2022

EIZO INTEGRATED REPORT
Visualizing a better tomorrow for all

CONTENTS
Our Story
Financial and Non-Financial Highlights

03

History of EIZO Value Creation

05

CEO Message

09

EIZO Value Creation

13

Evolving Our Business Model and Bolstering the Business Structure

15

Our Strategy
7th Mid-Term Business Plan

17

Business Overview by Market

21

Corporate Philosophy

Through the pursuit of imaging
solutions with advanced technologies,
we enrich people in their professional

Our ValueFoundation for Sustainable Growth31

Enriching Society through Visuals

35

Broadminded Corporate Culture for Employees to Demonstrate
Creative Abilities and Respect for Human Rights and Diversity

43

Strong Bonds of Trust with Our Stakeholders

49

Products and Business Operations that Address Environmental Issues

55

and personal lives.

Governance65

Corporate GovernanceCorporate Overview
Corporate Information

74

Corporate Profile and Stock Information

74

Group Companies

75

Financial Information

76

Performance Data

79

Editorial Policy
The EIZO Integrated Report provides shareholders, investors, and otherstakeholders insights on EIZO’s mid- to long-term initiatives for enhancing
its corporate value, by integrating financial information, including businessperformance and non-financial information, such as on business strategies andenvironment, society, and governance (ESG) issues, and is intended to encourage
constructive dialogues with stakeholders.

Reference Guidelines
Integrated Reporting Framework by the IFRS Foundation
Ministry of Economy, Trade and Industry (Japan) “Guidance for Integrated
Corporate Disclosure and Company-Investor Dialogues for Collaborative Value
Creation”
GRI Sustainability Reporting Standards 2016/2018/2020
Final Recommendations of the Task Force on Climate-related Financial Disclosures(TCFD)
Ministry of the Environment (Japan) “Environmental Reporting Guidelines 2018”
Date of Publication
September 2022 (Previous: Sept. 2021 / Next: Sept. 2023)
Scope of the Report• Organizations covered	EIZO Group (Exceptions to the scope of coverage are explained in the relevant
sections.)• Reporting period	April 1, 2021 to March 31, 2022

EIZO Group Principles of Conduct – Seven Promises
1. We provide solutions including high-quality products, systems and services loved by customers
through creating and offering new values by unique technologies and ideas.
2. We implement our advanced environmental commitment to both our products and businessactivities.
3. We value a broadminded corporate culture and work with a global outlook and mindset.
4. We conduct open and fair business.
5. We seek to build and maintain strong bonds of trust with our stakeholders (i.e. business
partners, employees, shareholders, and the local community).
6. We respect human rights, diversity and ensure a healthy work environment for all.
7. We comply with the letter and spirit of the law and act ethically.

EIZO Group Principles of Conduct – Seven Promises is published in its entirety on our website.
https://www.eizoglobal.com/company/information/conduct/

Market Categories
Business & Plus (B&P), Vertical & Specific (V&S), Healthcare (HC), Creative Work
(CW), and Amusement (AMU)
Third-Party Assurance
Environmental performance indicators that have received
third-party assurance are indicated by
GRI Content Index
https://www.eizoglobal.com/ir/integratedreport/
Websitehttps://www.eizoglobal.com/
Reference

PP. 82 Scope of the Report, Third-Party Assurance

EIZO Corporation
153 Shimokashiwano, Hakusan, Ishikawa, 924-8566, Japan
Contact: Investor Relations Phone: +81-76-275-4121

01

EIZO Integrated Repor t 2022

Disclaimer on Forward-Looking Statements
Any statement in this report, other than those of historical fact, are forward-looking statements about the future performance of EIZO Corporation and its groupcompanies, which are based on management’s assumptions and beliefs in light of information currently available. These statements include apparent or potential risks
and uncertainties including forex impact and risks related to supply and demand. Actual results may differ materially from these forecasts.

EIZO Integrated Repor t 202202

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Financial and Non-Financial Highlights

Financial Information (Consolidated)
Net Sales

JPY

86,789millionOperating Income and Operating Margin

Number of Employees

Operating Income

On a Consolidated Basis

JPY

11,299(JPY million)(JPY million)

100,000

12,00086,78980,00086,00013.0

Operating Income Ratio

8,000

12.0

9.3

10.4

OverseasJapan

1,913 548

6.0

Japan

2,000

2,469

2,461

542

549

548

2019

2020

2021

2022
(Plan)

7,794

0

(FY)

million

641 101

Overseas
758

742

96

109

101

637

649

641

2019

2020

2021

733

600

400
1,920

1,880

1,000

1,913

2019

6,000

2022
(Plan)

(FY)

0.0

0

2019

2020

2021

(FY)

0

(FY)

Dividends and Total Payout Ratio

Number of Patents Owned

GHG Emissions (Scope 1 + 2)/Energy Use

Dividends

On a Consolidated Basis

Total Payout Ratio

120
Dividends

(JPY)

32.8

503

%

Total Payout Ratio

180
6,300

6,155

2021

(Including the average number of temporary staff, as of March 31, each year)

7,794

8,000

2020

(Including the average number of temporary staff, as of March 31, each year)

JPY(JPY million)

4,000

Japan

(%)
120.0

104.3*

150

4,671

600

Japan

165

110

90

50.2

120

115

80.0

32.8

40.0

GHG Emissions

3,902

Energy Use

12,000MWh

Energy Use

17,93916,921503
457

17,473t-CO₂eGHG Emission (Scope1+2)(t-CO2e)

543

(MWh)
20,00017,4739,000

15,000

400
387

60.0
39.8

60

125

338

Overseas

100.0

120

Overseas

6,446

338

295

6,000

10,000

5,075
3,902

200

2,000

3,000
30

2019

2020

2021

2022
(Plan)

20.0

0

(FY)

2019

2020

2021

2022
(Plan)(FY)

0.0*Total payout ratio for FY2022 includes JPY4,000 million (maximum estimate) inshare buybacks.

CAPEX

3,033

million

4,000

5,834

8,000
3,033

3,000

6,000

Ratio of R&D Expenses to
Net Sales

6.7

millionR&D Expenses

Ratio of R&D Expenses to Net Sales

7.8
5,993

7.4
5,642

7.5
6.7
5,834

%

2020

2021

11.3
(%)

10.0

35.0

%

101,533

Japan

3.5 21.3
108,700

On a Consolidated Basis

%

Japan

6.0

20.0

4.0

15.0

%

Overseas

24.4

2,000

2.0

0

0

0.0

2019

2020

2021

2022
(Plan)

(FY)

2019

2020

2021

2022
(Plan)

(FY)

5.0
0.0

EIZO Integrated Repor t 2022

2021

(FY)

0

43

%

Attendance Rate of Board of Directors
Meetings

100

Independent External Director
Ratio%
Attendance Rate of Board of
Directors Meetings

100

100

100

43

43

43

2020

2021

60
12.4

11.3
40

3.6

3.5

3.5

2019

2020

2021

20
(FY)

Data for Japan for FY2019 was retroactively revised.

35

2020

80

21.3

12.6

2019

Independent External Director Ratio and Attendance Rateof Board of Directors Meetings

(%)

10.0
1,000

0

100
23.9

5,000

Independent External
Director Ratio

Overseas

30.0
25.0

6,420

(FY)

Patent terms are extended after reviewing the necessity, taking into
consideration the size of the market of the respective products,
intellectual risks, and regional status of patents.
(As of March 31, each year)

(%)

8.0

4,000

2,000

2019

On a Consolidated Basis

4,200
3,563

165

R&D Expenses

10,0004,346

162

Percentage of Female Managers(JPY million)

5,000

0

156

R&D Expenses and Ratio of R&D Expenses to Net Sales

JPY(JPY million)

03

Overseas

3.0

2,000

Net Income Attributable to Owners of the Parent

JPY

742
800

2,422

Japan

200

20,0000

On a Consolidated Basis

Overseas

9.0

8.4

4,000

Number of R&D Personnel

3,000

15.0

13.0

7,935

Japan

(%)
18.0

6,441

40,0002,461%

11,2996,000

JPY

millionOperating Income

8,000

60,0000Operating Margin

10,00076,56576,480Non-Financial Information(As of March 31)

0

2019

(FY)

(As of March 31, each year for attendance rate)
EIZO Integrated Repor t 202204

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

History of EIZO Value Creation
EVS (EIZO Visual Systems)

2002

Since our foundation in 1968, more than 50 years ago, we have been
exclusively focused on visual imaging technologies.
As exemplified by our Business & Plus (B&P) product line, the backbone of
our products, we have been delivering solid value that contributes to social
development by creating solutions that capture the changing times.

Healthcare (HC)Creative Work (CW)2003

As a Visual Technology Company, EIZO will continue to provide imaging
solutions that enrich future society.

Air Traffic Control (ATC)Vertical & Specific (V&S)**For Mission CriticalEnvironments.

2008
Security & Surveillance (S&S)

2009

Maritime (MRT)2012Black and White TVs

1968

CRT Monitors

1985

LCD Monitors

2019

1997

Compliant with MIL standards**U.S. defense standards and assessment guidelines used to achieve
standardization objectives by the Department of Defense.

Business & Plus (B&P)

Tabletop Gaming
Monitors

2004

1978

Home Entertainment
LCD TVs

Amusement (AMU)©SANYO BUSSAN CO.,LTD.

EIZO’s Origins▪ In 1968, Nanao Electric Co., Ltd. (currently EIZO
MS Corporation) in Nanao City, Japan began as an
original equipment manufacturer (OEM) of black
and white televisions.
▪ In 1973, Nanao Corporation (formerly Hakui
Electric Corporation) started, a predecessor of
EIZO Corporation.

05

EIZO Integrated Repor t 2022

Amid the transition fromblack and white to color TVs,
EIZO began OEM productionof other products related
to visual imaging, includingtabletop gaming monitors
and VTRs.

Creating the Brand

From CRT to LCD

EIZO decided to withdraw fromOEM production and beganselling CRT monitors under the
EIZO brand name in Europe.
This was followed by sales of its
NANAO brand CRT monitors inNorth America and Japan.

▪ In 1996, EIZO discontinued
using the NANAO brand,
adopted “EIZO” as its global
brand name and introduced a
new EIZO logo.
▪ In 1997, EIZO developed andmanufactured LCD monitors,
bringing one of the first everLCD products to market.

Business Expansion (Specific Markets / Sales Structure)▪ E IZO was listed on the Second Section of theTokyo Stock Exchange in 2002 and then on theFirst Section in 2003. (Listed as the Prime Market
from April 2022.)▪ EIZO accelerated business by acquiringorganizations overseas (including manufacturers),
which demonstrated a high affinity with specificmarkets.

▪ E IZO entered the Healthcare and Creative Work
markets.

▪ EIZO strengthened worldwide production andsales structures by establishing a manufacturing
facility in China and commencing direct sales in
Europe.
Reference

Toward Further Growth▪ In 2013, the company name was changed from
EIZO Nanao Corporation to EIZO Corporation.
The new name embodies our continued
commitment to “EIZO” (Japanese for “Image”)—
Visual Imaging Technologies.
▪ EIZO is further strengthening all products andsystems businesses, not only monitors, toamplify our imaging value.

PP. 7–8 EIZO’s Expansion

EIZO Integrated Repor t 2022

06

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

History of EIZO’s Value Creation

EIZO’s Expansion—A Stronger GroupEIZO have been steadily expanding its business domains and establishing development and production sites and a sales network that
responds to user demands and needs by aggressively embracing M&A and other expansion strategies. All EIZO Group companies arecollaborating to develop business globally.

Development
and Production
Sites*
Japan

Overseas

Countries andRegions Where
EIZO Products Are
Sold*

3 4

104

EIZO Rugged Solutions Inc. acquired a new building. (Phototaken in 2022)*As of April 2022

2000
EIZO Technologies GmbHEIZO Europe GmbH(with 5 branch offices)

2010

Expand and Reinforce Business Domains

2018

EIZO Nordic AB

EIZO Limited
EIZO GmbH(with 1 branch office)2016
EIZO Corporation

EIZO Inc.

(including 6 othercompanies in Japan)

EIZO Rugged Solutions Inc.

2007

EIZO Display Technologies(Suzhou) Co., Ltd.

EIZO AG2009

EIZO Saudi Arabia
Regional Sales Office2015

EIZO Technologies GmbH (Germany)
Acquired the air traffic control andindustrial monitor businesses andmonitor control board business of egelectronic GmbH.

EIZO Corporation acquired the operating
room and endoscope monitor business ofPanasonic Healthcare Co., Ltd. of Japan.

and Sales & Marketing)

V&S Market
EIZO Rugged Solutions Inc. (U.S.A.)
Acquired the company developing andmanufacturing graphics boards for air
traffic control, military and defense, andcommand and control markets.

● EIZO Group (Sales & Marketing)● EIZO Authorized Distributors■C ountries Where EIZO Products

Given the Russian invasion of Ukraine, all sales to Russia have been suspended for the time being effective from April 2022.

Healthcare
MarketEIZO Medical Solutions Inc. (Japan)
Acquired the medical system integration business from
Imation Corporation through the wholly owned company
EIZO Medical Solutions Inc. (now EIZO Corporation).

2007● E IZO Group (R&D, Manufacturing,

Are Sold

EIZO GmbH(Germany)Acquired the medical monitor
business of Siemens AG.

Carina System Co., Ltd. (Japan)
Acquired the developer and business of systemsolutions for operating rooms, including technologies
for image capture, recording, and distribution.

2010

EIZO Display Technologies (Suzhou) Co., Ltd. (China)
Established to manufacture and sell products for the
Chinese market.

Manufacturing andsales targeting the
Chinese domestic
market1990

Strengthening Sales

1985
Established Nanao USA
Corporation (currently EIZO Inc.)

Launched CRT monitors for computers in1985 under our brands of EIZO in Europe
and NANAO in North America.
Established a comprehensive network of
exclusive sales companies and distributors
throughout the 1980s and 1990s.

1985

Rein Elektronik GmbH(Distributor, Germany)
Signed an exclusive
Distribution Agreement.
Hayward Computer GmbH(Distributor, Austria)
Signed an exclusive Distribution
Agreement.

EXCOM AG (Distributor,
Switzerland)
Signed an exclusive Distribution
Agreement.

(Business succession by Raab
Karcher Elektronik Group)

Rein Netherlands B.V.
(Distributor, the Netherlands)
Signed an exclusive Distribution
Agreement.

Raab Karcher Elektronik Group(Distributor)(Business Succession by
the Avnet Group)

Memec Group Limited (Distributor, United
Kingdom)
Raab Karcher Elecktronik Group

Established EIZO Sweden AB(currently EIZO Nordic AB)

Avnet Group (Distributor)
Germany, the Netherlands,
Belgium, Italy, Austria, Czech
Republic, United Kingdom

Acquired Avnet Group’s European
EIZO operations establishing a direct
sales structure.

EIZO Europe GmbHEIZO Limited

2005
1992

Flexible sales
policy based ona direct sales
structure2012

Reinforced senseof security andsupport forcustomers

EIZO NANAO AG (currently EIZO AG)
Acquired EXCOM AG’s EIZO operations
to strengthen our sales activities in the
Swiss market.

indicates a distributor.

07

EIZO Integrated Repor t 2022

EIZO Integrated Repor t 202208

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

CEO Message

EIZO’s Business ModelContinues to Evolve

Review of the FY2021 Financial Results
What factors contributed to the record-high profits in FY2021?
In FY2021, we faced difficulty procuring semiconductors and other parts and materials, price hikes,
logistics disruptions, and soaring distribution costs amid unstable global conditions, including
the COVID-19 pandemic and the Russian invasion of Ukraine. Even under these circumstances, wemanaged to achieve record profits, thanks to our strength of 100% in-house development andproduction.
Even a single missing component can prevent a product from being manufactured. We havealways strategically maintained healthy physical inventories of both finished products and materials
to ensure a stable supply, enabling us to consistently deliver products without any delay.
However, under these severe circumstances, we realized it would be difficult to satisfy all ourcustomers’ demands without taking proactive action, so we implemented some adjustments in our
production from October 2021.
With the understanding and cooperation of our customers, we prioritized the manufacturingof products considered extremely important for society at the time, such as those for healthcare
markets. We also considered using alternative components, reengineering where necessary, andfurther building up physical raw material inventories in preparation for the resumption of full-scale
production.
Our fundamental philosophy of in-house activities, from development and production throughto sales and after-sales, was key to managing the situation. Each department worked together
smoothly for swift response, ensuring all production adjustments were completed in November,earlier than originally planned.
Having diligently recovered production, we were once again able to deliver products with minimalinconvenience to customers who had been waiting.

All Employees Target Being the Best in Their Specific Area
The previous most profitable year was FY2006. How has EIZO changed since then?
In FY2006, our sales to the amusement market (AMU) were JPY51.1 billion, accounting for about
53% of total consolidated sales. In comparison, our AMU sales in FY2021 was only JPY18.1 billion,
about 20% of the total. In other words, our business composition has changed significantly, withconsiderable growth in our Healthcare (HC), Creative Work (CW), and Vertical & Specific (V&S)
businesses. This is due to our strategy of expanding the HC, CW, and V&S businesses over the
past 15 years in anticipation of a shrinking AMU market. As a result, we have been able to achieve
comparable sales and the highest profits despite declining AMU sales.
We will keep moving in the direction of substantial growth in HC, CW, and V&S businesses. The
AMU market will continue to face a difficult situation due to a social diversification of hobbies andinterests. However, we will continue working with our business partners to create good productsthat customers will enjoy and solidify our number one position in the market. At the same time, wewill continue to focus on acquiring and maintaining the number one position in specific markets
such as HC, CW, and V&S, including security, infrastructure maintenance and air traffic control, tofurther transform and enhance our business model. As I mentioned last year, I am convinced that
continually pursuing ongoing transformation is in our DNA, which underpins our strength.

September 2022
President & CEO, EIZO Corporation

09

EIZO Integrated Repor t 2022

Yoshitaka Jitsumori
EIZO Integrated Repor t 2022

10

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

CEO Message

A Year of Steps Toward Achieving our Mid-Term Business Plan
The new mid-term business plan sets the goal of “strengthening the business model with
Systems and Products.” How progress has been made?
I will leave the details to the Operating Officer to explain. FY2022 is the second year of our midterm business plan and a year of “steps” toward achieving our goals. We see this year as a period inwhich we will steadily prepare for significant growth in FY2023, the mid-term business plan’s final
year. Specifically, we will significantly grow “EVS (EIZO Visual Systems),” which is the key to achieving
the goals of the mid-term business plan. We believe that our “Imaging Chain,” covering all aspects
of visual imaging (Capturing, Recording, Distributing, and Displaying), can be used and applied
anywhere in society to meet the diverse needs of our customers and also contribute to solving
issues and advancing their businesses.
Referencebusiness, including our major milestones. Through these efforts, we are striving to ensure that ouremployees can work safely and securely in a free and open corporate culture, which is one of ourstrengths, with a high level of motivation and enthusiasm.
On the governance front, with the approval of our shareholders at the June 22, 2022 General
Meeting of Shareholders, we increased the number of external Directors by one and welcomed afemale Director for the first time. This will strengthen our auditing and supervisory structure andreflect more diverse perspectives and opinions in our management, leading to further businessgrowth and a stronger foundation.

