At the Council on Investments for the Future, held by the Japanese government inJune 2018, there was debate concerning how to make Japan an environmental,social, and governance (ESG) investing power as part of future growth strategies.
One major point taken from the debate was that the rules of the game are changing
one after another worldwide.
In response to revisions to the Stewardship Code in May 2017, several investment management companies have positioned the individual disclosure of voting
results as a form of “public report card.” In addition, constructive dialogue continues to grow, with the external survey showing that roughly one-quarter to one-thirdof companies listed in the First Section of the Tokyo Stock Exchange have engaged
in substantial discussion. On the other hand, a succession of corporate scandals
have led to a desire to advance corporate governance reform. In order for companies to set their long-term visions into motion, they must take serious considerationof their stakeholders and raise corporate value.

Corporate Value Reporting Lab

One of the investment principles of the Government Pension Investment Fund(GPIF) states: “By fulfilling our stewardship responsibilities (including the consider-

Trends in Integrated
Reporting that
Support Sustainable
Growth in Japan 2018ation of ESG factors), we shall continue to maximize medium- to long-term investment returns for the benefit of pension recipients.” This, and other philosophies
held by asset owners worldwide have led to significant game changing eventsoccurring in the investment chain. Consequently, with Japan beginning its foray into
ESG investing, integrated reports are also becoming more commonplace. Investee
companies and asset managers engaged in stewardship activities are also influenced by the annual list of “Excellent Integrated Reports” and “Most-improved Integrated Reports” selected by GPIF’s asset managers entrusted with domestic equity
investment. Furthermore, the newly-established S&P/JPX Carbon Efficient Index,
which covers almost all companies listed on the First Section of the Tokyo Stock
Exchange, is starting to communicate “rule changes to the game” of ESG investing
to its listed companies.
As a result of these circumstances, the practice of information disclosure is currently divided into layers. These layers include: 1) an integrated report that summarizes strategies to increase corporate value in the long term and risk scenarios; 2)1data adopted by universal owners that excludes factors related to external disecon-

employees helps convey an earnest management approach to stakeholders.

omies; and 3) clear information regarding the supply chain that is organized based

Around the globe, organizational and management reforms have been progressing

on how it meets of stakeholders and complies with regulations. Because the weightin line with the International Integrated Reporting Council (IIRC)’s plans. However, in

attributed to each of these examples vary from sector to sector, one can safely say

Japan, the influence of integrated thinking has extended into industrial reforms asthat without substantial dialogue between investors and companies, these layers

well. One example of this is the Study Group for Encouraging Dialogue between

could potentially interact to no end. Looking at materiality in terms of this “gameBiotech Venture Businesses and Investors, which was established by METI inchange,” it will likely be sufficient to employ backcasting from a 10-year perspective.

November 2017.

The introduction of the Japanese Fair Disclosure Rule and the European Markets
in Financial Instruments Directive II (MiFID II) placed tougher regulations on investors,

The number of companies publishing integrated reports has increased from one

which in turn significantly impacted the IR activities of Japanese companies. As ain 2004—the first year of our survey—to over 400 in 2018. In addition, 2018 saw theresult of this effect, analysts are beginning to move away from acquiring hayamimi

highest yearly increase in the number integrated reports released. The demand forjyoho—a Japanese term referring to information that is given to a specific person as

well-balanced information disclosure is steadily growing. One pressing issue in par-a tip before the information becomes widely known by others—and are placing

ticular is how to avoid “overstuffing” an integrated report with information. To

more importance on investigating a company’s non-financial information throughaddress this issue, it will be helpful to refer to revisions of the UK Corporate Gover-corporate analysis. Going forward, it is anticipated that analysts who cannot adapt

nance Code.

to this trend will gradually be weeded out both in Japan and overseas. In addition,pressure will be put on corporations to voluntarily disclose ESG information throughFebruary 2019

collaborative engagement and other measures, and we will likely see the rapid prolif-

Corporate Value Reporting Lab

eration of the “Guidance for Collaborative Value Creation,” an initiative of METI thatmany view as the framework for integrated reporting in Japan. According to asurvey by the Corporate Value Reporting Lab (managed by EDGE Research Institute), the sum of listed and non-listed corporations that published self-declared
reports was 414 as of December 31, 2018. The initiatives corporations are taking
continue to verge off into two very different directions. On the one hand, we areseeing a number of corporations that are encouraging integrated thinking and striving to eliminate the “silo” barriers that separate one organization within a company
from another. On the other hand, there are corporations whose efforts extend nofurther than the publishing of an integrated report that is simply a compilation of a
CSR report and an financial report Nevertheless, there is no doubt that significant
changes are beginning to occur grounded in the idea that information disclosurethat properly explains the kind of value a company is creating for its customers and2Company name

Report nameFirst year of
implementation

IHI Corp.

