition
to a structure that realizes sustainable growth and have pursued our business activities based on threepolicies, namely strengthening our profit structure and creating new dietary lifestyles, redoubling efforts
involving society and the global environment, and creating mechanisms for diverse human resources.

Group Management Policies

Focused Categories

Financial
Strategy●

Promotion of mobilization of theGroup’s human resources●

Increasing opportunities to take part ininitiatives from other departments●

Expansion of places to learn

To strengthen our profit structure and create new dietary
lifestyles we are focusing on three key indicators: returnon equity (ROE), operating income ratio, and the annual
growth rate in overseas net sales. Since FY2021, when thecurrent Medium-term Business Plan was launched, Kewpieʼs
Shinichiro
ROE and operating income ratio have been lower than the
Yamamoto
previous year due to the effects of higher-than-expected
Directorcosts, the spread of highly pathogenic avian influenza andSenior Corporate
other factors. In contrast, the annual growth rate in overseas
Officer in charge ofCorporate and Senior
net sales remained on a favorable trend centered on China,
General Manager
Southeast Asia, and North America, and steady progressof Management
was made toward our plan to achieve an annual growth rate
Promotion DivisionKewpie Corporationof 10% or more. In addition to overseas growth, in FY2024
we will undertake initiatives designed to improve domestic
profitability, such as cost reductions at production sites, and cost controls thatwill include selling, general and administrative expenses, while promoting thestrengthening of our profit structure.
In redoubling our efforts involving society and the global environment, wehave been approaching sustainability not as a cost but rather from the position of
an important future investment. With regard to the sustainability targets set by theGroup, there were several themes in which we were able to achieve the target values
for the end of the current Medium-term Business Plan a year ahead of schedule. We
will continue to move forward with even more vigor based on this concept.
Under our framework for empowering a diverse range of talent, we areinvesting in human capital with a focus on such initiatives as active dialogue, career
support, and the provision of opportunities that will utilize a variety of skills. We will
promote efforts to create a framework and environment that allows employees totake on challenges.
Although the environment under which we will be operating remains uncertain,
we will promote our transformation to a structure that can achieve sustainablegrowth and aim to remain a group that contributes to the food culture and healthof the world.

9

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium-term Business Plan

Sustainability Management

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Sustainability Promotion System
Kewpie Board of Directors

With an emphasis on the aspiration for “love around the kitchen table,” we aim to address
and resolve various issues through “great taste, empathy, and uniqueness.” We will create
a future full of smiles by caring for people and the environment throughout the value chain,from product design and raw material procurement, to production, sales and consumption.

Effective Useand Recycling ofResources

Performanceand Company
Information

We consider it the Groupʼs Ideal to be a company that continues to be of service to society by contributing
to the food culture and health of the world through “great taste, empathy, and uniqueness.” Positioning
sustainability activities high on the scale of importance, we will contribute to the realization of a sustainable
society through the putting into practice of the Groupʼs philosophy and policies while promoting activities
as the foundation for the Groupʼs sustainable growth.

Basic Policy on Sustainability

Contributing toFood Culture and
HealthCorporate
Governance• As a leading company for salads and eggs, we contribute to extending thehealthy life expectancy of people around the world through the pursuit andglobal promotion of nutrition and health benefits.
• Through food, we support the mental and physical health of children who
will create the future.

• As the only manufacturer in the world that makes effective use of the entire

egg, we will continue to refine our technologies and create value.
• In proposing ways of eating and utilizing uneaten portions, we aim tobecome a globally unique “vegetable utilization manufacturer.”• To realize a recycling-oriented society in plastics, we will promote
environmentally friendly product design and collaboration with external parties.
• Recognizing that water is a limited and precious resource, we will use it
efficiently and reduce the environmental impact of water intake and discharge.
• We will develop extensive technologies matching demand information withtransportation and delivery data information to eliminate food loss.

Deal with Climate
Change• We aim to reduce CO2 emissions throughout the value chain, from theConservation of
Biodiversity• We will strive to minimize negative impacts on biodiversity and restore andSustainable
Procurement• In addition to safety, we will collaborate with business partners to promote

Respect for Human
Rights• We promote employee diversity and inclusion, protecting the human rights

Sustainability Committee
Subcommittees of Sustainability Committee/
Cooperative projects

Promotion inside the Kewpie Group

Material Issues for Sustainability
Contributing toFood Culture and Health

Effective Use andRecycling of Resources

Deal with
Climate Change

Contribution to extending
healthy life expectancy

Elimination andeffective utilization of food loss

Reduction of
CO2 emissions

Mental and physical healthsupport for children

Reduction and reuse of plastic
Sustainable use ofwater resources

Conservation of
Biodiversity

Sustainable Procurement

Cooperation

procurement of raw materials to product consumption.

Risk Management Committee

regenerate ecosystems.

stable procurement that takes into consideration environmental impacts andhuman rights.
of everyone involved in our business.

Kewpie Groupʼs Sustainability Initiatives https://www.youtube.com/watch?v=lY66OHaXsx4

ESG External Evaluations• FTSE Blossom Japan Sector Relative Index• MSCI Japan ESG Select Leaders Index• MSCI Japan Empowering Women Index (WIN)• S&P/JPX Carbon Efficient Index• SOMPO Sustainability Index• CDP Climate Change A- / Water Security A-

Respect for Human
Rights10

Corporate
Contents Philosophy of the
Kewpie GroupThe Kewpie Group
Integrated Report 2024

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

History of
Sustainability Activities

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

2014

2019

Began selling eggshells as source of
calcium for food products (achieved
by developing membrane-removal
technology and sold under the productname Calhope)

Began production of livestock
feed for pigs from potato
peel (chiefly potato skinand sprouts)

Three companies—Kewpie,
Sunstar Inc., and Japan Pallet
Rental Corporation—launchedcollaborative shipments(between Kansai and Kyushu)
using trucks and ships
in combination

2015
Started promoting modal
shift for long-distancetransport (500 km or more)

1991
Processed eggshell membrane andbegan selling it as a raw ingredientfor cosmetics

2017

1992
Reduced container bulk (introduced
lightweight round bottle for dressings, etc.)

1998
Set basic principles for green purchasing,and developed and began operating
guidelines for use of
printer paper, etc.

Began sun-drying eggshells
and selling them to farms
as soil conditioner

1963

2000

Started reducing
waste materials as
part of streamlining

Reduced bulk of
mayonnaise containers
and cardboard boxes, eliminated use of
packaging partitions, etc.

1950 1980

2008

1962

1961
Started Open Kitchen factory tours

Aprons dyed withvegetable residue fromfactory processes (foodtextiles) adopted for use
in Mayonnaise Classes

2018
Switched from glass
containers to plastic
bottles for Kewpie
dressing (Reduced
greenhouse gas
emissions by around
20% in raw ingredientprocurement, container
production, andcontainer transport)

2010
2012

Launched ＱＰｅａｃｅ Opened the
donation-matching Aohata
schemeJamdeck visitor
facility at the
Aohata Jam
2007
Factory
Began supportingfood bank activities

Began broadcasting"Kewpie Three-Minute Cooking"Performanceand Company
Information

Having inherited its founderʼs desire of “contributing to society through healthier dietary lifestyles,” theKewpie Group has been facing a variety of social and global issues in a sincere manner. In the years ahead, we
will continue to promote social and environmental activities through discussion with our various stakeholders.
Carrying on founder Toichiro Nakashimaʼs spirit of “contributing to society through healthier dietary
lifestyles,” we are working to help solve social issues. Our goal is to use discussion and partnership with ourvarious stakeholders to help create a sustainable society and achieve sustainable growth for the Group.

1981

1956

Corporate
Governance2017
Started Open Kitchen
factory tours at
Kewpie Kobe factory

2021

2022
Disclosure of information basedon TCFD Framework
Achieved zero vegetable waste
at all seven plants
Switching to 100% renewableelectricity at Shibuya Head Office
and Sengawa Kewport

Installation of on-site PPA model
Installed all-electric facilities solar panels at Kewpie Kobe Plant
at Kewpie Guangzhou Plant
Provided support to reduce waste
Endorsed TCFD
(food loss) in Salad Club's Cut
recommendations
Lettuce growing region (campaign
with increased package contents
Joined TCFD consortium
at no additional costMarket launch of
to consumers)
HOBOTAMA
plant-based food2020

Completed switch to RSPO
book-and-claim method forpalm oil and started switch tomass balance method

2021

2022

Launched "Food & Life
Academy," a website
where children who will
shape our future can enjoy
learning and experimenting
to nurture their zest for life

Opened Vegetable Friends' Farmin Fukaya Terrace Park as
an integrated facility to experience
the delights of vegetables

2019

2002

Formulated the "Sustainability Targets"

StartedMayonnaise Classes

2014
1984

Opened Mayoterrace visitor
facility at Sengawa Kewport

Started running
food-themed seminars

Started Kewpie Mayonnaise
Fan Club2023
Kewpie (Goka Plant, Nakagawara
Plant, Izumisano Plant, Kobe Plant)
and Kpack Co., Ltd. achieve
biomass power generationfrom food waste
Started solar power generation
at Kewpie Malaysia and otheroverseas production sites
Adopted bottles made from
100% recycled PET resin for
Tasty Dressing products
Bottles made from 30% recycled
PET resin adopted for dressing
containers produced
at Kewpie Malaysia

2023
2023

Three factories, in Beijing,
Hangzhou, and Guangzhou,
certified as “Sites for Food Science
Popularization and Education"
Announced Green Kewpie,
a new sustainable food brandStarted Local Paysanne Salad
campaigns in 47 prefectures
across Japan11

Corporate
Contents Philosophy of the
Kewpie GroupThe Kewpie Group
Integrated Report 2024

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

SALAD FIRST Overall View

SustainaResearchbilityinstitutes

HealthHome-cooked
meals
Ready-madefoods

Information
Producers

Productionengineers

Other
companies

Restaurants

Our Ideal

Contributing to thefood culture and healthof the world

Consumers

Menu

Co-creation partners

History of having built a food culture
in which people savor salads

Products

Eatingopportunities
in/outsideJapan

SALAD FIRST

In Japan, salads are one of the most frequently eaten dishes on all menus. Eaten
approximately 20 times a month, we believe that salads are a menu item that can assist inincreasing daily vegetable intake and in healthy lifestyles. Moving forward, we will drive
people toward eating more salads.

1 Beverages
2 Rice/rice cakes
3 Bread4 Japanese/

Western-style soups

5 Salad/Single raw vegetables
6 Fresh fruit
7 Vegetable dishes
8 Puddings/yogurts
9 Confectionery
10 Noodles/pasta
Source: Lifescape Marketing Co., Ltd.
食MAP®”
Period: January to December 2023

Performanceand Company
Information

Previously, the Kewpie Group had been broadening the appeal of salads and creating a culture
and trend for eating vegetables in salads by proposals that matched the changing times as well aschanges in society and dietary lifestyles. Since 2023, having adopted the catchphrase SALAD FIRST,
we have been stepping up our efforts to proactively convey the new attractiveness of salads.
We increase the value of salads from three perspectives: food culture, health, and sustainability.
Leveraging our contacts with all types of consumers through home-cooked meals, ready-made foods,
and restaurants in Japan and around the world, we will deliver the appeal of salads by cultivating
salad vegetables, proposing new salad menu items, and creating emotional value from salads. We
will achieve these aims by working together with our co-creation partners, such as producers, othercompanies, research institutions, and governments. Salads are a menu item that can greatly assist
vegetable intake. In Japan, a social issue has arisen due to people of all generations not meeting
the recommended daily vegetable intake target of 350 grams. By conducting activities designed toincrease opportunities to eat salad, we are aiming to assist in increasing vegetable intake.

The Significance of Communicating Value and Appeal of Salads

Menu Item Ranking TOP 10

Corporate
GovernanceThrough salads, we are contributing to a variety of dietary habits, including health, environment,
and dietary education, and are working to solve social issues. We are spreading the appeal of salads
cultivated in Japan to the world. In the years to come, we will continue to communicate the appeal ofsalads and thereby contribute to the food culture and health of the world.

Kewpie GroupʼsThoughts on Salads

Government
Local
agencies
Governments
Regional massretailers
Food
Restaurants
cultures

Financial
Strategy

https://www.kewpie.co.jp/saladﬁrst/

Initiatives for Salads Overseas
We are proposing salad menus tailored to each countryʼs food culture andworking to raise awareness about vegetable intake.
Indonesia

China

Singapore

TO PI C S
Research into Emotional Value of Salads
In addition to researching the great tastes of condimentsthat add flavor to salads, we are clearly documenting
the emotional value that can be derived from salads. In
2022, it was found that when vegetable dishes are madeby parents and children there was a positive impact on
the childrenʼs psychological development. In the years
ahead, we will continue to conduct research that fosters the great tastes
and emotional value to be gained through salads and vegetables.

■ Research/Survey Release
We announced that when parents and children prepare
vegetable dishes together, there was a positive effect on thechildrenʼs psychological development.

Sauteed chicken andcolorful vegetables

Tomato salad hot pot

Popiah rolls (style offresh spring roll)A stir-fried dish seasoned
only with dark roasted
sesame dressing. Using
dressing instead of oil
creates a creamy
and greattasting flavorthat enables
vegetables to beeaten in delicious
ways.

A tomato-based hot pot withplenty of vegetables thatallows you to enjoy a variety of
textures and flavors. Adding
dark roasted sesame
dressing makes it
even more flavorful,for a dish you canenjoy with family or
friends.

Popiah is the local Singapore
dialect name for fresh springrolls, a popular snack inSoutheast Asia. The vegetables
are stir-fried with garlicand oil for flavor, thenrolled up in a wheatbased wrapper.
The dark roasted
sesame dressing goes
perfectly with thesauce.

12

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Sustainable Procurement

The Fundamental Policy for
Sustainable Procurement
1 We will conduct all trade in compliance with the law and in conformity
with international rules and norms while taking strong measures against
corrupt practices.
2 We will engage in fair and ethical trade and use appropriate proceduresin managing confidential information and intellectual property.
3 We will protect human rights and refrain from discriminatory language or
conduct, inhumane treatment, or any involvement in human rights abuses.
4 We will respect the labor rights of employees, adopting sound labor
practices and providing a safe and clean work environment.
5 We will work to prevent pollution and environmental degradation at
the local and global levels through the sustainable use of resources.
6 We will ensure sustainable access to safe, high-quality raw materials,
management will also take into account ecological impacts andanimal welfare.
7 We will contribute actively to support the sustainability of the local
communities where our ingredients are produced.
8 We will encourage our suppliers to adopt the foregoing policies.
9 We will report publicly on the progress of the foregoing policies
as appropriate.

Kewpie Group Supplier Guidelines
We have established and begun the adoption of the Kewpie Group
Supplier Guidelines for the valued business partners who are our
suppliers. With these guidelines, we aim to achieve sustainableprocurement and shared prosperity with our suppliers by resolving
issues in the supply chain based on mutual understanding.
Kewpie Group Supplier Guidelines
https://www.kewpie.com/sustainability/pdf/sustainability_20240131_
supplier_guidelines.pdf

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Nowadays, essential raw materials and ingredients require that consideration be given not only to their
quality but also in terms of their impact on the environment and human rights. It is our belief that working
together with our business partners in the supply chain will lead to increased sustainability and enable us
to procure quality raw materials. To achieve sustainable procurement, which is one of the priority issues
for sustainability, we have established The Fundamental Policy for Sustainable Procurement, and are
implementing the Kewpie Group Supplier Guidelines. We will fulfill our social responsibility not only in
our manufacturing and sales processes but also in the procurement processes of the raw materials andingredients used to make our products.

Policy and Activities for Animal Welfare
For the Kewpie Group, eggs represent a key ingredient for our mayonnaise and processed egg products.
We recognize that the quality and the impact on the environment of the eggs, the animal welfare of thehens that lay them as well as consideration for human rights are critical challenges when considering
sustainable egg procurement. We have thus established a specialist committee to hold discussions to
consider such matters for the purpose of devising ways to improve animal welfare.
In Japan, we confirm that the poultry farms from which we procure our eggs are in compliancewith the Japan Livestock Technology Associationʼs “Guidelines for breeding management of hens that
correspond to the concept of animal welfare.” Going forward, we will also check the status of compliancewith the “Technical guidelines for breeding management of laying hens,” which were enacted by the
Ministry of Agriculture, Forestry and Fisheries (MAFF) in July 2023.
Overseas, we took measures tailored to the standards and legislation in each country and region.
Following on from the United States, in Europe we pledged to switch the egg raw material used for
Kewpie brand products to be 100% from cage-free farms by 2025.
Continuing to work with government agencies and those involved in the supply chain, we will work to
improve animal welfare.