PP. 17–20 7th Mid-Term Business Plan (FY2021–2023)

Is EIZO’s Business Model Challenging to Understand?
Accelerating Sustainability Initiatives
EIZO’s sustainability initiatives are evolving in parallel with our business model.
Our corporate philosophy is to “enrich people in their professional and personal lives throughthe pursuit of imaging solutions with advanced technologies.” Our Group Principles of Conduct,
which embodies this philosophy, extensively incorporates our approach to sustainability, including
advanced environmental commitment, respect for human rights and diversity, and the creationof a free and open environment for employees to demonstrate their abilities and thrive. We haveconducted our business in accordance with these concepts. In particular, regarding environmental
friendliness, since 1985, when we started the development, production, and sales of EIZO brand
CRT monitors for computers, we have continued to manufacture products with consideration for
the environment and users. We have always taken steps to comply with the latest international
standards while keeping a firm grasp on social expectations. Meanwhile, as society’s demandis growing even stronger for sustainability, including environmental friendliness, human rights,
diversity, and the health and safety of workers, we recognize the need to further evolve ourinitiatives and are accelerating specific measures to meet that demand.
In March 2022, we identified EIZO’s materiality (key issues). We reorganize and analyze
various social issues, including the SDGs, and clarifying what we should specifically address andcontribute to, we are further deepening the common understanding across the company andare thoroughly committed to strengthening our business activities. Furthermore, we believe thatpublicly announcing specific initiatives related to materiality will help communicate our approachand initiatives to our stakeholders in an easier-to-understand way. Regarding measures to combat
climate change, we endorsed the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD) in May 2021. We have been working to understand and analyze the impact ofclimate change on our business, consider and promote necessary countermeasures, and disclose
this information. In addition, we have set a greenhouse gas reduction target, which was certified asa science-based target (SBT) under the Paris Agreement in July 2022. Currently, based on the resultsof analysis conducted by the TCFD, we have developed a low carbon transition plan to achieve thetargets set in the SBT and are currently moving forward with our initiative.
In April 2022, we established the “EIZO Group Human Rights Policy” to more specifically define
our respect for human rights and diversity of those who support the EIZO brand, including not
only our group companies but also our business partners. At the same time, we will continue toinvest firmly in nurturing those who are the driving force behind the company’s growth. We arefocusing on initiatives to pass on our corporate culture, such as educating managers and providing
opportunities for me to directly educate young and mid-level employees on the history of our

11

EIZO Integrated Repor t 2022

What are your thoughts on the feedback you received from investors about EIZO’s businessmodel being challenging to understand?
Our business model may indeed be somewhat complicated compared to those of other companies.
However, I believe this is also our strength. Our business model is not intended to develop various
businesses in parallel but rather to link all businesses with “images” at their core and to grow while
generating synergies between them. As I mentioned earlier, many different aspects make ourbusiness model strong. Even if one business is weak, the growth of others can compensate for it. A
technology can be utilized in multiple businesses. We can therefore offer all the diverse products
and systems that our customers require. Our business model is strong on many fronts.
In this integrated report, we explain our business model and strengths from a broad
perspective with the belief that our stakeholders will gain a deeper understanding of the company.
The current global instability is expected to persist well into the future. Nevertheless, wewill continue further growth by responding dynamically and appropriately, leveraging ourstrong business model based on flexibility of our 100% in-house development and production.
Furthermore, we will continue to express our gratitude for the understanding and support of our
stakeholders through a variety of communication channels.

EIZO Integrated Repor t 2022

12

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

EIZO Value Creation

We aspire to enrich future society and enhance corporate value by investing the resources we have accumulated for over 50 years
since our founding to deliver imaging-related products and solutions.

Management Resources

Business Activities (Business Model)

Intellectual Capital &Manufacturing CapitalStrengthen Products through Systems and Enhance Systems
by Strengthening Products

100% In-House Development and Production
Development Companies: 7 worldwide
Production Sites: 7 worldwide
R&D Expenses: JPY 5.8 billion (FY2021)
CAPEX: JPY 3.0 billion (FY2021)

Value for Society

By leveraging our technologies from capturing to recording, distributing, and displaying,
we provide imaging solutions centered around high-quality, high-performance monitors• Financial Institutions	Superior image quality and reliability supporting financial trading operations• Offices	Supporting ergonomics and sustainability• Home	High-definition monitors for greater satisfaction• Hospitals
	Visual environments for sustaining accurate diagnosis and cutting-edge surgery• In-house production of all products in Japan, Germany,
China, and the United States• Stringent quality control in collaboration with the R&D,
quality control, and manufacturing departments• Advantage in procurement of components and stablesupply of products to customers• Creative Work
Precision color reproduction improves operational efficiency and accuracy• Railway	Supporting platform monitoring by providing high visibility• Factory	Responding to the specific needs of each facility

Human Capital
Number of employees:• Commercial and Leisure Facilities
Supporting the security management of operations

2,461 (consolidated, as of March 31, 2022)

Number of Employee Nationalities:

36 countries/regions• Marine Vessels
Ensuring safe navigation and onboard security• Free and open corporate culture• Active engagement by diverse personnel

Enriching futuresociety withvisual imaging(EIZO Visual Systems)

E Environment

Natural Capital
Usage Rate of Renewable Energy:• Accelerating Environmental Consideration in Products: EIZO Sustainable
Monitors• Promoting response to climate change: TCFD disclosure/SBT accreditation

44% (all group companies)• Aggressive efforts to combat climate change• Ongoing efforts to reduce environmental impact
of products

Social and Relationship
CapitalReference

S Social

Mid-Term Business Plan
P. 17

• Strengthening efforts to respect human rights: Established EIZO Group Human
Rights Policy• 2022 Certified Health and Productivity Management
Organization (large enterprises category)• Promoting sustainable procurement

Countries and Regions with Sales Activities:

104 (as of April 2022)

Number of suppliers (primary):192• Global sales network, supply chain• Sustainability with suppliers

Financial Capital (FY2021)

76.3%
Operating Margin: 13.0%

Equity Ratio:• Sound financial base• Aggressive investment in growth areas

Materiality
P. 33

EIZO Integrated Repor t 2022

シンボルマーク ＋ DX 認定

Reference P. 67 Composition of the Board of Directors (Skills Matrix)• Board diversity• Established the Sustainability Committee• Enhancing information security• Selected as a DX-Certified Operator

P. 02

P. 02

13

G Governance

EIZO Group Principles ofConduct – Seven Promises

Corporate Philosophy

PP. 60–64 TCFD Disclosure

HC: Healthcare
CW: Creative WorkEIZO Integrated Repor t 2022

14

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Evolving Our Business Model and Bolstering the Business Structure

EIZO has continuously evolved its business model. In the mid-2000s, sales in the amusement market peaked, accounting for morethan 50% of total sales by FY2006. Since then, we have been shifting our business structure in anticipation of a contraction in theamusement market, primarily bolstering business in the B&P market, as well as in the healthcare (HC), creative work (CW), and V&S
markets, to transform our profit structure and evolve our business model. In the 7th Mid-Term Business Plan (FY2021–FY2023), weplan to further evolve through the EVS (EIZO Visual Systems) business.

■ B&P

95.6

86.7

5.1

4.5

12.2%

80

■ V&S

51.1

40

13.0％

3.0
8.5

15.0%

8.3
6.2

6.5

31.9

36.5

2002

2003

2004

2005

12.0
10.0
8.0
6.0
4.0

2006

2007

Favorable sales in theamusement segment

2008

2009

2010

2011

2012

2013

2014

2015

Actively shifted the business model amid acontraction in the amusement market

Healthcare

B&P

Net sales

JPY

2016

2017

2018

JPY

17.5

Composition

billion

20.2

Applications

financial institutions, public authorities,
educational facilities, CAD, commercial
facilities, business and home use
The B&P market serves as the foundation of EIZO’s business for all markets.
The FlexScan series is our basic model, offering high quality, reliability, andenvironmental performance, and is mainly marketed for office applications.
In addition to our technical capabilities cultivated in the B&P market, wedevelop businesses for each of the markets in which we operate by drawing
upon common resources, such as our manufacturing and procurement
capabilities, to expand the product lineup and ensure a stable supply. These
synergies are among the strengths of the EIZO business model.
There is also strong demand for the FlexScan series in the HC and V&S
markets, where we cater to various user needs with a wide range of products,from basic models to professional applications.
See P. 21 for details.

EIZO Integrated Repor t 2022%
See P. 23 for details.

V&S

31.9

billionComposition

36.8

%

Creative Work

2020

2021

2.0

18.0
2022 Plan

2023
Mid-term0(Fiscal Year)

Evolve the business model to the next stage
and raise profitability to a higher level

Net sales

JPY

6.2

billionComposition

7.2%

Applications diagnosis and medical examination, medical treatment andApplications media and entertainment, 3D computer graphics, photo

This is EIZO’s core market, which offers total solutions for the visualenvironment of medical institutions. With its high quality, reliability, andafter-sales service, EIZO has been providing highly functional products thatmeet all visual display requirements in the medical field, including products
for diagnosis and inspection, endoscopic surgery and testing, and operatingrooms. In addition, one of its strengths is its ability to keep pace with thegrowing visual environment needs in the medical market, since our businessdomain encompasses every aspect, from the input to output of visual
images. We expect the market for image-related equipment to continue togrow at a fast pace in line with the rising demand for advanced medical care,such as minimally invasive surgery as well as teleradiology.

For those requiring color management, we provide monitors with superior
color reproduction and software that excels in color management. In
addition to the still image field, where we have earned a solid reputation inphotography and printing, sales are expanding in the moving image field,
such as movie and video production for online streaming services. In the fieldof movie production, we have earned high acclaim in Hollywood, receiving
the Academy Scientific and Technical Award in 2021. We expect this market
to grow as demand for video production increases worldwide, along with theshift to high-definition video production environments and the expansion of
online distribution services.

Net sales

JPY

8.3

billionComposition

9.6%

editing, illustration, design, publishing and printing

See P. 25 for details.

Amusement

Applications air traffic control (ATC), security and surveillance (S&S),

EIZO provides visual environment solutions for an array of industries andfields. Its strengths include its product development and manufacturing
technologies, which can be used for all sorts of applications and, because of
their high quality and reliability, even in harsh environments.
We project increased demand for security and surveillance applications
worldwide along with heightened security awareness, while the market formaritime applications is also expected to grow at a fast pace due to risingdemand from shipbuilding.

Net sales

JPY

18.1

billionComposition

20.9

%

Applications LCD-mounted pachinko and slot machines

maritime, MIL-STD compliance, other industrial fields(including touch panel applications)

See P. 27 for details.

2019

Expanded profits in the HC, CW,
and V&S markets

operation, healthcare IT

Net sales

16.0
14.0

15.5

17.5

15

(%)

88.0

39.3

20

0

■ Other

Operating Margin

18.1
60

■ AMU

HC
CW V&S
Composition of sales 53.6%

Composition of sales 53.5%

100

■ CW

*Data for B&P, HC, CW, and V&S prior to FY2011 are combined
since we had yet to adopt the current classification for thesegments and disclosed data under the single classification ofcomputer monitors.

Amusement
Net Sales(JPY billion)■ HC

Operating Margin

See P. 29 for details.

We provide amusement machine manufacturers with our high image
quality, high-precision hardware and IREM’s entertainment-oriented imaging
software. Another one of our strengths is that we share development, quality,
procurement, and manufacturing resources with products for other markets
to ensure a stable supply.
Even in the face of a difficult market environment, we will continue toenhance our competency through business partnerships and keep the top
position.

EIZO Integrated Repor t 2022

16

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

7th Mid-Term Business Plan (FY2021–2023) Amplify Imaging Value

Overview of the 7th Mid-Term Business Plan (FY2021–2023)

Basic Policy
The 7th Mid-Term Business Plan is intended to visualize the value of“Imaging” through products and systems and show our expanding
business fields.
In terms of products, we intend to strengthen, expand, and enhanceeach product portfolio, from monitors and cameras to video encoders.
This will be achieved by applying our own in-house algorithms andAI as key elements. In addition, to amplify the value of “Imaging,” wewill further develop our systems business throughout “Imaging Chain”
consisting of our various business units. We call this systems business“EIZO Visual Systems (EVS)” and will evolve the business model bystrengthening products through systems and enhancing them with evenstronger product bases.

• V&S
Security & Surveillance
Drive EVS with image optimization technology and ultra-highsensitivity cameras
Air Traffic Control (ATC)Expanded the facility in Germany dedicated to ATC productdevelopment and increased production capacity ready for
anticipated market growth post-COVID.
• Amusement (AMU)
Contribute to the development of the industry together with
our partners by leveraging the EIZO Group’s comprehensive
strengths• Creative Work (CW)
Realize differentiation through original technology with anindustry-leading reputation

Investment in Growth Opportunities
Draw on our solid financial base to aggressively invest in high growth areas ensuring the realization of our 7th Mid-Term Business Plan in
FY2023*1 Picture archiving and communications system, *2 Hospital information system, *3 CTs and MRIs, *4 Interventional radiology

FY2023 Targets in
FY2022
Mid-Term BusinessAnnounced Targets
Plan

Consolidated net sales

JPY

86.7 billion

JPY

Operating income

JPY

11.2 billion

JPY

Operating margin
CAPEX

86.0 billion

JPY

88.0 billion

8.0 billion

JPY

13.2 billion

13.0%
JPY

3.0 billion

JPY

5.8 billion

9.3%
JPY

4.2 billion

JPY

6.4 billion

15.0%
JPY

3.0–4.0 billion

JPY

6.0–7.0 billion

FY2022We see FY2022 as a year for taking the key “Step” toward achieving the Mid-Term Business Plan in FY2023.
We will continue to leverage our strong financial base to invest aggressively in R&D, infrastructure, and HR to drive businessgrowth.

FY2021 Achievements

FY2022 Initiatives

Laid the Groundwork for Full-Scale Launch of EVS

Full-Scale Launch of EVS to Provide New Value

Strengthen the EIZO business model further
to raise value and profitability to an evenhigher level
Strive to achieve record profit levels in FY2023,
the final year of the 7th Mid-Term Business PlanCAPEXContinue to invest for business growth from along-term perspective.

Offshore wind power monitoring◦ Released ultra-high sensitivity cameras
Capable of capturing clear color images
even under extremely dim lighting
conditions, the cameras are expected tobe utilized for monitoring infrastructure
facilities, police investigations, and otherapplications.

Ratio of R&D expenses
to net sales

17

EIZO Integrated Repor t 2022

6.7%

7.5%

7–8% or more

R&D
Continue to invest in key areas for businessgrowth (Ratio of R&D expenses to net sales:
7–8% or more).

River monitoring◦ Strengthen products
We will take advantage of market feedback obtained through the
expansion of the EVS business to evolve products toward further
meeting customer needs.
◦ Provide solutions for in-hospital monitoring andtelemedicine support
We will provide total solutions throughout video capturing,recording, distributing, and displaying, which support intra/interhospital medicine and telemedicine, by sharing surgical videos
within and between hospitals.

Emerging as the Overwhelming Number One in Specialist Markets
FY2021 Achievements

FY2022 Initiatives

Healthcare sales reached a record highAchieve record-high sales by enhancing positioning in each of
the HC, CW, and V&S markets.
Reference PP. 21–30 Business Overview by Market

Execution of Stable and Flexible Management
FY2021 Achievements

FY2022 Initiatives

Responded flexibly to changes in the market environment

Continued aggressive investment for future growth

In the face of procurement difficulties, primarily due to the tightsupply of and demand for semiconductors and international
logistics confusion, we took advantage of our strength in 100%in-house development and production, demonstrating thecapabilities of our competitive advantage.

◦C
 onstruct a new logistics building to further increase stablesupply of products.
◦P romote DX investment
We will build a manufacturing execution system (MES) that can
support flexible, efficient response to customer demands forcustomization.

Execution of investment in growth opportunities
R&D Expenses◦ Further expand business areas through EVS
We will flexibly respond to new needs through advanced
activities and expand business for various security markets.

*MEGURI 2040 is a fully autonomous ship navigation project launchedby the Nippon Foundation. The DFFAS consortium, in which EIZO
participated, successfully completed a demonstration of the world’s
first fully autonomous ship navigation system.

Our efforts to expand business areas through M&A and sales
network expansion bore fruit, resulting in record-high sales.
Diagnostic applications benefited from firm demand in Europe,and sales grew across a wide range of applications, including
endoscopy monitors and built-in modality equipment.

Numerical Targets

FY2021 Results

Under the severe business environment due to procurement difficulties and international logistics disruptions we leveraged
our strengths in 100% in-house development and production demonstrating the capabilities of our competitive advantage.

◦ Developed an emergency remote operation system in anautonomous ship demonstration*
We leveraged the strengths of our “Imaging Chain,” which
operated throughout the process, from capturing images outside
the ship to optimizing the images and transmitting them via
satellite to a land-based operation center.

Business Strategy by Market• Healthcare (HC)
Expand EVS from operating rooms (OR) to intra and interhospital.
Further expand the entire Healthcare business throughsynergies with EVS in PACS*1, HIS*2, Modality*3, IVR*4, etc.

FY2021Business Growth through EVS

Key Measures• B&P
Consistently provide high-performance, safe, and reliable
products.

Toward Achieving the Mid-Term Business Plan

• Acquired a new company building in the U.S. to expand the V&S
market business.
• Introduced automated production equipment in Japan toincrease production capacity, improve productivity, andovercome labor shortages.

EIZO Integrated Repor t 2022

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Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

7th Mid-Term Business Plan (FY2021–2023) Amplify Imaging Value

The following questions and answers from Executive Officers responsible for promoting the business shed light on the direction of ourbusiness under this plan and progress as well as their efforts to achieve the plan.

EVS Will Further Strengthen Our Business Model

Hop, Step, and Jump to Strengthen Products and EVS with Both Wheels

Kazuhide Shimura

Masaki Kita

Senior Manager, Strategic Business Development
Senior Executive Operating Officer, Strategic Business
Development, Sales & Marketing, Global & JapanEIZO Corporation

Senior Manager, R&D, Visual Products
Operating Officer
EIZO Corporation

Q. In FY2021, EIZO achieved record profits. What isthe plan going forward?

We have continued to evolve our business model and havesignificantly changed our operations. Healthcare, Creative
Work, and V&S have led this development.
In FY2021, Healthcare sales reached a record high, andCreative Work is also on track to a record high. V&S sales
declined slightly. This is due to the nature of this market, forwhich there are many large projects, with sales rising andfalling year-to-year depending on the timing of programs.
However, our position in the market itself is becoming evenstronger. There is no doubt that these businesses will continue
to drive EIZO’s growth.
To further strengthen these businesses, we have beenworking on EIZO Visual Systems (EVS), the keyword of the 7th
Mid-term Business Plan.

are your hopes for with EVS as a growth
Q Whatdriver?
The number of videos and images is growing steadily, and theiruses are changing dramatically, presenting many challenges.
For example, videos once used only in operating rooms
are now being used throughout the hospital. Moreover,the shortage of physicians in some areas is becoming moreacute, and in such circumstances, it is natural to use videos
between hospitals when core hospitals support local medical
institutions. Inter-hospital use, however, requires an IT
infrastructure, and security issues are also a major challenge.

