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) andwork 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 (theIto Review), presented proposals and recommendations based on the identificationof potential problems and assessment of current circumstances. Various collabora-Corporate Value Reporting Lab

tive initiatives between the public and private sectors have been implemented tocounter short-termism and, as a result, Japan is moving toward reform and the cre-Integrated Reportingto Support
Sustainable
Growth in Japan

ation of optimized investment chains geared toward the expansion of nationalwealth. These initiatives include the establishment of the JPX-Nikkei Index 400,
which was first calculated in January 2014, the Japanese Stewardship Code,announced in February 2014, the “Report on the Study Group concerning Promoting Dialogue between Companies and Investors for Sustainable Growth,” publicizedin April 2015, amendments to the Companies Act implemented in May 2015, inaddition to the adoption of the “Corporate Governance Code” and launch of the“Management-Investor 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 the field of governancein 2016. Initiatives to strengthen governance, acceptance of the Japanese Stewardship Code, GPIF CIO Hiromichi Mizuno’s appointment to the board of directorsof the PRI Association, and establishment of a “Business and Asset Owners’Forum” and “Global Asset Owners’ Forum” have been cited as reasons for its

1

recognition. The GPIF also expects to begin investing in ESG index funds in themainly of staff from corporate planning, IR, CSR, public relations, accounting andsummer of 2017. According to a survey by the Japan Sustainable Investment Forumfinance, and legal departments, most of whom work within the management(JSIF), Japan’s sustainable investment balance had increased significantly as ofclasses. Directors and top management may also participate.

November 2016 to ¥57 trillion.

IR departments usually oversee the production of integrated reports at Japanese
corporations, followed closely by CSR departments, and there may be incidences

Medium-to long-term fair disclosure initiatives are going to represent a key ele-

where both departments collaborate. Many corporations utilize the expertise of IR

ment in facilitating constructive dialogue between corporations and investors goingsupport and printing companies in the preparation of reports. Free discussion regard-forward. In Japan, principles-based voluntary ESG information disclosure initiatives

ing corporate value has led to a trend of corporations spending years working to foster

are progressing rapidly, due in particular to the publication of the International Inte-an understanding of the IIRC’s framework, focusing their efforts into raising thegrated Reporting Council (IIRC)’s Integrated Reporting Framework. According to aquality of their reports, and making information more accessible through visual aids.

survey by the Corporate Value Reporting Lab (managed by the EDGE ResearchInstitute), the sum of listed and non-listed corporations engaged in voluntary inte-

It takes longer to produce an integrated report than a conventional annual report,

grated reporting initiatives was 279 as of December 31, 2016, which is an increase

with companies showing a tendency for taking the time to conduct rigorous exami-of 1.3 times over the previous year. Moreover, opportunities continue to presentnations. With reports increasingly focused on the importance of the relationshipthemselves across a diverse range of industries in Japan, from large corporations

between a company and its stakeholders, the evolution toward living integrated

supported by a well-balanced distribution of shareholders, including institutional

reports through the implementation of perception studies targeted at providers ofinvestors, individual investors, and staff, to small- and medium-sized corporations

financial capital, outside directors and other stakeholders associated with corporate

supported by shareholders comprising mainly of individual investors. Public opinion

interests, will be crucial going forward.

is beginning to adopt the view that the implementation of the adoption of voluntary
disclosure mediums in Japan is gradual, and that corporations should also be work-Finally, it is our wish that integrated reporting initiatives in Japan will be useful ining to improve accountability from a qualitative perspective based on dialogue withpromulgating reporting methods based on the IIRC’s framework. Furthermore, weinvestors and stakeholders, while investing time and money into enhancing dialogue

welcome all suggestions on how to instigate the transition of integrated reporting inwith a focus on information disclosure.