Integrated Report 2018

2015

Aisin Seiki Co., Ltd.

AISHIN GROUP REPORT 2018

2006

Akebono Brake Industry Co., Ltd.

AKEBONO REPORT 20182009

Asahi Kasei Corp.

Asahi Kasei Report 2018

2014

Asahi Group Holdings, Ltd.

Integrated Report 2017

2015

Asahi Holdings, Inc.

Corporate Report 20182018

Asahi Industries Co., Ltd.

Asahi Industries Group Report 2018

2013

Ajinomoto Co., Inc.

Integrated Report 2018

2016

ASKA Pharmaceutical. Co., Ltd.

ASKA REPORT 20182014

Astellas Pharma Inc.

Annual Report 2018

2012

Azbil Corporation

azbil report 20182007

Advanex Inc.

*available in Japanese only

2017

Amita Holdings Co., Ltd.

Annual Report 2017

2014

Arata Corp.

INTEGRATED REPORT 20182018

Self-declared integrated reports are assessed as such by the Corporate Value Reporting Lab

Alpine Electronics, Inc.

Annual Report 2018-20192016

because they represent integrated reports from an editorial perspective or reflect an

ULVAC, Inc.

ULVAC VALUE Report 20182012

awareness of integrated reporting due to the comprehensive inclusion of both financial

Alps Electric Co., Ltd.

Annual Report 2018

2014

Alfresa Holdings Corp.

Integrated Report 2018

2017

Ahresty Corp.

Ahresty Report 2018

2014

Anritsu Corp.

Integrated Report 20182015

Iino Kaiun Kaisha, Ltd.

IINO REPORT 2018

2009

Aeon Co., Ltd.

AEON Report 20182017

Aeon Financial Service Co., Ltd.

Annual Report 2018

2014

Idemitsu Kosan Co.,Ltd.

ANNUAL REPORT 2018

2012

Ito En, Ltd.

INTEGRATED REPORT 2018

2015

Itochu Enex Co., Ltd.

Enex Report 2018

2004

ITOCHU Corporation

Annual Report 2018

2012

Itochu Techno-Solutions Corp.

Integrated Report 2018

2014

Iwatani Corp.

Corporate Report 2018

2018

Ushio Inc.

USHIO Report 20182018

Ube Industries, Ltd.

Integrated Report 2018

2018

Air Water Inc.

Integrated Report 20182018

AIRDO Co., Ltd.

*available in Japanese only2016

ANA HOLDINGS INC.

Annual Report 20182010

AGC Inc.

AGC Report 2018

2012

H.I.S. Co., Ltd.

Corporate Report 2018-2019

2018

H2O Retailing Corp.

Integrated Report 20182018

ECHO ELECTRIC CO., LTD*available in Japanese only

2014

Eisai Co., Ltd.

Integrated Report 20182015

Corporate Value Reporting Lab

List of Corporations in JapanEngaged in the Publication of SelfDeclared Integrated Reports (2018)
As of the end of December 2018

and non-financial information.
(The Corporate Value Reporting Lab replaced the ESG Communication Forum in October 2015).

Trend in the number of corporations in Japan engaged in the publication of self-declared
integrated reports

414
335
280
215

1

1

4

8

11

17

24

32

2004

2005

2006

2007

2008

2009

2010

2011

61
2012

95
2013

138

2014

2015

2016

2017

2018

*	Editorial policy is for integrated reports that are self-described as such and reports that comprehensively relate financial andnon-financial information and use language indicating they were prepared with consideration for integrated reporting to be
counted as self-declared integrated reports.
		 Survey based on listed companies, with non-listed companies included where possible. Year is based on report publication
dates and the survey applies principally to companies that adopt an annual reporting cycle. Should we receive no negative
criticism regarding this method, we will continue to employ it next year and onward. Specification of the year that a company
switched to integrated reporting is based on this method.

3Company name

Report nameFirst year of
implementation

Company name

Report nameFirst year of
implementation

SCSK Corp.