19

EIZO Integrated Repor t 2022

Maintenance staff for social infrastructure are also facing
significant challenges. Currently, inspectors in most cases
visit sites to observe conditions directly. However, as theworkforce shrinks, it is becoming increasingly difficult to secure
inspectors, while the number of social infrastructure facilities
that require inspection continues to increase. The ability tophysically conduct visual inspections is reaching its limits.
Until there can be a shift from onsite visual inspections tothe use of previously captured videos and images, it will not
be possible to ensure the maintenance of social infrastructure.
To this end, previously captured videos and images must be
suitable for inspection purposes.
EVS is our response to these challenges, by providing
an Imaging Chain, which comprises capturing, recording,
distributing, and displaying, as a system solution, including
hardware.
Carina System Co., Ltd., which develops a systems
business mainly for the Healthcare market, joined the EIZOGroup in 2018. This addition has not only disseminated thesystems business concept throughout the group but has also
strengthened the required hardware products themselves,
integrated the sales structure, creating a system that will
accelerate EVS initiatives throughout the group.
We will continue to enhance the value of videos andimages by providing not only hardware for displaying videos
and images but also systems consisting of products forenabling users to improve the use of these videos and images.

was the first year of the Mid-Term BusinessQ. How
Plan going in terms of development?

activities are you going to do in the
Q. Whatsecond year of the Mid-Term Business Plan,

To achieve the goals for the plan’s third year, we positioned
the first year as a period for solidifying our foundationand promoted development of EVS as a new initiative forstrengthening products and future growth.
Society is rapidly transforming, with video becoming
increasingly important for telecommuting, telemedicine,
remote monitoring, etc. To strengthen our products underthese circumstances, we released monitors that respond tochanges in the working environment, such as enhancing
connectivity with notebook PCs. We also released ultra-highsensitivity cameras capable of capturing clear images in color
even in low-light surveillance environments.
In addition, we strived to build new systems in the
Healthcare and V&S markets. For the Healthcare market,
we released the ADMENIC LNX series as a secure videoconferencing system to meet the growing demand for videocommunication within and between hospitals. In the V&S
market, we participated in DFFAS, a full autonomous shipproject promoted by the Nippon Foundation, and contributed
to the success of the world’s first demonstration test throughthe development using “capturing, recording, distributing, anddisplaying” technology.
In the first year of the Mid-Term Business Plan, we believethat we made a pronounced “hop” in both our products
and EVS. We will continue to adopt a “hop, step, and jump”
approach to reach the goals of the plan.

We will continue to strengthen products with such features
as high quality, high reliability, and excellent environmental
performance throughout the entire Imaging Chain, using
capturing, recording, distributing, and displaying technologies.
We will also take steps to enhance network distribution
technology, application software, and systems engineering—in
other words, to link these products to use them efficiently as asystem.
The EIZO Group has released numerous hardware
products and related software and services. These include the
RadiNET Pro® software, which facilitates the management ofmonitor quality within hospital intranets, RadiNET Pro Web
Hosting®, which is an Internet hosting service, and ADMENIC/MEDIASYNERGY solutions, which enable the recording,
distributing, and displaying of high-definition images via a
network. As described above, the group already has sufficient
software technology and development resources necessary forthis step and is currently allocating the necessary resources tostrengthen EVS.
Furthermore, group companies in Japan and overseas
have been developing several products that make up EVS, withstrong collaboration across the entire EIZO Group to developelemental technologies and mutually share developed
technologies.

which is positioned as a “step”?

EIZO Integrated Repor t 2022

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Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Business Overview by Market

Choose EIZO, Work Better

Business & Plus (B&P)
Financial Institutions
Educational Facilities
Commercial Facilities

EIZO products are friendly to the environment, ergonomicallysound, and widely used within financial trading institutions aswell as in offices and educational facilities.
The FlexScan® series offers excellent image quality
and reliability as standard performance features, and TCO
performance for costs of installation, maintenance, andmanagement. It also includes advanced features and functions
resulting from years of dedicated work in environmental
performance and ergonomics, such as minimizing eye fatigue.
EIZO products achieve the most advanced environmental

Public Authorities
CAD
Business and Home Use

Management Environment

Case Study

Larger and higher-definition monitors are increasingly required for even greater work efficiency. In addition, demand forenvironmentally sound products is expected to rise due to an increased awareness of sustainability. Moreover, there is a growing
need for advanced functionalities, including compatibility with notebook PCs, as lifestyles and working practices become increasingly
diversified following the COVID-19 pandemic.

Performance Highlights by Market
FY2021 Results

Net Sales• While the entire industry was affected by semiconductor shortages and risingmaterial procurement costs, our stable supply gave us a competitive edge.
• Although we reduced our production level from October to November due toshortages in the supply of some materials, production gradually recovered from
December onward to meet domestic and overseas demand by taking advantage
of our strength in 100% in-house development and production.

(JPY million)
30,000 ■ Japan ■ Overseas

Up 4.0%
year-on-year
20,00010,00016,40916,864

17,544

11,147

11,07812,122

5,261

5,786

5,421

2019

2020

2021

19,100Overseas
Sales increased in Europe
Japan

0
2022
plan

(FY)

performance in the industry, including an energy-saving
design that contributes to reducing CO2 emissions andimproved recyclability. They have been designed so users canwork comfortably for extended periods and offer a virtuallyframeless design for a seamless view across multi-monitor
configurations and reduced screen brightness and reflection.
Moreover, we have a variety of models that incorporate
USB Type-C for compatibility with notebook PCs to contributeto user productivity in the office and while teleworking.

Royal Automobile Association of South Australia / Australia

Choosing EIZO for its Sustainability Initiatives and Long-Term Investment Returns
The Royal Automobile Association (RAA) is based in South
Australia and provides motor, home, and travel products
and services. After reviewing its equipment and updating its
monitors, RAA installed FlexScan monitors.
RAA is committed to sustainability and working to realize
a sustainable society by thoroughly adhering to numerous
policies and procedures. The decisive factor in selecting ourmonitors was that EIZO also emphasizes sustainability andmeets strict requirements such as zero tolerance for childlabor, responsible mineral procurement, and a carbon-neutral
production process.
Return on investment (ROI) is important when making
capital investment decisions. The RAA decision was based notjust on the initial investment but also on the long-term returnsof its investment, such as FlexScan’s high durability and long
five-year warranty period.

Case Study
https://www.eizoglobal.com/solutions/casestudies/

Sales were steady due to a slight recovery in capital investment previously
postponed

Voice
FY2022 Outlook

We expect steady sales by taking advantage of an increase in investment for IT equipment, especially in Europe and Japan. In addition, we will
enhance our environmentally advanced features and promote sustainable manufacturing that is consistent with our efforts to address climate change.

Many employees have experienced working from home during the COVID -19 pandemic,
which now has resulted in companies facilitating hybrid working. This hybrid working is
also a challenge for IT departments. IT infrastructure needs special attention not just on
the workspace area but also in network and security.
A modern workplace is what our customers require. By this we mean the interplayof devices, technologies, applications and associated tools tailored to the wishes andrequirements of our customers. It is important to focus on the requirements of theteam: flexible working anytime, anywhere. With the EIZO product portfolio, we offer thismodern workplace, a comprehensive digital working concept that includes all aspects.
Rethinking is necessary!

Marcel Fleuren
Sales Manager
Office & Graphics Benelux
EIZO Europe GmbH
Netherlands Branch

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Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Business Overview by Market

Healthcare (HC)

Making Each Life Visual

Diagnosis / Medical Examination

The importance of medical imaging is growing in our current
healthcare service along with advanced medical devices.
In case of team medical care for surgery, doctors and othermedical staff need to simultaneously share the patient’s
information and a huge amount of numerical data, images, andvideos. Videos of surgeries may also be used for research andeducation as well as records of the medical treatment.
To achieve this kind of effective imaging operation, we

Medical Treatment / Operation
Healthcare IT

provide consulting services to propose comprehensive visualsolutions and soundly address user needs that encompass
image display equipment, peripheral equipment, software,and network layout, enabling the construction of an optimal
visual environment. By taking full responsibility for the entire
process, from capturing, recording, distributing, and displaying,
we have revolutionized the video environment in hospitals,
including operating rooms.

日本Management Environment

Case Study

Demand for diagnostic applications is expected to increase because demand for high-definition monitors is up in developed
countries, mainly in Europe, the U.S., and Japan. In addition, demand is also expected to rise in China and emerging countries alongwith advances in medical services. Teleradiology, which is being introduced in Europe and the U.S., is expected to expand to otherregions as well. Regarding applications for endoscopy and operating rooms, as demand for advanced healthcare, including minimallyinvasive surgeries increases, demand for equipment-related images such as high-definition monitors for operating rooms, operative
field cameras, video recording, and distribution systems will also rise.

Performance Highlights by Market
Net Sales

FY2021 Results(JPY million)
40,000 ■ Japan ■ Overseas

Record-high sales achieved

Up 18.5%

year-on-year

35,100Overseas

31,90530,00029,390• Increased due to steady demand in Europe and a slight recovery in North
America• Increased sales of endoscopy monitors in Europe, North America, and China

26,924
19,44520,00017,251

16,591

Japan• Sales in Japan increased as a result of a recovery in CAPEX and use ofgovernment subsidies• Increased sales of applications for operating room (OR) integration andendoscopy monitors

10,00012,138

10,333

12,459

2019

2020

2021

0
2022
plan

Tokyo Medical University Hospital

Recording/Distribution System Covering “Capture, Recording, Distribution and Display”
Tokyo Medical University Hospital is focusing on providing
advanced healthcare as a special function hospital recognizedby the government. The opening of the new hospital was
an opportunity to upgrade to our ADMENIC surgery video
recording and distribution system. With the system, we
provided an end-to-end solution that encompasses the entire
process from capturing and recording surgery video and related
information to distributing and displaying them in the hospital.
The hospital records and stores intraoperative videos of
all cases, and the system has made possible the automaticrecording and storing of multiple videos, allowing for reviewing
the surgery process later. In addition, video images from all
operating rooms are collected in the video distribution systemroom so that intraoperative instructions can be given from one
place without having to move back and forth across the large
operating room floor.

Case Study
https://www.eizoglobal.com/solutions/casestudies/

Voice

(FY)

FY2022 Outlook
We expect to increase sales of OR integration applications to meet growing demand in the market. For endoscopy monitors, we expect continued
growth across a wide region. We plan to achieve steady sales for diagnostic applications, anticipating a slight recovery in North America, in addition tocontinued firm demand, especially in Europe.

Teleradiology, increasingly adopted mainly in Europe and North America, has attracted
growing demand at an accelerated pace, triggered by the COVID-19 pandemic, andour products are being used in hospitals as well as in image interpretation centers anddoctors’ homes. In addition, a new trend is emerging toward digitizing diagnostic images
in medical markets such as pathology and dermatology.
Moreover, utilization of the image/video information that we have been working onin the field of surgery video systems in Japan is not limited to intra-hospital use; there isincreasing interest and demand for sharing and collaboration between hospitals.
To meet these changing needs, we will further evolve the Imaging Chain, which
only we can provide, and support diversified imaging environments with EIZO Visual
Systems (EVS).

Yuki Yoshida
Section Leader,
Strategic Business
Development & Overseas
Sales Department,
EIZO Corporation

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Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Business Overview by Market

Creative Work (CW)

Pure Vision. True Precision

Media & Entertainment

Our ColorEdge series, which we were committed to the color
reproduction quality, increases accuracy and work efficiency increative settings including photo editing, design, printing, andvideo production by achieving and maintaining accurate color
display.
Built-in calibration sensors and our own color
management software enable users to adjust their monitor
settings to their individual needs. Also, our own color

3D Computer Graphics
Illustration

Photo Editing

DesignPublication / Printing

management solution enables users to simultaneously set
the color mode for multiple ColorEdge monitors over a
network. This, in turn, enables them to maintain uniform color
display throughout the entire workflow, from production toreferencing, even when finishing a product with remote work
environments, including video production at multiple sites,
which boosts the work efficiency of the monitor administrator.

イタリアManagement Environment

Case StudyIn the still image field, which includes photography, design, and printing, there is a steady demand for photography and printing
applications, where color reproducibility is important. In the moving image field, such as the production environment for 4K and
HDR is spreading, demand especially in areas of movie production and video streaming service is growing. We also expect increased
demand for applications in game content creators and production.

Performance Highlights by Market
Net Sales(JPY million)
8,000 ■ Japan ■ Overseas

FY2021 Results

Up 14.5%

year-on-year

7,300

6,278
6,000

5,345

5,485

4,104

4,340

Overseas
Sales expanded in all regions• Sales in Europe increased driven by sales of high-end models with HDR
gamma support• Media & Entertainment sales in North America recovered slightly• Demand in China also increased

4,000
5,231

2,000

0

Japan
1,241

1,145

1,047

2019

2020

2021

2022
plan

(FY)

Frame by Frame / Italy

EIZO’s Total Solution for a True-Color Workflow
Frame by Frame is a leading video post-production company in
Italy. We provided our total solution to realize centralized color
management throughout the entire workflow.
The ColorEdge® CG series is equipped with a built-in
calibration sensor that ensure accurate color display at all
times. This allows workers to concentrate on creative workwithout worrying about display quality, thereby increasing work
efficiency.
Furthermore, with more than 70 creators working on
production at multiple locations, matching the colors displayedon each monitor had been a challenge. We overcame thatby introducing the ColorNavigator Network solution, whichenables centralized management of ColorEdge monitors
connected to the network. This also led to increased efficiency
throughout the production workflow.

Sales decreased. Demand from gaming content creators, which was high in
FY2020, returned to normal.

Case Study
https://www.eizoglobal.com/solutions/casestudies/

Voice
FY2022 Outlook
We plan to increase sales both in Japan and overseas. We will deploy products and services to offer superior display and color management
performance that are the hallmarks of our color management monitors. With respect to video production monitors, we will expand sales in the video
streaming distribution service field in addition to the existing video production field.

It’s an incredible journey to recognize EIZO’s hassle-free color management technology
by the top-notch barons of the industry. EIZO’s unmatchable product line gives the best
technology to the clients and gives us immense pride and ultimate satisfaction.
The Indian industry is just scratching the surface and is still considered the world’s
outsourcing capital for the VFX and animation content creation sector. Further, it has
amplified with exponential local demands from Hollywood, Bollywood, Kollywood,
Mollywood, Tollywood and Sandalwood.
EIZO’s technology has been acknowledged for the most prestigious projects and is
now highly vital in all local and global projects. That is the greatest source of pride for me
and for everyone on the team.
Rohan ChahandeCountry Head, India
EIZO Corporation

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Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Business Overview by Market

Vertical & Specific (V&S)

Durability × Quality × Everywhere

Air Traffic Control (ATC)We provide visual environment solutions used in specialized
applications and environments in areas such as air traffic
control, maritime, security and surveillance, railway, and factory
automation.
We serve diverse needs ranging from improving visibility
to ensuring high reliability and display performance that canMaritime

Security & Surveillance (S&S)
MIL-STD compliance
Other Industrial Fields (Including Touch
Panel Applications)withstand harsh operating environments. We meet highly
dynamic requirements, including small quantity production,
flexible customization, stable long-term supply, and reliablelong-term maintenance by harnessing the visual technology
and know-how we have accumulated over the years.

日本

Management Environment

Case Study

Broad demand growth can be expected due to diversity in targeted industries and fields. We maintain the top position in terms ofworldwide market share in the ATC market. In addition to replacement demand in the U.S. and around the world, we expect higher
demand from the construction of new airports and for high-definition monitors with added value. In the area of S&S, the market
is expected to expand against the backdrop of increased awareness of security threats worldwide. In the Maritime market, steadydemand for monitors certified with marine type approvals is predicted along with the digitization and systemization of ship bridges.
Additionally, there are interesting movements in the market such as the increasing need for surveillance on ships and research
activities aimed at realizing automated navigation systems.

Performance Highlights by Market
Net Sales

FY2021 Results(JPY million)
12,000 ■ Japan ■ Overseas
10,403

Down 3.8%

8,665

9,000

Overseas

11,000

Sales were on par with FY2020• Sales in the S&S area recovered slightly• ATC sales in North America decreased compared to FY2020• Sales remained low, affected by COVID-19, particularly in the automotive andother industrial markets

year-on-year

8,337

6,186
4,432

6,000

4,372

KDDI Corporation

EIZO’s Sustainability Effort was Another Factor in Selecting a PC-less System for Multiple Simultaneous
Output of IP Camera Images
EIZO’s IP decoding boxes and FlexScan® monitors were adopted
for KDDI’s new network service operations center.
Our IP decoding box was selected for monitoring remotesites. The choice was attractive because it is straightforward way
to simultaneously display multiple camera images from othersites without needing a PC.
The selection of the FlexScan for use in the surveillanceroom for both operators and offices were highly regarded not
only for functional aspects, such as simultaneous display oflarge volumes of information and prevention of eye fatigue,
but also for our initiatives on sustainability. We proposedcustomized packing specifications (collective packaging
specifications, options with no stands or cables) to help reduce
the environmental impact, which contributed to shipping costs,
and significantly less waste than usual.

Japan
3,000
4,217

4,232

3,964

2019

2020

2021

0
2022
plan

(FY)

Sales decreased compared to FY2020• Expanded sales in industrial markets, including S&S and ATC• Sales decreased due to completion of some programs requiring advanced
product customization despite a slight sales recovery in some industrial
markets

FY2022 Outlook
For S&S applications, we will promote the business while enhancing such products as cameras and IP encoders in addition to monitors and expand
sales both in Japan and overseas. For ATC, sales are expected to increase across a wide region, including the Middle East and China. In the Maritime
market, we plan to boost sales by capturing increased demand from new shipbuilding projects. We also expect demand to gradually recover from theautomotive industry and other industrial markets, where sales had been weak since FY2020 due to the impact of COVID-19.

Case Study
https://www.eizoglobal.com/solutions/casestudies/

Voice
My responsibly is to develop the IP decoder business in Europe. It is important tolisten to the markets requests and development as it helps us to improve the productfunctionality and the usability in projects. Also, it is important to understand the different
markets in the European countries. In addition, the close contact and collaboration toimportant technology partners (i.e., camera and VMS manufacturers) can be very helpful
to get a foot in a project.
With all these activities we can see that the EIZO IP decoder products will become
more and more visible on the security market and the sales numbers will continue togrow. The close and professional relationship to all stakeholders (i.e., customers, partners
and EIZO colleagues) are crucial and the key for future and successful business.
Oliver Nachtigal
Business Development Manager
Security & Surveillance
EIZO Europe GmbHGermany

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28

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Business Overview by Market

Amusement (AMU)

Providing Comprehensive Capabilities by Combining EIZO Hardware with Irem Software
We entered the market at the dawn of the pachinko era andhave since sought to create amusement products that amaze
users, enticing them to continue playing. We have been a
key long-time partner of the market’s leading amusement
machine manufacturer, producing extremely popular products
including the “Sea Story” and “Hammerin’ Harry” series.
Our track record has been supported by the comprehensive
capabilities of the EIZO Group.
We develop and manufacture the hardware and software
for monitors installed in pachinko machines and supply themto the amusement machine manufacturer as an integrated
unit.

LCD-mounted pachinko and slot machines

Net Sales

FY2021 Results
Up 25.6%

year-on-year

20,00010,000• The market size continues to decrease• Increasing sales were contributed by our stable supply, which responded toincreased demand for replacement with models that comply with the new
regulation

18,141
14,44615,000

9,607

8,700

FY2022 Outlook
5,000

0
2019

2020

2021

2022
plan

©Sanyo Bussan Co., Ltd.

EIZO’s In-house Development, Procurement, and Manufacturing System

Performance Highlights by Market(JPY million)

Our in-house capabilities encompass production planning,
video production, and software insertion in addition to
hardware development and production. This comprehensive
capability gives usa major advantage
over othermanufacturers andvideo production
companies.

(FY)

Sales are expected to decline due to a reactionary drop in replacement demand
for models that comply with the new regulation. We will strive to provide attractive
products and ensure stable supply to maintain our position as the leading
manufacturer in the market.

EIZO Group
Hardware Development and Materials
Procurement

Hardware Manufacturing

EIZO Corporation◦ Irem’s Content Production Technology
We have established a unique presence in the digitalentertainment industry by developing arcade and console
games as well as video software for pachinko and slot
machines.
We are very familiar with amusement machinetechnologies and therefore able to produce a diverse array ofhigh-quality products in any genre, including videos for 3D
real-time rendering and 2D movies.

EIZO MS Corporation

Production Planning, Software, and Design
Irem Software Engineering Inc.