Initiatives to Procure Sustainable Vegetable Oil
Palm Oil

Soybean Oil

Having joined the Roundtable on Sustainable Palm Oil(RSPO) in 2018, we are promoting initiatives. As far as thepalm oil procured by the Kewpie Group is concerned, we
completed the purchase of RSPO book-and-claim*1
certified credits in FY2023. The Kewpie Group is also
working toward the sourcing of certified oil through the
book-and-claim and mass balance methods.*2

For the sustainable procurement ofsoybeans we are considering specificinitiatives such as ensuring traceability.
Having become a member of theRound Table on Responsible Soy
Association (RTRS),*3 we are working
with certification organizations
and promoting sustainable soy
procurement.

*1 book-and-claim: Certified credits are issued for oil produced by a RSPO-certified
manufacturer. By purchasing those certified credits, this system supports
producers of certified palm oil.
*2 mass balance methods: A certification model in which certified palm oil is mixed
with other non-certified palm oil during the production and distribution process.
While it physically contains non-certified oil, the proportion of palm oil sourced
from certified plantations is guaranteed.

*3 RTRS: Founded in Zurich, Switzerland, in 2006, the
RTRS is a non-profit organization promoting the
growth of production, trade and use of responsible
soy.

13

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Medium- to Long-term Business Management Strategy

Sustainability Targets
and Progress

By achieving our sustainability targets, we aim to contribute to the realization of a sustainable society andachieve sustainable growth for the Kewpie Group.

Sustainability Targets and ProgressMaterial Issues

Initiative Theme

Contributing to Food Contribution
to extending
Culture and Healthhealthy life
expectancy

Collaboration in External Initiatives
Indicators

FY2023Results

FY2024
Target

FY2030TargetAs a food partner for every person:• Contribute to achieving a vegetable intake target of 350 grams per day• Promote a boost in egg consumption to contribute to increasingprotein intake

Mental andphysical healthsupport forchildren

361,000
children

At least
400,000

At least
1 million

59.6％

At least
50%

At least
65%

Effective utilization rate of unused
portions of vegetables
Main vegetables: Cabbage, etc.

82.7％

At least
70%

At least
90%

Reduction rate in volume of productwaste (compared to FY2015)

75.5％

At least
60%

At least
70%

Reduction andreuse of plastic
emissions

Reduction rate in volume of plastic
waste (compared to FY2018)

20.9％

At least
8%

At least
30%

Sustainable use ofwater resources

Water usage (basic unit) reduction
rate (compared to FY2020)

2.1％

At least
3%

At least
10%

Deal with Climate
ChangeReduction of
CO2 emissions(compared to FY2013)

Reduction rate in CO2 emissions

34.3％

At least
30%

At least
50%

Conservation of
Biodiversity

Conservation of
Biodiversity

Sustainable Paper Procurement Rate
100% sustainable paper procurement by 2025 (Containers and packaging,

Sustainable
Procurement

Promotion ofsustainableprocurement

Promote the Fundamental Policy for Sustainable Procurement incooperation with business partners

Respect for Human
RightsRespect for
Human Rights

Promote the Kewpie Group Human Rights Policy to respect the humanrights of all people involved in our business

Effective Useand Recycling ofResources

Number of childrenʼs smiles via ouractivities (cumulative since FY2019)
Food waste reduction rate (comparedto FY2015)

Eliminationand effective
utilization offood loss(FY2023)

booklets, promotional materials, ofﬁce supplies)

Adopted the Partnership Building Declaration and Multistakeholder Policy in FY2023
Through collaboration with a variety of stakeholders who are actively striving to create value, wewill further accelerate the Groupʼs sustainability activities and create new value.
Partnership Building Declaration
Multistakeholder Policy

https://www.kewpie.com/sustainability/pdf/
sustainability_20231031_partnership-building-declaration.pdf
https://www.kewpie.com/sustainability/pdf/
sustainability_20231031_multistakeholder-policy.pdf

Our support for and participation in sustainability-related initiatives arealso being utilized to promote Group sustainability.
Material Issues

Main Initiatives in which the Kewpie Group Participates

Contributing to Food
Culture and HealthStrategic Initiative for a Healthy and Sustainable Food
Environment

Effective Use andRecycling of Resources

Water Project of the Ministry of the Environment of Japan
Clean Ocean Material Alliance (CLOMA)

Deal with Climate
ChangeTask Force on Climate-related Financial Disclosures (TCFD）

Conservation of
Biodiversity
Sustainable
Procurement

The Taskforce on Nature-related Financial Disclosures(TNFD)

Keidanren Initiative for Biodiversity Conservation
Roundtable on Sustainable Palm Oil (RSPO)
Japan Sustainable Palm Oil Network (JaSPON)The Green Purchasing Network (GPN)TCFD/TNFD Initiatives
Having expressed its support for the TCFDʼs recommendations in 2021,
the Kewpie Group is conducting disclosure activities based on the
TCFD framework. Based on our analyses, we will treat future climatechange-related events as management risks and respond to them, while
also identifying new opportunities and utilizing them in our corporate
strategies.
In April 2024, we also participated in the TNFD Forum. Directed
toward the disclosure of the TNFD Report, we have launched projects
and are proceeding with analyses.

TCFD Analysis Plan

• FY2021 Mayonnaise, dressings• FY2022 Mayonnaise, dressings and eggs (liquid egg, processed egg)
• FY2023 Mayonnaise, dressings, eggs and packaged salads• FY2024 Mayonnaise, dressings, eggs, packaged salads anddelicatessen foods (potato salad)

FY2023 TCFD Report https://www.kewpie.com/sustainability/pdf/
sustainability_20240131_tcfd.pdf

14

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Efforts of Diverse
Human Resources

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

We believe that the strength of our Group lies in our corporate culture, where diverse
human resources who share a common philosophy gather together and can work
together toward the same goals. As investments in human capital that is our strength,
we are working to create an environment that allows diverse human resources to play
active roles on the basis of dialogue and the provision of opportunities.
Opportunities that lead to an understanding ofdiversity, equity and inclusion

Providingthe environment

Creating
opportunities

Systems for learning that help employees to feela sense of growth and develop their careers

Establishingsystems

Creating Learning Spaces That Support Success of Mid-career Hires
We are working to strengthen mid-career recruitment, by which we employ people
with diverse experience and specialized skills who can start working immediately. Midcareer hires accounted for approximately 40%* of new hires in FY2023, and this ratio
is gradually increasing. In 2023, we held a two-day training session for mid-careerhires with the aim of having them benefit from a higher level of empowerment. During
the training, participants gained an understanding of our Groupʼs history, culture,
characteristics, and strengths, and thendiscussed how they could draw on theirown experience, skills, and expertise,
and what kind of changes they could
make. This training also served as
an opportunity for them to makefriends. We will continue to provide
opportunities to support the success ofdiverse human resources.
* Kewpie non-consolidated ratio

Corporate
Governance

Performanceand Company
Information

The Kewpie Group deploys services in Japan and abroad across a wide range of areas, including homecooked meals, ready-made foods, and restaurants. In aiming to remain a company that empowers diverse
human resources to play active roles with wide-ranging business areas as their stage, we are working tocreate a foundational system while promoting investment in human capital.

Dialogue and Provision of Opportunities That Lead to
Empowerment of Diverse Human Resources

Providing the environment for diverse
employees to play active roles

Financial
Strategy

Exchange Training for Young Employees Who Will Take
Responsibility for the Future
Since post-employment training for new hires and other activities were mainly conducted
online from 2020 to 2022 due to the effects of the COVID-19 pandemic, we set up ayoung comprehensive role employees exchange training program in 2023 to once again
bring people who were in the same period together. Focusing on learning that cannot
be experienced through classroom lectures, we held training sessions that allowed
participants to interact with management and engage in dialogue with each other.
In a post-training questionnaire,participants said things like, “Anxieties about
my job and the future were dispelled,” “Igained hope for the future,” and “I felt asense of happiness to be working in the foodindustry.” With so many different training
methods available, all the participants could
once again feel the value of getting togetherin person, interacting, and learning together.

VO I C E

Asako Sakamoto
Personnel Affairs DivisionKewpie Corporation

We planned an induction ceremony for new hires at Fukaya Terrace Park Vegetable Friendsʼ
Farm. Since we wanted to give them a strong sense of pride at having joined a company
that values salads, we faced the challenges of putting together a program that for the firsttime included first-hand experience of vegetable harvesting and seed planting.
The aim was not only to increase their motivation for work but also for them to formbonds with other people on that course, so I feel that we were able to create a special
moment for people taking their first steps.
I will continue to support our new employees, who will create the future of ourGroup, so that they can work together to build the relationships that will allow them todevelop through friendly competition.

15

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Medium- to Long-term Business Management Strategy
Efforts of Diverse Human Resources

Wakuwaku Awards for Employees Who Shared
Their Ideas
Wakuwaku Awards are presented for Wakuwaku
activities (quality improvement activities that bringsmiles to customers and employees) at all Kewpie Group business sites.
Held every year, the Wakuwaku Award ceremony was held for the 41sttime in FY2023. Our Groupʼs employees carry out their daily activities
with an emphasis on our “RAKU-GYOU-KAI-ETSU” corporate motto.
Enabling employees to gain a sense of the idea that people who havethe same ambitions enjoy working together, endure struggles together
and rejoice together, this activity puts into practice our “strive fororiginality and ingenuity” corporate principle.
By sharing new challenges and achievements while promoting
collaboration across business sites, we are embodying Our Ideal of“contributing to the food culture and health of the world.” In FY2023,
62 teams participated, and 12 teams advanced to the world conference.
Bringing together participants from domestic and overseas businesssites, it was a wonderful, lively event.

Presidentʼs Award to Foster Proposals and Activities Uniqueto the Kewpie Group
Representing the highest honor, the Presidentʼs Award has beenpresented for 43 years since 1981. We are promoting the creation ofa culture in which the Group as a whole celebrates the challenges
faced by each and every individual. We evaluate not only in terms of
products, sales and profits, but also from the perspective of having
faced the challenges of those areas to which the Company aspires,such as sustainability, overseas, and food and health.
In FY2023, three Presidentʼs Awards and three special awards wereselected. The content was excellent, demonstrating collaboration
across company and departmental boundaries, including improving
brand value overseas, new digital technology, and sustainability.

80

Production DivisionKewpie Corporation

I served as the secretariat leader for FY2023. The Wakuwaku Award is apresentation event that attracts a lot of attention within the Company.
I think it was a great success, because we all tried new things, suchas sharing ideas and managing, organizing, and directing the event
ourselves without relying on outsiders. It was a very valuable experience,as I was able to directly feel the strength and appeal of the Group, andalso feel a sense of accomplishment as a member of the secretariat. I
would like all of our employees to experience excitement while bringing
smiles to their faces.

[FY2023 Award]
Facing the challenges of thenext-generation “Struggle
against oxygen”

Achieving “great taste, long shelflife” and “health” by means ofantioxidant technology throughunique ingredients

Since FY2017, we have been conducting employee questionnaires with the aim of promoting theunderstanding of diversity and improving our corporate culture. In FY2023, we newly strengthened theelement of “engagement” and surveyed employees on their perceived growth and job satisfaction.
Engagement Survey Summary (five-grade responses)

100

VO I C E

R&D DivisionKewpie Corporation

Promotion of Diversity, Equity and Inclusion and Creation of a Corporate
Culture for the Future

Percentage of People Who Empathizewith Diversity Promotion (%)

Miki Yanagisawa

Hideaki
Kobayashi

94

92

3.7

Environment in which they work

95

60

Sense of contribution and acceptance at work

3.4

40

Significance of and motivation for working at their workplace

3.6

20

Sense of growth in the workplace

3.4

0

2021

2022

2023

(FY)

Engagement Score Average 3.5

By means of a diversity questionnaire it was discovered that many employees empathize withpromoting diversity. Many respondents cited the feeling that having diverse human resources
demonstrate their strengths will lead to new value creation and innovation.
Also learned from the engagement survey was that many employees answered “good” to thequestion about the environment in which they work. indicating that the Groupʼs culture of valuingeach other is deeply rooted. On the other hand, we were able to identify issues that would give moreof a sense of contribution and growth, such as increasing opportunities for each individual to utilize
their own areas of expertise.
We will analyze these results in detail and provide feedback to each department. Looking toward
the future, we will utilize employee feedback in creating a better corporate culture.

16

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie GroupThe Value
Creation
Process

Message fromthe President

Medium- to Long-term Business Management Strategy

Cash Flow Allocation

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Reinforcement of Shareholder Return

The cumulative operating cash flow for FY2021-2024 is expected to be around ¥120 billion, falling short of the targetof ¥140 billion. This is mainly due to the decrease in profits in FY2023, but we expect both profit and capital to recoverin FY2024. In accordance with our Groupʼs growth strategy, we are steadily investing resources in priority areas.
Specifically, while monitoring market trends, we are deciding on investments by considering priorities and degrees ofemphasis from the following three perspectives.

❷

❶

❸

Investments to improve profitability, such as
rebuilding domestic production bases and IT,
including backbone core systems

Investments to addressenvironmental issues

As a result, we had planned to invest ¥47.1 billion in capital by FY2023, and ¥20.7 billion in FY2024. Consequently, overthe four years of the Medium-term Business Plan, we were forecasting investments of ¥67.9 billion, which is approximately
the same level as the planned investment of ¥70 billion. Having been ramping up our overseas investment since FY2023,
we have begun large-scale investments to increase production particularly in North America, Thailand, and Indonesia.
The Kewpie Group sets an internal rate of return (IRR) hurdle rate with an eye on the cost of capital when deciding
whether or not to undertake a large-scale investment. In addition, having adopted an internal carbon pricing (ICP)
approach, we are making investments and undertaking post-investment monitoring after having conducted studies
from an environmental standpoint.

FY2021-FY2024 Operating Cash Flow

140.0 billion (target)

Cumulative four-year total: ¥Capital Investments

Return to Shareholders

New Expansion

Cumulative four-year total:

Purchase of treasury stock

Consider investments innew businesses andM&As depending on the project⇨No large-scale projects

70.0¥47.1 billion

Primary Components• Build an optimal production system• Improve overseas production capacity• Promote of IT and digitalization• Invest to adapt to the environment¥10.0 billion invested in FY2021
Dividends

Cumulative three-year total:¥19.1 billion

Dividend per share

Internal Reserves
Equity ratio

FY2021: ¥47

FY2022: ¥47

FY2023: ¥50

Dividend
payout ratio:
36.7%

Dividend
payout ratio:
40.7%

Dividend
payout ratio:
52.8%

Based on the policy set forth in each Mediumterm Business Plan, returns to our shareholders are
implemented with top priority given to dividend
payments. In addition to aiming to continue stabledividends, we will also purchase or cancel treasury
stock on an as required basis while taking thedemand for funds, trends in share prices, financial
conditions and other factors into consideration.
Under our Medium-term Business Plan up to
FY2024, we are aiming for a consolidated dividend
payout ratio of 35% or more, based on an annual
dividend of ¥45 or more per share, and a fouryear cumulative total return ratio of 50% or more.
Including the acquisition of ¥10 billion of its own
shares carried out in FY2021, the total return ratio
for the four years will be 60.6% (based on the initial
forecast), and the expectations are that we willachieve the plan in the Medium-term Business Plan.
Through an increase in capital efficiency, we will work
to reinforce shareholder return on an ongoing basis.

Robust Financial Base

Cumulative three-year total: ¥89.5 billion¥
billion (target)
Cumulative three-year total:

Performanceand Company
Information

Under our FY2021-FY2024 Medium-term Business Plan, we have set the basic policy of maintaining andimproving financial health while enhancing our ability to generate cash flow, and are working to bolster
our management foundation and enhance corporate value. After maintaining its financial health to support
sustainable growth, the core element of its financial strategy, the Kewpie Group works to strike an optimalbalance between growth investments and return to shareholders. Looking ahead, we will endeavor tosecure sustainable growth through the use of both business and financial strategies.

Cash Flow Generation and Investment Allocation to Growth Fields

Investments for growth, for example
overseas, in new market creation,technological developments

Corporate
Governance

FY2021: 64.5%
FY2022: 66.4%
FY2023: 66.2%

To uphold sustainable growth and respond to achallenging business environment that is undergoing
major changes, we believe it is necessary to build
solid financial foundations. With an equity ratio of
66.2% in FY2023, Kewpie maintained a high level offinancial soundness. Based on the business strategy
in the next Medium-term Business Plan, we will
update our financial strategies and contribute toincreases in value.

