Japan faces the problems of a declining birth rate and an aging population and, assuch, it has become necessary to increase the capital efficiency of various limited
resources (such as financial capital, human capital, and intellectual capital) and work
toward the preservation and materialization of long-term national wealth.
Corporate initiatives to increase earning power, realize sustainable value creation,and generate long-term returns for providers of financial capital – that is to say, therealization of a prosperity cycle and sustainable growth through the optimization of
every link along the “investment chain” – represents Japan’s most pressing task
going forward.
The final report on the “Competitiveness and Incentives for Sustainable Growth:
Building Favorable Relationships between Companies and Investors” project (the ItoReview), presented proposals and recommendations based on the identification ofpotential problems and assessment of current circumstances. Various collaborative

Corporate Value Reporting Lab

initiatives between the public and private sectors have been implemented to counter
short-termism and, as a result, Japan is moving toward reform and the creation ofIntegrated Reportingto SupportSustainable Growthin Japan

optimized investment chains geared toward the expansion of national wealth. Theseinitiatives include the establishment of the JPX-Nikkei Index 400, which was first
calculated in January 2014, the Japanese Stewardship Code, announced inFebruary 2014, the “Report on the Study Group concerning Promoting Dialogue
between Companies and Investors for Sustainable Growth,” publicized in April
2015, amendments to the Companies Act implemented in May 2015, in addition tothe adoption of the “Corporate Governance Code” and launch of the “ManagementInvestor Forum,” both of which took place in June 2015.
Japan’s public pension, the Government Pension Investment Fund (GPIF) wasawarded the Asian Investor Institutional Excellence Award in 2015. Initiatives suchas changes to its basic portfolio in October 2014, acceptance of the Japanese
Stewardship Code, and inclusion in a new Japanese stock index have been cited asreasons for its recognition. In September 2015, GPIF became a named institution of
the United Nations’ Principles for Responsible Investment (PRI), which promote ESG(Environment, Social, Governance) in fund management and, going forward, is set1

to push ahead with full-scale sustainable investment. According to a survey by theIR departments usually oversee the production of integrated reports at JapaneseJapan Sustainable Investment Forum (JSIF), Japan’s sustainable investment balancecorporations, followed closely by CSR departments, and there may be incidences

as of January 2016 was approximately ¥26.6 trillion.

where both departments collaborate. Many corporations utilize the expertise of IR
support and printing companies in the preparation of reports. Free discussion regard-Medium-to long-term fair disclosure initiatives are going to represent a key element

ing corporate value has led to a trend of corporations spending years working toin facilitating constructive dialogue between corporations and investors going for-foster an understanding of the IIRC’s framework, focusing their efforts into raising theward. In Japan, principles-based voluntary ESG information disclosure initiatives are

quality of their reports, and making information more accessible through visual aids.

progressing rapidly, due in particular to the publication of the International Integrated
Reporting Council (IIRC)’s Integrated Reporting Framework. According to a survey by

As we may observe from the publication dates of integrated reports, peak

the Corporate Value Reporting Lab (managed by the EDGE Research Institute), theseason is five months from the end of each fiscal period, with 80% of all reports

sum of listed and non-listed corporations engaged in voluntary integrated reporting

published within four to six months. This is longer than it takes to compile a conven-initiatives now exceeds 200, which is an increase of 1.5 times over last year.

tional annual report, but the process tends to start earlier. If we compare the entire

Moreover, opportunities continue to present themselves across a diverse range ofproduction periods for both, it takes, on average, two months longer to produce anindustries in Japan, from large corporations supported by a well-balanced distribution

integrated report, with a tendency toward more significant investments in time andof shareholders, including institutional investors, individual investors, and staff, tomediation. With reports increasingly focused on the importance of the relationshipsmall- and medium-sized corporations supported by shareholders comprising mainly

between a company and its stakeholders, the evolution toward living integratedof individual investors. Public opinion is beginning to adopt the view that the imple-reports through the implementation of perception studies targeted at providers ofmentation of the adoption of voluntary disclosure mediums in Japan is gradual, andfinancial capital, outside directors and other stakeholders associated with corporatethat corporations should also be working to improve accountability from a qualitativeinterests, will be crucial going forward.

perspective based on dialogue with investors and stakeholders, while investing timeand money into enhancing dialogue with a focus on information disclosure.