◦Development Capabilities for Installing State-of-theArt Image-Processing Technologies
We have developed in-house and installed our own imageprocessing ASICs in high-quality and highly reliable monitors thatcan meet the requirements of ever-evolving game machines.
Moreover, we incorporated the full capabilities of our 3D real-time
image-processing technologies, cultivated in our gaming business,
into our amusement products.

Voice
I am in charge of visual software development for the “Sea Story” series of pachinko and slot
machines. I have been passionate about creating the industry’s top amusement machines
by actively engaging not only in my programming work but also in planning meetings ofour partner amusement machine manufacturers.
Recently, I have been enjoying our unique integrated development environment,
which allows to expand the scope of involvement to development of sound and lamps inaddition to images. I find it even more challenging and fun to be creating a major part of theentertainment offered by an amusement machine.
Each day, I will continue to research new ways of expression without distinguishing
between software and hardware and strive to create machines that strike a chord with users.
Ryushi Onitsuka
Main Programmer,
Software Development
Department,
Irem Software Engineering Inc.

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EIZO Integrated Repor t 2022

Irem Software Engineering Inc.
https://www.irem.co.jp/ (Japanese only)◦Flexible Procurement and Production System for
Responding to Volatile Market Demand
Our strength lies in our procurement and production
systems, which allows for a flexible response to changes inorders from amusement machine manufacturers. In addition
to our excellent procurement capabilities, made possible by
the broad range of markets served by EIZO Group products,
our flexible production system handles, in the same factory,
the production of monitors for both B&P and amusement
while fully utilizing our multi-skilled staff and efficientfacilities.

EIZO Integrated Repor t 2022

30

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Foundation for Sustainable Growth

Visualizing a better tomorrow for all

Participation in the UN Global Compact
EIZO has been a signatory of the UN Global Compact, a global
framework for achieving sustainable growth since September
2012. Participating companies contribute to the developmentof this framework of voluntary corporate initiatives by
exercising responsible and creative leadership as goodmembers of society.
As a participant, EIZO is always proactively committed to
the Ten Principles of the UN Global Compact on protecting
human rights, eliminating wrongful labor practices, respecting
the environment, and anti-corruption.

We contribute to the development of a prosperous society using ourunique technologies and inherent principles resulting in sustainablegrowth together with society.

Membership in the Responsible Business Alliance (RBA)

Sustainability Policy
EIZO upholds its corporate philosophy of pursuing imaging
solutions to enrich society. We contribute to society’s
sustainable development by providing products, systems,
and services that help resolve social issues using our unique
technologies and inherent principles. We also focus on
the sustainable development of our company and society
by conducting business activities in good faith with due
consideration for the environment, human rights, and ethicalconduct and participating in the sustainable developmentof local communities. Our corporate philosophy and policy
are clarified in the “EIZO Group Principles of Conduct,” which
serves as a guideline for every individual member of the EIZOGroup to follow and as our sustainability policy.
EIZO Group Principles of Conduct
https://www.eizoglobal.com/company/information/conduct/

Sustainability Promotion System
A “Sustainability Committee” has been established under
the direct control of the Board of Directors to promotesustainability efforts. It is chaired by the President & CEO who
is also the Chief Sustainability Officer, with its membershipcomprising all Operating Officers and the Presidents of groupcompanies. The committee develops policies and mid-termgoals of sustainability, and the progress of sustainability
promotion activities in each department is reviewed,
evaluated, and verified based on the policies and goals.
The purpose of the committee is to promote sustainability
throughout the group under the supervision of the Board of
Directors and with the involvement of top management.

*This integrated report serves as our annual report to the UN Global Compact.

EIZO Corporation has been a member of the Responsible
Business Alliance (RBA), which seeks to promote CSR
throughout the global supply chain, since January 2020.
The goal of the RBA is to ensure that both companies andtheir global supply chains fulfill their social, ethical, andenvironmental responsibilities. It establishes a code of
conduct on human rights, occupational health and safety, theenvironment, and ethics. EIZO supports the vision and missionof the RBA, and we are aligning our business activities to follow
the RBA Code of Conduct in stages. We also take the initiative,
with the understanding and cooperation of our suppliers, toensure that the entire supply chain is aligned with the Codeof Conduct.
In January 2022, EIZO completed a “VAP (Validated
Assessment Program)” audit to determine its state ofcompliance with the RBA Code of Conduct. We are addressing
the findings to further improve compliance.

Reference

PP. 51–52 Supply Chain Management

Board of Directors
Management Committee
Sustainability Committee
Chairperson:
President & CEO (Director responsible for sustainability)
Committee:
All Operating Officers and Presidents of Group Companies
ReportApproval

Sustainability Promotion
Subcommittee

ReportApproval

Climate Change Response
Subcommittee

Instruction/Supervision

Endorsing TCFD Recommendations
Since the launch of our own brand, we have been
consistently working on the most advanced environmental
measures. In May 2021, we announced our support for therecommendations of the Task Force on Climate-related
Financial Disclosure (TCFD).
Under the sustainability promotion system outlinedin the left column, we continuously analyze the risks andopportunities posed by climate change to our business while

also taking the necessary actions and more broadly disclosing
relevant information.

Reference

PP. 60-64 Our Initiatives for TCFD Recommendations

Departments andGroup Companies

Identifying Materiality
In FY2021, we identified our materiality and key issues from theperspective of sustainability. On this basis, we plan to address
issues through specific measures.

Reference

PP. 33-34 Materiality and Key Issues

Voice
In Nordic countries, and within both the public and private sectors, demand isincreasing for sustainable supply chains as they grow more and more important,including materials, assembly, and sales. EIZO listens to the requests of the local
community and puts great effort into making continuous improvements inprocurement and production, giving us credibility as well as a head start in many
projects.
Lars Rovig
Nordic Healthcare Sales
EIZO Nordic AB (Sweden)

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Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Foundation for Sustainable Growth

Steps Taken to Identify Materiality

EIZO’s Materiality
In March 2022, we identified the EIZO Group’s materiality (key issues). By linking our materiality with the corporate goal
management system, we will further strengthen our initiatives for realizing a sustainable society and enhance our corporate value
over the medium to long term.
EIZO’s Materiality

Key Issues

STEP

1

Broadminded
corporate culture thatencourages free andcreative activity

based on the development and application of cutting-edge
technologies◦ Provide Imaging Chain that supports social infrastructure-C ontributing to the improvement of the quality and safety ofhealthcare and welfare-Providing imaging environment that contributes to theadvancement of healthcare around the world- Contributing to the creation of safe and secure communities

Relationship with major stakeholders
Real and potential impact on the economy, environment, society,and individual people

References

References• SDGs• 10 principles of the UN Global Compact• Responsible Business Alliance (RBA) Code of Conduct• Global Reporting Initiative (GRI) standards• International trends related to business activity in economic,
environmental, and social areas• Stakeholder engagement◦ Promotion of health management◦ Build and maintain a safe and secure work environment

Reference◦ Maximize the value of human resources2◦ Respect for the human rights of all persons involved in our business- Prohibit inappropriate labor (child labor, forced labor, bonded labor)- Prohibit all forms of discrimination and harassment

STEP◦ Build partnerships based on mutual prosperity◦ Stable supply initiatives

3

P. 49 Stakeholder Engagement

Analyzing the Issues
We evaluated and analyzed the selected social issues from the perspectives of the degree of impact on eachstakeholder and degree of impact on the EIZO Group. The results of our analysis were finalized after receiving opinionsfrom outside experts, as part of the stakeholder dialogue, to assess whether we had covered all items with regard to theGroup’s significant impact on the economy, environment, and people, and whether we had appropriately determined
the level of importance.

Identifying Materiality
The results of the aforementioned analysis were mapped onto agraph to identify social issues important to both stakeholders andthe EIZO Group as the Group’s materiality.
Following deliberation by the Sustainability Committee,
the Group’s materiality was adopted by the Board of Directors in
March 2022.

◦ Advanced environmental management◦ Creating products that are friendly to people and the environment◦ Shift to materials with less impact on the environment and humanHigh

Importance to stakeholders
Impact on stakeholders◦ Promotion of sustainability initiatives throughout the supply chain- Initiatives related to climate change, biodiversity, and water resources

Supporting a
Recycling-Oriented
Society■ Review of social issues in the value chain• Long-term vision• Risks and opportunities in the value chain of businessactivities• Business environment of each market• Management strategy◦ Respect for different cultures and values

SocialSupply Chain
Management■ Analysis of the EIZO Group• EIZO Group Principles of Conduct• EIZO Group’s history, values, and business model• Management strategy and management plans• Exchange of views with directors and departments

STEP

Respect human rights
and diversity

We selected social issues closely related to the EIZO Group’s value chain as candidates for key issues by referring to our
Principles of Conduct and international goals and guidelines, such as the SDGs and GRI Standards.

Related SDGs

◦ Providing high-quality, highly reliable products, systems, and services

Contribute to
the creation of aprosperous society
through imaging
solutions

Selecting the Issues

Materiality
Key issues EIZO
will address

body

Low

High

Impact on EIZO
Importance to EIZO

Environment◦ Provide products and systems that contribute to climate change

Respond to Climate
Changeaction◦ Reducing GHG emissions throughout the product life cycle◦ Reducing our environmental impact in business activities◦ Appropriate information disclosure

Governance

33

Open and fair
Governance

EIZO Integrated Repor t 2022

◦ Strengthen resilience◦ Strengthen information security◦ Enforcement of business ethics

Materiality Initiatives
The EIZO Group will share and promote the identified materiality throughout the Group as management issues to be addressed byinvesting management resources with the highest priority.
Initiatives for the Future• We will formulate and implement action plans for each key
issue (ongoing).
• We will set KPIs to monitor progress (ongoing).

• The Sustainability Committee and Board of Directors will monitor andsupervise the PDCA cycle.
• We will revise our materiality according to the progress of our activities as well
as changes in the business environment and social conditions.

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Our Story

Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Enriching Society through Visuals

Devices Creating Products Committed to Exceeding User Expectations

Development

Novel devices and image processing technologies are vitalfor creating innovative products. We therefore pay close
attention to the performance of key display devices in strong
partnerships with each device manufacturer. In addition,
we develop and produce specialized display devices inhouse through our unique technology development andmanufacturing methods or apply special processing to display

Development Capabilities Ensuring the World’s BestThe EIZO Group will continue creating the world’s best products.
We have established a fully integrated in-house system for productplanning, development, manufacturing, quality control and aftersales service. This has enabled us to accumulate a wealth of visualtechnologies and expertise within our organization.

devices as needed, for example, to meet special applications or
super-reliability requirements.
Moreover, we have developed our proprietary control
systems (firmware) that maximize the ability of display devices
to even surpass necessary performance levels, as well as ourvery own ASIC and FPGA image processors.

Sharing the Spirit of Global Development
Accumulating Unrivaled Visual Technologies
We have accumulated a wide variety of visual processing
technologies by meeting the high requirements of specificmarkets such as healthcare, creative work, and Vertical &Specific (V&S) based on developments incorporated inmonitors for the Business & Plus (B&P) market.
In particular, the unrivaled quality and reliability essential
for these specific markets are realized in both hardware
and software technologies. In addition to our advanced

hardware technology for impressively high image quality
and performance, we possess extensive expertise in software
technologies that have helped customers benefit from ahigher level of convenience and control over their visual
assets. Moreover, the solutions created in this way havebeen successfully deployed for professional applications
that require a consistently high degree of accuracy over long
periods of use.

Note: Due to risks surrounding COVID-19, we canceled the EIZO Technology
Showcase for FY2021. Global strategy meetings for each business unit
were held online.

New Technologies to Amplify Imaging Value
We are focusing on developing the technologies necessary
to amplify imaging value, from viewing to actual application.
Specifically, we are striving to dramatically improve
performance through the integration of our proprietaryalgorithms and AI technology, develop computing
technologies for implementing these algorithms in cuttingedge GPUs to achieve the ideal processing for each applicationand develop various video codecs to robustly transmit visual
information in mission-critical markets, as well as develop
environmentally sound technologies that help contributeto sustainability. We also implement these technologies todrive the evolution of monitors, cameras, video encoders, andWe maintain R&D and manufacturing facilities in multiple
locations globally. Each year, EIZO Group companies
responsible for R&D gather at the headquarters to introduce
their technologies at the in-house exhibition “EIZO Technology
Showcase” in order to continue to create the world’s best.
This is an important opportunity not only for engineers to
exchange information but also for sharing EIZO’s future
strategy and vision with sales, planning, and manufacturing
staff from around the globe.
We also hold global meetings by market to share detailed
information on needs and technologies.

other products, and we are upgrading network transmission
technologies, application software, and system engineering toconnect all these products in one effective system. We form
an imaging chain from the initial input to output of visual
data, including image capturing, recording, distributing, anddisplaying to evolve our EVS business.
With the accelerating influence of DX, the role of imaging
technology is becoming increasingly important. We will evolve
our system solutions to be comprehensive and have additional
value to support users in their efforts to automate andstreamline their operations and improve the accuracy.

Voice
With a wide range of image processing and transmission technologies, Carina System is engaged
in the development of systems for capturing, recording, and delivering visuals, and is thereby
meeting the needs of many customers, mainly in the healthcare industry. The fundamental
technology for visuals is perpetually evolving, and visual trends themselves are changing rapidly.
We therefore cannot afford to and do not intend to become complacent. We will remain openminded to newer technologies and endeavor to create unique added value that will further
strengthen the competitiveness of EIZO’s visual systems.

Senior Engineer
Development Department II
Carina System Co., Ltd.

Christopher Fadeley
Chief Technical Officer
EIZO Rugged Solutions Inc.
(USA)

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EIZO Integrated Repor t 2022

Takahiro Yoshimura

At EIZO Rugged Solutions, we serve a market that demands the latest in GPU and video
processing technology. As the appetite continues to grow for data collection, analysis, anddisplay, high-performance computing and data transfers between devices become paramount.
Customers constantly seek the latest generation processors for AI and other processing needs
as well as the ability to ingest data into those processors at the highest possible throughput.
These requirements mean that we can never be complacent. We must always anticipate thefuture. Even as we adopt the latest GPU technology, we are also working on new technologies
to facilitate extremely high bandwidth data transfers. Since our products are used in rugged
and extended temperature environments, we continuously adopt new mechanical andthermal technologies to deliver every possible ounce of performance in the final embedded
environment. With the programming paradigm shift to AI/deep learning and more modular,
yet heterogeneous, systems, EIZO Rugged Solutions must continue to lead and help customers
with future technology needs beyond what they require today. Every EIZO Group company
demonstrates this inherent drive for quality and evolution. Our ability to leverage each other’s
cutting-edge technologies is the cornerstone to our success.

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Our Story

Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Enriching Society through Visuals

Advanced Production Facilities Using AI, Robotics, and IoT

Manufacturing

EIZO-Style Manufacturing Creates the World’s Best
“Stop looking for the reasons why you cannot do it. Think seriously how
you can do it!!” This statement originates from an EIZO production site
and is now widely shared as the philosophy of EIZO’s manufacturing.
Each and every employee embodies this philosophy, taking pride in
their work.

Integrated Group Production as EIZO’s Proven Strengths
Our monitors are manufactured within the group in an
integrated manner, from manufacturing of electronic circuitboards to assembly and inspection of finished products. Closealignment among all the teams and their united pursuit ofever-improved manufacturing have allowed EIZO to create
products that reflect the world’s first-class quality and reliability.
More than 90% of circuit boards mounted on EIZO’s monitors
are manufactured at the Hakui Factory of EIZO MS Corporationin Ishikawa Prefecture and supplied to the assembly factoriesof the EIZO Group in Japan (Ishikawa Prefecture), China, andGermany.
At each factory, our R&D and manufacturing departments
work together from the development stage, freely exchanging

ideas for improving manufacturing operations. In addition, ourInformation Systems Department joins to analyze the massive
volume of quality data accumulated daily in the production
process. This is to ensure the data is fully used to constantly
improve the development of new products, production
systems, and process design. Moreover, our agile and stableprocurement function optimizes the manufacturing process
regardless of ever-changing market demand and material
availability.
The EIZO Group’s manufacturing strengths and competitive
power are built on a strong sense of unity across departments
and countries.

Approximately 80% of the EIZO monitors worldwide areproduced at the factory in Japan. Here, monitors are mass
produced on four production floors, each with its own
characteristics, as shown in the table below, using the optimal
production method according to product characteristics,
required production volumes and delivery date requirements.
The hybrid floor has a state-of-the-art production line that
promotes labor saving and automation by taking advantage
of AI, IoT, and robotics. This production system collects data
in real time such as production progress, the operating statusof equipment and measuring instruments, and the stateof product adjustment. Analyzing this big data supports
continual improvements in product quality and processes. In
addition, we promote the digitization of onsite records using
Production
Floor

Products Produced

Belt conveyor
floor

Products for business applications with high production
volume per model (mainly B&P)

Cell floor

Various products in small lots for specific markets (mainly
V&S), each product requiring different adjustments andinspections

Hybrid floor

Products that are difficult to adjust and therefore timeintensive because of the many adjustment and inspection
items (mainly healthcare and creative work). Two-thirds ofthe entire process can be fully automated.

Master floor

Products with our uniquely customized panels (mainly V&S).
The floor has a large clean room and specialized equipment.

tablets at production sites. We are striving to further improve
productivity by accelerating data analysis.

Introducing Additional Automation Equipment,
Resulting in a 30% Increase in Productivity
The strength of our 100% in-house development andproduction is deployed in the company’s production process,the frontline of manufacturing—for example, in the recently
launched automated function validation process andautomated unit assembly process at the Hakui Factory. The
board assembly for B&P products, which handles high volume
production, is automatically performed in these processes.
Efficiency has increased by 30% compared to earlier manual
processes, thereby boosting EIZO’s productivity. The evolutionof this production system is the result of the concerted efforts
between the teams of manufacturing and development
related to standardization of circuit board specs and circuitdesigns and reflects the competency of EIZO’s factories.

Hybrid floor

The Spirit of Manufacturing and Technologies
We have consistently incorporated state-of-the-art
technologies into EIZO products, which requires the continualrefining of our manufacturing expertise and skills. Thus, we
provide regular training to all workers at our production sites tocontinually improve their skills. We also organize annual factory

tours* for employees of our group companies to share EIZO’s
manufacturing spirit and technologies globally.
*To prevent spread of COVID-19, factory tours for the overseas groupcompanies were not conducted in FY2021.

Manufacturing Circuit Boards Meeting High Quality Standards
To maintain high quality standards in the mounting ofelectronic components, the latest equipment is used to adjust
the mounting position at micron levels. X-ray inspection
prevents defective components from leaving the line bychecking areas that cannot be inspected visually, andautomated optical inspection confirms the mounting statusof all components. The EIZO logo is firmly printed on all circuitboards made to represent the high reliability of our monitors.

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EIZO Integrated Repor t 2022

Automated unit assembly

Inspection System for Catching the Smallest
Abnormality
We perform a thorough visual inspection for every single
finished good, although automation has been employed
for much of the production process. After going throughautomated inspection processes, such as color consistency
and brightness uniformity on screens, the final image quality
inspection is conducted visually by inspectors who havebeen certified in-house. Monitors are products that people
constantly stare at, so we believe in the importance ofinspection using the human eye.

Voice
As the sub-lead over the production line for finished products, I am responsible forcontrolling the quality of all operations, from material input to assembly, adjustment,
inspection, and packing, in addition to tracking the progress of those operations. The
B&P products, to which my team is assigned, have evolved and constantly gain morefunctions and higher resolutions as new models come into the lineup. Likewise, wehave evolved our production process through the use of adjustment software for
quality optimization and robotics for automation toward eliminating the risk of humanerror. We never stop improving our skills to deliver the best to customers, and this is
how we support the EIZO brand.