17

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial Strategy to Support Sustainable Growth
Basic policy of financial strategy
Having made it our basic policy to enhance cash flow
generation and to both maintain and improve financial
health, we are working to bolster our managementfoundation and enhance corporate value. As a financial
strategy, we are proceeding with cash allocation while
monitoring the balance between growth investments andshareholder returns to support sustainable growth while
maintaining financial health.
At present, our Group is bringing about majorchanges in its business structure, with an overseas phaseof growth and expansion investment and a domestic
phase of efforts to improve quality. In recent years,
we have been significantly increasing our overseas
investments that under our plan for FY2024 are expected
to total approximately ¥10 billion, a seven-fold increaseon those in FY2021. As the demand for funds and thenature of investments differ between overseas anddomestic markets, we recognize the importance ofdetermining the returns generated by each investment
and business strategy and of proceeding in a mannerthat balances returns
Trends in Capital Investment
to shareholders.
（Billions of yen）
On that basis, the25Japan Overseas
fundamental question20
10.2
is whether we will
5.3
2.3
15
be able to generate
1.4
14.9
returns that exceed
10
12.5
10.7
10.5
the cost of capital5and continuously
0
2021
2022
2023
2024 （FY）
create corporate

Financial
Strategy

Corporate Officer in charge of
Accounting and Financevalue. Calculated using external figures, our Groupʼscost of capital is currently estimated to be around 4%,
but it is important that ROE continually exceeds thiscost of capital and that investment returns are realized
through compound interest. To achieve the Mediumterm Business Plan ROE target of 8% or more, we will
work to improve return on capital by improving profit
margins and profit amounts and improving the efficiency
of invested capital.
In parallel, we are aiming for the smooth launch oflarge-scale investments overseas and further businessgrowth while promoting the strengthening of risk
management and, in particular, global governance.
In the Accounting and Finance Department, while
proceeding with the development of infrastructure, suchas documenting common Group accounting policies, andorganizing the roles between corporate headquarters
and each department or company accounting
department, I would like to contribute to the globalizationof management.

Cash allocation strategy
Under the current Medium-term Business Plan, we haveset an investment limit of ¥70 billion, which equates
to half of the four-year cumulative operating cash flow
target of ¥140 billion. The proceeds will be allocated to
new business development, shareholder returns, andstrengthening the financial base. As the profit level for
FY2023 was lower than expected, cumulative operating
cash flow was expected to be around ¥120 billion, but

Corporate
Governance

Performanceand Company
Information

Takumi Tomita

we will maintain investment levels as originally planned
and actively sow seeds for growth. Deciding on where
to invest management resources and their priorities ismanagement in itself, and active discussions are being
held within the Company. Our current focus areas are
growth investments, investments to improve profitability,and environment-related investments. Specifically,
these are human capital, the Kewpie brand, research/technological development, IT digital, and sustainability.
From an investment scheme perspective, we are
exploring not only capital investment but also M&A
and investment in funds and ventures. For example, in
FY2023 we entered into a capital and business alliancewith TECHMAGIC, Inc., a company that develops a robotthat arranges side dishes. The idea is to help counter thelabor shortage, which is recognized as an issue in Japan,
and to further improve operational efficiency. Also,
although it does not necessarily fall under the categoryof “investment” in accounting terms, we will position thisas a priority investment and will actively invest in humancapital, R&D as well as in promotion and advertising.
In the meantime, we are promoting the replacementof our business and investment portfolio, including
rebuilding our domestic bases and reviewing
the significance of the cross-shareholdings in ourpossession. While confirming medium- to longterm capital needs and their order of priority, we will
strengthen distributions to shareholders and update ourcash allocation plan for the next Medium-term Business
Plan. In this way, we will contribute to increasing
shareholder value by building financial strategies thatare consistent with our business strategies.

18

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

The Kewpie Group Value Creation Story
This section introduces the three initiatives the Kewpie Group is undertaking in an effort to contribute to sustainable corporate growth and a sustainable society.
As part of our effort to accelerate global growth, we are actively deploying World Strategic products in countries around the world centered on the KEWPIE and 丘比brand mayonnaise and Deep-Roasted Sesame Dressing products. Similarly, we are bolstering initiatives that develop human resources in the area of global governance,
which supports this effort. As part of our effort to enhance domestic quality, we are advancing initiatives aimed at granting additional value to products in line withcustomer needs, increasing efficiency, and making improvements to the supply chain for production, logistics, and sales as a means of dealing with labor shortages. As partof our effort to contribute to food culture and health, we are advancing initiatives involving product development in a way that helps solve the health issues faced by ourcustomers, dietary education activities intended to extend healthy life expectancy, and sustainability. Through these initiatives, we will create social and economic value,and connect to growth that looks to the future.

2030 V IS I O N

G r ow t h Tow ar d t h e Fu tur e

Economic Value

Social Value

Story Ⅰ

Story Ⅱ

Story Ⅲ

Accelerate Global Growth

Domestic Business Quality
UpgradingContribute to Food Cultureand HealthExpand brand recognition centeredon World Strategic products

Transition management fromquantity to quality

Pass on the founding beliefs
to the future

Strengthen the ability
to generate profit

Improve profitability

Sustainability

19

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Value Creation StoryⅠ

Accelerate Global Growth

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Driven by our desire to showcase the appeal of salads made with KEWPIE and丘比 brand Mayonnaise and Deep-Roasted Sesame Dressing to customers
worldwide, we tailor our proposals to each specific country and region.
Currently, we deliver KEWPIE and 丘比 brand products to customers in 63
countries and regions.

Kewpie China Corporation
Mosso Kewpie
Poland Sp. z o.o.
BEIJING KEWPIE CO., LTD.
Q&B FOODS, INC.
Nantong Kewpie
Corporation
Hangzhou Kewpie
Corporation
Guangzhou Kewpie
Corporation
Kewpie Philippines, Inc.
KEWPIE AUSTRALIA PTY. LTD.

KEWPIE (THAILAND)
CO., LTD.

PT KEWPIE INDONESIAKEWPIE SINGAPORE PTE. LTD.

KEWPIE VIETNAM
CO., LTD.

KEWPIE
MALAYSIA SDN. BHD.

Performanceand Company
Information

Corporate
Governance

The Kewpie Group is actively expanding into Asia, North America, Europe, and other regions with a focus
on World Strategic products. By developing products and marketing strategies tailored to the needs of
local markets, we aim to create healthy dietary cultures suited to each country and region and to enhancebrand recognition. Additionally, we prioritize environmental sustainability and social responsibility toachieve a sustainable global business. We will continue to expand our ability to generate profit throughrapid global expansion.

Overseas Sites and World Strategic Products

KewpieTrading Europe B.V.

Financial
Strategy

Bolstering Investments toAddress Growing Demand
The Group is making aggressive investments toaccelerate growth and to reinforce the supply
system in a way that addresses rising demandaround the world.
In addition to expanding production facilities,
we are growing the brand and strengthening
governance with the aim of achieving ¥20 billion
in operating income in FY2030.

Overseas Operating Income Trends and Outlook(Billions of yen)

Target

20
15

Plan

20

10
5
0

4.4

4.9

7.2

8.5

10.3

12

2019 2020 2021 2022 2023 2024

2030 (FY)* FY2024 figures are based on initial forecasts

TO PI C S
Constructing a New Plant Building in
Thailand for Domestic and Export-bound
Products

Expanding Production Lines for Domesticbound Products in Indonesia, a Market
That Continues to Expand

Operations at Kewpie Thailandʼs new plant building
are scheduled to begin in January 2025.
In 1987, Kewpie Thailand was established asa joint venture with a local company, becoming
our first local subsidiary in Southeast Asia. Kewpie
Thailand produces and sells a wide variety of
products, including condiments, processed
vegetables, and processed egg products. Sales inThailand have also grown in line with the recovery inforeign tourism related-demand. This investment istherefore aimed at reinforcing the supply system in a
way that addresses
continued
anticipation forgrowth in domestic
and export
demand.

Operations of Kewpie Indonesiaʼs new
production line are scheduled to begin in
December 2024.
Kewpie Indonesia was established in 2013as our fourth production base in Southeast
Asia. Against the backdrop of westernizing
diets and a developing restaurant industry,
Kewpie Indonesiaʼs sales have expanded
steadily since its founding. This investment
aims to strengthen the domestic supply system
in Indonesia, which has the largest population
in Southeast
Asia anda steadily
growing
economy.

Illustration of completed new plant

Illustration of completed new plant

20

Corporate
Contents Philosophy of the
Kewpie GroupThe Kewpie Group
Integrated Report 2024

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Value Creation StoryⅠ
Accelerate Global Growth

Acquiring Trademarks to Protect and Nurture the Brand
To strengthen international competitiveness, ensure business freedom, and,above all, protect and nurture the brand, we are actively working to acquire major
trademarks such as KEWPIE, 丘比, and the Symbol Mark (Kewpie Doll).
Regions and Countries of Operations/Registered Trademarks (examples)EU

TrademarkRegistration
China

Thailand
VietnamIndonesia

Japan

North America

KEWPIE Trademark

93 countries
and regions

Malaysia

Symbol Mark (Kewpie
Doll) trademark

countries
94
and regions

Initiatives for Strengthening Global Governance
Building on the great taste, quality, and health proposals we have developed
over the years, the Group aims to contribute to global food culture and healthby providing products and services that align with the diverse dietary lifestyles
of different countries and regions. To achieve this vision, we have establisheda framework that allows for agile management in local markets. We are also
strengthening our global governance framework based on our core principle ofmaintaining a unified global vision and strategy while ensuring appropriate business
operations across Group companies.

I aim to contribute by creating an environment inwhich our partners around the world can work witha sense of security, pride, and joy, and are united
in their desire to achieve the Groupʼs vision while
respecting diverse opinions. For this reason, I am
working to strengthen global governance as part ofa unified Group.

VO I C E

Tatsuya Tsunoda
Overseas Division
Overseas Governance Project
Kewpie Corporation

Contributing to Food Culture and Health Through Dietary
Education Tailored to Local Areas
With the aim of contributing to the food culture
and health of people in China, the Group conducts
Open Kitchen factory tours at its plants in Beijing,
Hangzhou, and Guangzhou. These tours, whichbegan in Beijing and Hangzhou in 2006 convey thedeliciousness and health benefits of salads, while
utilizing the research results we have accumulated
in Japan and China.
As part of this initiative, we make proposals for
saladsand extending healthy life expectancy bothChildren participating in a factory tour
(Hangzhou Kewpie Corporation)of which nurture food culture and contribute tohealth. Additionally, we offer dietary education programs that convey accurate knowledge about
vegetables and help participants to make and enjoy eating their own salads. In recognition ofthese efforts, the Chinese Institute of Food Science and Technology (CIFST) certified these threeplants as Sites for Food Science Popularization and Education* in May 2023.
This certification allows the factory tours to be recognized as part of social studies classes
in schools.
* Sites for Food Science Popularization and Education are certified following screening by a committee of specialists at CIFST.
Certification started in 2017, and Kewpie China was selected in the fourth round of Sites for Food Science Popularization and
Education by CIFST.

Overseas Leader Training Program
In order to accelerate growth overseas, the Group selects local staff from each overseas
company who are expected to become future executives to participate in a program aimed
at developing global leaders. This program invites external lecturers to conduct training
sessions over a ten-month period with the goal of enhancing leadership competencies.
Each participant identifies their ideal leadershipmodel and aims to grow as a leader as they put what
they learn during the program into practice at theirworkplaces.
During group training sessions, corporate officers
speak on themes such as philosophy and strategy
formulation, conveying their hopes and expectations for
future overseas leaders. These sessions also serve as anopportunity to boost morale.

21

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Value Creation StoryⅠ
Accelerate Global Growth

Initiatives for Using Recycled Plastic Bottles

Addressing Climate Change Globally

Although the use of beverage bottles made from recycled PET resin (recycled plastic
bottles) has been on the rise, condiments contain a broader range of ingredients thanbeverages, and therefore require safety assessments specifically for condiments whenusing recycled PET bottles. Through repeated joint research on safety assessments,
presenting papers, and conducting proprietary verifications, we successfully adopted
recycled PET bottles for condiment use. In Japan, we began using bottles containing
approximately 30% recycled PET resin for our KEWPIE Tasty Dressing series in June
2021. Additionally, since August 2023, we have used bottles made entirely fromrecycled PET resin for all KEWPIE Tasty Dressing series products and all dressing
products specified as foods with functional claims, marking a first for Japanʼscondiment industry.
Furthermore, we also began using bottles containing 30% recycled PET resin for
dressing containers produced at Kewpie Malaysia in July 2023. In cooperation withthe state of Malacca, where the plant is located, Kewpie Malaysia is engaged in various
educational activities as part of an effort to realize a sustainable recycling-oriented
society in Malaysia.

Renewable Energy Output at the Groupʼs
Overseas Sites
（Mwh）

5,515

6,000

3,539

4,000

2,362 2,668
2,000 1,362
02019 2020 2021 2022 2023 (FY)Part of the solar panel array installed at the Nantong Kewpie plant

The Group began generating solar power at Kewpie Thailand in April 2018, Kewpie
Vietnam in December 2021, and Beijing Kewpie in China in January 2022.
In FY2023, three additional plants operated by Kewpie Malaysia, Guangzhou
Kewpie (China), and Nantong Kewpie (China) also began generating solar power.
Moving forward, we will continue our proactive efforts to reduce CO2 emissions and totransition to renewable energy use.

Toward the Sustainable Use of Water Resources

Kewpie Malaysia
container made fromrecycled PET resin

Collected
plastic bottles

Flaking

Washed andprocessed into
raw materials forbottles

Toward bottles
using recycledplastic

VO I C E
The launch of recycled PET bottles for dressings progressed
step by step through repeated meetings with local recycled
PET resin suppliers, bottle suppliers, and in-house experts.
We hope to contribute to the realization of a recyclingoriented society in Malaysia through plastic bottle recycling
initiatives.

Shingo Kitada
Overseas DivisionKewpie Corporation

The approach the Group is
Number Flood
Storm
Water
taking with regard to assessingof Plantsrisksurge risk stressand managing water risk is a
Japan
71
26
4
0
critical step toward improving
China
4
1
2
1
the sustainability of its business.
Asia
4
2
1
0
Specifically, we utilize theU.S. and Europe
2001
Aqueduct system administered：Based on hazard maps
：Based on Aqueductby the World Resources Instituteto assess water stress, thereby allowing us to identify regions with a tight water supply
and demand balance, and to manage the related risks. We have used this system
to assess water stress both in Japan and abroad. Moreover, we assess the risk ofinundation caused by flooding and storm surges in Japan using hazard maps provided
by local governments, and assess similar risks overseas using Aqueduct. We will
promote the efficient use of water resources with regard to water use and wastewater
management, for example, while considering the impact on local communities.

22

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

Value Creation Story Ⅱ

Domestic Business Quality
Upgrading

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Kewpie Deep-Roasted Sesame Dressing is well-loved by a broad
range of age groups. Since 2002, just two years after its launch, it
To p - r a n k e dDressing
secured the top sales position* on the salad dressing market, andfor 22
Consecutive
served as a driver of overall market growth.
Ye a r s
Made from carefully selected ingredients, this dressing offers
the characteristic fragrance of freshly ground sesame with its savory, Deep-Roasted aroma.
While also pursuing great taste, we have made the bottle more convenient to use as part ofour ongoing efforts to refine this product. In order to ensure Kewpie Deep-Roasted Sesame
Dressing maintains its position as the most beloved dressing, we are working to convey its
value to customers through television commercials, SNS, and in-store promotions.
* Aggregated (value) by Kewpie based on the INTAGE Inc. SCI (Nationwide Consumer Panel Survey)

Dedicated Deep-Roasted Sesame Dressing Special Website
https://www.kewpie.co.jp/fukagoma/

Strategic Product Development Using Unique
Raw Materials
As a leading company for eggs, the Kewpie Group seeks great taste and health fromvarious perspectives. Recently, we have developed a unique raw material called “Aged
Egg Yolk,”which draws out the flavor of egg yolk through aging it using egg koji.
This unique raw material is used in our products, such as “Kewpie tartar sauce
filled with ingredients” and has been well received by our customers. To protect thisuniqueness, we have secured patents and trademarks, and we actively promote theappeal of “Aged Egg Yolk” through academic presentations and our websites.
Going forward, we will engage in strategic product development that leverages
our unique raw materials, and consistently exceeds customer expectations.
Aged Egg Yolk

https://www.kewpie.com/en/rd/material/jyukuseiranou_01/
VO I C E

Generation Z Co-creation Project for Conveying a New Allure* A limited-time shop managed in collaboration with the
IMADA KITCHEN restaurantstore at SHIBUYA 109 in
Shibuya.

Steamed
Kewpie Buns Developed
for Generation Z

Media Announcement Event

Performanceand Company
Information

On the domestic market, the Group is seeking to transition from quantity to quality, and will concentrate
management resources on high added-value areas as a means of strengthening its profit structure.
Throughout the supply chain, we are pursuing a balance between social and economic factors, andare working to improve efficiency and address labor shortages while aggressively leveraging digitaltechnologies. Moreover, we are focusing our energies on human resource development as a means ofstrengthening the infrastructure for supporting sustainable growth.