Finally, it is our wish that integrated reporting initiatives in Japan will be useful inpromulgating reporting methods based on the IIRC’s framework, and we welcome

The transition of Japanese corporations toward integrated reporting is top down,

suggestions from IIRC members on how to instigate the transition of integrated

and IR / CSR departments usually start with a bottom up approach. When produc-

reporting in Japan from theory to practice. In Japan we seek to evaluate the IIRC’sing an integrated report, corporations conduct cross-departmental discussions tointernational initiatives and will continue to report on domestic activities. We also

identify corporate value while working to implement reforms and promote aware-aspire to contribute to the sustainability of integrated reporting from a long-term

ness. There are many cases where corporations invest a great deal of time in such

perspective by fostering active communication between corporations and theirinitiatives, such as when they are working to adopt integrated reporting for the firstproviders of financial capital and stakeholders going forward.

time or implement a full-scale review. Participants of these discussions comprisemainly of staff from corporate planning, IR, CSR, public relations, accounting andfinance, and legal departments, most of whom work within the management

January 2016
Corporate Value Reporting Lab

classes. Directors and top management may also participate.

2Company name

Report nameFirst year ofimplementation

Aeon Financial Service Co., Ltd.

Annual Report 2015

2014

Ahresty Corp.

Ahresty Report 2015

2014

Aisin Seiki Co., Ltd.

AISIN GROUP REPORT 2015

2006

Akebono Brake Industry Co., Ltd.

AKEBONO REPORT 2015

2009

Alps Electric Co., Ltd.

Annual Report 2015

2014

Amita Holdings Co., Ltd.

Annual Report 20152014

ANA HOLDINGS INC.

Annual Report 2015

2010

Anritsu Corp.

Anritsu Integrated Reporting 2015

2015

Asahi Glass Co., Ltd.

AGC Report 2015

2012

Asahi Group Holdings, Ltd.

Integrated Report 2014

2015

Asahi Industries Co., Ltd.

Asahi Industries Group Report2015

2013

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

Asahi Kasei Corp.

Asahi Kasei Report 20152014

because they represent integrated reports from an editorial perspective or reflect anASKA Pharmaceutical. Co., Ltd.

*available in Japanese only

2014

awareness of integrated reporting due to the comprehensive inclusion of both financialAstellas Pharma Inc.

Annual Report 2015

2012

Azbil Corporation

azbil report 2015

2007

Brother Industries, Ltd.

Communication Report 2015

2015

Capcom Co., Ltd.

Integrated Report 2015

2015

Chiome Bioscience Inc.

Integrated report 2015

2014

Chubu Electric Power Co., Inc.

Annual Report 2015

2012

Chugai Pharmaceutical Co., Ltd.

Annual Report 2014

2013

Dai-Dan Co., Ltd.

DAI-DAN REPORT 2015

2014

Daiichi Sankyo Co., Ltd.

Value Report 2015

2013

Daikyo Inc.

DAIKYO INCORPORATED REPORT 2015

2015

Dainippon Sumitomo Pharma Co., Ltd.

Annual Report 2015

2011

Daito Trust Construction Co., Ltd.

Strategy Report 2015

2014

Daiwa Securities Group Inc.

2015 Annual Report

2012

DENKI KAGAKU KOGYO KABUSIKI KAISHA CSR REPORT 2015

2013

Corporate Value Reporting Lab

List of Corporations in JapanEngaged in the Publication of SelfDeclared Integrated Reports (2015)
As of the end of December 2015

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

205
14094
61
1152004

2005

2006

9121825

2007

2008

2009

2010

332011

2012

2013

2014

2015

* Survey based on companies listed on the first and second sections of the Tokyo Stock Exchange, with other listed andnon-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.

Development Bank of Japan Inc.

Annual Report & CSR Report 2015

2007

Don Quijote Holdings Co., Ltd.

Integrated Report 2015

2015

Ebara Corp.

Integrated Report 2015

2015

ECHO ELECTRIC CO., LTD*available in Japanese only

2014
3

Company name

Report nameFirst year ofimplementation

Company name

Report nameFirst year ofimplementation

Eisai Co., Ltd.