Japan from theory to practice. In Japan, we seek to evaluate the IIRC’s international
initiatives and will continue to report on domestic activities. In Japan we seek to

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

evaluate the IIRC’s international initiatives and will continue to report on domesticand IR / CSR departments usually start with a bottom up approach. When produc-activities. We also aspire to contribute to the sustainability of integrated reportinging an integrated report, corporations conduct cross-departmental discussions tofrom a long-term perspective by fostering active communication between corpora-

identify corporate value while working to implement reforms and promote aware-tions and their providers of financial capital and stakeholders going forward.

ness. There are many cases where corporations invest a great deal of time in suchinitiatives, such as when they are working to adopt integrated reporting for the firsttime or implement a full-scale review. Participants of these discussions comprise

January 2017
Corporate Value Reporting Lab

2

Company name

Corporate Value Reporting Lab

List of Corporations in JapanEngaged in the Publication of SelfDeclared Integrated Reports (2016)
As of the end of December 2016

Self-declared integrated reports are assessed as such by the Corporate Value Reporting Lab
because they represent integrated reports from an editorial perspective or reflect anawareness of integrated reporting due to the comprehensive inclusion of both financial
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

279
22014196
159121826341
2004

2005

20062007200820092010

2011

622012

2013201420152016*	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 becounted as self-declared integrated reports.		 Survey based on listed companies, with non-listed companies included where possible. Year is based on report publicationdates 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.

Report nameFirst year ofimplementation

IHI Corp.

IHI Integrated Report 2016

2015

Aisin Seiki Co., Ltd.

AISIN GROUP REPORT 2016

2006

Akebono Brake Industry Co., Ltd.

AKEBONO REPORT 2016

2009

Asahi Kasei Corp.

Asahi Kasei Report 2016

2014

Asahi Glass Co., Ltd.

AGC Report 2016

2012Asahi Group Holdings, Ltd.

Integrated Report 2015

2015

Asahi Industries Co., Ltd.

Asahi Industries Group Report 2016

2013

Ajinomoto Co., Inc.

Integrated Report 2016

2016

ASKA Pharmaceutical. Co., Ltd.

*available in Japanese only

2014

Astellas Pharma Inc.

Annual Report 2016

2012

Azbil Corporation

azbil report 2015

2007

Amita Holdings Co., Ltd.

Annual Report 20152014

Japan Assurance Aarata*available in Japanese only

2013

Alpine Electronics, Inc.

Annual Report 2016-2017

2016

ULVAC, Inc.

ULVAC CSR & Annual Report 20162012

Alps Electric Co., Ltd.

Annual Report 2016

2014

Ahresty Corp.

Ahresty Report 2016

2014

Anritsu Corp.

Anritsu Integrated Reporting 2016

2015

Iino Kaiun Kaisha, Ltd.

IINO Report 2016

2009

Aeon Financial Service Co., Ltd.

Annual Report 2016

2014

Idemitsu Kosan Co.,Ltd.

IDEMITSU Report 2016

2012

Ito En, Ltd.

ITOEN INTEGRATED REPORT 2016

2015

Itochu Enex Co., Ltd.

Enex Report 2016

2004

ITOCHU Corporation

Annual Report 2016

2012

Itochu Techno-Solutions Corp.

Annual Report 2016

2014

Ube Industries, Ltd.

Annual Report 2016

2016

AIRDO Co., Ltd.

*available in Japanese only2016

ANA HOLDINGS INC.

Annual Report 2016

2010

ECHO ELECTRIC CO., LTD*available in Japanese only

2014

Eisai Co., Ltd.

Integrated Report 20162015

SCSK Corp.

SCSK Report 20162015

S.T. Corporation

Creating Corporate Value Report 2016

2013

3

Company name

NEC Capital Solutions Ltd.

Report name

INTEGRATED REPORT 2016

NEC Networks & System Integration Corp. Annual Report 2016

First year ofimplementation

Company name

Report nameFirst year ofimplementation

2014

KUBOTA Corporation

KUBOTA REPORT 2016

2011

2016

Kurimoto, Ltd.

KURIMOTO REPORT 2016

2014

NS United Kaiun Kaisha, Ltd.

NS United Report 20162015

KDDI CORPORATION

Integrated Report 2016

2012

NTN Corporation

NTN Report 2016

2010

KPMG Japan*available in Japanese only2015

NTT Data Corp.

ANNUAL REPORT 2016

2016

Inpex Corp.

Annual Report 2016

2014

NTT Docomo, Inc.

Annual Report 2016

2016

Cosmo Energy Holdings Co., Ltd.

COSUMO REPORT2016

2016

NTT Urban Development Corp.

Annual Report 2015

2014

Konica Minolta, Inc.

Annual Report 2016

2015

Ebara Corp.