Manami Yamamoto
Assistant Team Leader
Manufacturing Section 2,
Manufacturing Department
EIZO MS Corporation

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Our Story

Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Enriching Society through Visuals

Ensuring Quality in Procurement

Quality

Premier Quality Assurance Creating the World’s BestWe never compromise on quality and always strive to deliver
high-quality products, systems and services that enhance theconvenience and increase the value of our customers’ visualenvironments.

The EIZO Group Quality Basic Policy—Commitment to Quality
As set forth in the EIZO Group Quality Basic Policy, we arecommitted to quality in order to provide the best possible
products, services, and solutions to our customers and thereby
earn their trust. The policy is shared by all of our members
worldwide, and coherent quality assurance activities have been

implemented throughout the EIZO Group.
The EIZO Group Quality Basic Policy
https://www.eizo.co.jp/company/information/qmp/ (Japanese only)
Quality Management System Certifications
https://www.eizo.co.jp/company/csr/1/process/management/ (Japanese only)

Ensuring Quality in Planning & Development—Strengths of In-house Development◦ MIL-STD-810 Environmental Testing and Assessment
We operate a facility capable of conducting tests under harshconditions such as extreme temperatures and humidity,
vibration and shock in accordance with the standards andassessment guidelines for materials procured by the U.S.
Department of Defense. Passing the test means that the
product will be highly reliable.

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EIZO Integrated Repor t 2022

◦ Anechoic Chamber
We obtained EMC testing facility certification in 2002 from the U.S.
National Voluntary Laboratory Accreditation Program of the U.S.
National Institute of Standards and Technology (NIST), based on
ISO/IEC 17025 requirements. We also obtained certification fromTÜV in 2003.

Microscopic images of an electricalpart

Analytical electron microscope**The microscope allows observation of the inside of a component at highmagnification and analysis of impalpable defects and identify chemicalcomponents, enabling us to conduct analyses and make immediate
improvements more quickly.

Ensuring Quality in Production
At each stage of production, important key parameters suchas brightness and contrast are automatically recorded andsaved and analyzed from various perspectives for real-time

quality monitoring. We use this big data to quantify quality
control standards, improve production efficiency, and provide
feedback for new product development.

Ensuring Quality in Sales and After-Sales Service
We conduct sales and after-sales activities through our groupcompanies and authorized distributors in over 30 countries
around the world (as of August 2022).
Working closely with our group companies andauthorized distributors through our global network, we areconstantly sharing the latest information. In each territory weprovide prompt and solid support as well as reliable after-sales
service to users by playing a role in monitoring and collecting
market quality information and providing feedback on
customer needs.
We focus on preventing quality-related incidents. In
the unlikely event of an issue related to safety or quality,

we will take prompt and appropriate measures (e.g., cause
investigation, countermeasure implementation, productrepairing, information disclosure).

Countermeasure,
Response,
Information
Disclosure

President
Instruction
ReportTask Force

Inquiry

ReportQuality Assurance
Department

Related Authorities

Main Testing Equipment

In order to ensure the quality and performance demanded
by users, we also have our own equipment to perform EMI and
EMS tests as well as other safety and reliability tests, including
high-temperature, low-temperature, vibration, and drop tests.
We thoroughly assess the risks involved in the market andpurpose of use for each product, in addition to confirming
compliance with laws and regulations around the world as wellas industrial standards. We promptly, yet meticulously, conduct
quality tests based on international standards and our own
studies about potential and past findings about reliability, andwe quickly deliver feedback on those tests to our design andproduction teams. The highly reliable quality of our products
can be attributed to all these steps.

to maintain and improve quality. Furthermore, we develop
and share our know-how and market feedback with suppliers
as part of building a collaborative and mutually beneficial
partnership enabling us to grow together over the long term.

Customers

One of our strengths in the pursuit of quality is that the EIZOGroup possesses all the necessary functions, ranging fromplanning and development, procurement, and production,and to marketing and after-sales service. This structure allows
us to accurately capture user wants and needs and reflect
the requested or demanded performance and quality into
the designs of products and services in the planning anddevelopment stages.
Our quality assurance team plays a central role at theside of the design, development, and manufacturing teams
throughout the entire production process, including theearly phase of development. Also, it effectively conducts
comprehensive quality assurance activities to achieve
uncompromising results.

EIZO procures more than 10,000 parts from around the world.
To provide stable products, systems and services, it is essential
to source only quality components. In addition to establishingprocurement policies and guidelines and providing themto suppliers, we achieve our quality goals by collaboratingwith suppliers to ensure quality through the evaluation andverification of samples during the development stage. To
maintain quality even after mass production, we also audit
the manufacturing sites of our suppliers and strictly confirm
quality. We also use malfunction analyzers to detect quality
problems that could originate from procured parts.
We use these analyzers in collaboration with our suppliers
to examine defects, pinpoint root causes, come up withpreventive measures, and immediately take remedial action

Voice
My section plays a key role in our quality management throughout the entire life cycleof products, from early development to production and after-sales, by encouraging
group companies and suppliers around the world to realize our quality. My job isrewarding, as it requires my involvement across a wide range of products and services
in terms of quality and to understand customer needs and corporate strategies while
also being able to embody them in a new product or activities on a global scale. I
always keep in mind the importance of having a broad perspective and making theright choice, even when this might seem difficult. It is not easy working for EIZO, acompany that constantly challenges its own limits. Having this EIZO spirit in me, I
will remain committed to the creation of EIZO quality together with colleagues who
support me across specific teams, companies, and countries.

Ryosuke Tai
Assistant Manager
Quality Assurance Section
Quality Assurance Department
EIZO Corporation

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Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Enriching Society through Visuals

Centralized Management of EIZO Intellectual
PropertyIntellectual Property

Intellectual Property Initiatives Vital to Business Growth

We centrally manage all EIZO intellectual property obtained
globally (including patents, design rights and trademarks). By
doing so, we have established a system to facilitate the use of
intellectual property and sharing of related information within
the EIZO Group.
To properly manage our intellectual property, we
periodically evaluate each intellectual property based ontechnology trends and implementation status.

We believe technology and design created in the process of
product development to be one of the most important assets
for EIZO and actively seek to obtain patents and design rights toprotect them. We also strive to obtain and maintain trademark
rights in order to protect and enhance EIZO brand value.

Securing Patents and Designs and Obtaining
RightsNumber of Patents Held by the EIZO Group and Countries with EIZO Trademark Protection
Our focus has been on attaining patents and design rights in countries and regions where we expect product sales to grow, such as
China and India, in addition to Japan, Europe and the United States, currently our main markets. We are striving to construct a global
patent and design network and acquire and maintain trademark rights for our corporate brand and product names in each country.
▶ Number of Patents Held by the EIZO Group (as of March 31 of Each Fiscal Year)

600

Japan

543

U.S.A.

488

Europe

400

China
Other

200

0

183 6
45 1
17

371
51
23

57
35

503
457
38

227

17

26
42
190

280 2
1
90

296 5
4
93

309 21
91

86

100

23

24

31

40

45

58

68

71

80

147

164

170

155

150

152

153

156

162

165

2012

2013

2014

2015

2016

2017

2018

2019

2020

232 7
1
56
21

11

114
2011

332

63
29

39
17

185

169

Protecting EIZO’s Intellectual Property Rights
In the event that a third party is found to have infringed upon
EIZO’s intellectual property rights, we will seek appropriate
measures from that party to be taken to protect these rights.

We have and manage an incentive program for employee
inventions to encourage staff to secure patents and designs.
We also have an internal awards program for inventors
who have secured patents or rights to designs that havecontributed to our business.

2021 (FY)▶ EIZO Trademark Holders (as of March 31, 2022)

EIZO trademark
holders74

During the initial stages of product development, we identify
new technologies and designs and incorporate them into
the product plan. We then investigate to confirm if there are
any related third-party patent and design rights. Should sucha right be confirmed to exist we exercise the utmost care toensure that we do not infringe upon any third-party intellectual
property rights by taking action such as excluding the use of
the technologies or designs, or by obtaining permission to use
a technology or design from the third party.
In determining a new product name, we confirm inadvance there is no possible infringement of any third-party
trademarks in any country where the product is to be sold.

Encouraging Creation of Patents and Designs

Note: We conduct reviews based on the market size of the target products, intellectual property risks, and the status of patent holdings in each region to determine theneed to renew or continue patents.

■ Countries withtrademark protection

We have incorporated a survey and application procedure forpatents and designs into our product development process
to prevent missed opportunities for identifying new core andperipheral technologies as well as designs created during theprocess.
We secure patents or rights for all technology or designthat can be a powerful and beneficial asset for EIZO. To achievethis, we strategically select appropriate countries for theapplications in accordance with the area and characteristicsof the technology or design. We then develop an optimal
network of patents and design rights.

Respecting Third-Party Intellectual Property
Rightscountries

Voice
Our group’s unique intellectual property is the result of our ability to consistently
provide all aspects of imaging, including “capturing, recording, distributing, anddisplaying,” through the development, manufacture, sales, and maintenance ofhardware, software, and mechanics, as well as solution proposals and system
integration from the customer’s point of view. Therefore, we have very uniqueintellectual property.
The Intellectual Property Management Department protects the unique identity of
EIZO products and helps differentiate them from those of competitors while respecting
the intellectual property of other entities and thereby promoting fair business practices,with the ultimate goal of increasing the value of the EIZO brand.

Hiroshi Ito
ManagerIntellectual Property Section
Intellectual Property
Management Department
EIZO Corporation

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Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Broadminded Corporate Culture for Employees to Demonstrate Creative Abilities andRespect for Human Rights and Diversity
Promoting Diversity
We ensure that all employees are fairly and equitably evaluatedwith respect to hiring and promotion, regardless of gender.
To improve the percentage of female managers in groupcompanies in Japan, we have an action plan for women’s
advancement, and we are working to improve the working
environment so that female employees can play leading rolesin their workplaces. Our plan incorporates measures such asproviding training for selected management and mid-level
employees, as well as active participation of female employees
in recruitment activities.
We also strive to incorporate and further enrich ourdiversity by opening the door for mid-career recruits,
regardless of their functions, and actively recruit them.

Broadminded Corporate Culture for Employees to
Demonstrate Creative Abilities
People are one of the most important elements supporting the
EIZO brand. Upholding our free and open corporate culture, wevalue our working environment in which each employee candemonstrate their creativity.

Broadminded Corporate Culture
We have been cultivating a free and open corporate culturethat encourages flexible and active communication between
departments. Open exchanges take place between company
members regardless of position. Employees are encouraged
to freely voice their opinions and are given opportunities totake on new challenges. Our broadminded corporate culture
is one of our strengths, which enables individual employees tofully demonstrate their abilities and in turn allows us to provide
excellent products and services in addition to continually
improving our internal environment.

Success of a Diverse Workforce
EIZO comprises 17 companies globally (as of August 2022),
and we harness the talents of our diverse workforce. While
respecting the human rights of each employee and promoting
a mutual understanding of different cultures, the entire groupstrives to develop its business with a sense of unity.
Overseas group companies are led by local managers, and wepay careful consideration to the circumstances, cultures, andcustoms of each country to ensure the most suitable working
environment.
▶ Number of Employees by Nationality (including the average number of
temporary staff, as of March 31, 2022)
Japan

Germany

1890
Myanmar

China

293
Italy

12
Belgium

10

7

7

3

1

1

Switzerland

1

1

India

1
Pakistan

1
Spain

1

3

1

1

Sales

Japan

641

239

726

164

143

Overseas

101

254

161

32

─

Total

742

493

887

196

143

Reference

Denmark

Macedonia

Slovakia

R&D

1
Vietnam1

Manufacturing Administration Services, etc.

8

3

1

1
SerbiaCzech Republic

Cuba

Lebanon

16

9

4

2

1

Austria

Croatia

Australia▶ Number of Employees by Function (including the average number of
temporary staff, as of March 31, 2022)

Sweden30

10

5Jamaica

Russia58

Columbia

Turkey2
EgyptPortugal

10
Romania

Saudi Arabia

Ecuador71
The Netherlands

FranceKosovoUnited States

UnitedKingdom

All Functions Completed within the GroupEIZO is characterized by 100% in-house development andproduction, which means that all functions—from planning,development, procurement, and production to sales andservices—are handled within the EIZO Group. We exchange
information smoothly about the different functions and inspire
each other, leading to the creation of better products.

P. 80 Composition of Employees▶ Composition of Managers (as of March 31, 2022)
Male

FemaleRatio ofFemales (%)

Total

Japan (10companies)

111

4

115

3.5

Overseas (7companies)

70

19

89

21.3

Total

181

23

204

11.3

Supporting Active Participation by Persons with
Disabilities
We strive to ensure fair employment and develop workerfriendly environments for persons with disabilities by fully
observing the laws of each country, so these employees
can demonstrate their talents in a variety of workplaces. In
Japan, we actively engage in recruitment efforts such as
participating in joint company information sessions for people
with disabilities and accept internships. We are always seeking
to improve our workplace environment while creating work
opportunities for people with disabilities as we expand ourbusiness.
▶ Number and Ratio of Employees with Disabilities (as of March 31,
each fiscal year)
FY2021Japan

30

Overseas

6

Total

36

FY2019
Employment rate ofpersons with disabilities(Japan) (%)

FY2020

1.91

F2021

1.60

1.88

Supporting Diverse Work Styles
To enable employees to maintain a balance between life
events such as childcare, nursing care and their work, we
provide various programs to support diverse work styles while
complying with the laws of each country.
In Japan, these include programs based on laws suchas paid leave for childbirth, childcare, nursing care, andshortened work hours, as well as environmental arrangements
beyond legal mandates such as a childcare system that allows
employees the flexible use of up to two hours of shortened
work hours. We also try to enhance support systems for
employees who engage in childcare and nursing care byintroducing new systems, including the spouse maternity leavesystem.

▶ Usage Status of Childcare and Nursing Care Systems (Japan)
FY2019FY2020

FY2021Childcare/nursing care
leave

56

47

67

Male acquisition rate ofchildcare/nursing careleave (%)

11.8

20.0

21.7

Shortened work hours
for childcare/nursing
care

56

43

54

Improving the Work-Life Balance
We believe that feeling mentally and physically refreshed isimportant for employees to work with a sense of fulfillment,
accomplishment, and happiness. To enable employees toeffectively use their free time to refresh their minds and bodies
or pursue personal development, we encourage balanced
work styles through a broad range of benefits for diverse needs
and supports club activities and recreational events.
Reference

P. 81 Annual average work hours, Paid leave taken

1
During the COVID-19 pandemic, club activities and recreational events are
conducted under thorough infection prevention controls.

43

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GovernanceCorporate Overview

Environment

Broadminded Corporate Culture for Employees to Demonstrate Creative Abilities and Respect for Human
Rights and Diversity

Enhancing Education and Training
To develop a diverse range of human resources to support
our business, we plan and implement a variety of training
and education programs in Japan, including training by job
level and function, global human resource development,
and assistance for self-development while keeping abreastof internal education and training needs. In our overseas
group companies, we organize training opportunities for theentire company and individuals for developing the respective
skills required by product development and sales operations.
Moreover, we seek to raise skills by making use of on-the-job
training and external seminars.
Policy on Human Resource Development
https://www.eizoglobal.com/company/csr/3/▶ System of Training and Education (Japan)

Function-specifictraining

Position-specific training

Development of global humanresources

Training for mid-level employees

Responsible
Staff

Technical training
for new employees
Training for new
employees

Business skills training
Over-the-counter sales
training
Systematic OJTExchange and training
with other companies

Training for Sub-Section Chiefs & Group Leaders
Leadership position training
Training for female employees

Group training for sales personnel
Participation in outside training andseminars
Education on specialized knowledge andskills within departments

Leadership
Position

Training for Section Chiefs
Training for newly appointed Section Chiefs

Secondingto overseas
groupcompanies

Overseas
traineesystemInternships overseas
Training for EIZO UNITED
participantsDistance learning, e-learning, acquisition of qualifications

Managerial
Position

Business knowledge training (management, accounting
and finance, legal affairs, labor management, market trends,
understanding the overseas group companies)

Language education

Training for Executives

Support for
personal
development

Personnel Exchange within the GroupWe encourage personnel exchanges within our groupcompanies in which young engineers are dispatched for shortterm or long-term training. These programs are intended toincrease the number of employees who can work effectively
in different cultures and manage technology from a global

Global Meetings
We carry out a variety of meetings across our company every
year. These include global meetings for raising the level ofquality control throughout the group, a EURO Meeting fordiscussing sales strategies within EIZO (in Europe), and otherbusiness unit meetings.
Although all meetings were again carried out online in
FY2021, a series of productive meetings with lively discussion
was conducted.
EIZO United
EIZO holds the annual EIZO United conference at EIZO
Corporation (Japan), attended every year by around 100
participants from EIZO Group companies and EIZO AuthorizedDistributors*. During the conference, we share our latest
technologies, the status of sales in each country, various
initiatives and the overall product and business direction. Not
only does this deepen everyone’s understanding of our future
direction but it also fosters a strong sense of unity within
our network through mutual exchanges. This also provides
opportunities for employees in various departments to present
their department’s initiatives to cultivate a sense of belonging to“One EIZO.”

Online meeting among overseas group companies*The conference was cancelled in FY2021 to prevent the spread of COVID-19.

EIZO United in the past

Voice
Employees always have opportunities to participate in job-related seminars and group training
to improve job skills, foster the EIZO mindset to support the power of the company, and cultivatea shared understanding. Employee efforts are suitably rewarded and appropriately reflected inpromotions. I also believe EIZO’s employee-friendly working environment generates a high levelof motivation and leads to better job performance. To optimize the work-life balance, EIZO Europe
offers employees the option of mobile working in a hybrid system. I personally enjoy the flexibilityof this system, which permits me to train my son’s soccer team in the early evening during the week.
This is a welcoming change of scenery and quality time with the family.

perspective as well as to cultivate new technological expertise.
The programs have not been implemented due to the
COVID-19 pandemic but will be initiated with close attention
to the status of infection.

Bart Frederickx
Chief Financial Officer
Manager, Finance, HR & Operation
EIZO Europe GmbH

Cultivating the EIZO Mindset
We are working to nurture and sharing the “EIZO mindset”
of creating the “world’s best” to unite EIZO in creating anddelivering state-of-the-art products and services to customers
globally.
While we had fewer opportunities to speak in person

during the pandemic, we fully leveraged online tools tocommunicate and foster the EIZO mindset with a sense ofunity. We will increase opportunities to speak in person, withclose attention to the status of infection.
Miho Kawai

I am in charge of management accounting practice, including budgeting, for the EIZO Group. Our
division provides the numbers used as decision-making criteria for management as signposts forthe group and plays a role in leading the entire organization toward achieving its goals.
The budget reflects the entire group’s goals as well as passions of each employee to achieve
their them. Through budgeting processes, I communicate with each group company anddepartment, and I operate and attend budget meetings, where top management from Japan andoverseas engage in heated discussions. I directly experience how we, “All EIZO,” keep evolving
EIZO, and I am proud to be part of it. I am most fascinated by being able to hold such a key role
related to the bedrock of management and to be able to fully exploit my abilities in settings
where even young employees can express their opinions and make things happen. I find my job
rewarding in that I keep challenging every day.