Integrated Repot 2015

2015

J-OIL MILLS, Inc.

*available in Japanese only

2014

EY Japan*available in Japanese only

2012

JVC Kenwood Corp.

JVCKENWOOD Report 2015

2014

Familymart Co., Ltd.

Annual Report 2015

2012

JX Holdings, Inc.

Annual Report 2015

2015

Fancl Corp.

FANCL Report 2015

2015

Kajima Corp.

Corporate Report 2015

2014

Freund Corporation

FREUND Report 20152013

Kansai Paint Co.,Ltd.

Corporate Report 2015

2011

FUJI ELECTRIC CO., LTD.

FUJI ELECTRIC REPORT 20152011

Kawasaki Heavy Industries, Ltd.

Kawasaki Report 2015

2013

Fuji Heavy Industries Ltd.

Annual Report 20152013

Kawasaki Kisen Kaisha, Ltd.

“K” LINE REPORT 2015

2014

Fujikura Ltd.

CSR Integrated Report 20152014

KDDI CORPORATION

Integrated Report 2015

2012

Fujitsu Limited

Fujitsu Group Integrated Report 2015

2015

Kirin Holdings Co., Ltd.

KIRIN REPORT 2014

2015

Furukawa Electric Co., Ltd.

Sustainability report 2015

2012

Komatsu Ltd.

KOMATSU REPORT 2015

2013

Hitachi Capital Corp.

Hitachi Capital Report 2015

2015

KPMG Japan*available in Japanese only

2015

Hitachi Chemical Co.,Ltd.

Annual Report 2015

2012

KUBOTA Corporation

KUBOTA REPORT 2015

2011

Hitachi Construction Machinery Co., Ltd.

CSR & Financial Report 20152011

Kurimoto, Ltd.

KURIMOTO REPORT 2015

2014

Hitachi High-Technologies Corp.

Integrated Annual Report 2015

2015

Kyorin Holdings, Inc.

Annual Report 2015

2015

Hitachi Maxell, Ltd.

Integrated Report 2015

2015

KYOWA EXEO CORPORATION

Corporate Report 2015

2012

Hokuetsu Kishu Paper Co., Ltd.

CORPORATE REPORT 2015

2014

Kyowa Hakko Kirin Co., Ltd.

Annual Report 2014

2013

Horiba, Ltd.

HORIBA Report 2014

2014

Lawson, Inc.

Integrated Report 20152013

Hulic Co., Ltd.

CSR Report 2015

2014

Leopalace21 Corp.

Annual Report 2015

2014

Idemitsu Kosan Co.,Ltd.

2015 Idemitsu Report

2012

Lintec Corp.

Annual Report 2015

2015

IHI Corp.

Integrated Report 2015

2015

LIXIL Group Corporation

Annual Report 2015

2013

Iino Kaiun Kaisha, Ltd.

IINO Report 20152009

Marubeni Corporation

Annual Report 2015

2013

Inpex Corp.

Annual Report 2015

2014

Marui Group Co., Ltd.

Co-Creation Management Report 2015

2015

Ito En, Ltd.

ITOEN REPORT 2015

2015

Mec Co., Ltd.

*available in Japanese only

2015

ITOCHU Corporation

Annual Report 2015

2012

MEIDENSHA CORPORATIONMEIDENSHA REPORT 2015

2013

Itochu Enex Co., Ltd.

Annual Report 2015

2004

Meiji Holdings Co., Ltd.

Annual Report 2015

2014

Itochu Techno-Solutions Corp.

Annual Report 2015

2014

Meiji Yasuda Life Insurance Company

Annual Report 2015

2015

Japan Airlines Co., Ltd.

JAL REPORT 20152013

Mitsubishi Chemical Holdings Corporation KAITEKI Report 20152013

Japan Assurance Aarata*available in Japanese only

2013

Mitsubishi Corporation

Integrated Report 20152011

Japan Exchange Group, Inc.

JPX Report 2015

2014

Mitsubishi Heavy Industries, Ltd.

MHI REPORT 2015

2014

JFE Holdings, Inc.

JFE Group TODAY 2015

2006

Mitsubishi Paper Mills Ltd.

*available in Japanese only2015

JGC Corp.