Integrated Report 2016

2015

Komatsu Ltd.

KOMATSU REPORT 20162013

Penta-Ocean Construction Co., Ltd.

Penta-Ocean Construction
Annual Report 20162014

MS&AD Insurance Group Holdings, Inc.

MS&AD Integrated Report 2016

2015

Oji Holdings Corporation

Oji Group Report 2016

2013

Osaka Soda Co., Ltd.

OSAKA SODA REPORT 2016

2015

Sato Holdings Corp.

Integrated Report 2016

2014

Obayashi Corporation

CORPORATE REPORT 20162012

Sawai Pharmaceutical Co., Ltd.

Integrated Report 2016

2015Okasan Securities Group Inc.

*available in Japanese only

2016

SANKI ENGINEERING CO.,LTD.

SANKI REPORT 20162012

Oki Electric Industry Co., Ltd.

Annual Report 2016

2016

Sangetsu Co., Ltd.

SANGETSU REPORT 2016

2015

Ono Pharmaceutical Co., Ltd.

Corporate Report 2016

2015

Sun Messe Co.,Ltd.

*available in Japanese only

2013

Ohara Inc.

OHARA Report 20162014

Sanwa Holdings Corp.

INTEGRATED REPORT 20162016

OMRON Corporation

Integrated Report 2016

2012

JX Holdings, Inc.

Annual Report 2016

2015

Orix Corp.

INTEGRATED REPORT 2016

2016

JFE Holdings, Inc.

JFE Group TODAY 2016

2006

Olympus Corp.

Annual Report 2016

2015

J-OIL MILLS, Inc.

*available in Japanese only

2014

Chiome Bioscience Inc.

Integrated report 2015

2014

JCR Pharmaceuticals Co., Ltd.

Annual Report 2016

2016

Kajima Corp.

Corporate Report 2016

2014

JTEKT Corp.

*available in Japanese only

2016

Capcom Co., Ltd.

Integrated Report 2016

2015

JVC Kenwood Corp.

JVCKENWOOD Report 20162014

Kawasaki Kisen Kaisha, Ltd.

“K” LINE REPORT 2016

2014

J.Front Retailing Co., Ltd.

Annual Report 20162016

Kawasaki Heavy Industries, Ltd.

Kawasaki Report 20162013

Shionogi & Co., Ltd.

Integrated Report 2016

2007

THE Kansai Electric Power Co.,Inc.

Kansai Electric Power Group Report 2016

2013

The Shiga Bank, Ltd.

Annual Report 2016

2016

Kansai Paint Co.,Ltd.

Corporate Report 2016

2011

SHIKOKU ELECTRIC POWER CO.,INC.

Annual Report 2016

2013

KITZ CORPORATION

Corporate Report

2013

Sysmex Corp.

Annual Report 2016

2015

Kito Corp.

Annual Report 2016

2015

Shiseido Company, Limited

Annual Report 2015/12

2011

Kyushu Electric Power Co., Inc.

Annual Report 2016

2016

Shimadzu Corp.

Shimadzu Report 2016

2016

KYOWA EXEO CORPORATION

Corporate Report 2016

2012

Shimizu Corp.

Shimizu Corporate Report 2016

2016

Kyowa Hakko Kirin Co., Ltd.

Annual Report 2016

2013

JUKI Corp.

JUKI Corporate Report 2016

2015

Kyorin Holdings, Inc.

Annual Report 2016

2015

Mitsui O.S.K. Lines, Ltd.

Annual Report 2016

2015

Kirin Holdings Co., Ltd.

KIRIN REPORT 2015

2015

SHOWA SHELL SEKIYU K. K.

Corporate Report 2016

2012
4

Company name

Report nameFirst year ofimplementation

Company name

Report nameFirst year ofimplementation

SHOWA DENKI CO LTD.

*available in Japanese only

2012

Daito Trust Construction Co., Ltd.

Strategy Report 2016

2014

Shin-Etsu Chemical Co., Ltd.

Annual Report 2016

2016

Dai Nippon Printing Co., Ltd.

Annual Report 2016

2016

Shin Nippon Air Technologies Co., Ltd.

*available in Japanese only

2013

Dainippon Sumitomo Pharma Co., Ltd.

Annual Report 20162011

Skylark Co., Ltd.