Corporate Planning,
Accounting & Finance
Department,
EIZO Corporation

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GovernanceCorporate Overview

Environment

Broadminded Corporate Culture for Employees to Demonstrate Creative Abilities and Respect for Human
Rights and Diversity

EIZO Group’s Health Management
Guided by the EIZO Group Health Declaration, we seek tocontribute solutions to public health issues and maintain andimprove the mental and physical wellbeing of our employees.
In Japan, our efforts related to regular health examinations
go beyond statutory checkups to include preventive carevisits for lifestyle-related diseases, gynecological exams, andcancer screenings. We also encourage follow-up guidanceand specific health support from industrial physicians. We
strive to raise operational efficiency to reduce work hours,
encourage employees to take paid leaves, and provide oneon-one consultations and guidance for staff who frequently
work overtime to improve work processes and reduce mental
stress. In addition, we focus on maintaining employee mental
health by setting up in-house and external contact points forresponding to employee concerns and issues.
In FY2021, we introduced a health support app andsponsored health events, improving the rates of conducting
specific health guidance and receiving mental stress checks
while also adopting new approaches such as group analysis
and raising the level of our activities. In recognition of these
activities, the EIZO Group in Japan was certified as a 2022 Healthand Productivity Management Outstanding Organization under

the large enterprises category, for two consecutive years, by the
Ministry of Economy, Trade and Industry Japan.

We respect the human rights of individuals associated with the
products and services of the group and strive to maintain a soundand sustainable business.

EIZO Group Human Rights Policy
Respect for human rights, as one of the EIZO Group Principles
of Conduct to be observed by all workers, is a key corporatesocial responsibility for which we have established the EIZOGroup Human Rights Policy. It is intended to establish a safe,
secure, prosperous, and sustainable society by correctly
understanding and recognizing the laws, culture, religion,
Reference

P. 81 Data on the Health and Productivity Management

EIZO Group Health Declaration
https://www.eizo.co.jp/company/csr/6/#health (Japanese only)

Occupational Health and Safety Management
To consistently maintain and develop activities foroccupational health and safety, we have introduced an
occupational health and safety management system at EIZO
Corporation and EIZO MS Corporation, both located in Japan,
which account for approximately 80% of total EIZO production.
We promote health and safety activities that cover all onsite
staff, and we have obtained ISO 45001 certification.
At those bases we seek to educate employees andincrease safety awareness through periodic workplacepatrols and hazard prediction training. In addition, we strive
to mitigate risks by applying a risk assessment method toinvestigate potential hazards and toxicity as well as implement
countermeasures, assess the risks involved in handlingchemical substances, check targeted substances using safety
data sheets, and enforce the use of appropriate protective gearfor onsite work. We also seek to reduce the number of traffic
accidents both on the job and while commuting.
In FY2021, we focused on activities for achieving zero
falling accidents and eliminating the incidence of accidents
at sales and service bases, and we provided traffic safety
training for younger employees. Our disaster prevention efforts
included installing more emergency doors compliant with the
RBA Code of Conduct and holding night-time evacuation drills.
Furthermore, we also seek to prevent industrial accidents
at group companies through initiatives such as organizing
employee training and distributing handbooks on industrial
accidents.
Reference

P. 82 Data on Occupational Health and Safety

Basic Policy on Occupational Health and Safety
https://www.eizoglobal.com/company/information/health_policy/index.html▶ Initiatives for Health and Safety (Japan)
FY2021 Goals

Respect for Human Rights and Diversity

Results

FY2022 Goals and Key Activities

Health and safety/disaster prevention
management goals• Achieve zero occupational accidents• Zero occupational accidents at sales and service
bases• Halve traffic accidents injuring someone else (on the
job and while commuting)• Occupational accidents: 9 cases → 7 cases• Zero occupational accidents at sales andsupport bases• Traffic accidents injuring someone else: 6
cases → 8 cases• Partially improve emergency doors anddevelop an improvement plan

• Zero lost work accidents• Zero accidents during non-routine work
• Halve traffic accidents injuring someone else
• Implement an improvement plan on emergency
doors

Health management goals• Improve the rate of conducting specific healthguidance: 24% → 50%• Introduce health support app: downloading rate
70%, continuous usage rate 30%• Implement group analysis of stress check• Rate of conducting specific health guidance:
38%• Health support app
Downloading rate 64%, continuous usage
rate 29%• Conduct group analysis• Continue measures improving diet and exercise• Improve working environment based on the resultsof group stress analysis

and values of each country and region. We strive to deeply
incorporate this policy into group business and advanceefforts to respect human rights with the understanding andcooperation of all our business partners, suppliers, and otherparties associated with the products and services of the group.

Contents of the EIZO Group Human Rights Policy
1. Basic Policy on Human Rights
2. Scope of Application
3. Guarantee of Humane Treatment and Prohibition ofDiscrimination and Harassment
4. Guarantee of Freely Chosen Employment
5. Prohibition of Child Labor and Work Restrictions for
Young Workers

6. Guarantee of Adequate Working Conditions
7. Freedom of Association
8. Fair Business, Advertising and Competition
9. Human Rights Due Diligence

EIZO Group Human Rights Policy
https://www.eizoglobal.com/company/information/humanright/

Developing Trust-Based Labor-Management Relations
Mutual understanding is the cornerstone of labormanagement relations. In keeping with this fundamental point,
we encourage dialogue between labor and management.
We have established a consultation conference and a labor
committee in each group company under the laws andspecific circumstances of each respective country. We takeadvantage of these opportunities to develop good labor-

management relationships. One example is the ‘V-workCouncil’, which has been set up in Japan as a consultation
forum for the company and employees. In addition toconcluding a labor-management agreement, the council
discusses topics such as reducing overtime, improving thework-life balance, and employee benefits.

U: Unrealized P: Partially realized R: Realized47

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Our Value
Society

GovernanceCorporate Overview

Environment

Strong Bonds of Trust with Our Stakeholders

Exceeding Customer Expectations
We communicate with customers in various ways to exceed their expectations and ensure they can confidently select anduse our products and services.

Strong Bonds of Trust with Our Stakeholders

Quality Basic Policy
https://www.eizoglobal.com/company/information/quality_policy/index.html

We seek to sincerely engage with stakeholders to forge andmaintain strong bonds of trust.

Information Security Basic Policy
https://www.eizoglobal.com/company/information/is_policy/

Providing a Wealth of Information for Complete Customer Confidence in Choosing EIZO
We provide product information at our showrooms andthrough sales and marketing activities while offering clear
explanations in response to inquiries and during consultations
through customer liaisons so that customers can depend on us
with complete confidence.

Stakeholder Engagement
We are engaging with stakeholders in productive dialogue to forge and strengthen bonds of trust.

EIZO’sStakeholders

Customers

Our Responsibility• Delivering products and services that satisfy
customers• Providing support in response to requests andinquiries

Methods of Communication• Consultation points• Information provided via
websites and other means

Page in Report• Showrooms• Seminars, exhibits
P. 50

EIZO Contact Center• Forging long-term partnerships aimed at achieving
mutual prosperity

Suppliers

Employees

Shareholders

Community49• E xchange of information
during visits• Company presentation
for suppliers• Supplier Code of Conduct

PP. 48, 51, 52• Respecting each individual and creating a workplaceenvironment in which employees can thrive• Fostering a broadminded corporate culture in which
employees remain highly motivated and demonstrate
their abilities• Formulation of principles
of conduct and strict
adherence to them• Employee education• Safe and comfortablefacilities and officeenvironments• Development of aninternal whistleblowing
system• Support for leisureactivities• Establishment of alabor management
consultation conference• Maintaining sound corporate growth and returning
profit• Providing fair and accurate information on ourmanagement policies, business strategies, andfinancial performance and maintaining corporate
management transparency• General shareholders
meeting• Timely disclosure• Disclosure of earnings
materials• Company presentation
for investors• Publication of an
integrated report• One-on-one meetings• Fulfilling responsibilities as a member of thecommunity and contributing to its development• Striving to forge a favorable relationship with thecommunity• Activities that contributeto the community• Collaborations with thecommunity

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PP. 43–48

Support that Instills a Sense of Security When Using EIZO Products
We consider customer support before and after purchaseas an aspect of EIZO quality. In addition to delivering highly
reliable products, we offer customer-centered support services
with the hope that they will confidently enjoy our products
for a long time, as is seen in our long-term assurance throughthe five-year warranty* for our monitors. Customers canalso choose from different repair services depending on the
product and user environment, such as product returns forrepair or onsite repairs.
*Excluding some products. Some repairs within the warranty period are subject
to additional charges in accordance with the specific terms of the applicablewarranty.

Customer Feedback

P. 53• Factory tours• Environmental
consideration
P. 54

Customer inquiries and feedback are quickly disseminated to
improve product specifications and functions as well as ourservices by leveraging our integrated product development,
production, sales, and customer support capabilities. R&D
staff accompany sales representatives on visits to corporate
customers so they can listen directory to them and later reflect
their requirements in product development.

▶ Feedback System for All Types of Customer Input
Customer Liaison
EIZO Contact Center(Japan)Customer liaison dedicatedto ordering
Customer liaison fortechnical support
Showroom
Direct sales website

Customers

WebsiteDistributors
Retail stores (Japan)

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GovernanceCorporate Overview

Environment

Strong Bonds of Trust with Our Stakeholders

Supply Chain Management

Toward Cooperative Sustainability

With respect to suppliers, we are committed to forging relationships of trust based on mutual prosperity to build successful,long-term partnerships.

Partners in Safeguarding Quality
The key points for creating excellent products that satisfy
customers are the quality, delivery schedules, cost, andenvironmental soundness of components and materials.
We work fairly with all suppliers, setting selection standards
based on such aspects as technological excellence, quality,
supply capacity, environmental preservation activities, andlegal compliance, and selecting only suppliers who meet ourstandards. In addition, we share our management policies,
technical strategies, and current issues with suppliers andprovide opportunities for exchanging views on a regular basis,
as partners who together can safeguard product and service
quality.

EIZO Supplier Day (Japan)
In Japan, where 80% of our production takes place, EIZO
Supplier Day* is held once a year with suppliers to explain EIZO
procurement policies as well as our business strategies andfuture initiatives and seek their cooperation.
*Held online in FY2021 to prevent COVID-19 infection.

We ask suppliers, including those at material procurement destinations, and the staff for onsite services to engage in initiatives suchas those related to respect for human rights, environmental preservation, occupational health and safety, and compliance so that we
can collaboratively pursue sustainability.

Supplier Code of Conduct
We established the EIZO Supplier Code of Conduct, developedwith reference to the RBA Code of Conduct, Principles of theUnited Nations Global Compact, and ILO International Labor
Standard, and we ask suppliers for their understanding andcooperation. EIZO Corporation also asks primary suppliers
to comply with the Code of Conduct by obtaining Supplier
Declarations. Furthermore, those with ongoing business
relations confirm and report on their level of compliance basedon an annual self-assessment, and we undertake assessments
and onsite audits periodically and as needed.
Reference

P. 48 EIZO Group Human RIghts Policy

EIZO Supplier Code of Conduct
https://www.eizoglobal.com/company/csr/4/#code_of_conduct

Open and Fair Trade
https://www.eizoglobal.com/company/csr/4/
EIZO Supplier Code of Conduct
https://www.eizoglobal.com/company/csr/4/#code_of_conduct

EIZO Supplier Day online

Green Procurement
We established our own EIZO Green Procurement Standards toguide material procurement activities. We prioritize businesswith suppliers that are actively involved in environmental
initiatives, such as reducing environmental impact andenvironmental preservation activities, in addition to providing
high quality, suitable prices, timely deliveries, and thenecessary services and technologies. We procure products,
components, and materials that meet our requirements forenvironmental soundness as well as standards for quality andperformance, and reasonable costs.
EIZO Green Procurement Standards
https://www.eizoglobal.com/company/csr/promise2/tool/RC02-053T_en.pdf

Participation in the Responsible Minerals Initiative
To ensure conflict-free sourcing of minerals used in EIZO products, we require all suppliers across our entire supply chain to maintaininitiatives aimed at eliminating the use of regulated minerals associated with illegal activity. We also conduct an annual survey on theplace of origin of regulated minerals (tantalum, tin, tungsten, gold, and cobalt) to investigate and confirm thatthey are being procured from suppliers not involved in illegal activity.
EIZO Corporation is a member of the Responsible Minerals Initiative (RMI).

Strong Bonds of Trust to Ensure a Stable Supply
EIZO views the stable supply of products to meet customer
demand as a key quality feature of our products and oneof our responsibilities, in addition to the high-quality
products, systems, and service themselves. Accordingly, wetake advantage of the mobility of in-house development
and production for flexibility in that development andmanufacturing, and we secure strategic inventory ofcomponents and materials to ensure a stable supply. Also,
the standardization of components between our products
and procurement from more than one supplier or different

production locations is implemented for our business
continuity plans (BCPs).
This requires strong bonds of trust as well as theunderstanding and cooperation of suppliers. Despite thechallenging procurement conditions caused by the COVID-19
pandemic and international tensions, the mobility of in-housedevelopment and production and the quick securement ofcomponents inventory in cooperation with suppliers has madepossible the prompt recovery of production after a period ofshort-term adjustments.

Strong Partnerships Ranging from Development to Post-Sales
Novel devices and image processing technologies are vital for
creating innovative products. We therefore pay close attention,
along with each device manufacturer, to the performance of
key display devices.
In case of a failure after mass production, we conduct
Reference

51

analysis of the failure status in cooperation with our suppliers
to identify the cause, plan countermeasures, and promptly
correct problems, in a dedicated effort to maintain andimprove overall product quality.

◦ Due Diligence Process

We disclose our Responsible Minerals Policy on our website
and require our entire supply chain to only use conflict-freematerials in components for our products. We also conduct anannual country-of-origin survey of our entire supply chain in
regard to specific minerals and using the Responsible Minerals
Initiative (RMI)’s Conflict Minerals Reporting Template (CMRT)
and the Cobalt Reporting Template (CRT) to check if any
procurement of minerals is associated with any illegal activity.
When responses from supply chain members include smelters
not in conformance with the Responsible Minerals Assurance
Process (RMAP) standards, we demand that the relevant
member conduct a further detailed survey or an RMAP audit,
or we consider procurement from another source that deals
with smelters that do conform. The list of smelters surveyed isdisclosed in the CMRT and CRT upon request from customersof our products.
Responsible Minerals Policy
https://www.eizoglobal.com/company/csr/promise4/

Survey Results in FY2021

Our conflict minerals survey was completed with a more than
95% response rate. The survey identified 323 smelters, of which
223 were confirmed as RMAP-compliant operations.
The response rate to our cobalt survey was better than90%. This survey identified 60 smelters, of which 28 were
RMAP-compliant.

Future Activities

In FY2022, we will continue to conduct due diligence tofurther identify smelters and improve the rate of mineralprocurement from RMAP smelters. We also plan to start a mica
survey by EMRT. Collaborating with our suppliers and industry
organizations will enable us to realize our goal of using only
conflict-free materials.

P. 40 Ensuring Quality in Procurement

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Our Story

Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Strong Bonds of Trust with Our Stakeholders

Promotion of Shareholder and Investor Awareness Community Engagement

Community Engagement

We conduct IR activities, including shareholder relations, to promote a greater understanding among our shareholders
and investors by providing fair and accurate information on our management policies, business strategies, and financial
performance.

EIZO Group companies aspire to help develop and invigorate local communities in their respective countries and contributeto creating better environments as members of their communities through efforts that leverage the strengths of ourtechnologies and products.

Examples of EIZO Efforts
Information Disclosure Policy
EIZO Corporation (Japan)

We disclose information in a timely and appropriate manner incompliance with the Financial Instruments and Exchange Act
and related regulations as well as the “Timely disclosure rules
and other regulations for issuers of listed negotiable securities
or valuable instruments” of the Tokyo Stock Exchange.

Furthermore, we strive to ensure that any other material
information which may affect investment decisions is alsodelivered to all market participants in an equitable manner.
IR Disclosure Policy
https://www.eizoglobal.com/ir/disclosure-policy/

EIZO Nordic AB (Sweden)

Shareholder and Investor Engagement
General Shareholders Meeting
We schedule our annual general shareholders meeting
after taking the convenience of shareholders into carefulconsideration and avoiding days on which many shareholders’meetings are held by other companies. Invitations are sent
far in advance to provide sufficient time for shareholders to
examine the proposed resolutions and state of our operations.
In FY2021, we held the meetings amid the COVID-19
pandemic by adopting a hybrid format, in which we
implemented stringent measures to prevent infections at thevenue, asked shareholders to refrain from attending in person,and shared a video taken that day via our website.

Communication with Institutional Investors
We conduct briefings for institutional investors to report on ourearnings twice a year as well as actively organizing one-on-one
meetings. We also promote active communication by inviting
them to factory tours so they can become more familiar with
our operations.

We donated monitors to a school for
autism and taught students about using
computers.

EIZO Technologies GmbH (Germany)
We participated in the Christmas tree
project of Caritas Germany, a local charity
organization, to help underprivileged
people realize the wishes they had written
down and hung on a Christmas tree.

Earnings result briefing held online

Company tour for institutional
investors▶ Meetings and Events for Institutional Investors

To nurture greater understanding of the company, we organize an explanatory
meeting to share our initiatives and field questions from shareholders.

We hold a blood drive for employees
annually.

FY2019FY2020

FY2021

Earnings Result
Briefings

Twice (total: 64
participants)

Twice (total: 69
participants)

Twice (total: 39
participants)

One-on-One
Meetings

107
98 organizations 87 organizationsorganizations

EIZO Inc. (United States)
We participated as volunteers in an
event at a local junior high school forstudents studying science, technology,
engineering, and mathematics (STEM)
and presented a lecture on circuit board
assembly and testing.

EIZO Limited (United Kingdom)
We donated laptop computers to support SOFEA,a charitable organization that provides education,
employability, and wellbeing programs for vulnerable
youth.

EIZO GmbH (Germany)
We donated money to local children’s football teams and a hospice forchildren.

EIZO Group Companies in Europe (Germany, Belgium, theNetherlands, and Austria)
We jointly donated money to the International Committee of the Red
Cross and other organizations to help address the damage caused bymassive flooding across Western Europe in July 2021.

EIZO Group Companies (Japan, U.S., China, U.K., Germany, Switzerland, Sweden, Italy, the Netherlands, Czech, and Austria)
We participate in the annual Pink Ribbon movement with cooperation from all EIZO Group companies to raise employee awareness of breast cancer and tosponsor and collect donations.

Third-Party Evaluation● FFTSE Blossom Japan Sector Relative Index

	In April 2022, EIZO Corporation was included in the FTSE Blossom Japan Sector
Relative Index, a stock index developed by FTSE Russell, a global index provider.
● SOMPO Sustainability Index

	In June 2022, EIZO Corporation was included in the SOMPO Sustainability Index for thesecond consecutive year.

2022

Sompo Sustainability Index

Photos: Japan, U.S., China

53

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Our Story

Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Products and Business Operations that Address Environmental Issues

Products and Business Operations that Address Environmental
IssuesDiscontinuing the Use of Plastic, and Resource-Saving in
Packaging and Cushioning Materials

Reduction of Waste with Minimal Accessories

The EIZO Group has been working to reduce the environmental
impact of our products and business operations since we launched
our own brand of CRT monitors in Europe in 1985.
We will continue to address environmental issues with advanced
solutions to play our part in creating a sustainable society.

Development of Environmentally Sound Products and Response to Climate Change
EIZO Corporation has obtained ISO 14001 and ISO 50001 certifications*, the international standards for energy andenvironmental management systems. In accordance with our management system, we strive to address environmental
issues throughout the product life cycle, from manufacturing to usage and disposal, and respond to climate change risks by
reducing greenhouse gas emissions.

We use cardboard boxes made of recycled paper as productpackaging and molded pulp and cardboard boxes made of 100%
recycled materials for cushioning. We are discontinuing the useof plastic for accessories such as cables by protecting them withpaper instead of plastic bags.

Offering Special Specifications to Avoid Redundancy andWaste During Installation

To prevent the unnecessary disposal of cables that are not required
due to the user’s equipment configuration, our products comewith only a power cable and a minimum number of video signal
cables.