Strengthening Promotional Activities for
Deep-Roasted Sesame Dressing

In an effort to propose a new way of enjoying
Kewpie Deep-Roasted Sesame Dressing,the Group organized a workshop withmembers of Generation Z and utilized thehonest feedback of the participants acrossevery aspect, from concept design to recipedevelopment and product design. We
ultimately launched sales of the resulting
steamed Kewpie buns at kewpie stand*.

Corporate
Governance

TO PI C S
# Gochiso (sha) ma Challenge
The Group held the Goma Challenge dietaryeducation project to provide children with theexperience of successfully eating vegetables.
Using Kewpie Deep-Roasted Sesame Dressing,which is also highly popular with children, wedeveloped a new Deep-Roasted stir-fry sesamedish that makes it easy to eat vegetables.
This Deep-Roasted sesame dish provides
opportunities for children to take on thechallenge of eating
vegetables that they
do not like in aims ofhelping them learn toenjoy vegetables.

Tetsuya Miyamoto (left)
Ayano Suzuki (right)
R&D DivisionKewpie Corporation

Hoping to draw out further the flavorof egg yolk,we created aged egg yolk
as a first-of-its-kind raw material byfocusing on Koji fungus, a traditional
microorganism in Japanese cuisine.
We will continue to explore thegreat tastes of eggs from various
perspectives.

Paysanne Salad
Dressing with
Aged Egg Yolk

Proposing Solutions for the Food
Services Market
The food services market requires simplified operations.
However, consumer needs are diversifying, raising expectations
for ready-made foods and restaurants. Our sauces, filled withingredients, and our filling series products have been wellreceived as solutions to these customer and consumer needs.
The Group will continue to offer proposals that address market
challenges and align with these needs.

Our Near Perfect
Sauces Address Labor
Shortages

23

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Value Creation Story Ⅱ
Domestic Business Quality Upgrading

Co-creation Toward Realizing Unique Kewpie
Version Smart Factories
Production plants in todayʼs food industry are faced with chronic labor
shortages. According to a fact-finding survey*1 regarding labor shortages
in the food manufacturing industry, 62.2%*2 of all persons engaged in food
manufacturing activities responded that their duties were affected by thisissue. Specific impacts that were mentioned included delays in improving
workplace environments and the inability to fully pass on skills and knowhow. Moreover, todayʼs technical solutions require large equipment thatis expensive to introduce, yet offer a lower level of consistency than work
performed by humans. At the same time, many food processing plant
operations still require human intervention. In order to resolve theseissues, the Group formed a capital and business partnership agreementwith TECHMAGIC, Inc., which possesses technologies that intricately
fuse hardware and software. As part of this partnership, we are working
with TECHMAGIC to develop food manufacturing process automation
technologies in an effort to improve productivity and to address labor
shortages throughout food processing plants. In this way, we arecollaborating to create futuristic food processing plants (unique Kewpie
version smart factories) with a high level of productivity that enables plant
workers to perform their duties in a more energetic, creative manner.
*1 Fact-finding Survey Regarding Labor Shortages in the Food Manufacturing Industry, FUJI
ELECTRIC CO., LTD.
*2 Severe impact: 9.6%, Some impact: 52.6%

Automating Complex Work to Address Labor Shortages
The Group is accelerating efforts to automate complex work with the goal of addressing production
plant labor shortages. As of the end of November 2023, we began operating a lid closing
robot along delicatessen food lines at the Groupʼs delicatessen food plants. As a collaborative
development by YASKAWA Electric Corporation, the Deria Foods Group, and Kewpie Corporation,
this robot was designed to work with a wide variety of more than 60 types of containers, achieve thesame work speed as humans, and be easy to operate by workers who use different languages.
Prior to introduction, we conducted multiple simulations to determine which products would
enable the most efficient operations on the line, where concentrating on products that could be
handled by the robot. Setting up production plans tailored to each facility also helped us to apply
this automation technology. We confirmed the support work that would be handled by humans, suchas the lid refilling method, using simulations ahead of time, and shared the results with our plants to
help achieve consistent operations.

VO I C E

Hajime Nakagawa
Shunsai Deli Co., Ltd.

A Lid Closing Robot in Operation at a Group
Delicatessen Food Plant

We have successfully introduced lid closing robots as partof regular operations. Moving forward, we will establish a
production system through the optimization of human andmachine operations to evolve our plants in a way that provides
great tasting delicatessen foods to our customers.

Yuichi Nakakubo

VO I C E

Production Technology Department
Kewpie Corporation

Left: Yuji Shiraki, President and Chief Executive Officer, Delicatessen Foods Plating Robot
TECHMAGIC, Inc.
Under Development
Right: Ryota Watanabe, Director and Executive
Corporate Officer, Kewpie Corporation

Delicatessen Food Production Line
Simulation ModelI believe that a key phrase essential for the future ofautomation is “easily usable by everyone.” I therefore
intend to continue developing this kind of value with mycolleagues in the Group.

24The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie GroupThe Value
Creation
Process

Message fromthe President

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Value Creation Story Ⅱ
Domestic Business Quality Upgrading

Building a Sustainable Logistics System: Addressing the2024 Problem
Labor shortages among truck drivers at shipping sites is an increasingly dire problem.
In order to address this issue, the Group has worked to introduce inspection-freedelivery*1 since 2013. Specifically, we have successfully eliminated conventional
visual inspections at the time of delivery by working with customers to extend orderlead times, thereby enabling the preparation and prior communication of shipping
information. Moreover, we are currently evolving our approach toward one that improves
efficiency through prioritized reception and combined delivery in order to maximize
the outcomes of inspection-free delivery. In addition, through a collaborative effort with
K.R.S Corporation, which oversees our logistics departments, we are improvingputting
in place an the inspection-free delivery ecosystem delivery environment in a waythat includes joint consigners from outside the Group. We will continue to maintainsustainable logistics in order to provide products with reliable quality to our customers.
Conventional
Delivery

Order

Manufacturers
Shipping efficiency issues
Past deadline returns Time-overtakebacks, support work, etc.

Wholesalers

Delivery
Truck standby
Accelerating driver shortages
Improving work environments is urgent

Inspection-free
Delivery

Manufacturers

Wholesalers

Order

Shipping information preparation

Pre-shipment information

Data(ASN) data
Delivery date ● Receiver
import● Shipped item counts
Truck standby time is● Expiration date record ● Order No.
Delivery greatly reduced● Shipping No. ● Pallet information, etc.
●

Receiving work
Manual item confirmation andexpiration date input, etc.

Taking on the Challenge of a Kewpie-Style S&OP*2 through DX
The food industry is characterized
by a particularly high degree ofconsumer preference and item
segmentation. There is also theissue of declining productivity
due to high-mix, low-volume
production. Moreover, the eraof VUCA with its high degree of
uncertainty demands the industry
take flexible and rapid responses.
In order to address thissituation, we aim to establish a
supply system that analyzes andpredicts market data in a waythat allows us to reliably deliver
the products our customers truly
need at the right time, in the rightamount, and to the right location.
Similarly, we will work to optimize
the product mix.

Customerunderstanding

Sales
optimization

Production
optimization

Sales method
optimization

Futuredemand-based
prediction

Production
planning
optimization

Product mix
optimization

Price elasticity
analysis

Profit maximization

Advanced preparation*2 Sales and Operations Planning is an integrated business
management process that focuses on the supply chain.

Inspection-free delivery*1*1 Inspection-free delivery is an approach to delivery that does not require inspection

TO PI C S

Yusuke Morimoto

VO I C E

Logistics Management DivisionKewpie Corporation

When we began this effort in 2013, we embarked on an unprecedented approach toinspection-free delivery covering logistics between processed food manufacturers andwholesalers. Although our efforts were sometimes hindered by long-standing businesspractices, we overcame these challenges with the support of our customers (leadtime extensions, delivery date concentration, improved loading efficiency, etc.). As we
encounter the 2024 problem for logistics, we will advance initiatives toward sustainable
processed food logistics through greater collaboration between companies.

Launching the Digital Transformation Department to Realize Group DX
The Digital Transformation Department is composedof employees who are passionate about business
transformation and who were selected through an open
internal recruitment program.
The DX Planning Team and the Data Science Team work
together with each Group company and division todevelop and implement DX strategies.
* The Group defines DX as transforming business models andbusiness processes through the use of digital technologies.
DX is positioned as one of the engines of sustainable growth.

Digital Transformation
Department Members

25

Corporate
Contents Philosophy of the
Kewpie GroupThe Kewpie Group
Integrated Report 2024

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Value Creation Story Ⅱ
Domestic Business Quality Upgrading

Quality Enhancement Activities andHuman Resource Development Programs(Site of learning)
Monozukuri
AcademyQualityEnhancement

The Group values the fact that those who work at its production plants
serve to protect quality. In order to deliver safe, secure products to our(Site of practice)customers, we administer the Monozukuri Academy (food production
Mudatorischool) and conduct Mudatori Activities* for managers across all divisions
Activities
involved in manufacturing products.
The Monozukuri Academy offers around 50 courses as part of a training program thatprovides practical knowledge. Incorporating onsite and remote options in line with changes
in the times, these courses focus on learning the basics of production, improving quality
management and technology, and acquiring certifications, among others, and are attended bymany employees every year. Moreover, Mudatori Activities encourage individual growth andan evolution in workplaces as all employees come to consider and actively
participate in efforts to improve quality on a regular basis. Mudatori
Activities are therefore valued throughout the Group.
* Mudatori Activities are undertaken by individual employees with the aim of creating humanfriendly and human-centric workplaces so that as many dreams as possible can be realized.

VO I C E

Takayuki Koide
Kewpie Egg Corporation

Employees Studying at the
Monozukuri Academy

Mudatori Activities include many considerations that allow employees
to enjoy making improvements with their coworkers under theassumption of quality enhancements. Leveraging the training provided
at the Monozukuri Academy, we organize interactions, discussions,and study groups among different areas in an effort to encourage
activities that involve all employees.

Initiatives for Managing Facilities
That Support Reliable Supply

Predictive MaintenanceMonitor facility status
Identify signs of failure andIn order to support reliable supply, the Group is undertaking the
avoid breakdowns
challenge of predictive maintenance as a means of preventing facility
Resolve variation and reduce burden
malfunctions during production.
through data-based monitoring
As part of predictive maintenance, we monitor the status ofHigher quality facility management
facilities to identify signs of failure, thereby avoiding malfunctions
during production and performing maintenance at the ideal timing. Moreover, implementing
data-based monitoring helps to resolve variation involved in human labor, as well as to reduce theburden of inspection, and realizes higher quality facility management.

Using Packaging With a Lower Environmental
Impac Containers and Packaging
The proprietary Kewpie Group Eco Mark will be implemented from February 2024.
Having established environmentally friendly standards on container packaging, Kewpie
assigns the Kewpie Group Eco Mark to products meeting these standards to easily
convey to customers that Kewpie products are environmentally friendly.
Details

Eco Mark Criteria

Reduced plastic Reduced amount of plastic used by 5% or more (using 2018 as thebase year)
usage
Reuse of plastic

Recycled plastic materials comprise 25% or more of total plastic byweightBiomass plastic

Biomass plastic comprises 10% or more of plastic used, by weight

Kewpie GroupEco Mark

Effective Use and Recycling of Resources
Biogas Power Generation Using Leftover Mayonnaise
The Group reduced approximately 980 tons of CO2 emissions in FY2022 byemploying biogas power generation using leftover food during the production
process. Specifically, this initiative used mayonnaise and other food expelled frompipes when changing production between different products to produce fuel forbiogas power generation. Biogas power generation is a method for producing
electricity using biogas released during methane fermentation when livestock wastefrom pig farms and food waste are mixed. This initiative is being implemented at
Kewpieʼs Goka Plant, Nakagawara Plant, Izumisano Plant, Kobe Plant, and Kpack.
We are also working to convert waste released from the new AOHATA Tadanoumi
Factory, which produces jam, into biogas. In recognition of these initiatives, we havereceived awards from various organizations.
FY2023 3Rs (Reduce, Reuse, and Recycle) Merit Awards
3Rs Promotion Council Chairmanʼs Award
11th Food Industry Mottainai (Reducing Wastefulness) Awards
Ministry of Agriculture, Forestry and Fisheries Director
Generalʼs Award
45th Japan Food Industry Excellent Company Awards
Environmental Category: Ministry of Agriculture, Forestry and
Fisheries Ministerʼs Award

45th Japan Food Industry Excellent
Company Awards Ceremony

26

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Value Creation Story Ⅲ

Contribute to Food Cultureand Health

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Corporate
Governance

Performanceand Company
Information

With an emphasis on extending healthy life expectancy, addressing diverse value sets and diets, andconsidering the global environment, the Group promotes enjoyable, healthy eating habits for eachindividual through product development and proposals that consider nutritional balance, and throughdietary education and awareness activities. Moreover, we propose products tailored to the needs ofconsumers, pursue sustainability, and practice business activities that are friendly for society and theglobal environment as we pass on our founding beliefs to future generations.

Health Value from Eating Salad
Based on existing research results, the Group has found that eating salads firstsuppresses dramatic increases in blood glucose levels after meals. Yet we havealso discovered a similar effect regarding potato salad, a standard that is widely
loved by all generations. It is a commonly known fact that the carbohydrates inpotatoes increasingly become resistant starch (starch, difficult to digest) , whichworks in a similar manner as dietary
Comparative Verification of Blood Glucose
Levels Depending on Eating Orderfiber, when chilled after heating, but
Blood glucose level（mg/dl）
there are also indications that this150
140
nutritional substance increases in
130*
potato salad as well.
120
*
110
We are therefore encouraging
Potato Salad → Rice100
consumers to eat potato salad
Rice → Potato Salad90
first using the phrase “Start with
80
15
30
45
60
90
120
BeforeTime (minutes)
consumption
Potato Salad” as part of our in-store
Blood glucose level before consumption and 15,
promotions. In this way, we will30, 45, 60, 90, and 120 minutes after consumption
contribute to the enjoyable meals*: Significant difference compared to Rice →Potato Saladand healthy diets of our customers by
Source: 70th Japanese Society of Nutrition andproposing the habit of eating salad.
Dietetics

Initiatives for Personalized Meal Proposals
Using Digital Technology
The Group engages in communication with a broad range of customers using
digital technologies. For example, kewpie ID can be used with Hi! kewpie, aservice that allows for more convenient enjoyment of every day meals, andQummy, a D2C (Direct-to-Consumer sales website) service, on Kewpieʼs
website. Going forward, we plan to utilize kewpie ID with a wide range ofcustomer contact points. Currently, we are using digital technologies todeepen customer understanding, and as part of efforts to deliver informationand products developed in line with customer issues and needs. Moreover,
we are considering initiatives to support personalized diets for individual
consumers based on household preferences and health information, including
a service that employs an AI to propose the ideal meal plan for families.
* AI stands for Artificial Intelligence

Financial
Strategy

Conveniently Consuming High-quality Protein Through
Egg Salad
Frailty refers to the age-related decline in physical and mental health, so
preventing this issue is essential for extending healthy life expectancy. In
particular, seniors must intentionally consume protein in order to maintain muscle
strength. For this reason, the Group conducted a survey in Nishitokyo City,
Tokyo, using egg salad for 33 fragility supporters aged 65 to 80 to determine
whether it was possible to conveniently consume high protein eggs. Upon
consuming egg salad three times a week, participants offered positive responses New Recipes Using Egg Saladto a questionnaire, stating that they were able to add some extra protein, able to Created by Frailty Supporters
replenish protein in a delicious manner, and able to arrange egg salad into various recipes, for example.
These results indicate that egg salad is a menu item that allows the elderly to conveniently consume
protein. We also aim to achieve healthy diets through participation in the University of Tokyoʼs Institute ofGerontology, and through collaboration with the retail and manufacturing industries.
* The survey used egg salad made by mashing Kewpie hard-boiled eggs

Social Contribution Activities by Individual Employees
During the Mayonnaise Classes and SDGs Classes, the Group holds atelementary schools around Japan, our employees serve as lecturers to convey
the importance of meals and the environment to children, and to nurture theability to thrive and think. Moreover, in order to encourage social contribution
activities by our employees, we adopted the QPeace matching gift system,
Activities with a Support
Organization
through which employees select a charity organization of their own choice.
Our employees have the opportunity to learn new ways of thinking and gain experience throughparticipation in activities that receive their donations.