Annual Report 2015

2015Pacific Industrial Co., Ltd.

Pacific Report 2016

2015

SCREEN Holdings Co., Ltd

Annual Report 20162010

Taiho Kogyo Co., Ltd.

*available in Japanese only

2015

Suzuken Co., Ltd.

SUZUKEN REPORT 2016

2016

Daiwa Securities Group Inc.

2016 Annual Report

2012

Sumitomo Metal Mining Co., Ltd.

Integrated Report 2016

2016

Daiwa House Industry Co., Ltd.

Integrated Report 2016

2016

Sumitomo Chemical Co., Ltd.

Annual Report 20162015

Takeda Pharmaceutical Company Limited Annual Report 2016

SUMITOMO CORPORATION

Annual Report 20162013

SUMITOMO LIFE INSURANCECOMPANY

SUMITOMO LIFE ANNUAL REPORT 2016

2012

Sumitomo Riko Co., Ltd.

Integrated Report 20162014

2006

Takenaka Corporation

TAKENAKA Corporate Report 2016

2014

Duskin Co., Ltd.

*available in Japanese only

2016

Mitsubishi Tanabe Pharma Corporation

Corporate Report 20162013

Chugai Pharmaceutical Co., Ltd.

Annual Report 2015

2013

ThreePro Group Inc.

*available in Japanese only

2016

Chubu Electric Power Co., Inc.

Annual Report 2016

2012

SEGA SAMMY HOLDINGS INC.

Business Report 20162013

Tsubakimoto Chain Co.

2016 Corporate Report

2010

Sekisui Chemical Co., Ltd.

Integrated Report 2016

2016

T&D Holdings, Inc.

Annual Report 2016

2015

Sekisui House, Ltd.

Sustainability Report 2016

2015

TS TECH CO.,LTD.

TS TECH Report 20162012

Japan Petroleum Exploration Co., Ltd.

Corporate Report 2016

2016

T-Gaia Corp.

INTEGRATED REPORT 20162015

Seven & i Holdings Co., Ltd.

Integrated Report 2016

2016

Teijin Ltd.

INTEGRATED REPORT 20162015

Seven Bank, Ltd.

Annual Report 2016

2010

TIS Inc.

Integrated Report2016

2016

Senshukai Co., Ltd.

*available in Japanese only

2016

TDK Corp.

Annual Report2016

2016

Sohgo Security Services Co., Ltd.

Integrated Report 2016

2015

Terumo Corp.

Annual Report 2016

2014

Sojitz Corporation

Integrated Report 20162010

Denka Co., Ltd.

*available in Japanese only

2013

Sodick Co., Ltd.

Annual Report 2016

2016

Denso Corp.

Annual Report2016

2016

Solaseed Air Inc.

*available in Japanese only

2015

Dentsu Inc.

Dentsu Integrated Report2016

2016

Sompo Holdings, Inc.

ANNUAL REPORT 2016

2014

Tokyu Fudosan Holdings Corp.

Integrated Report 2016

2016

DKS Co., Ltd.

*available in Japanese only

2016

Tokio Marine Holdings, Inc.

Integrated Annual Report 2016

2015

Daiichi Sankyo Co., Ltd.

Value Report 2016

2013

Tokyo Century Corp.

Integrated Report 2016

2016

The Dai-ichi Life Insurance Co., Ltd.

Annual Report 2016

2014

Tokyo Dome Corp.

Group Report 2016

2014

Daikyo Inc.

DAIKYO INCORPORATED REPORT 20162015

Toshiba Corp.

2016 Annual Report

2014

Daiken Corp.

Annual Report 2016

2016

TOTO LTD.

Corporate Report 20162009

Taisho Pharmaceutical Holdings Co., Ltd. Annual Report 2016

2015

Toyo Engineering Corp.

Integrated Report 20162015

Taisei Corporation

ANNUAL REPORT 20162012

Toyo Construction Co., Ltd.

*available in Japanese only2014

Dai-Dan Co., Ltd.

DAI-DAN REPORT 2016

2014

TOYO DENKI SEIZO K.K.

Toyo Denki Seizo Report 2016

2013
5

Company name

Report nameFirst year ofimplementation

Company name

Report nameFirst year ofimplementation

TODA CORPORATIONTODA Corporate Report 2016

2013

Development Bank of Japan Inc.