SCSK Report 2018

2015

THE Kansai Electric Power Co.,Inc.

Kansai Electric Power Group Report 2018

2013

S.T. Corporation

Creating Corporate Value Report 20182013

Kansai Paint Co.,Ltd.

Corporate Report 20182011

SBI Holdings, Inc.

Annual Report 20182018

Japan Post Insurance Co., Ltd.

Annual Report 20182018

SBS Holdings, Inc.

*available in Japanese only

2018

KITZ CORPORATION

Corporate Report 20182013

NEC Capital Solutions Ltd.

INTEGRATED REPORT2018

2014

Kito Corp.

Annual Report 20182015

NEC Networks & System Integration Corp.

Annual Report 2018

2016

Kyushu Electric Power Co., Inc.

Annual Report 20182016

NS United Kaiun Kaisha, Ltd.

NS United Report 2018

2015

Kyushu Railway Co.

Annual Report 20182017

NTN Corporation

NTN Report 20182010

Kyosan Electric Manufacturing Co., Ltd.

CORPORATE REPORT 20182018

NTT Data Corp.

Annual Report 20182016

the International Affairs Division, Kyoto University *available in Japanese only

NTT Docomo, Inc.

Integrated Report 2018

2016

KYOWA EXEO CORPORATION

Corporate Report 20182012

NTT Urban Development Corp.

*available in Japanese only

2014

Kyowa Hakko Kirin Co., Ltd.

Annual Report 2017

2013

Ebara Corp.

Integrated Report 2018

2015

Kyorin Holdings, Inc.

Annual Report 20182015

FP Corp.

FP Corporation Report 2018

2015

Kirin Holdings Co., Ltd.

KIRIN REPORT 20182015

MS&AD Insurance Group Holdings, Inc.

MS&AD Integrated Report 2018

2015

KUBOTA Corporation

KUBOTA REPORT 20182011

Oji Holdings Corporation

Oji Group Report 20182013

Kumagai Gumi Co., Ltd.

*available in Japanese only2018

OSG Corp.

OSG Report 20172018

Kuraray Co., Ltd.

Kuraray Report 2018

2018

Osaka Gas Co., Ltd.

Annual Report 20182018

Kurimoto, Ltd.

*available in Japanese only

2014

Osaka Soda Co., Ltd.

OSAKA SODA REPORT 20182015

Gunze Ltd.

*available in Japanese only

2018

Otsuka Holdings Co., Ltd.

Integrated Report 20172018

Keihanshin Building Co., Ltd.

Corporate Report 2018

2018

Obayashi Corporation

CORPORATE REPORT 20182012KDDI CORPORATION

Integrated Report 20182012

Okasan Securities Group Inc.

*available in Japanese only

2016

KPMG Japan

KPMG Japan Our Story 2018/19

2015

Oki Electric Industry Co., Ltd.

Annual Report 2018

2016

IBJ Leasing Company, Limited

Integrated Report 20182017

Autobacs Seven Co., Ltd.

Integrated Report 20182018

Kobe Steel, Ltd.

Integrated Report 20182018

Ono Pharmaceutical Co., Ltd.

Corporate Report 20182015

Inpex Corp.

Annual Report 2018

2014

Ohara Inc.

OHARA Report 20182014

Cosmo Energy Holdings Co., Ltd.

COSMO REPORT 20182016

OMRON Corporation

Integrated Report 20182012

Kose Corp.

KOSÉ REPORT 20182018

Orix Corp.

INTEGRATED REPORT 20182016

Konica Minolta, Inc.

Integrated Report 2018

2015

Olympus Corp.

Integrated Report 20182018

Komatsu Ltd.

KOMATSU REPORT 20182013

Chiome Bioscience Inc.

*available in Japanese only

2014

Penta-Ocean Construction Co., Ltd.

Annual Report 20182014

Kao Corp.

Integrated Report 20182017

Kokusai Pulp & Paper Co., Ltd.

Integrated Report 20182017

Kaken Pharmaceutical Co., Ltd.

Corporate Report 2018

2018

Kobayashi Pharmaceutical Co., Ltd.

Integrated Report 2017.12

2018

Kagome Co., Ltd.

KAGOME INTEGRATED REPORT 20182017

Concordia Financial Group, Ltd.

Annual Report 20182017

Kajima Corp.

Corporate Report 20182014

Kondotec Inc.

Integrated Report 2018

2017

KANEMATSU CORPORATION

Integrated Report 20182017

CyberAgent, Inc.