VO I C E

Mariya Ninomiya
Public Relations and Group
Communications Office
Kewpie Corporation

Kewpie has organized Mayonnaise Classes ever since 2002. Although
I decided to serve as a lecture because I hoped that the importanceand joy of meals would make even a small impression in childrenʼshearts, it was me who received vitality. I feel that these exceptionallydelightful meal experiences make the hearts of everyone involved
more abundant. And I believe that enjoying connections andspreading networks will embolden the appeal of the Group.

27

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Value Creation Story Ⅲ
Contribute to Food Culture and Health

Addressing Health Needs
Using Functional Ingredients
Using hyaluronic acid and acetic acid bacteria
as original ingredients offered by the Group, wedeliver products that meet the health needs ofcustomers through mail-order sales centered on
our brand supplements and skin care products.
Tou Kewpie Co., Ltd., handles these sales
activities. Tou Kewpie conducts promotional
activities through television, newspaper
advertisements, and Internet advertising toconvey the functions and value of our products
to customers, and to encourage their purchase.
It also administers the Groupʼs Kewpie Wellness
mail-order website, and promotes businessgrowth in the D2C (Direct-to-Consumer) area. We
will continue our efforts to solve health issues bycombining the Groupʼs strengths in developing
functional ingredients, product planning, andsales channels.

Supplements Containing Hyaluronic Acid and Acetic
Acid Bacteria

Contributing to Immunity Care
Around the World
Vinegar is an important ingredient that affects the flavor ofmayonnaise. Acetic acid bacteria are a fermentation bacteria
essential for making vinegar. The Group has therefore spent
many years researching vinegar and acetic acid bacteria. As
a result, we were the first company in the world to succeed
in mass producing Nigori Vinegar (cloudy vinegar), whichcontains a concentration of Gluconacetobacter Hansenii GK-1
that is expected to have multiple health benefits.
Consuming fermented foods and incorporating many
types of bacteria into the body are considered beneficial
approaches to maintaining immunity. Gluconacetobacter
Hansenii GK-1 have been shown to act upon both the TLR2
and TLR4 antigen receptors in immune cells. Acting on
immune cells, Gluconacetobacter Hansenii GK-1 are therefore
expected to maintain immune functions and help alleviate
nasal discomfort due to such factors as pollen. In 2023, ourapplication for functional claims involving immunity support
through products containing Gluconacetobacter Hansenii
GK-1 was accepted. Specifically, the functional claim statesthat these bacteria work on pDC (plasmacytoid dendritic
cells) to support the immune system of healthy individuals.

Mechanism by which Acetic Acid Bacteria Stabilize Immunity Balancecid
Lac tic aria
bac teNattoabac teriAceticbacteracidia

ac teria
Bifidob

Hyalomoisture
240

Hyaluronic Acid &Glucosamine[Chondroitin
Formulation]

YOITOKI One

・Bacteria that trigger
the TLR4 immune
switch are rare
・Acetic acid bacteria
trigger the TLR4 and
TLR2 switches

TLR4 switch

TLR2 switch
Recognizes
bacteria
and protozoa

Recognizes bacteria,
protozoa, and viruses

Immune cell

Following acceptance, we launchedsales of the Deare Plus supplement in
December 2023. We will continue tocontribute to the health of people byincorporating these bacteria into our
products and by supplying them as
raw ingredients.

Deare Plus

Kewpie Start Up Program for
New Business Generation
We have established the Kewpie Start Up Programwith the aims of realizing individual employeesʼ ideas
and creating new businesses. Participants in the
program have the opportunity to form networks thattranscend divisions, which will help them upgrade theirskills and advance their careers. Acetic acid bacteria
were a theme that emerged from the Kewpie Start Up
Program, and have since served as a model case forthose taking on the challenge.

VO I C E

Yohei Okuyama
Immunity/Cognition Market
Development Project
Kewpie Corporation

Acetic acid bacteria have the strength to survive inhighly acidic environments like vinegar. As a result ofdelving into this strength through clinical research, we
discovered that consuming 9 billion Gluconacetobacter
Hansenii GK-1 per day helps to maintain immune
functions by working on immune cells.
Gluconacetobacter Hansenii GK-1 have thus beenshown to address the need for healthcare involving
immunity, which is why we are working to support
the health of everyone through products containing
acetic acid bacteria.

28

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Value Creation Story Ⅲ
Contribute to Food Culture and Health

GREEN KEWPIE Brands for Realizing Sustainable FoodTO PI C S
Initiatives with a Wide Range of Stakeholders

Plant based Dressing
Seasame/Caesar salad

HOBOTAMA
Scrambled egg style/Liquid egg style forcooking with heat

Plant based
Mayonnaise
type

Plant based
Bolognese sauce/
Carbonara sauce

As a brand that deploys sustainable food, the Group launched GREEN KEWPIE coming from field (hereafter,
GREEN KEWPIE) in March 2023. This brand mainly consists of plant-based food* products. Starting withdressings made from plant-based ingredients, we have also launched sales of mayonnaise types and pastasauces. Plant-based foods are attracting attention against a backdrop of growing interest in environmental
problems and health. Made using ingredients from plants, plant-based foods are known to have a lower impact
on the environment than animal-based ingredients. And as an option for sustainable food, their markets are
expanding around the world. GREEN KEWPIE was conceived as a means of enabling customers to conveniently
enjoy the great flavor of these plant-based foods on a regular basis.
The design for great taste is also packed with the technologies we have accumulated over the years. As
the secret to their great taste, product creation relies heavily on the great taste design technology used toreproduce the depth that is characteristic of animal-based ingredients and our emulsification technologies
perfected through mayonnaise. We also plan to expand sales of these products outside Japan for everyone
around the world who considers the present and future of the environment and health. We will realize
sustainable food as we engage with the diversity of value sets, and social and environmental issues.
* Plant-based foods are made using ingredients sourced from plants

VO I C E
Food-related values are also diversifying given the growing interest in
health and environmental awareness. In response to these customer
needs, we launched sales of mayonnaise types made using plant-based
ingredients instead of eggs as an initiative that only the Kewpie Group
could undertake. Because of the delicious taste, more than 80% of those
who tried them commented that they did not realize they were plant-based.
I would be overjoyed if our customers conveniently incorporated these into
their regular meals as a new option for mayonnaise.

Tomomi Nakamura
Household DivisionKewpie Corporation

We engage in initiatives that provide
all of our stakeholders with delicious
meal experiences, and that convey
Delicious
our passion for the brand, products
food
and recipes that can be enjoyedexperiences
continuously and with pleasure.
At a gourmet fair we soldcollaboration dishes made together
with culinary experts using
HOBOTAMA, allowing attendees
Continuous
to experience eating new meal
Understanding
enjoyment
value
with
options.
pleasureMoreover, we exhibited at
SDGs Week EXPO 2023 , one ofJapanʼs largest environment-related
expositions, as an arena to broadly convey our stance on the environmentand related initiatives. We introduced our efforts to realize sustainable food
through GREEN KEWPIE at the event.
Similarly, we took the stage
at FOODEX JAPAN 2024 withother companies possessing
a similar desire to spread theavailability of plant-based foods,
where we communicated thecurrent state and future potentialof these foods.
Moreover, we wereawarded the Company Award at
JAPAN VEGAN AWARDS 2023,
SDGｓ Week EXPO 2023 Exhibition
organized by the JAPAN PLANT
BASED MARKET ASSOCIATION.
We will continue to engage
in active communication withall of our stakeholders in orderto propose new meal options toeveryone throughout the world
who sees hope for the future ofhumanity and the planet.

JAPAN VEGAN AWARD Ceremony

29

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Value Creation Story Ⅲ
Contribute to Food Culture and Health

Desiring Customers toConveniently Enjoy Fresh
Vegetables Through Salad
Since our establishment in 1999, Salad Club, Inc., hassold packaged salads that can be eaten without washing
throughout Japan. And the packaged salad market is only
expected to continue expanding as peopleʼs awarenessof health strengthens and with the shift to eating raw
vegetables stemming from changes in lifestyles.
As a leading company in packaged salads, we
engage with the social challenges faced by all of our
stakeholders, from producers to consumers, in aims of abrighter future in which everyone can enjoy vegetables.
Likewise, we will continue our various efforts to ensure
vegetables are part of every meal.

Freshness Preservation
Technology Leveraging theInherent Power of Vegetables
Ever since our founding, Salad Club has perfected ourvegetable washing methods and packaging technologies,
and has worked to develop technologies that ensure great
taste and long-lasting freshness. In addition to vegetablefriendly production methods that wash plants in a way thatprevents damaging the parts that will become vegetables,
we have continuously
Ratio of fresh-looking Lettuce（％）
undertaken the
100
challenge of extending 80
shelf life through long60
lasting freshness
40
production methods.
20
These methods
Long-lasting freshness production method
Conventional production method
package vegetables
0
1
2
3
4
5
in a way that maintains
Days since production(no. of days)
the balance of oxygen, * According to Kewpie Corporation

nitrogen, and carbon dioxide that is suited to the contents.
Extending shelf life also reduces the volume of unsold
vegetables that is discarded as well as unused vegetables
at homes, thereby helping to reduce food loss.

Supporting Lower Food Loss
During Peak Periods
for Vegetables
During the period whenvegetables come into season
and harvest volumes increase,
excessive bumper crops candisturb the balance between
supply and demand, whichrisks causing vegetable market
Products of the Increased
Package Content Planing
prices to drop and excess to
Salad Club Shredded
occur. When vegetables are incabbage large packs
season, Salad Club therefore
implements plans to increase package content that are
intended to deliver great tasting vegetables to as manycustomers as possible without waste. This not only
allows customers to purchase vegetables at a bargain
and helps bolster sales at retail outlets, it also connects
to stable management for producers. Since 2024, wehave expanded the target area for this initiative tocover all of Japan. We were able to realize this initiative
specifically because we have built relationships of trustwith producers in each region.
Initiatives to Reduce Food Loss
Achieves zero vegetable waste

Producers

Salad Club

Retailoutlets Customers

Reduces waste

Increased package Extended
shelf life
content planning

Reduces food loss

VO I C E

Shiori Torizuka
Salad Club, Inc.

I believe the most important aspect for packaged
salads is to use fresh, great tasting vegetables. As abrand that helps customers enjoy health and abundant
meals, Salad Club will continue working with those in
our contracted production sites to further improve
quality, and to achieve a sustainable agricultural
system and society.

Initiatives with Contracted
Production Sites
Salad Club currently procures ingredients from nearly
400 contracted production sites in an effort to ensure
reliable procurement throughout the year. Moreover,given our passion to see Japanʼs agriculture growincreasingly vibrant, we are undertaking initiatives
that advance the domestic use of domestically grownvegetables with low production volumes wheneverpossible. Since FY2017, we have held a production
site awards ceremony for the purpose of conveying
our appreciation to all of our producers. And wewill continue to make every effort to increase thequality of our products, and engage in initiatives
that our customers will find attractive, including
original planningand productdevelopment thatleverages close-knit
communication withproduction sites.

Production Site Awards Ceremony

30

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Dialogue

What Kewpie Can Do for the Very Reason That
We Work Closely with Producers in Handling Eggs
and Vegetables to Deliver Value to Our Customers
Rina Akimoto
Founder Tabe Choku
Founder and Chief Executive vivid garden Inc.
Management Advisory Board
Outside Board Member
Kewpie Corporation

Mitsuru Takamiya
Representative Director
President and Chief Executive
Corporate Officer
Kewpie Corporation

Helping to achieve sustainable foodas a leading company for salads
and eggs
AkimotoMr. Takamiya, my relationship with Kewpie

person, all employees must support each other.
AkimotoOne of vivid gardenʼs businesses is Tabe Choku,

about salads, there is no getting away from vegetables.
The common issue with primary industry in Japanan online direct sales store where producers can sellright now is that producers and the hardships they

their products directly to individuals and corporations.

endure remain unseen, and they are unable to convey

We provide a place where small-scale producers with

their feelings to consumers.

began before I met you at a conference for managers. It all

particular specialties can sell their own high-value-

Akimoto

Does that also apply to the egg world?

started around the time vivid garden was founded, when I

added agricultural, livestock, and marine products. In

Takamiya

As far as processing products are concerned,

met the Kewpie employee who had come up with the idea

contrast, there are moves to promote large-scale, efficient

we at Kewpie have a common awareness of the issues.

for Fukaya Terrace Vegetable Friendsʼ Farm. That person

agriculture, but I believe that it is important for all types

For example, Kewpie handles about 10% of Japanʼs egg

possessed a strong desire to bring the site of productionof agriculture, large or small, to deepen consumersʼ

production, and last year we had a large-scale outbreakcloser to consumers. Trying as a company to embody

understanding of food. At the present time, agricultureof highly pathogenic avian influenza, which forced us toideas that are common to mine, I felt that Kewpie was anseems to be far removed from consumers, but Vegetable

introduce a raft of measures. However, it was the poultry

amazing company.

Friendsʼ Farm creates various points of contact to deepen

farmers who suffered the most. While fearful of infections

the understanding of food and has similarities in that it

at poultry farms, they were committed to delivering a

proposal that emerged from an in-house request forbrings production and consumption closer together.

limited number of chickens to their customers no matterproject proposals that would embody employeesʼ hopes

Takamiya

While aiming to remain a “leading company forwhat. In the position of processing and cooking theand desires. Although it takes investment, if you confront

salads and eggs,” Kewpie also produces salad seasonings.

precious produce we receive, we at Kewpie feel thethe challenge, you will also get a lot of results. Even if weVegetables create a world of salads that provides a colorfulneed to convey as value all of the difficulties and joys as

sometimes fail, I would like to build a company where wefeast for the eyes, is delicious to eat, and good for you.

well as all of those emotions that went into creating thatcan utilize those experiences of failure in facing our next

You cannot have a nice salad unless the vegetables look

produce. We recognize that it is an important theme tochallenge. Of course, rather than leaving it up to just one

bouncy, are good tasting and fresh. I believe that in talking

remain in close contact with producers.

Takamiya

Vegetable Friendsʼ Farm was a business

31

The Kewpie Group
Integrated Report 2024

Akimoto

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

farming. I always think that you need to match the image

As Kewpie maintains close relationships withpeople in primary industry, I get the impression thatagainst reality.

your company is working toward sustainable food by

Takamiya

increasing the added value of products, regardless of

to understand more about the vegetables that make up

the size of the producer.

salads. For their April induction ceremony at Vegetable

Takamiya

Our main job is salad seasoning, so we need

Friendsʼ Farm, new employees changed out of theirSince we are in a well-established position inwhich our business is based on the blessings of produce,

suits and had the opportunity to sow seeds with their

we are aiming for a recycling-oriented society while

own hands and experience eating salads made with thecreating a system in which producers can also participate.

vegetables they themselves had harvested. I think thisTo give an example, the Kewpie Group produces andtheir stride. I believe that if this cycle continues, society,can be a conduit for reconfirming one of the roles thatsells easy-to-eat packaged salads by placing shredded

companies, and employees will be all the happier.