Collection and Recycling of Products*EIZO Group companies with factories have also obtained relevant certifications. EIZO MS Corporation has obtained ISO 14001 and ISO 50001 certifications, while EIZO
GmbH, EIZO Technologies GmbH, and EIZO Display Technologies (Suzhou) Co., Ltd. have obtained ISO 14001 certification.
Energy and Environmental Basic Policy
https://www.eizoglobal.com/company/csr/promise2/

Certifications Obtained for Energy and Environmental Management System
https://www.eizo.co.jp/company/csr/2/ (Japanese only)

EIZO Initiatives for Reducing Environmental Impact
These statements refer mainly to our initiatives for the FlexScan EV series.

We offer unique options for corporate customers to help improvethe efficiency of installation and reduce waste, such as excluding
unnecessary stands and cables and packaging multiple monitors
into a single box.

We collect used monitors for recycling in Japan, Europe, and the
U.S. to realize our responsibility even beyond the usage lifetime ofour products.

Compliance with the Latest Environmental Standards

Enhancing Power-Saving Features

Reduction of Greenhouse Gas Emissions

Independent Monitoring of Chemical Substances

Our products comply with environmental standards such as TCO
Certified Generation 9, EPEAT, and ENERGY STAR 8.0.

We equip our monitors with numerous features that reduce power
consumption and CO2 emissions.

We will reduce CO2 emissions across the EIZO Group to net zero by
FY2040. Additionally, we will promote reductions in CO2 emissions
throughout the product life cycle.

Reduction of Plastics in Products

No Paint on Product Exterior

We thoroughly comply with the laws and environmental standards
in Japan and overseas that regulate chemical substances in
product components or that prohibit or otherwise control
substances. We also conduct surveys pertaining to chemical
substances in the components we procure from suppliers.

Reduction of Supply Chain Environmental Impacts

Recycled plastic is used in more than 50% of the external
housings of our monitors. We also make limited use of plastic andpaints containing flame retardant to reduce the impact on theenvironment and on humans and to enhance the recyclability ofour products.

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EIZO Integrated Repor t 2022

Paint can contain chemicals that cause air pollutants. We do not
use paint in any of our products housings, and we only use plastic
materials for color, gloss, smoothness, and other textures.

We have established our own ‘EIZO Green Procurement Standards’
and preferentially procure environmentally sound products,
components, and materials (including simplified packaging) thatadhere to our quality, function, and cost requirements.

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Our Story

Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Products and Business Operations that Address Environmental Issues

Environmentally Sound Product Development

Reduction of Plastics in Products

Environmentally sound product development, including the efficient use of resources and energy, has been part of ourcorporate DNA ever since we entered the market with our CRT monitors.

Compliance with Environmental Standards and Legal Requirements
Not only do we abide by environmental laws and regulationsin Japan and overseas, but major EIZO products are also incompliance with the main environmental standards in eachmarket. European laws and regulations especially tend to be
adopted as global standards.
◦Examples of European regulations• WEEE Directive (collection and recycling of discarded
electrical and electronic equipment)• RoHS Directive (restriction of use of certain hazardous
substances in electrical and electronic equipment)• REACH Regulation (management of chemical substances)• ErP Directive (eco-designing for energy-related products)• WF Directive (database registration for managing
substances of concern for waste disposal)◦Examples of environmental standards• EPEAT (international environmental standard forcomputers and monitors, established in the U.S.)• ENERGY STAR 8.0 (international energy efficiency
standard established in the U.S.)• PC Green Label (Japanese environmental standard forcomputers and monitors)

In particular, Sweden’s TCO, a de facto global
environmental standard for monitors, was the starting point
for our response to environmental issues. This comprehensive
standard requires compliance in safety, electromagnetic
waves, and ergonomic design, in addition to environmental
requirements. It has recently expanded to include CSR andcorporate governance, placing corporate activities as a whole
under scrutiny.
We have sought to achieve advanced and effective
standardization by participating in the formulation of the TCO
standards. As a result of our ongoing efforts, we became thefirst in the world to achieve compliance with TCO Certified
Generation 9 as soon as the standard came into effect.
We will continue to pay close attention to regulatory
trends and aim to develop products with a lower
environmental impact.

TCO99
TCO95
Addition of environmental
perspective
Starting point of EIZO’senvironmental initiatives

January 2003
TCO 03First in the world
to comply

August 2006 TCO 06
Media Display
First in the world tocomplyApril 2009 TCO Display
5.0First in the world tocomplyDecember 2018 TCO
Certified Generation 8First in the world tocomplyMultiple Power-Saving Features
Our products are equipped with multiple power-savingfeatures, including automatic brightness control that reduces
backlight, low power consumption during standby mode,
power save mode, and a function that confirms the amountof power saved. Users can substantially reduce electricity
consumption for an entire office by using our freely available
power management software to simultaneously adjust thebrightness and power of multiple monitors centrally.

57

EIZO Integrated Repor t 2022

environment while also improving recyclability by reducing
the use of chemical substances.
We also pursue lightweight design for our products. Thiscan reduce the use of plastics and enhance logistics efficiency,
which reduces the carbon footprint of product transportation.

Resource-Saving in Packaging and Cushioning Materials
We use cardboard boxes made of recycled paper as packaging
for our products and are gradually replacing plastic with paperfor bags containing accessories.
In addition, molded pulp and 100% recycled materials areused for cushioning. We strive to reduce resources and energy
used during transport by packing multiple units in one box
for customers who order larger quantities and by shipping
products without unnecessary cables where possible.

Moreover, we are seeking to reduce packaging materials
from the parts procurement stage by working with our
suppliers (through measures such as ending the use of plastics
for individual packaging).
In addition, when transporting items to some of ourcustomers, or between group factories, we reduce packaging
materials by adopting reusable containers or reusing
packaging boxes and materials.

Collection and Recycling of Products
We comply with environmental laws and regulations in each of the countries we operate by collecting and recycling used products.
This helps us fulfill our responsibilities in the after-use stage of our products.

December 2021 TCO
Certified Generation 9First in the world to comply

TC092

We use recycled plastics in over 50% of our monitor housings(e.g., EV3895 ). We also avoid the use of paint by using flameretardant-free plastic. Through these efforts, we pay due
consideration for the environment and the health of workers
by reducing the discharge of chemical substances into the

We conducted a product life cycle assessment to evaluate
the environmental impact at each stage from manufacturing
to usage and disposal. As a result, we discovered that
CO2 emissions are particularly high during component
manufacturing and product usage stages. We will reinforce ourenergy-saving functions to reduce CO2 emissions throughout
the product life cycle.

Japan

EuropeWe collect used monitors from individualand business users and recycle them byoperating our Product Collection andRecycling System in compliance with the
Waste Disposal Act, Law for Promotion of
Effective Utilization of Resources, and PC
Recycling Mark program.
Reference

P. 79 Data on Resource Recycling

The European WEEE Directive cameinto effect in August 2005 to reduce
environmental impact through promotionof the 3R’s of reduce, reuse, and recyclefor discarded electrical and electronicequipment. We have complied with thedirective by establishing a collection andrecycling system for applicable products
sold in Europe.

United States
The EPEAT standard requires the provisionof a collection service for used electric andelectronic equipment. We have met thisrequirement by establishing a collection andrecycling system for products sold in the U.S.

Voice
We always set challenging goals in product development for reducing the environmental
impact of our products to the lowest level possible. We have always been committed
to providing the market, as quickly as possible, with products that meet stringent
environmental standards, as part of our mission. We apply our own standards to reduce theenvironmental impact of all our products, even those not subject to public environmental
standards.
Specifically, we focus on using more recycled materials in our products, and recently wehave been taking on the challenge of creating products that are even more environmentallysound, such as by discontinuing the use of plastic in packaging materials. Although the useof new materials comes with some risk, we intend to repeatedly identify and overcome suchrisks so that we can continue to create products that are eco-friendly, safe, and reliable.

Masahiro Okuda
Senior Engineer
Module & Manufacturing Division
EIZO Corporation

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Our Story

Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Products and Business Operations that Address Environmental Issues

Response to Climate Change

TCFD Disclosure

Since the launch of the EIZO brand, we have been consistently working on the most advanced environmental measures,
pursuing the energy-saving performance of our products, setting targets for reducing greenhouse gas emissions across all
our business activities, and taking other actions to combat climate change.

Reduction of Greenhouse Gas (GHG) Emissions from Business Activities
We are aiming for a 70% reduction in GHG emissions derived
from energy use at the EIZO Group’s business sites (Scope 1
and 2 emissions*) by FY2030 and a 100% (net zero) reduction
by FY2040, with FY2019 as the base year. Under our energy
and environmental management system, we are working toachieve these targets by advancing various actions such asenhancing solar power generation equipment, raising theratio of green electricity use, and switching to energy-efficientequipment.
Moreover, to reduce the volume of GHG emissions
across the entire product life cycle, we aim to set the targetof reducing GHG emissions by 27.5% by FY2030, comparedto FY2019, based on the obtained accurate picture of indirectemissions that occur in our procurement of components,
manufacturing, distribution, usage, and waste disposal (Scope
3 emissions).

▶ GHG Emissions (Scope 1 + 2) and Energy Use(t-CO2e)
8,000

GHG Emissions (Scope 1 + 2)

16,921

Energy Use

17,939(MWh)
20,00017,47315,000

6,000

4,000

5,075

2,000

0

10,000

6,446

2019

2020

5,000

3,902

2021

(FY)

Note: Calculations of GHG emissions associated with power consumption are
based on the conversion factor and the calculation methods of eachcountry.

*Scope 1: Direct GHG emissions by a company itself (fuel combustion, industrial
processes); Scope 2: Indirect emissions from the use of electricity, heat, andsteam supplied by other companies; Scope 3: Indirect emissions other than
Scope 1 and 2 (emissions from other sources related to a company’s activities)

0

In order to maintain and strengthen our environmental
protection initiatives and fulfill our social responsibility,
we established our own ‘EIZO Green Procurement
Standards’ to guide material procurement activities. We
prioritize business with suppliers that offer a proactive
environmental response, and we preferentially procure
products, components, and materials (including
packaging) that meet our requirements for quality,
performance, and cost, as well as environmental
soundness.

TCFD Disclosure
https://www.eizoglobal.com/company/csr/promise2/tcfd/

GovernanceOur initiatives for sustainability-related issues, including thoserelated to climate change, are carried out by the Sustainability
Committee under the responsibility of the President andCEO, who also chairs the committee. In addition, the Climate
Change Response Subcommittee has been established toevaluate and respond to climate-related risks and opportunities
from different technical viewpoints.

The Board of Directors monitors and supervises the
progress of the goals and targets for addressing climaterelated issues through the formulation of strategies forrealizing opportunities based on GHG emission reductions andscenario analysis by the Sustainability Committee, and throughquarterly reports on the status of business execution.

▶ Sustainability Management Structure

Board of Directors

Initiatives for Environmentally Sound Procurement● Green Procurement

the analysis, and we have reflected the results in the metrics
and targets.
We reflect the identified climate-related risks andopportunities in our Mid-Term Business Plan and make efforts
to achieve the metrics and targets, further striving to realize adecarbonized society.

In May 2021, EIZO has announced its support for therecommendations of the TCFD (Task Force on Climate-related
Financial Disclosure)*1.
In 2022 May, EIZO has disclosed the information in linewith the TCFD’s recommendations that are structured aroundthe four areas of governance, strategy, risk management, andmetrics and targets.
For the current disclosure of information, we haveidentified climate-related risks and opportunities and haveanalyzed scenarios for these to determine and assess whatbusiness challenges may emerge in the future.
We have also analyzed the specific level of financial
impact on our business under the scenarios developed during

Management
Committee● Management of Chemical Content Information

As part of our green procurement, we prohibit or control
the use of regulated substances* in accordance with theprevailing laws and environmental standards worldwide.
To this end, we conduct surveys on chemical substances
for all the materials we procure as well as surveys on
environmental initiatives by suppliers. We compile andmanage the survey results in a database to determine
which materials and suppliers best align with our values
and to evaluate the environmental compliance of our own
products.
*Examples of regulated substances: mercury and lead (including theircompounds), ozone depleting substances, halogen substances, andberyllium

Sustainability Committee
Chairperson：President & CEO (Director responsible for Sustainability)
Members: All Operating Officers, Presidents of Group Companies in Japan
ReportApproval

ReportSustainability Promotion
Subcommittee

Risk Management
Committee

Approval

Climate Change Response
Subcommittee

Instruction and Supervision

Departments andGroup Companies▶ Flow of Chemical Content Survey
RequestCRS Initiatives Survey Report
Suppliers

Environmental Information
Survey (EIZO MIS file)

Environmental
Information
Database

Chemical Substance Survey(chemSHERPA File)
Response

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Our Story

Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Products and Business Operations that Address Environmental Issues

Risk Management
We have established and are operating a company-wide risk
management system to manage risks in an integrated andunified way, recognizing that the appropriate managementof risks surrounding the EIZO Group is essential for achieving
management goals and implementing business strategies.
Climate-related risks and opportunities are analyzed andevaluated by the Sustainability Committee and the Climate
Change Response Subcommittee in order to cover long-termand specialized risks and opportunities indicated by TCFD
in conjunction with company-wide risk management, andcountermeasures are discussed.

◦ Risks and Opportunities
We recognize that climate change is one of the key issues for
the EIZO Group. Therefore, we have identified the following
climate change-related risks and opportunities from a longterm perspective in accordance with the Sustainability

Management Basic Rules. The criteria for assessing themateriality of the risks and opportunities are determined byconsidering the impact and likelihood of occurrence above acertain scale on sales and profit/loss.
EIZO’s Value Chain

Categories Areas

Items

Term

Countermeasures

ImpactScenario
Planning▶ Climate-related Risk Management Process
Increase in tax burden due tohigher GHG emission price

Create, check,and verify Risk
inventory sheet.

Implementrisk response
measures andmonitor progress

Formulaterisk response
measures

Estimate financial
impact anddetermine
Materiality

Report to
the Board of
Directors

Policy and Legal Risks

Monitoring and Review

2°C Scenario

Details◦ SSP1-2.6◦ IEA SDS

In this scenario temperature rise is well below 2°C by 2100 due to negative real GHG emissions
after 2070. SSP1-2.6 is a worldview that emphasizes the importance of national development andthe achievement of sustainability goals. Also, IEA*2 SDS*3 is compatible with the less ambitious 2°C
goal of the Paris Agreement, which is much lower.

◦ SSP5-8.5◦ IEA STEPSIn this scenario temperature rise exceeds 4°C by 2100 unless climate change actions are taken toexceed current conditions. SSP5–8.5 is a scenario in which the world remains dependent on fossil
fuels for economic development, and IEA STEPS*4 is a worldview that does not assume all goals
announced by the government will be achieved.

Products and Services Opportunities

Opportunities*1 SSP (Shared Socioeconomic Pathways)*2 IEA (International Energy Agency)*3 SDS (Sustainable Development Scenario)*4 STEPS (Stated Policies Scenario)

Market Risks

4°C Scenario

Reference

Technology Risks

Scenario

term strategy. When identifying material issues related tosustainability, we used the year FY2030, which is also the goalof the SDGs, as the long-term timeframe. Therefore, for climaterelated risks, we also set the year FY2030 as a long-term time
perspective given a highly uncertain future. These analyses
take into account not only direct operations, but also the entire
supply chain, including raw material procurement, and thevalue chain, including customers.

Transition Risks

Strategy◦ Scenario Analysis
We have analyzed the scenarios recommended by the TCFD
for the 2°C scenario (SSP*1 1-2.6) and the 4°C scenario (SSP58.5) in the IPCC AR6 to determine what business challenges
may emerge in the highly uncertain future as we transition to a
decarbonized society.
The scenario analysis covered all of our businesses,
including domestic and overseas group companies, and thetimeframe was set in accordance with our medium to long-

Establishment of long-term GHG
Medium/ reduction targets at the SBT levelLong
and Implementation of GHG
reduction activities

Small

2°C/
4°C

Big

2°C/
4°C

●

R&D Procurement Production

●

●

●

●

●

Sales Disposal
andandService Recycle●●

Increase in manufacturingcosts due to higher
procurement costs

Short/
Medium• Strengthen partnerships with
suppliers• Review raw material
composition in products(Increased utilization of recycledplastics, review of packaging
materials, including deplasticization and considerationof the use of bioplastics, etc.)

Increase in costs for
introduction of renewableenergy and investment
in equipment for energy
conservation

Short/
Medium

–

Small

2°C

Rising transportation costs
due to a shift in general social
expectations to reduce GHG
emissions(Increased costs associatedwith low-carbon
transportation in current
means of transportation,
not just the shift in social
expectations)

Medium/
–
Long

Small

2°C/
4°C

Increased regulations
regarding disaster
preparedness and Mandatory
measures for employee safety
and business continuity• Operate an occupational safety
and health management system
Medium/• Establishment and monitoringLongof occupational safety andhealth goals

Medium4°C●●

Failure to achieve targets inenergy conservation and lowcarbonization of products

Medium/
Long

Big

2°C

●

●

Increased investment in R&D
to achieve low-carbonization
goals

Medium/ • Continue to invest in R&D toLongachieve low-carbonization goals

Medium2°C/
4°C

Rising energy costs due toincreasing share of renewableenergy and rising oil prices• Improve energy efficiencyof buildings and production
facilities• Development of low power
consumption products also
Medium/Mediumrealizing the No. 1 position inLong
the market• Establishment of long-term GHG
reduction targets at the SBTlevel and implementation ofthese GHG reduction activities

2°C/
4°C

●

●

B&P, HC, CW, V&S
Sales expansion due
to increased demandfor products with highenvironmental performance

Medium/Long• Development of productsthat achieve the highest
environmental performance inthe market

Big

2°C/
4°C

●

●

●

HC
Increasing health risks• Continue to strengthen the HC
associated with climate
Medium/ businesschange will foster a sense ofLong• Expansion of the system
value that emphasizes healthbusiness with EVS as its core
and well-being, which expand
the market

Big

2°C/
4°C

●

●

●

Medium

2°C/
4°C

●

●

●

V&S
Increasing need for products
and systems that adapt toresilient social needs in an
increasingly extreme climate• Setting and monitoringof KPIs to achieve goals inenergy conservation and lowcarbonization of products• Expansion of V&S products
Medium/ lineupLong• Expansion of the systembusiness with EVS as its core

●

●

●

●

●

●

●

●

●

●

●

*1 Duration: Near-term (less than 3 years), Mid-term (3–10 years), Long-term (more than 10 years)*2 Impact: Big (risk of loss and opportunity for profit: more than JPY1,000 million), Medium (more than JPY100 million), Small (less than JPY100 million)

61

EIZO Integrated Repor t 2022

EIZO Integrated Repor t 2022

62

Our Story

Our Strategy

Our Value
Society

GovernanceCorporate Overview

Environment

Products and Business Operations that Address Environmental Issues◦ Financial Impacts
We have analyzed the specific level of financial impact in
FY2030 through the 2°C and 4°C scenario analysis.
Under the 2°C scenario, we assume that the financial
impact of higher operating costs will be greater as a resultof tighter carbon pricing policies. Under the 4°C scenario,
the physical impacts of climate change are projected to beaccompanied by logistical disruptions in our value chain andimpacts on procurement costs.

At the same time, we envision that customers'
product selection criteria will change as they move toward
decarbonization, and that the need for more energy-efficientperformance and lower GHG emissions products will increase,and that our high-efficiency products are likely to create more
and more business opportunities as we move toward a lowcarbon society.