CyberAgent Way 20182018

Capcom Co., Ltd.

Integrated Report 20182015

Sakata Inx Corp.

*available in Japanese only

2018

Calbee, Inc.

Calbee Report 20182018

Sapporo Holdings Ltd.

Integrated Report 20172018

Kawasaki Kisen Kaisha, Ltd.

“K” LINE REPORT 2018

2014

Sato Holdings Corp.

Integrated Report 20182014

Kawasaki Heavy Industries, Ltd.

Kawasaki Report 20182013

Sawai Pharmaceutical Co., Ltd.

Integrated Report 2018

2015

2018

4

Company name

Report nameFirst year of
implementation

Company name

Report nameFirst year of
implementation

SANKI ENGINEERING CO.,LTD.

SANKI REPORT 20182012

Sumitomo Rubber Industries, Ltd.

Sumitomo Rubber Group Report 2018

2018

Sangetsu Co., Ltd.

SANGETSU REPORT 20182015

Sumitomo Heavy Industries, Ltd.

Integrated Report 20182017

Sango Co., Ltd.

*available in Japanese only

2018

SUMITOMO CORPORATION

Integrated Report 20182013

Santen Pharmaceutical Co., Ltd.

Annual Report 20182017

SUMITOMO LIFE INSURANCE COMPANY*available in Japanese only

2012

Sun Messe Co.,Ltd.

*available in Japanese only

2013

Sumitomo Riko Co., Ltd.

Integrated Report 20182014

SANYO DENKI CO.,LTD.

Integrated Report 20182017

Sumitomo Forestry Co., Ltd.

Integrated Report 20182017

Sanwa Holdings Corp.

INTEGRATED REPORT 2018

2016

ThreePro Group Inc.

*available in Japanese only

2016

GS Yuasa Corp.

GS Yuasa Report 20182016

Seikagaku Corp.

Corporate Report 20182018

JXTG Holdings, Inc.

Integrated Report 2018

2015

Seiko Epson Corp.

Annual Report 20182017

JFE Holdings, Inc.

JFE GROUP REPORT 20182018

Seibu Holdings Inc.

Annual Report 20182018

J-OIL MILLS, Inc.

*available in Japanese only

2014

SEGA SAMMY HOLDINGS INC.

INTEGRATED Report 20182013

JCR Pharmaceuticals Co., Ltd.

Annual Report 20182016

Sekisui Chemical Co., Ltd.

Integrated Report 2018

2016

JTEKT Corp.

JTEKT Report 20182016

Sekisui House, Ltd.

Sustainability Report 2018

2015

JVC Kenwood Corp.

JVC KENWOOD Report 20182014

Japan Petroleum Exploration Co., Ltd.

Corporate Report 2018

2016

J.Front Retailing Co., Ltd.

Annual Report 20182016

Seven & i Holdings Co., Ltd.

Integrated Report 20182016

Shionogi & Co., Ltd.

Integrated Report 20182007

Seven Bank, Ltd.

Annual Report 20182010

The Shiga Bank, Ltd.

SHIGA BANK REPORT 20182016

Senshukai Co., Ltd.

*available in Japanese only

2016

SHIKOKU ELECTRIC POWER CO.,INC.

Annual Report 2018

2013

Sohgo Security Services Co., Ltd.

ALSOK Report 20182015

Sysmex Corp.

Sysmex Report 2018

2015

Sojitz Corporation

Integrated Report 20182010

Shiseido Company, Limited

Annual Report 2017

2011

Sodick Co., Ltd.

Annual Report2017/12

2016

The 77 Bank, Ltd.

Integrated Report 2018

2018

Solaseed Air Inc.

*available in Japanese only

2015

Shimadzu Corp.

Integrated Report 20182016

Sompo Holdings, Inc.

Integrated Annual Report 2018

2014

The Shimane Bank, Ltd.

*available in Japanese only2017

DKS Co., Ltd.

DKS REPORT 20182016

Shimizu Corp.

Corporate Report 2018

2016

Daiichi Sankyo Co., Ltd.

Value Report 2018

2013

Jaccs Co., Ltd.

Annual Report 20182016

The Dai-ichi Life Insurance Co., Ltd.

Annual Report 20182014

JUKI Corp.

Corporate Report 2018

2015

Daio Paper Corp.

Integrated Report 2018

2017

Joshin Denki Co., Ltd.