Kewpie plays in connecting customers and producers.

cabbage and mixed vegetables in bags. We receive

We launched our Qummy e-commerce site toall of these vegetables from our producers. It used todeliver products and services for enjoying vegetable

be that the outer leaves of cabbages and lettuces were

dishes directly to customers. By having many customers

discarded, but now they are being used effectively to

become members, we would like to hear requests andcreate other value, such as returning them to the fields

opinions directly from them. We also aim to expandin the form of compost or using them as animal feed.

our customer contact points and thereby meet new

These kinds of recycling initiatives make the participating

customers. Going forward, so that we can directly

Akimotofarmers and poultry farmers very happy, and thus I thinkdeliver the deliciousness of vegetables, I would likeI have seen them talking passionately, saying, “This is thethat they will gain in importance in the years to come.

to have producers participate more as team players
and work together with them to create and enhance a

Expanding points of contact between
Kewpie and its customers, creating asystem in which they are able to see
producersʼ faces

system in which theirfaces can be seen.
Akimoto

There is a

pre-conceived ideathat farming in JapanI gave an example of contributing to a

is a way of life for oneʼs

recycling-oriented society, but I also think it is importantlater years, but when

to see how many times we can create this feeling within

you go to actual farms,

our Company, where employees can feel that their work

there are many farmers

is contributing to society. Feeling that way, they will try

who are young andharder and can thereby grow, taking any difficulties inhave a real passion for

Takamiya

I want to energize the employees whowill be responsible for the Kewpie ofthe future and build a company that is
accepting of contrasting ideas.
During my interactions with everyone at Kewpie,

Qummy

https://qummy.kewpie.co.jp/32

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

continuing to look into how we can maximize efficiency

from a wide range of ages and occupations. To help

and constantly searching for ways to achieve high growth.

create a culture where challenges are celebrated even if

Takamiya

I am sure that hearing about your experiences

they fail, I would like to share my own experiences andwill be stimulating, encouraging, and even gratifying

current challenges. I want to create an atmosphere whereto our employees. The actions they themselves had

people can exchange ideas, regardless of their current

previously thought about may have to be changed. I

workplace or past company history. Naturally, as a basis,

would like you to refresh and recharge their energy for

I will make full use of my knowledge in areas such as DX,

them to continue to bring about the development ofsustainability, and contact with producers, but I once again

Kewpie 10 years from now.

feel that I would like to contribute to creating a culture

AkimotoJust having one person with a fresh way ofwhere everyone actively supports new initiatives.

kind of value I want to provide to society” and gained

thinking in an organization can completely change thethe impression that each person holds strong feelings.

atmosphere. I will also feel free to speak on a variety ofkind people. On the other hand, I have also gained thePassionate feelings are what motivate people, but there

subjects at Management Advisory Board meetings.

impression that there are many people who can proceed

are very few people who can talk passionately about the

Takamiyastrong feelings they hold. Although there are many people

ideas and opinions exist as a matter of course. Thisfor growth in boldly overstepping the thesis line, such as

who can formulate logical arguments and speak in a well-is because I think that Japan itself is suffering now

when large-scale investments need to be made.

reasoned manner, they are generally not so adept at

because it is not good at accepting contrasting ideas

Takamiyaexpressing their feelings, but I think there are passionate

and opinions. It is hard to change if you hold on to yourdeep consideration to DX in particular. I hope that you

people at Kewpie.

experiences from past successes.

will do us the honor of sharing your relevant experiences

I want to build a company where contrasting

I feel that Kewpie is a company with many caring andin a more flexible manner. It seems that there is still room

With an eye to the future, I would like to give

This time, I asked them about the Companyʼs history

I am currently sharing my personal thoughts on an

and ideas with us on an ongoing basis. Thank you inand products before accepting the position as an outside

internal blog, after which employees then express theiranticipation of receiving your continued candid advice.

member of the Management Advisory Board. From thosefeelings in response toconversations, I realized that there were many people

my opinions by means

who wanted to focus on providing value to society as aof icons. When I see awhole, including consumers and producers.

lot of tilting head icons,

As vivid garden was literally started from scratch, we

I sense that a variety ofstarted with no funding, no gathering of friends, and noways of thinking are being

network with producers. By building up a small amountexpressed and I find thatof trust, producers gathered together, and little by little,

very healthy.

we gathered friends, and after a few years, we started

Akimototo attract capital. However, even now, with a limited

forward to coming into

number of people and limited financial backing, we arecontact with employees

I am looking

33

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Corporate GovernanceCorporate Governance System

General Meeting of Shareholders

ReportNomination andRemuneration
Committee

Board of Directors

ReportAudit

Response

Appointment/
Supervision

ReportManagement
Advisory Board

Election/
Dismissal

Consult

Advice/ProposalResponse

Election/
Dismissal

Election/
Dismissal

Audit &
Cooperation Accounting
Supervisory
Auditors
Board

ReportAudit

Cooperation Cooperation

ReportInternal Audit
OfficeDelegationofManagement Committee Authority Risk Management Committee
Medium-term Business
Sustainability Committee
Strategy Committee
ReportCompliance Committee
Group Governance Committee
DX Promotion Committee

Instruction
Order/
Supervision

Report/Referral/
Escalation

Audit

ReportRepresentative Director,
President andChief Executive
Corporate Officer
Consult

Execution of Business

The Company defines corporate governance of theGroup as a mechanism to ensure transparent and fairmanagement, as well as swift and resolute decisionmaking and implementation, in order to achievesustainable growth and enhance corporate value, while
putting into practice the Group philosophy and taking
into consideration the positions of various stakeholders,
including customers, employees, business partners,
shareholders and investors, and local communities.
The Company recognizes the importance of building
corporate governance that leverages the uniquequalities of the Group, and according to Corporate
Governance Policy, we will constantly examine how it
should be and work toward enhancing it further, whilevaluing dialogue with our various stakeholders.

Management andSupervision

Basic Concepts

Communication of Policy

Business Divisions, Group Companies
Internal Control System

Corporate Governance Policy

https://www.kewpie.com/company/pdf/kewpie_Corporate_Governance_Policy240110.pdf

Corporate Governance Reporthttps://www.kewpie.com/company/pdf/ir_20240229_kewpie_corporate_governance.pdf

Referral/Escalation

Audit

34

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Outside Corporate Auditor Dialogue

A Highly Transparent Board of Directors
Creates Vibrant Discussions
with an Eye to the Future
Kazumine Terawaki

Mika Kumahira

Outside Corporate Auditor
Kewpie Corporation

Outside Corporate Auditor
Kewpie Corporation

̶̶ Please tell us about your roles and specific activities

expressing various opinions in a fairly straight-forward

the activities of the employees there, and felt their intense

as outside corporate auditors.

manner. With an extremely high level of transparency, I

desire to protect the Kewpie brand with its 100-year longfeel that the Company shares various layers of information,

history, as well as their pride in products and quality. The

auditor, I have actively offered my opinions and advice tonot only through on-site audits as a matter of course, but

freedom of management has been robustly maintained,a fair degree based on my own experience and expertise

also through factory tours, one-on-one interviews with theand I have not observed any problems with governance.

during discussions on legal preparations for overseas

president, and even opportunities to exchange opinions

Kumahira In general, a culture where unusual events

M&A projects and the abolishment of the Takeoverwith those on the frontlines.

become the norm amid a structure in which bad news fails

Defense Plan, for example. I have been able to do so

Terawakibecause the Companyʼs Board of Directors offers a level offrontlines I have received frank opinions that have alsowith governance. In contrast, I feel that there is a firm

psychological security that makes it easy for us as outside

deepened my insight into the Company. I have also beenmechanism at work within the Company that prevents

officers to express our opinions. We begin discussing

impressed to see many women playing an important role

this kind of culture, namely that the idea of engaging inimportant issues at an early stage at Board of Directorsʼ

in the field of the actual work-force. I look forward to seeing

misbehavior for benefit has not emerged in the Company

meetings and engage in multiple deliberations to reach athem receive promotions to management positions, which

because it has included “Look After Parentʼs Well Being”

decision. In some cases, those on the executive side whowill change the atmosphere quite a bit.

as one of its corporate principles, and has protected theminds to being in favor during this process. So, in this̶̶ What is your assessment of the characteristics andAlthough I am always impressed at the degree to which thesense, I feel that the Board of Directors is managed in achallenges of governance at Kewpie?

corporate motto and corporate principles have penetrated

highly effective way, and has not become just a formality.

Terawaki

Terawaki

Going beyond my role as an outside corporate

During interviews with employees on theto be appropriately reported will result in major problems

valuable teaching of “the world is fairer than you imagine.”

initially stated their opposition have in fact changed their

I feel the degree to which the corporate motto

the Company, as well as at the stance of perfecting

Kumahira I agree. Although the roles of directors andand corporate principles have penetrated the Company

products and quality, the Company must also ensure each

auditors may differ, from the standpoint of an outside

is truly wonderful. When I previously visited a plant inindividual deepens their self-understanding, and must

officer who is responsible for monitoring management

Indonesia, I witnessed the depth to which the corporate

leverage the cognitive diversity of mutual differences andby the executive side, like Mr. Terawaki, I have also beenmotto and corporate principles have become infused instrengths in order for the diversity of its human resources

35

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

to approach when thinking about risk, but I commend theI have received all kinds of positive feedback during

Board of Directors in that President Takamiya himself keeps

interviews with retirees, stating they like the Company evena highly positive attitude, and proceeds on to forward-

after having retired, and with mid-career hires, stating theylooking discussions.

can work stress-free.
Terawaki

From the standpoint of compliance, I have not̶̶ How do you see the sustainability initiatives forobserved any corporate culture related or other issues thatenhancing medium- and long-term corporate value?

might impact sustainability at the present time.

Kumahira From the perspective of sustainability, theto function. I would therefore like to see the Company

Company was a fairly earlier mover on promoting initiatives

̶̶ Finally, please tell us about your expectations for themultiply the experiences, different value sets, individuality,

for using every part of eggs without waste, from eggshells

future of Kewpie.

and creativity of each employee in a way that connects toto eggshell membranes, as well as initiatives to reduce

Terawakithe creation of new value.

vegetable waste, which I think is wonderful. Meanwhile,

conventional food company to one that takes responsibility

the world, notably in Europe, has experienced rapid

for the health of people. With the development of the finethat struggles with change specifically because thedevelopments in sustainability-related legislation. Because

chemicals business, I feel that the Company is becoming

corporate motto and corporate principles have become

the Company also has influence over the industry, its next

more aware of its responsibility for peoplesʼ health, and I

so embedded. Also, global governance is a particularchallenge will be to take the initiative with an eye to thehave high expectations for the Companyʼs future.

challenge for the Company. The overseas businessfuture so that the industry as a whole can shift toward a

Kumahira I still vividly remember the day when I tasted non-has thus far looked to very specific relationships in thecircular economy.

Kewpie mayonnaise for the first time overseas and missed

individual countries where it operates, but going forward,

Terawaki

the Company must build a governance structure as an

the Companyʼs culture of positive engagement withcustomers around the world demand Kewpie products. I

organization that includes systems to train and promotesustainability is seen throughout. Specific initiatives

hope that the Company will continue to refine its DX as well

local management personnel.

like those to replace plastic bottles with ones madeas sustainability, and maintain its position as a company

Kumahira I agree. As the Companyʼs products are also well-from recycled materials are progressing, and I havethat can deliver excitement to customers. As an outside

received outside Japan, it will acceleratingly shift toward

the impression that sustainability is advancing under aofficer, I will therefore contribute to decision-making thatthe expansion of overseas business. Despite pouring its

high level of awareness across the Group, with internal

will have been recognized as the right choice 50 and 100

heart and soul into this effort, I also think the Company

enlightenment activities also moving forward. The

years in the future.

must also closely observe this trend as a governance risksustainability initiatives implemented by the Company

so that organization building does not fall behind. Whenare rich with details of which it ought to be proud, which

I have shared these issues and concerns in the case of theis why I think the Company should strengthen its publicCompany at the Board of Directors, they have perceived

communication efforts a bit more.

my points in a positive manner as opinions for improving

Kumahira

the future, and discussed them with an eye to the future.

the Companyʼs start-up program in which employees

Terawaki

I feel that there is one aspect of the Company

As is hinted at by its egg-related initiatives,

From the perspective of Social as part of ESG,

Sometimes I have also expressed opinions thatvoluntarily declare what they wish to do is active enough thatseem to apply the brakes or in some cases that seem hard

it has actually led to product commercialization. Moreover,

TerawakiKewpie will evolve in the future from a

Kewpie Mayonnaise. We have entered an era in which

36

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

Basic Stance on theManagement Structure

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Approach to the Nomination andRemuneration Committee

Points 1 through 4 below describe the skills (experienceand expertise), diversity and size required for the Boardof Directors.
To fulfill the responsibilities as an outside officer of theCompany, an outside officer may concurrently serve as an
officer at other companies, and such concurrent officer
positions at listed companies other than the Company
shall be limited to three or fewer companies in principle.
1. The Company aims to strike a good balance ofexperience, expertise, and attributes among its overall
officers (directors and corporate auditors). The Company
aims to ensure that experience and expertise that are
currently in shortage among officers are provided,
including those held by non-officers.
2. Inside directors are composed mainly of corporate
officers who can take a broad view of the overall Group.
3. The maximum term of service of an outside officer
is 10 years in order to maintain their independency;
however, the Company does take into consideration
an appropriate term of service for outside directors,
given the importance of their understanding of the foodbusiness and the Company.
4. The number of directors shall be up to 12, and outside
directors shall make up one-third or more of the total
number of directors.

As an advisory body to the Board of Directors, the Company
has established a Nomination and Remuneration Committee
chaired by an outside director and comprising a majority ofoutside officers as its members. The committee deliberates
over matters concerning the appointment, dismissal andremuneration of directors, corporate auditors and corporate
officers, and passes resolutions as necessary. The aim of thecommittee is to enhance objectivity, validity and transparency
regarding the structure of the Board of Directors as well as thenomination and remuneration of directors and other officers,
by extension achieving the medium- to long-term growth of
the Group and enhancing its corporate value.

Procedures for Nominating
Candidates for Director andCorporate Auditor
The nomination of each candidate for director or corporate
auditor is taken up for discussion by the Nomination andRemuneration Committee and then deliberated over anddecided on by the Board of Directors. Pursuant to theCompanies Act, the Company shall obtain the consent of the
Audit & Supervisory Board for the submission of proposals forthe appointment of candidates for corporate auditor to theGeneral Meeting of Shareholders.

Structure of the FY2024 Board of Directors and the Nomination andRemuneration Committee

47%

7

15

(of whom three
are women)

Proportion and number of outside officers
on the Board of Directors

63%

5
8

(of whom two
are women)

Proportion and number of outside officers on the
Nomination and Remuneration Committee

Corporate
Governance

Performanceand Company
Information

Activity Status of the Nomination
and Remuneration Committee
In FY2023, the Nomination and Remuneration
Committee met four times. The chairperson, committee
members, and attendance status are as follows.
Name
Chairperson

Hitoshi
Outside Director
Kashiwaki
ShihokoOutside Director
Urushi
AtsukoOutside Director
Fukushima
Kazumine
TerawakiCommittee
members

Title

Amane
Nakashima

OutsideCorporate
AuditorChairman and
Director

Attendance

4/4
4/4
4/4
4/4
4/4

Representative
Director
President andChief Executive
Corporate Officer

4/4

Shinichiro Director, Senior
Yamamoto Corporate Officer

4/4

MitsuruTakamiya

The Nomination and Remuneration Committee
investigated the criteria for candidates for new officer
appointments from February 2024 on, and selected
two officer candidates.
Moreover, the Committee exchanged opinions on
multiple occasions regarding the structure of officer
renumeration, including the benefits and drawbacksof stock-based compensation. In addition, theCommittee debated and considered the succession
plan and other aspects of future management-level
personnel training several times.

37

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Performanceand Company
Information

Corporate
Governance

Skills Matrix for Directors and Corporate Auditors
Key Skills

Reasons for Selection

Corporate
Management,
Management
Strategy

Insight, knowledge, and a track-record gained throughexperience in business management are recognized asimportant for formulating and executing medium-and
long-term growth strategies.

ESG,
Risk Management

Given that ESG management and risk management
perspectives are essential for increasing corporate
value, experience and insight in these areas arerecognized as important.

Experience and Expertise

Attributes

Age

Independence

Numberof Yearsin OfficeCorporate
Management/
Management
Strategy

ESG
Risk
Management

Finance &Accounting

○

○

64

27

○

Mitsuru Takamiya

62

2

○

Ryota Watanabe

59

3

○

Finance &Accounting

Knowledge and experience in the finance andaccounting fields are recognized as important forformulating financial strategies for increasing corporate
value as well as the ability to judge the validity of such.

Yoshinori Hamachiyo

63

7

Shinichiro Yamamoto

61

1

Shinya Hamasaki

59

1

HR

Given that talent is the greatest management resource
for creating added-value and that maximizing humancapital guarantees sustained growth, experience,
insight, and expertise related to human resource
strategies are recognized as important.

Hitoshi Kashiwaki

66

○

3

○

Atsuko Fukushima

62

○

2

○

○

Kuniko Nishikawa

61

○

−

○

○

IT & Digital

The application of IT technologies is essential for
creating new business models and for increasing
productivity. As such, experience, insight, and expertisein digital fields are recognized as important.

Harold George Meij

60

○

−

○

○

Hidekazu Oda

61

2

○

○

Overseas
Experience

The Groupʼs overseas business is a proven growth
driver. As such, experience, insight, and expertise
pertaining to regional strategies and geopolitical risks
in anticipation of trends are recognized as important.

Kyoichi Nobuto

61

1

○

Kazumine Terawaki

69

○

6

○

Mika Kumahira

63

○

4

○

○

Sales,
MarketingIn addition to proposal-based sales from a customer
perspective-a strength of the Group-personalized
marketing strategies are required for satisfying
diversified customer needs. As such, experience,
knowledge, and expertise in these areas arerecognized as important.

Akihiro Ito

63

○

1

○

○

Production,
R&D

Given that safe, secure product manufacturing, overall
supply chain efficiency, and technological innovation
are essential for sustained growth, experience,
insight, and expertise in these areas are recognized asimportant.

Corporate Auditor

Director

Amane Nakashima

HR

IT/Digital

Overseas
Experience○○

Sales andMarketing

Production
R&D

○

○
○
○

○

○

○

○
○

○

○

○
○

○
○

○
○

○
○

○
○

* The ages of each person are current as of February 28, 2024.
* A circle has been placed for the experience and expertise of each person which is particularly expected by the Company.