Annual Report & CSR Report 2016

2007

Toppan Printing Co., Ltd.

Annual Report 2016

2014

Nippon Life Insurance Company

NISSAY ANNUAL REPORT 20162016

Toppan Forms Co., Ltd.

Integrated Report 2016

2015

ZEON CORPORATIONCORPORATE REPORT 20162013

Topy Industries Ltd.

TOPYReport 20162012

Nihon Chouzai Co., Ltd.

*available in Japanese only

2016

Topcon Corp

TOPCON REPORT 2016

2016

NEC Corporation

Annual Report 20162013

Toho Co., Ltd.

*available in Japanese only

2016

Nippon Telegraph And Telephone Corp.

Annual Report 2016

2014

TOYODA GOSEI CO.,LTD.

Toyoda Gosei Report 20162009

Japan Exchange Group, Inc.

JPX Report 20162014

Toyota Motor Corp.

Sustainable Management Report 2016

2016

NHK SPRING CO., LTD.

NHK Spring Report 2015

2008

Toyota Industries Corporation

Toyota Industries Report 20162008

Nippon Paint Holdings Co., Ltd.

Integrated Report 2016

2016

Toyota Tsusho Corp.

Integrated Report 2016

2015

Nippon Yusen Kabushiki Kaisha

NYK Report 2016

2013

TOYOTA BOSHOKU CORPORATION

Toyota Boshoku Report 20162009

Nihon Unisys, Ltd.

Integrated Report 20162015

Torishima Pump Mfg. Co., Ltd.

Torishima Report 2016

2016

Nomura Co., Ltd.

Annual Report 2016

2014

Don Quijote Holdings Co., Ltd.

Integrated Report 2016

2015

Nomura Research Institute, Ltd.

Integrated Report 2016

2014

NAGASE & CO., LTD

Annual Report 20162013

Nomura Real Estate Holdings, Inc.

Integrated Report 2016

2014

Nabtesco Corp.

Integrated Report FY2015/12

2014

Nomura Holdings,inc.

Nomura Report 20162012

Nikon Corp.

NIKON REPORT 20162014

Noritz Corp.

NORITZ REPORT 2016

2015

Nishimatsu Construction Co., Ltd.

Sustainability Report 20162016

Panasonic Corp.

Annual Report 2016

2015

NICHICON CORPORATION

Integrated Report 2015

2013

Parco Co., Ltd.

Annual Report 2016

2015

Nichirei Corp.

Annual Review 2016

2016

Pigeon Corp.

Annual Report 2016

2016

The Nisshin Oillio Group, Ltd.

*available in Japanese only

2015

Hitachi Chemical Co.,Ltd.

Annual Report 20162012

Nissin Foods Holdings Co., Ltd.

ANNUAL REPORT 2016

2015

Hitachi Capital Corp.

Hitachi Capital Report 20162015

Nisshinbo Holdings Inc.

Annual Report 2016

2015

Hitachi Metals, Ltd.

The Hitachi Metals Group Report 2016

2016

Nitto Denko Corporation

Nitto Group Report 2016

2007

Hitachi Construction Machinery Co., Ltd.

CSR & Financial Report 20162011

Japan Asia Group Ltd.

*available in Japanese only

2016

Hitachi, Ltd.

Hitachi Integrated Report 20162016

NGK Insulators, Ltd.

NGK Report 2016

2016

Hitachi High-Technologies Corp.

Integrated Annual Report 2016

2015

Nippon Kayaku Co., Ltd.

Annual Report 2016

2016

Hitachi Transport System, Ltd.

Annual Report 2016

2015

Nippon Chemiphar Co., Ltd.

CORPORATE REPORT 2016

2015

Hitachi Maxell, Ltd.

Integrated Report 2016

2015

Nippon Koei Co., Ltd.

Corporate Report 20162015

Hulic Co., Ltd.

CSR Report 20162014

Japan Airlines Co., Ltd.

JAL REPORT 20162013

Fancl Corp.

FANCL Report 20162015

Nissha Printing Co., Ltd.

Nissha Report 2016

2015

Fujikura Ltd.

CSR Integrated Report 2016

2014

Nippon Signal Co., Ltd.