*available in Japanese only

2018

Daikyo Inc.

DAIKYO REPORT 20182015

Mitsui O.S.K. Lines, Ltd.

MOL Report 2018

2018

Daikin Industries, Ltd.

Annual Report 20182017

SHOWA SHELL SEKIYU K. K.

Corporate Report 20182012

Daiken Corp.

DAIKEN Group Report 20182016

Showa Denko K.K.

SHOWA DENKO Report 2018

2017

Taisho Pharmaceutical Holdings Co., Ltd.

Annual Report 20182015

Shin-Etsu Chemical Co., Ltd.

Annual Report 20182016

Taisei Corporation

ANNUAL REPORT 20182012

Shinsei Bank, Ltd.

Integrated Report 20182018

Daicel Corp.

Annual Report 2018-CSR & Financial Report2017

Shin Nippon Air Technologies Co., Ltd.

*available in Japanese only2013

Dai-Dan Co., Ltd.

DAI-DAN REPORT 20182014

Skylark Co., Ltd.

Integrated Report 20172015

Daito Trust Construction Co., Ltd.

Integrated Report 2018

2014

SCREEN Holdings Co., Ltd

Annual Report 20182010

Dydo Group Holdings, Inc.

Integrated Report 20182017

Suzuken Co., Ltd.

One Suzuken Report 20182016

Daifuku Co., Ltd.

Daifuku Report 2018

2018

SUBARU Corp.

Annual Report 20182013

DYNAM JAPAN HOLDINGS Co.,Ltd.

Annual Report 20182017

Sumitomo Metal Mining Co., Ltd.

Integrated Report 2018

2016

Dai Nippon Printing Co., Ltd.

Integrated Report 20182018

Sumitomo Chemical Co., Ltd.

Annual Report 20182015

Dainippon Sumitomo Pharma Co., Ltd.

Integrated Report 2018

2011

5

Company name

Report nameFirst year of
implementation

Company name

Report nameFirst year of
implementation

Taiho Kogyo Co., Ltd.

*available in Japanese only

2015

The University of Tokyo

Integrated Report 2018 (Summary)

2018

Taiyo Nippon Sanso Corp.

Integrated Report 20182017

Tokyo Electric Power Company Holdings, Inc.

Integrated Report 20182017

Taiyo Yuden Co., Ltd.

TAIYO YUDEN Report 20182018Tokyo Dome Corp.

*available in Japanese only

2014

Daiwa Securities Group Inc.

2018 Integrated Report

2012

Toshiba Corp.

Annual Report 20182014

Daiwa House Industry Co., Ltd.

Integrated Report 2018

2016

TOTO LTD.

Integrated Report 20182009

Takasago Thermal Engineering Co., Ltd.

Corporate Report 20182017

Toho Gas Co., Ltd.

Integrated Report 20182018

Takara Printing Co., Ltd.

*available in Japanese only

2017

Toho Titanium Co., Ltd.

*available in Japanese only

2016

Tomy Co., Ltd.

Annual Report 20182018

Tohoku Electric Power Co., Inc.

Annual Report 20182018

Takara Holdings Inc.

TaKaRa Group Report 20182018

Toyo Engineering Corp.

Integrated Report 20182015

Takara Leben Co.,Ltd.

Annual Report 20182017

Toyo Construction Co., Ltd.

*available in Japanese only

2014

Takeda Pharmaceutical Company Limited

Sustainable Value Report 20182006

TOYO DENKI SEIZO K.K.

Tokyo Denki Seizo Report 20172013

Takenaka Corporation

Corporate Report 2018

2014

TODA CORPORATION

Corporate Report 20182013

Duskin Co., Ltd.

ANNUAL REPORT 20182016

Toppan Printing Co., Ltd.

Integrated Report 20182018

Tadano Ltd.

Integrated Report 20182018

Toppan Forms Co., Ltd.

Integrated Report 20182015

Mitsubishi Tanabe Pharma Corporation

Corporate Report 20182013

Topy Industries Ltd.

TOPY Report 20182012

Chugai Pharmaceutical Co., Ltd.

Annual Report 20172013

Tobishima Corp.

Corporate Report 2018-2019

2017

Chubu Electric Power Co., Inc.

Annual Report 20182012

Topcon Corp

TOPCON Report 20182016

Tsubakimoto Chain Co.

Corporate Report 20182010

Toho Co., Ltd.

*available in Japanese only

2017

Tsumura & Co.