○
○

38

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Information about Outside Officers

Expectations for
Outside Directors

Expectations for
Outside Corporate Auditors

Contributions toContributions toExpectations for
Outside Ofﬁcers

Defensive Activities

Useful insight andexperience inbusiness management(Common) ① - ③

Useful insight and experiencein the area of laws, accounting,auditing, and risk management

Opinions andsuggestions to achieve
upside (growth,development, success)①
Advice on
management

Opinions andsuggestions to prevent
downside (illegal, fraud,crisis, failure)

Checking function
from the perspective ofboth adequacy (validity)
and compliance②
Monitoring ofmanagement(negative checks)

Checking
function focusing
primarily on complianceDirectors’ Duties
・Decision-making onimportant matters
・Supervision of
executive directors③
Assessment ofofficers

Corporate Auditors’ Duties
・Auditing of the execution ofduties by directors (businessaudit + accounting audit)* Actual accounting audit duties are
conducted by the accounting auditor

Outside Corporate Auditor

Offensive Activities

Main Activities

Outside Director

Outside officers are expected to leverage their knowledge and experience andto express their frank opinions from an independent standpoint while paying
particular attention to the perspectives, interests, and demands of stakeholders;conflicts of interest between the Company and its corporate officers and major
shareholders; and the propriety of internal control systems.

HitoshiKashiwaki

As an experienced manager of an operating company engaged in human resources,
media-related and other businesses, Mr. Kashiwaki utilizes his wealth of experience andhigh level of insight, including the development of overseas businesses, in his appointments
to the Board of Directors and the Nomination and Remuneration Committee. He actively
shares productive opinions and suggestions on general management, including businessstrategy, human resource development, overseas expansion and marketing. Moreover, he
led discussions regarding the future management structure and officer remuneration, forexample, as chairperson of the Nomination and Remuneration Committee.

AtsukoFukushima

Leveraging her many years of experience as a journalist and abundant knowledge
related to corporate management gained through dialogue with top members of many
companies, Ms. Fukushima has proactively provided useful opinions and suggestions on
overall management, including diversity and sustainability, to the Board of Directors and to
the Nomination and Remuneration Committee.

KunikoNishikawaMs. Nishikawa is engaged in corporate management as a management consultant andbusinessperson, and has been involved in the establishment and operation of growth
platforms for the businesses of multiple companies. Having experience and expertise in
the areas of management practice, new business, overseas business, and IT, Ms. Nishikawa
was welcomed as a new outside director. Since the Board of Directors meeting held in
February 2024, she has actively shared productive opinions and suggestions on generalmanagement.

HaroldGeorgeMeij

Having been involved in corporate management with a focus on marketing, and having
driven creative innovation and led management reforms at various companies based on
his progressive way of thinking, Mr. Meij was welcomed as a new outside director. Since
the Board of Directors meeting held in February 2024, he has actively shared productive
opinions and suggestions on general management.

Kazumine
Terawaki

Mr. Terawaki ensures the objectivity and neutrality of management oversight functions andprovides opinions and suggestions regarding overall management based on his expert
knowledge and wide range of insight as a legal professional.

Mika
Kumahira

Ms. Kumahira ensures the objectivity and neutrality of management oversight functions
and provides opinions and suggestions regarding overall management based on her wide
range of insight of corporate transformation and leadership development.

AkihiroItoAlong with ensuring the objectivity and neutrality of the management supervisory function,
Mr. Ito has provided opinions and suggestions on overall management based on his
breadth of expertise, including corporate planning and profit structure reform, mainly
regarding accounting and finance.

39

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Effectiveness of the Board of Directors
Board of Directors Activities in FY2023

Board of Directorsʼ Activity Policy for FY2024

Throughout FY2023, the Board of Directors conducted deliberations on almost all key management issues determined at
the beginning of the year generally as scheduled. The major initiative details and opinions raised during deliberations andeffectiveness assessments are as follows.

The initiative policies and deliberation agenda for the
FY2024 Board of Directors are as follows.

Key Management Issues Deliberated by the Board of
Directors in FY2023

Initiative Policies

Investigation regarding the formulation of the 11th Mediumterm Business Plan (including business portfolio revisions)
Efforts to improve domestic earnings
Acceleration of overseas growth

Human resource strategy and human capital investment

Main Opinions Expressed Amid Deliberations
by the Board of Directors and Evaluation of theBoardʼs Effectiveness
Investigation regarding the 11th Medium-term
Business Plan
In order to formulate the 11th Medium-term Business Plan,
the Company must consider updating the 2030 VISION
and strengthening internal understanding as targets to beachieved. The Company must clarify the links between its
vision and management strategies.
The Medium-term Business Plan must integrate theoverarching concepts, including terminology that connects
to concrete action, Kewpieʼs uniqueness, sustainability, andwell-being.
In order to enhance the ability to execute the Medium-term
Business Plan, the Company should set and monitor KPI, andshould advance initiatives that enable employees to gain asense of ownership regarding the Medium-term Business
Plan.

Efforts to Improve Domestic Earnings
Initiatives to improve domestic earnings can be commended,with concrete efforts for improving earnings, including
technical innovation and supply chain initiatives, having beenwell-organized and shared to a certain degree at the Boardof Directors.
The Company must clarify the direction of its businessstrategies as an initiative for improving earnings.
The Company should consider reorganizing the businessportfolio, M&A related initiatives, and synergy investments.

Acceleration of Overseas Growth
The Company must further accelerate overseas growth. In
addition to capital investments, the Company should also
discuss its overall image for overseas growth, including
the development of overseas human resources and theestablishment of an overseas governance framework.

Human Resource Strategy and Human Capital
Investment
In light of issues faced by the Company, changes in society
as a whole, and diversifying values, etc., the Company should
aspire to a corporate culture that enables both corporate andemployee growth.
The Company must clarify the types of human resources theGroup requires, and establish human resource strategies andpolicies that match this vision. The Company should advancediscussions on concrete actions for this purpose.

Primarily discuss formulation of the 11th Medium-term
Business Plan along with the concrete strategies andchallenges for executing the Plan.
Hold discussions with an awareness of the connections
between each theme.
The executive side provides feedback based on discussions
by the Board of Directors, and the Board converges
arguments.
Set KPIs and conduct an execution-monitoring cycle.

Deliberation Agenda
Based on the outcomes of discussions by the Board of
Directors and the effectiveness assessment in FY2023, in
FY2024 the Board will set the following themes for exchangesof opinions in order to formulate and execute the 11th
Medium-term Business Plan.

Themes for Exchanges of Opinions①11th Medium-term Business Plan strategies②Efforts to improve domestic earnings③Strengthening overseas earnings power④Human resource strategy and human capital investment⑤ESG management
The Company will regularly report on other important items
as monitoring themes.

40

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

Approach to Officer Remuneration
and Calculation Methods
Approach to and Procedures Related to theRemuneration of Officers (Directors, Corporate
Auditors, Corporate Officers)
The remuneration of directors and corporate officers ismade up of monthly compensation and bonuses. Thissystem ensures a link with company performance andreflects the responsibilities and accomplishments ofeach position.
In terms of the approach (system design) toremuneration, the Nomination and Remuneration
Committee engages in deliberations to enhance
objectivity, validity and transparency.
The total amount of bonuses paid to directors and theamount paid to individual directors must be approvedby the Board of Directors.
The remuneration of outside directors and insideand outside corporate auditors are respectively fixedamounts, and no bonuses are paid.

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

The monthly compensation for an inside director is a
uniform amount. However, directors with representative
authority are separately paid additional compensation.
Monthly compensation for corporate officer is set
at an appropriate level based on factors including
the Companyʼs management environment and thecorporate officer ʼs position (President, Senior Executive
Corporate Officer, Executive Corporate Officer, SeniorCorporate Officer).

Performanceand Company
Information

Bonus Calculation Method
Bonuses are determined in accordance with thepositions of directors and corporate officers, withamounts based on the degree of achievement ofconsolidated operating income, profits in the areas forwhich they are responsible, themes in the Medium-term
Business Plan, and other indicators.
In each corresponding year of the FY2021-FY2024
Medium-term Business Plan, in order to create astructure that will achieve sustainable growth for the
Kewpie Group, the weighting of bonuses making up thestandard amount of total annual compensation is set at
35% for a director who is President and Chief Executive
Corporate Officer, and at 30% for other directors. In
addition, evaluation indicator items and their weightings

set for each director are determined to reflect the main
purpose of the Medium-term Business Plan.
Bonus amounts in the final year of the Medium-term
Business Plan may be increased or decreased by up
to 30% to reflect the level of achievement of pre-set
evaluation indicators (economics, social qualities,
employees) in the final year of the plan for each director.
In each corresponding year of the FY2021-FY2024
Medium-term Business Plan, evaluation indicators andtheir weightings used for calculating bonus payment
amounts for inside directors are set as follows in order
to align with the management indicators set forth in theMedium-term Business Plan.

Structure of Inside Director Bonuses
Other than the chairman, president or executive corporate officer in charge of a market segment
Consolidated operating income（50%）

Monthly Compensation
Calculation Method

Corporate
GovernanceTarget themes in the Medium-term
Business Plan for each director（50%）

Executive corporate officer in charge of a market segment
Consolidated operating income(30%）

Operating income of the area of
responsibility（30%）

The bonus payment amount for inside directors is thesum of a base positional bonus amount (a fixed amount)and the amount from multiplying the achievement levelfor each evaluation indicator by its weighting percentage.
Evaluations of the target themes in the Medium-term
Business Plan are made across a range from 50% to 150%.
The Board of Directors has determined that theamount of individual bonus payments is in line with thepolicy for determining the amounts and calculation

Target themes in the Medium-term
Business Plan for each director（40%）

methods for officer remuneration, etc., since theNomination and Remuneration Committee approved
the amount after fair and transparent deliberations inlight of the calculation criteria.
In aims of introducing the next Medium-term Business
Plan, the Nomination and Remuneration Committee iscurrently investigating the levels and details of officer
remuneration.

41

Corporate
Contents Philosophy of the
Kewpie GroupThe Kewpie Group
Integrated Report 2024

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Amounts of Officer Remuneration in FY2023
Number of
Officers Receiving
Payments

Monthly
Compensation(¥ million)

Total Payment
AmountExcept Outside
Director

8

185

74

259

Outside Directors

3

37

―

37

Total

11

222

74

296

Except Outside Audit& Supervisory Board
Member

3

42

―

42

Outside Audit &Supervisory Board
Members

4

30

―

30

Total

7

73

―

73

18

295

74

369

Category

Directors

Audit &
Supervisory
Board
Members

Total(¥ million)

Bonuses* For director remuneration, with regard to monthly compensation and bonuses, the total
and individual payment amounts for monthly compensation and bonuses respectively
are determined by the Board of Directors (with monthly compensation being a fixedamount based on position). At the 108th Ordinary General Meeting of Shareholders held
on February 25, 2021, the maximum annual amount of remuneration including bonuses
for directors was resolved to be ¥500 million (of which, the maximum annual amountof remuneration for outside directors is ¥80 million). The number of directors at theconclusion of the general meeting of shareholders in question was nine (including threeoutside directors).
* Regarding the remuneration of corporate auditors, individual monthly compensation
amounts are determined through consultation between the corporate auditors. The
maximum amount of compensation was resolved to be a monthly amount of ¥8 million
at the 81st Ordinary General Meeting of Shareholders held on February 25, 1994. The
number of corporate auditors at the conclusion of the general meeting of shareholders
in question was four.
* The monthly compensation shown to the left includes payment amounts to one director
and two corporate auditors who stepped down at the time of the 110th Ordinary General
Meeting of Shareholders, as well as one director who resigned on November 29, 2023.
* The bonuses shown to the left were determined by the Board of Directors following
deliberations by the Nomination and Remuneration Committee in light of factors
including financial results in FY2023, and apply to the six directors excluding outside
directors as of the end of FY2023 and to one director who resigned on November 29,
2023. The ratio of total amounts of bonuses paid to directors to the total amount of basebonus amounts for each director (fixed amounts based on position) was 85.5%.
* In addition to the total payment amount shown to the left, the amount equivalent tosalary paid to directors serving concurrently as employees (including bonuses) was¥3 million.

(¥ million)

Management Advisory Board
The Company established the Management Advisory Board, which is composed of outside experts, as anadvisory body to the Representative Director, President and Chief Executive Corporate Officer. The purposeof the Advisory Board is to collect advice and recommendations that improve the soundness, fairness, andtransparency of management, and that allow the Company to better contribute to society and its customers.
Moreover, the Management Advisory Board meetings include regular meetings held twice per year, as wellas other meetings as necessary.

Outside Members of the Management Advisory Board(in order of appointment)

Chieko Matsuda
	

The Advisory Board discussed the various management-related issues faced by the
Representative Director, President and Chief Executive Corporate Officer.

Major Details
Discussed inRegular Board
Meetings in
FY2023

April

Main Topics Discussed
Approach to facing the harsh environment upon the one-year
anniversary of appointment

Management that connects to the future prior to entering the thirdyear of appointment

Professor, Graduate School of Management at Tokyo
Metropolitan University
Professor, Faculty of Economics and Business 		
Administration at Tokyo Metropolitan University
Outside Director of IHI Corporation
Outside Director of Asahi Kasei Corporation
Outside Director of Toyota Tsusho Corporation

Yumiko Kamada

CEO of ONE・GLOCAL Ltd.
Outside Director of TAIYO HOLDINGS CO., LTD.
Outside Director of Business Breakthrough, Inc.

Rina Akimoto

Founder Tabe Choku
Founder and Chief Executive vivid garden Inc.

Main Topics Discussed

November

As of April 2024

42

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Directors and Audit & Supervisory Board Members
Kyoichi Nobuto

Shinya Hamasaki

Standing Corporate
AuditorDirector,
Senior Corporate Officer
In charge of Group Sales in generaland Retail Market Businessin general

Atsuko Fukushima
Outside Director

NRC

NRC

HaroldGeorge Meij

KunikoNishikawaDirector,
Senior Corporate Officer
In charge of Innovation

Outside Director

Outside Director

NRC

Chairman and Director
Chairman of the Board of Directors in chargeof Brand

Performanceand Company
Information

NRC Nomination and Remuneration Committee member

Yoshinori
Hamachiyo

Amane Nakashima

Corporate
Governance

NRC

Kazumine
Terawaki

NRC

Mika Kumahira

Akihiro Ito

Outside Corporate Auditor

Outside Corporate
AuditorOutside Corporate Auditor

Mitsuru Takamiya
Representative Director
President andChief Executive Corporate Officer

NRC

Ryota Watanabe
Director,Executive Corporate Officer
In charge of Supply Chain Management

Shinichiro
Yamamoto

NRC

Director, Senior Corporate Officer
In charge of Corporate and Senior
General Manager of Management
Promotion Division

HitoshiKashiwaki
Outside Director

NRC (Chairperson)

Hidekazu Oda
Standing Corporate
Auditor

43

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Decision-making
in Management
In addition to holding monthly Board of
Directors meetings constituting the highest
management decision-making body, theKewpie Group established the Management
Committee to assist the Board of Directors
and the Representative Director, President
and Chief Executive Corporate Officer, which
deliberates important business matters.
In addition, various important committees
commissioned by the Management
Committee have been established for eachtheme and field, to formulate, disseminate,
and monitor important policies affecting theentire Group.
The Management Committee and otherimportant meetings committees have thesystem which enables diverse members tomake a decision upon discussions.

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Basic Way of Thinking forGroup Management
Although the Kewpie Group has employedinternal decision-making rules for some time, toenhance sustainable growth and corporate value,
we also recognize the importance of allowing thecompanies comprising the Group to demonstrate
independence and diverse characteristics while
engaging in deeper mutual cooperation based onGroup-wide policies.
Accordingly, we formulated the “Fundamental
Policy for Group Management*” in January 2020,
clearly stating the basic philosophy and theroles and responsibilities of each organization
within the Group. Further, review of the Groupstructure starting in 2021 led to partial changes
and revisions, resulting in the formulation of the“Basic Way of Thinking for Group Management”
in April 2021.
* Applies to unlisted Group companies

Major Meetings and Committees
Meeting

Organizer/Chairperson

Risk Management
Committee

Representative Director,
President and Chief
Executive Corporate
Officer
Representative Director,
President and Chief
Executive Corporate
Officer
Corporate Officer
in Charge of Risk
Management

Sustainability
Committee

Director in Charge of
Sustainability

Management
Committee
Medium-term Business
Strategy Committee

Corporate Officer inCompliance Committee Charge of ComplianceGroup GovernanceCommittee

Corporate Officer
in Charge of Group
Governance

DX Promotion
Committee

Corporate Officer
General Manager Digital
Transformation Office

Basic Way of Thinking for GroupManagement
1 The Kewpie Group Philosophy is the highest
ideal shared throughout the entire Group.
2 The “Kewpie Brand” is the symbol of ourGroup that all of us nurture as a vital andirreplaceable asset.
3 Conduct thorough management in line withGroupwide policies and strategies targetingsustainable growth.
4 The human resource, equipment, capital,technology and information of our groupare common Group assets, and we utilize
them from the perspective of overall
optimization.
5 The Kewpie Corporation shall lead Groupmanagement.