JGC Report 2015

2015
4

Report nameFirst year ofimplementation

Mitsubishi Research Institute, Inc.

Fiscal Year Ended September 2014
Mitsubishi Research Institute Group Report

2014

Mitsubishi Tanabe Pharma Corporation

Corporate Report 2015

Mitsubishi UFJ Financial Group, Inc.

Company nameCompany name

Report nameFirst year ofimplementation

Nomura Co., Ltd.

Annual Report 2015

2014

Nomura Holdings,inc.

Nomura Report 2015

2012

2013

Nomura Real Estate Holdings, Inc.

Integrated Report 2015

2014

MUFG Report 2015

2015

Nomura Research Institute, Ltd.

Integrated Report 2015

2014

Mitsubishi UFJ Lease & Finance Co., Ltd.

Corporate Report2015

2014

Noritz Corp.

NORITZ REPORT 2015

2015

MITSUI & CO., LTD.

Annual Report 20152012

NS United Kaiun Kaisha, Ltd.

NS United Report 2015

2015

Mitsui Chemicals, Inc.

Annual Report 2015

2015

NTN CorporationNTN Report 2015

2010

2015

NTT Urban Development Corp.

Annual Report 2015

2014

2015

Obayashi Corporation

CORPORATE REPORT 2015

2012

OHARA Report 2015

2014

Mitsui Engineering & Shipbuilding Co., Ltd. Corporate Report 2015
Mitsui Fudosan Co., Ltd.

Annual Report 2015

Mitsui O.S.K. Lines, Ltd.

Annual Report 2015

2015

Ohara Inc.

Mizuho Financial Group, Inc.

2015 Integrated Report

2015

Oji Holdings Corporation

Oji Group Report 2015

2013

Monex Group, Inc.

ANNUAL REPORT 2015

2014

Olympus Corp.

Annual Report 2015

2015

Morinaga Milk Industry Co., Ltd.

Annual Report 2015

2015

OMRON Corporation

Integrated Report 20152012

MS&AD Insurance Group Holdings, Inc.

Integrated Report 2015

2015

Ono Pharmaceutical Co., Ltd.

Corporate Report 2015

2015

Nabtesco Corp.

Integrated Report 2015

2014

Osaka Soda Co., Ltd.

OSAKA SODA REPORT 2015

2015

NAGASE & CO., LTD

Annual Report 2015

2013

Pacific Industrial Co., Ltd.

Pacific Report 2015

2015

NEC Capital Solutions Ltd.

INTEGRATED REPORT2015

2014

Panasonic Corp.

Annual Report 2015

2015

NEC Corporation

Annual Report 2015

2013

Parco Co., Ltd.

Annual Report 2015

2015

NHK SPRING CO., LTD.

NHK Spring Report 20152008

Penta-Ocean Construction Co., Ltd.

Annual Report2015

2014

NICHICON CORPORATION

Integrated Report 2015

2013

Pola Orbis Holdings Inc.

Corporate Report2014

2014

Nihon Unisys, Ltd.

Integrated Report 2015

2015

Ricoh Company, Ltd.

Sustainability Report 2015

2012

Nikon Corp.

NIKON REPORT 2015

2014

Rohm Co., Ltd.

Innovation Report 20152012

Nippon Koei Co., Ltd.

*available in Japanese only

2015

S.T. Corporation

Creating Corporate Value Report 2015

2013

Nippon Shinyaku Co., Ltd.

Annual Report 2015

2012

Sangetsu Co., Ltd.

SANGETSU REPORT 2015

2015

Nippon Signal Co., Ltd.

NIPPON SIGNAL REPORT 2015

2015

SANKI ENGINEERING CO.,LTD.

SANKI REPORT 20152012

Nippon Telegraph And Telephone Corp.

Annual Report 2015

2014

Sato Holdings Corp.

Integrated Report 2015

2014

Nippon Yusen Kabushiki Kaisha

NYK Report 2015

2013

Sawai Pharmaceutical Co., Ltd.

Integrated Report 2015

2015

Nissha Printing Co., Ltd.

Nissha Report 2015

2015

SCREEN Holdings Co., Ltd

Annual Report 20152010

Nisshinbo Holdings Inc.

Annual Report 20152015

SCSK Corp.