Integrated Report 2018

2018

TOYODA GOSEI CO.,LTD.

Toyoda Gosei Report 20182009

DIC Corp.

DIC Report 20182017

Toyota Motor Corp.

Annual Report 20182016

T&D Holdings, Inc.

Annual Report 20182015

Toyota Industries Corporation

Toyota Industries Report 20182008

TS TECH CO.,LTD.

TS TECH Report 20182012

Toyota Tsusho Corp.

Integrated Report 2018

2015

T-Gaia Corp.

INTEGRATED REPORT 20182015

TOYOTA BOSHOKU CORPORATION

Toyota Boshoku Report 2018

2009

Teijin Ltd.

INTEGRATED REPORT 20182015

Torishima Pump Mfg. Co., Ltd.

Torishima Report 2018

2016

TIS

Integrated Report 2018

2016

Don Quijote Holdings Co., Ltd.

Integrated Report 20182015

TDK Corp.

Annual Report 20182016

NAGASE & CO., LTD

Integrated Report 20182013Technopro Holdings, Inc.

Integrated Report 20182017

Nabtesco Corp.

Integrated Report FY2017/12

2014

Terumo Corp.

Annual Report 2018

2014

Nikon Corp.

NIKON REPORT 20182014

Denka Co., Ltd.

Denka Report 20182013

Nishimatsu Construction Co., Ltd.

Corporate Report 20182016

Electric Power Development Co., Ltd.

Annual Report 20182017

Nichirei Corp.

Integrated Report 20182016

Denso Corp.

Integrated Report 20182016

JGC Corp.

JGC Report 20182015

Dentsu Inc.

Dentsu Integrated Report 2018

2016

Nikkiso Co., Ltd.

Integrated Report 20172018

Toagosei Co., Ltd.

Toagosei Group Report 20182017

Nissan Chemical Industries, Ltd.

Integrated Report 20182018

Tokai Tokyo Financial Holdings, Inc.

Integrated Report 20172017

Nissha Co., Ltd.

Nissha Report 20182015

Tokai Rika Co., Ltd.

Tokai Rika Report 20182017

The Nisshin Oillio Group, Ltd.

*available in Japanese only

2015

Tokyu Construction Co., Ltd.

*available in Japanese only

2017

Nissin Foods Holdings Co., Ltd.

ANNUAL REPORT 20182015

Tokyu Fudosan Holdings Corp.

Integrated Report 20182016

Nisshin Steel Co., Ltd.

*available in Japanese only

2018

Tokio Marine Holdings, Inc.

Integrated Annual Report 20182015

Nisshinbo Holdings Inc.

Integrated Report 20182017

Tokyo Century Corp.

Integrated Report 20182016

Nitto Denko Corporation

Nitto Group Report 2018

2007

6

Company name

Report nameFirst year of
implementation

Company name

Report nameFirst year of
implementation

Japan Asia Group Ltd.

*available in Japanese only

2016

Parco Co., Ltd.

Integrated Report 20182015

Nippon Sheet Glass Co., Ltd.

Integrated Report 20182018

Bandai Namco Holdings Inc.

INTEGRATED REPORT 20182017

NGK Insulators, Ltd.

NGK Report 20182016

Pigeon Corp.

Integrated Report 2018

2016

Nippon Kayaku Co., Ltd.

Integrated Report 20182016

East Nippon Expressway Company Limited

NEXCO EAST Report 20182017

The Japan Wool Textile Co., Ltd.

*available in Japanese only

2017

Hitachi Chemical Co.,Ltd.

Annual Report 20182012

Nippon Chemi-Con Corp.

CHEMI-CON REPORT 20182017

Hitachi Capital Corp.

Hitachi Capital Report 20182015

Nippon Chemiphar Co., Ltd.

Corporate Report 20182015

Hitachi Metals, Ltd.

The Hitachi Metals Group Report 2018

2016

NIHON KOHDEN CORPORATIONNIHON KOHDEN REPORT 20182017

Hitachi Construction Machinery Co., Ltd.

CSR & Financial Report 20182011

Nippon Koei Co., Ltd.

Integrated Report 20182015

Hitachi, Ltd.

Integrated Report 20182016

Japan Airlines Co., Ltd.

JAL REPORT 20182013

Hitachi Zosen Corp.

Integrated Report 20182018

CMK Corp.

*available in Japanese only

2018

Hitachi High-Technologies Corp.