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Group Governance Initiatives
Initiatives for Vitalizing the Board of Directors of EachGroup Company
Founded on the Basic Way of Thinking for Group Management, the Groupis engaged in efforts to vitalize the Board of Directors at each company thatcomprises the Group (Group company).
The Board of Directors at each Group company is composed of thatcompanyʼs management team and corporate officers dispatched from
Kewpie Corporation and other Group companies with deep business ties withthe company in question. The Board of each Group company ensures thatmanagement is conducted by the company in line with Group-wide policies
and strategies.
In addition, with the inclusion of the corporate officer in charge of Group
Governance, the Group conducts a study meeting on Group governance foreach Group company president and the dispatched corporate officers. At thistime, members share initiatives and hold discussions on issues. Moreover, theBoard of Directors Secretariats of the Group companies hold a joint meeting
twice each year (Joint Meeting of the Board of Directors Secretariats) whereparticipants share successful examples from each Group company regarding
management of the Board of Directors, share these with other participants,
and conduct initiatives designed to help improve the management of theBoard of Directors at each Group company.

VO I C E

Yutaka Furusawa
Shiba Seisakusyo Co., Ltd.

I serve as the Board of Directors Secretariat for Shiba Seisakusyo, anengineering company within the Group.
As I participate in the Board of Directors Secretariat Liaison Meetings,
this gives me the opportunity to share information and exchange
opinions with other secretariats on what kinds of discussions other Group
companies are holding at their Board of Directorsʼ meetings in aims ofmanagement that increases value for their companies within the Group.
This in turn serves as a reference for operating the Board of Directors at
our company.
I will continue my efforts to energize the Board of Directors inorder to better contribute through technology to the Group in terms ofengineering.

44

Corporate
Contents Philosophy of the
Kewpie GroupThe Kewpie Group
Integrated Report 2024

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Risk Management
Risk Assessment

Risk Management System

We assess potential risks due to changes in the internal or external management
environment along two axes, “degree of impact on management” and “degree ofmanagement control,” and select the risks to be addressed on that basis. We monitor risks
from both internal and external aspects, assess the severity of risks in response to changing
conditions in a timely fashion, and strive to face risks in an agile manner.

Main Company-wide
Risks

Countermeasure
Status Monitoring

External Information
Monitoring

We endeavor to
mitigate risks over which
management control isinsufficient despite having
a significant ef fec t on
management throughcompany wide projec t s
implemented on apriorit y basis.

When the impact onmanagement remains highdespite countermeasures
having an effect and thedegree of management
control increasing throughour activities, we confirm
the status of subsequent
countermeasures throughaudits and other means.

Even for risks that have asmall impact on management
at the present time andare not considered to be
management issues, forrisks that are not subject tocountermeasures we collectexternal information withhigh sensitivity, and endeavor
to monitor the situation.

The Kewpie Group recognizes events with the potential to affect the continued and stabledevelopment of management as risks, and strives to enhance internal controls through thepractice of risk management. Each department in charge continuously monitors individual
risks, while the Risk Management Committee* shares information related to risk factors that
affect the Company as a whole to comprehensively manage the evaluation and prioritizationof such risks, and formulate countermeasures. Specifically, we have positioned the following
eight items as major risks and are working to manage and avoid them.

Kewpie Board of Directors

Risk Management Committee▶ Determination of main Company-wide risks▶ Countermeasure progress management

Company-wide risks
Each division and each company

Degree of effect on management

Major effects

Countermeasure statusmonitoring

Main companywide risks

Confirmation of management
conditions through auditing andother means

Risk reduction
activities throughCompany-wide project

External
information
monitoring
Tolerance

Collection of outside
information anddetermination of how
the degree of effecton management haschangedMinor effects
Degree of management control
Measures taken
Not yet started

Determination of individual risks and implementation of countermeasures

Major Risks
Market trend
Product liability
System fault
Overseas expansion

Raw materials procurement
Natural disasters and other such contingencies
Human resources and labor-related
Global environmental issues, climate changes

The corporate officer in charge of risk management regularly reports Company-wide risk
assessments and the status of response policies to the Board of Directors.
* The Risk Management Committee comprises a portion of the members of the Kewpie Corporation Management
Committee and the representatives of major divisions and subsidiaries. The committee is the Kewpie Groupʼshighest decision-making body related to risk management, and meets three times a year. Matters related to global
environmental issues and climate change risks are handled by the Sustainability Committee.

45

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

11-year Financial and Non-financial Summary

Financial
Strategy

Financial Results Information

Corporate
Governance

Performanceand Company
Information

ESG Data List

https://www.kewpie.com/en/ir/

https://www.kewpie.com/en/sustainability/esg/

FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

530,549
128,266
22,402
23,74912,567
27,122
14,572
3,660
27,369△ 21,897△ 2,307
5,471
43,963

553,404
134,362
24,34325,36813,36630,111
16,132
3,882
34,392△ 30,847△ 3,149
3,545
44,788549,774
117,285
26,35427,224
16,97332,36919,0944,201
28,094△ 31,181△ 7,101△ 3,086
34,841

552,306
123,457
29,81831,36417,09332,96818,254
4,028
45,260△ 32,046△ 5,805
13,21340,790561,688
128,915
31,261
32,511
18,09927,182
16,794
4,058
27,234△ 31,421
4,010△ 4,186
41,411

573,525
133,146
33,06734,34918,32032,105
18,215
4,142
41,778△ 20,199△ 15,293
21,57947,970545,723
132,981
32,04833,275
18,69828,56918,6494,156
43,916△ 29,720△ 4,602
14,19556,777531,103
125,31328,30328,98911,591
26,102
20,073
3,963
34,955△ 26,039
5
8,916
65,777

407,039
124,232
27,972
29,69818,014
12,10015,336
4,033
38,533△ 20,277△ 18,701
18,25566,703

430,304
124,189
25,43327,24916,033
17,227
16,062
3,912
27,199△ 15,947△ 16,812
11,25265,335455,086
122,330
19,694
20,49013,174
17,846
16,935
3,956
23,725△ 17,721△ 9,514
6,004
62,433334,655
25,882
210,285356,994
29,110220,397

373,01730,559244,717385,91436,066245,861

419,20760,120263,432

419,736
61,414
266,100

444,30965,962276,753454,276
81,999287,356

381,00342,257269,301

403,384
33,042
294,623

426,006
32,550311,30383.94
1,230.32
22.0

88.69
1,284.36
23.0

111.82
1,403.05
29.0

113.471,420.63
34.5

121.05
1,539.94
36.5

124.85
1,582.27
38.0

130.72
1,646.73
45.0 *4

81.04
1,676.05
40.0

128.171,767.14
47.0

115.34
1,925.54
47.0

94.78
2,027.90
50.0

24.2
4.2
55.0
7.1
7.4
26.2
1.9

24.3
4.4
54.6
7.0
7.3
25.9
1.8

21.3
4.8
57.1
8.3
7.5
25.9
2.2

22.4
5.4
55.1
8.0
8.3
30.4
2.4

23.0
5.6
54.0
8.2
8.1
30.2
2.5

23.2
5.8
53.9
8.1
8.2
30.4
2.4

24.4
5.9
53.0
8.1
7.7
34.4
2.8

23.6
5.3
52.8
4.9
6.5
49.4
2.4

30.5
6.9
64.5
7.4
7.1
36.7
2.7

28.9
5.9
66.4
6.2
6.9
40.7
2.5

26.9
4.3
66.2
4.8
4.9
52.8
2.5

12,598
3.2
2.1
213.6

12,933
4.6
2.5
206.2

13,478
6.4
2.7
212.0

14,095
7.0
3.0
208.7

14,924
7.4
3.3
210.5

14,808
8.2
3.5
203.6

15,452
9.2
3.6
174.9

16,003
10.2
3.7
165.8

10,719
10.9
3.8
162.0

10,696
12.5
3.7
157.0

10,642
14.5
3.7
140.3

Financial Information
Performance (¥ million)
Net sales
Gross profit
Operating income
Ordinary income
Profit attributable to owners of parent

Capital investments
Depreciation and amortization
Research and development expenses
Cash flows from operating activities (A)Cash flows from investing activities (B)Cash flows from financing activities
Free cash flow (A + B)
Cash and cash equivalents at the end of the fiscal year
Financial Condition (¥ million)
Total assets
Interest-bearing debt
Total net assets
Per share data (¥)
Earnings per share (EPS)
Net assets per share
Annual dividendManagement Indicators (%)
Gross profit margin
Operating income ratio
Equity ratio
Return on equity (ROE)
Return on assets (ROA)
Dividend payout ratio
Dividend on equity ratio
Non-financial Information
Number of employees (consolidated)
Proportion of women in management positions (%)*1
Proportion of persons with disabilities employed (%)*2
CO2 Emissions (1,000t -CO2) *3

1. Applies to employees of Kewpie Corporation on a non-consolidated basis.
2. Applies to domestic Group companies.
3. Applies to domestic Group plants and ofﬁces. Figures have been revised due to K.R.S Corporation beingchanged to an equity-method afﬁliate.
4. The dividend per share in FY2019 included a commemorative dividend of ¥5 in honor of the 100th anniversaryof Kewpieʼs founding.

* The Groupʼs accounting policy for sales was revised in FY2016, and a retroactive correction was applied to the values listed for FY2015.
* The “partial revision of ʻAccounting Standards for Tax Effect Accountingʼ” was applied starting in FY2019. Figures for FY2018 have been
retroactively adjusted to reﬂect this application.
* In FY2021, the Company ﬁnalized the provisional accounting treatment for business combinations, and the FY2020 ﬁgures have been
retroactively adjusted to reﬂect the ﬁnalization of the provisional accounting treatment.

46

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Performanceand Company
Information

Corporate
Governance

Stock Information (As of November 30, 2023)
Principal Shareholders

Share Overview
Number of Authorized Shares: 500,000,000 shares
Number of Shares Issued: 141,500,000 shares
Shares per Trading Unit: 100 shares
Number of Shareholders: 141,381

Breakdown of Shareholders
Financial institutions

Individuals, other

Number of the Companyʼs
Shares Held (thousand shares)

Ratio of Number of theCompanyʼs Shares Held* (%)

The Master Trust Bank of Japan, Ltd. (Trust account)

15,786

11.36

NAKASHIMATO CO., LTD.

11,286

8.12

TOHKA CO., LTD.

11,122

8.00

Custody Bank of Japan, Ltd. (Trust account)

8,596

6.18

Kieikai Research Foundation

4,251

3.06

Sumitomo Mitsui Banking Corporation

3,208

2.31

Trade Name

26.16%

31.59%

Nippon Life Insurance Company

3,039

2.19

Treasury stock

Securities
firms

The Dai-ichi Life Insurance Company, Limited

3,012

2.17

Nakato Scholarship Foundation

2,494

1.79

Kewpie Shareholding Association

2,100

1.51

1.76%

1.38%

Foreigncorporations,etc.

Other domestic
corporations

29.03%

10.09%* The Company holds 2,496,958 shares of treasury stock. The ratio of number of the Companyʼs shares held is calculated excluding the treasury stock. The number ofshares held is rounded down to the nearest indicated unit.

Share Price Movement

Stock Information https://www.kewpie.com/ir/stocks-information/(Index)300

Monthly turnover (right axis)

Kewpie stock price (left axis)

TOPIX (Tokyo Stock Price Index) (left axis)(thousand stocks)
60,000250

50,000200

40,000150

30,000100

20,00050

10,0000

2013/11

2014/112015/112016/112017/112018/112019/112020/112021/112022/112023/110* Stock price index of Kewpie and TOPIX (November 30, 2013 = 100)

47

The Kewpie Group
Integrated Report 2024

Corporate
Contents Philosophy of the
Kewpie Group

Message fromthe President

The Value
Creation
Process

Medium- to Long-term Business Management Strategy

Value Creation Story

Human Resource
Strategy

Domestic
Contribute to
Accelerate
Business Quality Food Culture andGlobal GrowthUpgrading
HealthSustainability

Financial
Strategy

Corporate
Governance

Performanceand Company
Information

Corporate Information
Kewpie Group

Corporate Data

Retail Market

Founded: November 1919

Deria Foods Co., Ltd.

Sale of salads and delicatessen foods

BEIJING KEWPIE CO., LTD.

Production and sale of condiments

Paid-in Capital: ¥24,104 million

Ishikari Delica Co., Ltd.

Production and sale of delicatessen foods

Hangzhou Kewpie Corporation

Production and sale of condiments

Number of Employees (consolidated): 10,642(non-consolidated): 2,332*As of November 30, 2023

Kitakami Delica Co., Ltd.

Production and sale of delicatessen foods

Nantong Kewpie Corporation

Production and sale of vinegar, processed
egg and salads

Shunsai Deli Co., Ltd.

Production and sale of delicatessen foods

Seto Delica Co., Ltd.

Production and sale of delicatessen foods

Kewpie China Corporation

Financial management and business
management of the Companyʼs local
subsidiaries in China

Hanshin Delica Co., Ltd.

Production and sale of delicatessen foods

Guangzhou Kewpie Corporation

Production and sale of condiments

Tosu Delica Co., Ltd.

Production and sale of delicatessen foods

Q&B FOODS, INC.

Production and sale of condiments

Salad Club, Inc.

Processing and sale of fresh vegetables

KEWPIE（THAILAND）CO., LTD.

Production and sale of condiments,
vinegar, salads, and processed foods

Transfer Agent: Sumitomo Mitsui Trust Bank, Limited

Soka Delica Co., Ltd.

Production and sale of delicatessen foods

KEWPIE MALAYSIA SDN. BHD.

Production and sale of condiments

Fiscal year: December 1 to November 30

Potato Delica Co., Ltd.

Production of frozen and chilled foods

KEWPIE VIETNAM CO., LTD.

Production and sale of condiments

Green Message Co., Ltd.

Processing and sale of fresh vegetables
Planning, production and services forsales promotion

PT KEWPIE INDONESIA

Production and sale of condiments

K.SS Co., Ltd.

Kewpie Philippines, Inc.

Sale of condiments

Kpack Co., Ltd.

Production and sale of condiments

KEWPIE SINGAPORE PTE. LTD.

Sale of condiments

Dispen Pak Japan Co., Inc.

Production and sale of foods, subdividing
and packing work

KEWPIE AUSTRALIA PTY. LTD.

Sale of condiments

Tosu Kewpie Co., Ltd.

Production and processing of foods;
outsourced work

Mosso Kewpie Poland Sp. z o.o.

Production and sale of condiments

Kewpie Egg Corporation

Production and sale of liquid and frozen
egg

Kewpie Trading Europe B.V.

Sale of condiments

Kewpie-Egg World
Trading Co., Ltd.

Aohata Corporation

Production and sale of canned foods

Sale of egg and processed egg

Tou Kewpie Co., Ltd.

Mail-order business

Zen-noh Kewpie Egg-station
Co., Ltd.

Production and sale of dried egg andliquid egg

San-ei Provisions Co., Ltd.

Sale of products for commercial use

Deft Co., Ltd.

Sale of condiments, frozen and processedfoods

Shiba Seisakusyo Co., Ltd.

Production of machinery and equipment

Kewpie Jyozo Co., Ltd.

Production and sale of vinegar

K.System Co., Ltd.

Consigned clerical work

Production and sale of bottled, canned
and /or retort pouch foods

Kewpie Ai Co., Ltd.

Consigned clerical work

Co-op Foods Co., Ltd.

Production and processing of foods;
outsourced work

TO AD KEWPIE CO., LTD.

Hashikami Kewpie Co., Ltd.

Agency service for advertising, publicity
and exhibitions

Tsukuba Egg Processing
Corporation

KEWPIE AMERICAS, INC.

Production and sale of processed egg

Investment in and management of U.S.
associates

K.R.S Corporation

Warehousing and transportation

Location of Head Office: 1-4-13, Shibuya, Shibuya-ku,
Tokyo, Japan
Stock Exchange Listing: Tokyo Stock Exchange Prime Market(Securities Code: 2809)

Ratings
Ratings Agency
Rating and Investment
Information, Inc. (R&I)

Type
Issuer rating

Rating Rating Trend

A+

StableFood Service

Overseas

Fruit Solutions

Fine Chemicals

Common Business（As of April 2024)

Corporate Name: Kewpie Corporation

48