SCSK Report 2015

2015

Nissin Foods Holdings Co., Ltd.

ANNUAL REPORT 2015

2015

SEGA SAMMY HOLDINGS INC.

ANNURL REPORT 2015

2013

2007

Sekisui House, Ltd.

Sustainability Report 2015

2015

Nitto Denko Corporation

Nitto Group Report 2015

5

Company name

Report nameFirst year of
implementation

Company name

Report nameFirst year of
implementation

Senshukai Co., Ltd.

*available in Japanese only

2015

TOTO LTD.

Corporate Report 2015

2009

SHIKOKU ELECTRIC POWER CO.,INC.

Annual Report 2015

2013

Toyo Construction Co., Ltd.

*available in Japanese only

2014

Shionogi & Co., Ltd.

Annual Report 2015

2007

TOYO DENKI SEIZO K.K.

Toyo Denki Seizo Report 2015

2013

Shiseido Company, Limited

Annual Report 20152011

Toyo Engineering Corp.

Integrated Report 2015

2015

SHOWA SHELL SEKIYU K. K.

Corporate Report 2015

2012

TOYODA GOSEI CO.,LTD.

Toyoda Gosei Report 20152009

Skylark Co., Ltd.

Annual Report 20142015

TOYOTA BOSHOKU CORPORATION

Toyota Boshoku Report 2015

2009

Sohgo Security Services Co., Ltd.

Integrated Report 2015

2015

Toyota Industries Corporation

Toyota Industries Report 2015

2008

Sojitz Corporation

Integrated Report 20152010

Toyota Tsusho Corp.

Annual Report 2015

2015

Solaseed Air Inc.

*available in Japanese only

2015

TS TECH CO.,LTD.

TS TECH Report 2015

2012

Sompo Japan Nipponkoa Holdings, Inc.

ANNUAL REPORT 2015

2014

Tsubakimoto Chain Co.

2015 Corporate Report

2010

Sumitomo Chemical Co., Ltd.

Annual Report 2015

2015

UACJ Corporation

UACJ Report 20152015

SUMITOMO CORPORATION

Annual Report 2015

2013

ULVAC, Inc.

ULVAC CSR & Annual Report 2015

2012

2012

Unicharm Corp.

Integrated Report 20152015

SUMITOMO LIFE INSURANCE COMPANY *available in Japanese only
Sumitomo Mitsui Construction Co., Ltd.

Corporate Report 2015

2015

UNITED ARROWS LTD.

Annual Report 2015

2013

Sumitomo Riko Co., Ltd.

Integrated Report 2015

2014

WACOL HOLDINGS CORP.

Integrated Report 2015

2011

Sun Messe Co.,Ltd.

*available in Japanese only

2013

Yamaha Motor Co., Ltd.

Annual Report 20142013

Sysmex Corp.

Annual Report 2015

2015

Yamato Holdings Co., Ltd.

Annual Report 2015

2015

Taisei Corporation

ANNUAL REPORT 2015

2012

YASKAWA Electric Corporation

YASKAWA Report 2015

2012

Taisho Pharmaceutical Holdings Co., Ltd.

Annual Report 2015

2015

Yokogawa Electric Corp.

YOKOGAWA Report 2015

2015

Takeda Pharmaceutical Company Limited

Annual Report 2015

2006

Yoshinoya Holdings Co., Ltd.

CORPORATE PROFILE 2015

2014

Takenaka Corporation

TAKENAKA Corporate Report 2015

2014

ZEON CORPORATIONCORPORATE REPORT 2015

2013

Teijin Ltd.

INTEGRATED REPORT 2015

2015

Terumo Corp.

Annual Report 2015

2014

The Dai-ichi Life Insurance Co., Ltd.

Annual Report 2015

2014

THE Kansai Electric Power Co.,Inc.

Kansai Electric Power Group Report 2015

2013

TODA CORPORATIONTODA Corporate Report2015

2013

Tokio Marine Holdings, Inc.

Integrated Annual Report 2015

2015

Tokyo Dome Corp.

*available in Japanese only

2014

Toppan Forms Co., Ltd.

Integrated Report 2015

2015

Toppan Printing Co., Ltd.

Annual Report 2015

2014

Topy Industries Ltd.

TOPYReport20152012

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).
6