Integrated Annual Report 20182015

Nippon Signal Co., Ltd.

NIPPON SIGNAL REPORT 20182015

PricewaterhouseCoopers Aarata LLC

Global Annual Review 20182013

Nippon Shinyaku Co., Ltd.

Annual Report 20182012

Hitachi Transport System, Ltd.

Annual Report 2018

2015

NSK Ltd.

NSK Report 20182016

Hulic Co., Ltd.

CSR REPORT 2018

2014

Development Bank of Japan Inc.

Integrated Report 20182007

Fancl Corp.

FANCL Report 20182015

Nippon Life Insurance Company

Annual Report 20182016

Fisco Ltd.

FISCO REPORT 2017

2017

ZEON CORPORATIONCORPORATE REPORT 2018

2013

Fuji Machine Mfg. Co., Ltd.

Annual Report 2018 Business Summary

2016

Nihon Chouzai Co., Ltd.

Corporate Report 2018

2016

Fujikura Ltd.

Annual Report 20182014

NEC Corporation

Integrated Report 2018

2013

Fujita Kanko Inc.

Integrated Report 20172016

Nippon Electric Glass Co., Ltd.

Integrated Report 20172018

Fuji Oil Holdings Inc.

Integrated Report 20182018

Nippon Telegraph And Telephone Corp.

Annual Report 2018

2014

Fujitsu Limited

Integrated Report 20182015

NGK SPARK PLUG CO., LTD.

Integrated Report 2018

2017

Fujicco Co., Ltd.

*available in Japanese only

2016

Japan Exchange Group, Inc.

JPX Report 2018

2014

FUJI ELECTRIC CO., LTD.

FUJI ELECTRIC REPORT 20182011

NHK SPRING CO., LTD.

NHK Spring Report 20182008

Fujifilm Holdings Corp.

INTEGRATED REPORT 2018

2017

Nh Foods Ltd.

Integrated Report 20182018

Fuyo General Lease Co., Ltd.

Integrated Report 20182018

Nippon Paint Holdings Co., Ltd.

Integrated Report 20182016

Funai Soken Holdings Inc.

*available in Japanese only

2018

Japan Post Holdings Co., Ltd.

Annual Report 2018

2018

Brother Industries, Ltd.

Communication Report 20182015

Nippon Yusen Kabushiki Kaisha

NYK Report 20182013

Bridgestone Corp.

ANNUAL REPORT 20172016

Nihon Unisys, Ltd.

Integrated Report 20182015

Furukawa Electric Co., Ltd.

Sustainability Report 2018

2012

Ncxx Group Inc.

INETGRATED REPORT 20182015

The Furukawa Battery Co., Ltd.

FURUKAWA BATTERY Report 20182018

Net One Systems Co., Ltd.

Annual Report 20182018

Freund Corporation

FREUND Report 20182013

Nomura Co., Ltd.

Annual Report 2018

2014

Heiwa Paper Co., Ltd.

*available in Japanese only

2017

Nomura Research Institute, Ltd.

Integrated Report 2018

2014

Benesse Holdings, Inc.

Benesse Report 20182013

Nomura Real Estate Holdings, Inc.

Integrated Report 20182014

Hokuetsu Corp.

Corporate Report 20182014

Nomura Holdings,inc.

Nomura Report 20182012

Hokkaido Electric Power Co., Inc.

Group Report 20182018

Noritz Corp.

NORITZ REPORT 20182015

Hodogaya Chemical Co., Ltd.

Integrated Report 20182017

Hakuhodo DY Holdings Inc.

Integrated Report 20182017

Pola Orbis Holdings Inc.

Corporate Report 20172014

The Hachijuni Bank, Ltd.

Annual Report 2018

2017

Horiba, Ltd.

HORIBA Report 20172014

Panasonic Corp.

Annual Report 20182015

Honda Motor Co., Ltd.

Sustainability Report 2018

2018

7

Company name

Report nameFirst year of
implementation

Company name

Report nameFirst year of
implementation

Honda Tsushin Kogyo Co., Ltd.

*available in Japanese only

2018

Morinaga Milk Industry Co., Ltd.

Annual Report 20182015

Maxell Holdings, Ltd.

Integrated Report 2018

2015

Yaoko Co., Ltd.

*available in Japanese only

2018

Matsuda Sangyo Co., Ltd.

*available in Japanese only

2016

YASKAWA Electric Corporation

YASKAWA Report 20182012

Monex Group, Inc.