NIPPON SIGNAL REPORT 2016

2015

Fujita Kanko Inc.

Integrated Report 2015

2016

Nippon Shinyaku Co., Ltd.

Annual Report 2016

2012

Fuji Heavy Industries Ltd.

Annual Report 2016

2013

NSK Ltd.

NSK Report 2016

2016

Fujitsu Limited

Integrated Report 2016

2015
6

Company name

Report nameFirst year ofimplementation

Company name

Report nameFirst year ofimplementation

Fujicco Co., Ltd.

*available in Japanese only

2016

Metawater Co., Ltd.

METAWATER REPORT 2016

2015

FUJI ELECTRIC CO., LTD.

FUJI ELECTRIC REPORT 20162011

Medipal Holdings Corp.

Annual Report 2016

2015

Brother Industries, Ltd.

Communication Report 2016

2015

Morinaga Milk Industry Co., Ltd.

Annual Report 2016

2015

Furukawa Electric Co., Ltd.

Sustainability report 2016

2012

YASKAWA Electric Corporation

YASKAWA Report 2016

2012

Freund Corporation

Integrated Report 2016

2013

Yamato Holdings Co., Ltd.

Annual Report 2016

2015

Hokuetsu Kishu Paper Co., Ltd.

CORPORATE REPORT 2016

2014

Yamaha Motor Co., Ltd.

Annual Report 2015

2013

Pola Orbis Holdings Inc.

Corporate Report 2015

2014

UACJ CorporationUACJ Report 2016

2015

Horiba, Ltd.

HORIBA Report 2015

2014

UNITED ARROWS LTD.

Annual Report 20162013

Matsuda Sangyo Co., Ltd.

*available in Japanese only

2016

Unicharm Corp.

Integrated Report 2016

2015

Monex Group, Inc.

Integrated Report 2016

2014

Familymart Co., Ltd.

Annual Report 20162012

Marui Group Co., Ltd.

Co-Creation Management Report 20162015

Yokogawa Electric Corp.

YOKOGAWA Report 20162015

Marubeni Corporation

Annual Report 20162013

LIXIL Group Corporation

Annual Report 2016

2013

Mizuho Financial Group, Inc.

2016 Integrated Report

2015

Recruit Holdings Co., Ltd.

Annual Report 20162016

Mitsui Chemicals, Inc.

Annual Report 2016

2015

Ricoh Company, Ltd.

Sustainability Report 2016

2012

Sumitomo Mitsui Construction Co., Ltd.

*available in Japanese only

2015

Resona Holdings, Inc.

Resona Group Intergrared Report 2016

2016

Sumitomo Mitsui Financial Group, Inc.

2016 ANNUAL REPORT

2016

Lintec Corp.

Annual Report 2016

2015

2015

Leopalace21 Corp.

Annual Report 2016

2014

MITSUI & CO., LTD.

Mitsui Engineering & Shipbuilding Co., Ltd. Corporate Report 2016
Annual Report 20162012

Lawson, Inc.

Integrated Report 20162013

Mitsui Fudosan Co., Ltd.

Annual Report 2016

2015

Rohm Co., Ltd.

Innovation Report 20162012

Mitsuuroko Group Holdings Co., Ltd.

*available in Japanese only

2015

WACOL HOLDINGS CORP.

Integrated Report 20162011

Mitsubishi Chemical Holdings
Corporation

KAITEKI Report 20162013

Mitsubishi Heavy Industries, Ltd.

MHI REPORT 20162014

Mitsubishi Corporation

Integrated Report 20162011

Mitsubishi Paper Mills Ltd.

Corporate Report 2016

2015

Mitsubishi Research Institute, Inc.

Fiscal Year Ended September 2015
Mitsubishi Research Institute Group Report

2014

Mitsubishi Estate Co., Ltd.

ANNUAL REPORT 20162016

Mitsubishi UFJ Financial Group, Inc.

MUFG Report 2016

2015

Mitsubishi UFJ Lease & Finance Co., Ltd. Corporate Report 2016

2014

Meiji Holdings Co., Ltd.

Annual Report 2016

2014

Meiji Yasuda Life Insurance Company

Annual Report 2016

2015

MEIDENSHA CORPORATIONMEIDENSHA REPORT 2016

2013

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).
7