Integrated Report 20182014

Yasuhara Chemical Co., Ltd.

*available in Japanese only

2016

Marui Group Co., Ltd.

Co-Creation Management Report 20182015Yahoo Japan Corp.

Integrated Report 20182018

Maruha Nichiro Corp.

*available in Japanese only

2018

Yamada Denki Co., Ltd.

INTEGRATED REPORT 20182016

Marubeni Corporation

Integrated Report 20182013

Yamaha Corp.

Annual Report 20182018

Mandom Corp.

Mandom Report 20182018

Yamaha Motor Co., Ltd.

Annual Report 20172013

Misawa Homes Co., Ltd.

F2018 Misawa Homes Environment Report2017

Japan Post Bank Co., Ltd.

Annual Report 20182017

Mizuho Financial Group, Inc.

Integrated Report 20182015

UACJ Corporation

UACJ Report 20182015

Mitsui E&S Holdings Co., Ltd.

Corporate Report 20182015

Megmilk Snow Brand Co., Ltd.

Megmilk Snow Brand Report 20182018

Mitsui Chemicals, Inc.

Mitsui Chemicals Report 2018

2015

UNITED ARROWS LTD.

Integrated Report 20182013

Sumitomo Mitsui Construction Co., Ltd.

Corporate Report 20182015

Unicharm Corp.

INTEGRATED REPORT 20182015

Sumitomo Mitsui Trust Holdings, Inc.

2018 Integrated Report -Annual Report-

2017

Familymart UNY Holdings Co., Ltd.

Integrated Report 20182012

Sumitomo Mitsui Financial Group, Inc.

Annual Report 20182016

Yokogawa Electric Corp.

2018 Yokogawa Report

2015

MITSUI & CO., LTD.

Integrated Report 2018

2012

Yoshinoya Holdings Co., Ltd.

Corporate Profile 20182014

Mitsui Fudosan Co., Ltd.

Integrated Report 20182015

Lion Corp.

Annual Report 20172016

Mitsuuroko Group Holdings Co., Ltd.

*available in Japanese only

2015

Raito Kogyo Co., Ltd.

Annual Report 20182018

Isetan Mitsukoshi Ltd.

Isetan Mitsukoshi Holdings Report 20182018

LIXIL Group Corporation

Annual Report 20182013

Mitsubishi Gas Chemical Co., Inc.

Corporate Report 2018

2018

Recruit Holdings Co., Ltd.

Annual Report 20182017

Mitsubishi Chemical Holdings Corporation

KAITEKI Report 20182013

Ricoh Company, Ltd.

Integrated Report 20182012

Mitsubishi Heavy Industries, Ltd.

MHI REPORT 2018

2014

Resona Holdings, Inc.

Integrated Report 20182016

Mitsubishi Corporation

Integrated Report 2018

2011

Lintec Corp.

Annual Report 20182015

Mitsubishi Paper Mills Ltd.

Corporate Report 20182015

Leopalace21 Corp.

Annual Report 20182014

Mitsubishi Research Institute, Inc.

MRI Group Report FY2017

2014

Lawson, Inc.

Integrated Report 20182013

Mitsubishi Estate Co., Ltd.

INTEGRATED REPORT 20182018

YKK CORPORATIONThis is YKK 20182018

Mitsubishi Materials Corp.

Integrated Report 2018

2018

WACOL HOLDINGS CORP.

Integrated Report 20182011

Mitsubishi UFJ Financial Group, Inc.

MUFG Report 20182015

Mitsubishi UFJ Lease & Finance Co., Ltd.

Corporate Report 20182014

Minebea Mitsumi Inc.

Integrated Report 20182018

Murata Manufacturing Co., Ltd.

Murata value report 20182018

Meiji Holdings Co., Ltd.

Integrated Report 20182018

Meiji Yasuda Life Insurance Company

Annual Report 2018

2015

MEIDENSHA CORPORATION

Meidensha Report 20182013

Metawater Co., Ltd.

METAWATER REPORT 20182015

Medipal Holdings Corp.

Integrated Report 20182015

Menicon Co., Ltd.

Integrated Report 2018

2018

MOCHIDA PHARMACEUTICAL Co.,LTD.

ANNUAL REVIEW 20182018

If there are any companies that are already producing integrated reports that wish to be
included on this list, please contact our administrative office(info@cvrl-jp.com).

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