▶ FY2030 Financial Impact under the 2°C Scenario (Comparison of change in FY2030 operating income starting from FY2019)
Increase

Decrease

Total

Metrics and Targets
We have established ambitious emissions reduction targets, including the 1.5°C alignment, in line with the SBT standard as metrics for
management of the climate-related risks and opportunities, and our targets were approved by the SBTi* in July 2022.
*Science Based Targets initiative is an international partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide
Fund for Nature (WWF). It encourages companies to set science-based GHG reduction targets and reviews and validates those targets from an objective standpoint.

Reduction Target for 1.5°C Alignment
Scope 1+2
EIZO commits to reduce absolute Scope 1 and 2 GHG emissions by 70% by FY2030 from an FY2019 base year.
Scope 3:
EIZO commits to reduce absolute Scope 3 GHG emissions from purchased goods and services and the use of sold products by
27.5% by FY2030 from an FY2019 base year.
◦ GHG Emissions in Scope 1 through 3
GHG emissions in Scopes 1, 2, and 3 are as follows.
▶ GHG Emissions in Scopes 1, 2, and 3▶ GHG Emissions in Scopes 1, 2, and 3 (FY2021)

Decreasecom

FY2021(t-CO2e)g in

FY2020tin
era

Scope 1 Fuel in Stationary Equipment: 782

Scope 1

915

805

782

Scope 2

5,531

4,270

3,120

Scope 3443,716

403,005

431,834

Total

450,162

408,080435,736

Scope 2 Electricity: 3,120

op
030
FY2

▶ FY2030 Financial Impact under the 4°C Scenario (Comparison of change in FY2030 operating income starting from FY2019)
Increase

FY2019

e

ling
and
kh
Ris

yc
ost
r
e
en
viro pr ased
nm odu dem
en ctsantal
pe with d forrfo hig
rm
anc h
e
Exp
and
the
HC
ma
rke
t
Gro
win
pro g dedu ma
cts ndand forsys V&S
tem
s

erg
r en
he
Hig

Inc

Inc

nt
cos
ts
rea
se
en in inerg vesy c tmon en
ser t fo
vat r
ion
Hig
he
r tr
ans
po
rta
tio
nc
ost
Sal
s
es
me decetirng easeGH du
G e e tomissio failur
nt eo
arg f
Inc
ets
rea
se
in R
&D
inv
est
me
nt

me
ure
roc
rp
Hig

FY2

he

Inc

019

rea

op

se

era

in t

tin

ax

g in

bu

rde

com

e

n

(t-CO2e)

Scope 3 All sources not within an organization’s Scope 1 and 2 boundary: 431,834

0

10

20

30

40

50

60

70

80

90

100 (%)Total*EIZO group manufactures 100% in our group, manufacturing of electronic circuit boards in Japan and Germany, assembly and inspection of finished products in Japan,
Germany and China. There are no significant GHG emissions associated with fuel and energy activities for Scopes 1 and 2 in manufacturing of the circuit boards andassembly of the finished products, and the emissions in Scope 3 therefore account for 99% of the total emissions.

EIZO Integrated Repor t 2022

e
com

ling

g in

and

era

tin

kh

▶ GHG Emissions from Categories with a Larger Ratio ofEmissions in Scope 3

opFY2019FY2020(t-CO2e)▶ FY2021 GHG Emissions by Category in Scope 3 (FY2021)(t-CO2e)

FY2021

FY2
030

er o
Hig
h

Ris

cos
t
rgy
ne
er e
Hig
h

inv
est
&D
in R
se

Inc
rea

Future Efforts
We have set our GHG emissions reduction targets as metrics
for management of the climate-related risks and opportunities
based on the standards of the Science Based Targets (SBT),
which are in line with the goals of the Paris Agreement. This
scenario analysis has reaffirmed the importance of thesetargets. For Scope 1 and Scope 2 emissions, we aim for a
70% reduction by FY2030 and a 100% reduction (net zero)
by FY2040, with FY2019 as the base year. In terms of Scope 3
emissions, we have set a target of reducing GHG emissions by
27.5% by FY2030.

63

ccu
pa
and tionasaf l heaInc
ety lthreacosshig ed dts
h e emnvi andronme for pr
nta odul pe cts
rfo wi
rm th
anc
e
Exp
and
the
HC
ma
rke
t
Gro
win
pro g dedu mancts
and d forsys V&S
tem
s

s

t
me
n

s
tio
rta
spo
ran
er t

Hig
h

roc
ure
Hig

he

rp

se
in
Inc
rea

nc
ost

sts
me
n

bu
tax

g in
tin
era
op
FY2
019

t co

rde

com

e

n

◦ GHG Emissions by Category* in Scope 3
GHG emissions by category in Scope 3 are as follows. Emissions from purchased products (Category 1) and emissions from the use ofsold products (Category 11) account for 94.2% of the total emissions in Scope 3.

Since reducing the carbon footprint* of products isan ever-increasing market need, we believe that actively
promoting the development of our low-carbon products willlead to further sales growth. In order to realize a sustainable
society, we have committed in our Mid-Term Business Plan
to invest R&D of environmentally friendly and sustainableproducts, both in the process of manufacturing our products
and in the process of using them by users.
*Total GHG emissions caused by an individual, event, organization, service,place or product, expressed as carbon dioxide equivalent.

Scope 3, Category 1

167,601

155,309

184,810

Scope 3, Category 11

248,037

221,652

222,174

C2 Capital Goods: 6,885

C5 Waste Generated in Operations: 388

C3 Fuel- and Energy-Related Activities
Not Included in Scopes 1 or 2: 1,360
C4 Upstream Transportation andDistribution: 4,272

C6 Business Travel: 320

C1 Purchased Goods and Services:184,810

C11 Use of Sold Products:
222,174

C7 Employee Commuting: 1,099

C12 End-of-Life Treatment of Sold Products: 622

Total

415,638

376,961

C15 Investment: 9,902

406,984
0

10

20

30

40

50

60

70

80

90

100 (%)

Note: GHG Protocol’s Scope 3 criteria classify Scope 3 into 15 categories. Among them, Category 1 refers to “Purchased Goods and Services” and Category 11 refers to“Use of Sold Products.”'

In FY2021, GHG emissions in Scopes 1 and 2 were reduced totally by about 40% compared to the emissions in FY2019. Also, theemissions classified in Category 1 and 11 of Scope 3 were reduced by 2% compared to FY2019. Efforts toward the targets of GHG
emissions reduction are reflected in our Mid-Term Business Plan, and we are working to achieve the target.

EIZO Integrated Repor t 2022

64

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Corporate Governance

Board Members

EIZO’s Approach to Corporate GovernanceWe strive to be a company that builds and maintains relationships of trust with stakeholders
who support us and that continuously enhances our corporate value. To this end, ensuringsound, transparent, and efficient management is essential. Therefore, we position the ongoingenhancement of corporate governance as a vital management concern.

8

Overview of the Corporate Governance System

7

5

6
2

1

4

3

We adopt the organizational design of a company with the Audit and Supervisory Committee. With this structure, we have worked
to accelerate decision-making, strengthen the execution of operations, and—with the active participation of independent External
Directors—enhance the effectiveness of the audit and supervisory functions of the Board of Directors to improve the transparency ofcorporate management.
1 Yoshitaka Jitsumori
3 Masako Osuna
5 Manabu Arise
7 Toru Inoue▶ Corporate Governance System
Shareholders’ Meeting
Election/
Dismissal

Report/OpinionElection/
Dismissal

Audit and Supervisory Committe Auditing/

Report/Proposal

Nomination and Remuneration
Advisory Committee

Recommendation

Board of Directors

Supervision

Name

Consultation
Election/
Dismissal

Cooperation

ReportExecution of
Operations

Instruction

ReportPresident & CEO

Internal Auditing
Dept.

Cooperation
Internal Auditing

ReportInstruction/Supervision

Sustainability Committee
Risk Management Committee

Instruction

Masaki Ebisu

Compliance Committee

Director, Operating Officer

Nomination and Remuneration Advisory Committee
The Nomination and Remuneration Advisory Committee wasestablished as an advisory body to the Board of Directors inorder to ensure transparency and objectivity of decisions on thenomination and remuneration of Directors. It deliberates andmakes recommendations on matters related to the nomination
policy, election and dismissal of Directors as well as the systemdetermining the amount of remuneration for Directors. The
committee met four times in FY2021.

Manabu Arise

Instruction/Supervision

Departments/Group Companies

Audit and Supervisory Committee
The Audit and Supervisory Committee, in accordance with theaudit policy and plans, audits and supervises the execution ofduties by the Board of the Directors by attending the Board of
Directors and other important meetings as well as examining
corporate operations and assets.

EIZO Integrated Repor t 2022

ReportOperating Officers

Board of Directors
The Board of Directors deliberates on key management decisions
and receives regular reports on the status of operational
execution. Members engage in lively discussions for decisionmaking and reinforce the supervisory function for management.

65

Yoshitaka Jitsumori

Management Committee
ReportAccounting Auditor

Supervision/Approval/Direction

President & CEO

ReportInstruction

Inspection of
Accounts

Appointment/
Dismissal
Instruction/ ReportSupervision

2 Masaaki Suzuki
4 Masaki Ebisu
6 Kazuhiko Deminami
8 Hiroji Takino

Internal
Director

Independent
External Director

Director, Operating Officer

Career Summary

Attendance at the Boardof Directors meetings*1

Attendance at the
Audit and Supervisory
Committee meetings*1

Worked at Murata Europe Management GmbH (currently Murata Electronics Europe B.V.)
as a Geschäftsführer before joining EIZO as an Executive Director in May 1994. Served as
Senior Executive Director and Executive Vice President before being appointed President& CEO (current position) in June 2001.

100%

—

Worked at The Long-Term Credit Bank of Japan, Limited. (currently Shinsei Bank, Limited.)
before joining EIZO in August 2004. Served as Operating Officer and Senior Manager of
the Procurement, Accounting & Finance, and General Affairs Departments. Appointed
Director in June 2021.

100%

—

Joined EIZO in April 1992. Gained management experience at overseas group companies.
Served as Operating Officer and Senior Manager of the Accounting & Finance andProcurement Departments. Appointed Director in June 2021.

100%

—

Served as Managing Executive Officer at Mizuho Bank, Ltd., Senior Managing Executive
Officer at NIPPON TOCHI-TATEMONO Co., Ltd. and Managing Director at Hokuetsu Pulp
Co., Ltd. (currently Hokuetsu Corporation), and President & CEO at Hokuetsu Package Co.,
Ltd. before joining EIZO as External Director in June 2012. Appointed External Director
serving as an Audit and Supervisory Committee Member in June 2016 (current position).

100%

100%

Joined EIZO in March 1982. Served as Senior Manager of the Accounting & Finance andGeneral Affairs Departments, Operating Officer and Director of a group company before
being appointed Director serving as an Audit and Supervisory Committee Member inJune 2016 (current position).

100%

100%

Served as Managing Executive Officer of Hokuriku Bank Ltd. before being appointed
External Director serving as an Audit and Supervisory Committee Member in June 2018
(current position)*2.

100%

100%

Served as Representative Director, Senior Executive Vice President, and Executive Counsellor at
Murata Manufacturing Co., Ltd. before being appointed External Director serving as an Audit
and Supervisory Committee Member in June 2022 (current position).

——

Served as Deputy Managing Director, JETRO Singapore and Director-General
International Exchange and Training Department, Institute of Developing Economies(IDE JETRO). Serves as Professor, Office of Industry-University Collaboration, Organization
for Research Support, Kanazawa Institute of Technology (since April 2017). Appointed
External Director serving as an audit and Supervisory Committee Member in June 2022
(current position).

——

Chairperson

Management Committee
The Management Committee is mainly composed of internal
directors and operating officers and is convened to accelerate
strategic decision-making, respond to important issues, anddeliberate or report on the status of operations and othermatters. In addition to reporting on monthly consolidated
business performance, it meets in a timely manner to ensure
agile management.
Operating Officer System
We operate an Operating Officer System to separate
management supervision from operational execution andexpedite the implementation of operations.
*We have 13 Operating Officers (two also as serve as Directors) as of July 1, 2022.

Internal Auditing System
The Internal Auditing Department, which is in charge, carries
out internal audits in accordance with the Basic Annual Audit
Plan, which is based on the audit policy, and reports its results
to our President & CEO and Audit and Supervisory Committee.

Masaaki Suzuki
External Director (Memberof the Audit and Supervisory
Committee)

Kazuhiko Deminami
Director (full-time Memberof the Audit and Supervisory
Committee)

Hiroji Takino
External Director (Memberof the Audit and Supervisory
Committee)

Toru Inoue
External Director (Memberof the Audit and Supervisory
Committee)

Masako Osuna
External Director (Memberof the Audit and Supervisory
Committee)*1 Attendance at the Board of Directors meeting (Audit and Supervisory Committee meetings) held in FY2021*2 Mr. Hiroji Takino, who serves as EIZO’s External Director, also serves as Board Chairperson of Hokutate, Co., Ltd.; there is no conflict of interest between Hokutate and EIZO.

EIZO Integrated Repor t 2022

66

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Corporate GovernanceEvaluation of Board of Directors Effectiveness

Policies and Procedures for Nomination and Remuneration of Directors
In FY2021, the evaluation process was conducted throughtwo discussion sessions, in which all Directors participated in
evaluating the following items from various perspectives.

The Board of Directors annually evaluates its overall performance
to continuously improve the effectiveness of key management
approval processes and operational execution supervision.
Evaluated Items• Diversity of personnel composition, knowledge, and experience• Frequency of meetings and time allocated for deliberation• Appropriateness of discussion criteria• Meeting procedure•Prior distribution and content appropriateness of meeting materials
and other information• Content of discussions•External Directors’ understanding of corporate activities andcommunication with management

Evaluation Results
The evaluation process found that matters deliberated by
the Management Committee were organically aligned withthose reported to the Board of Directors and that an adequatelevel of viability was ensured for appropriate decision-

making, approval of key business matters, and supervision ofoperations. We will continue to address changes in society andthe business environment while optimizing our governancesystem based on decisions made through active discussions.

Composition of the Board of Directors (Skills Matrix)
The Board of Directors is composed of the following members (as of June 22, 2022).

Name

New or Reappointed

YoshitakaJitsumori

Reappointed

Masaki
Ebisu

Reappointed

Audit andSupervisory
Committee
MemberExternal
Director

Main Areas of Expertise
Nomination
andInternal
Corporate
Independent
Overseas
Remuneration
Accounting
HR & HR
Control,
Supply Chain
Management
Director
Business
Technology
Sustainability
Advisory
and Finance Development Legal, andManagement
Management
Committee
Compliance

○

●

●

●

●

●

●

ManabuArise

Reappointed

MasaakiSuzukiReappointed

Kazuhiko
Deminami

Reappointed○

HirojiTakinoReappointed

○

○

○

○

●

Toru
Inoue

Newly
Appointed

○

○

○

○

●

MasakoOsuna

Newly
Appointed

○

○

○

○

◎

○

○

◎

EIZO Integrated Repor t 2022

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

Policy and Procedures for Nominating Directors
Individuals with proven ability and experience in corporate
management, along with excellent character and insight, areappointed as candidates for Directorship. In addition to thesequalities, each candidate for External Director must also fulfill
EIZO’s “Criteria for Independence of External Directors” and be
capable of auditing and supervising company management
and execution of operations from diverse perspectives. With theabove policy, the Board of Directors decides on the candidates
after deliberating with and receiving the recommendations of
the Nomination and Remuneration Advisory Committee. The
Policy and Procedures for Director Remuneration◦ Policy

We pay appropriate remuneration to Directors in accordancewith the responsibilities and duties of each under its
Remuneration Policy* and within the amount approved at
the General Meeting of Shareholders. From FY2022, Director
remuneration is composed of fixed remuneration, performancebased remuneration, and stock-based compensation, with thelatter two for those responsible for executing operations.
*The Remuneration Policy is disclosed in the Corporate Governance Report(Japanese only).

○

●

●

●

●

●

●

●

●

●

●

●

●

consent of the Audit and Supervisory Committee is obtainedin nominating candidates for Directors who are Audit andSupervisory Committee Members.
Note: Reasons for appointing individual Directors are disclosed in the Reference
Documents for the Ordinary General Meeting of Shareholders, where they
were presented for approval.
Notice of Convocation of General Meeting of Shareholders
http://www.eizo.co.jp/ir/stock/invitation/ (Japanese only)◦ Procedures

The method for determining remuneration and related matters
as well as remuneration criteria by rank are set forth in the internal
regulations, which are determined by the Board of Directors after
deliberating with and recommendations from the Nomination
and Remuneration Advisory Committee. The specific amountto be paid for each fiscal year is also determined in accordancewith the relevant internal regulations and within the scope
determined by the Board of Directors after deliberating withand receiving the recommendations from the Nomination andRemuneration Advisory Committee. The Audit and Supervisory
Committee holds discussions on the remuneration system,
method of calculation, and amount for its members.

▶ Overview of Director Remuneration (FY2021)
Directors Serving as Audit and Supervisory
Committee Members

Directors (Excluding Audit and Supervisory
Committee Members)
Upper limit of remuneration*

JPY350 million p.a., including performance-based remuneration
calculated as 2% of the Consolidated Operating Income for eachfiscal year up to JPY200 million

JPY50 million p.a.

Number of eligible Directors

5

4 (incl. 3 External Directors)

Remuneration• The above table does not show all areas of expertise of each Director.
• The double circle (◎) represents the Chairperson, who is elected by and among committee members.

67●

Nomination and Remuneration Advisory Committee—Involvement of Independent External Directors
Supervisory Committee Member).
We established the Nomination and Remuneration Advisory
The majority of the Nomination and Remuneration
Committee as a voluntary committee to ensure transparency
Advisory Committee members are Independent Externaland objectivity in matters related to nomination policy and the
Directors appropriately engaged in the decision-making
appointment and dismissal of Directors as well as in decisions
process of the Board of Directors, a process through which theiron the remuneration system and the amount of remuneration
opinions are reflected.
Directors receive (excluding anyone serving as an Audit and

Total

JPY190 million

JPY32 million (External Directors: JPY17 million)

Fixed

JPY69 million

JPY32 million (External Directors: JPY17 million)

Performancebased

JPY121 million–*As resolved at the 49th Ordinary General Meeting of Shareholders (June 23, 2016). However, the upper limit of annual remuneration for Directors serving as Audit andSupervisory Committee members was revised to JPY60 million at the 54th Ordinary General Meeting of Shareholders (June 24, 2021) and applied starting FY2021.

Performance-Based Remuneration
We pay a performance-based remuneration to Directors responsible for executing operations in accordance with our internal
regulations. The amount is calculated as follows.
●

Performance-BasedRemuneration for Each Director=

Consolidated operating
income for the fiscal year
subject to payment

× 2% ×Rank-based points given to each
Director in accordance withinternal regulations●

Note that performance-based remuneration is not paid under the following conditions.
1 When the consolidated operating margin is less than 2%.
2 When the consolidated net income is less than JPY1 billion.

EIZO Integrated Repor t 2022

68

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Corporate Governance

External Directors share their top priorities and goals

Transparency and conviction are the key elements for corporate governance.

Masaaki Suzuki
Leading Independent External Director
Has held top management positions
at a financial institution, manufacturer,
real estate company and other positionsin Japan and overseas. Utilizes his
extensive experience and achievements ingovernance and compliance to contributeto enhancing EIZO’s corporate value.

As the importance of corporate governance grows, I believethat it is particularly important to exercise the functionality of
our Board of Directors and ensure the diversity of our humanresources. In this regard, the Board is an open meeting bodythat includes Operating Officers and the heads of departments.
It allows for sufficient information sharing and also functions
as a venue for developing diverse human resources. We havethe Nomination and Remuneration Advisory Committee, anadvisory body to the Board of Directors, and I have acted as the
Chairperson of the committee. Given the extreme importanceof the nomination of top management as an aspect of humanresource development and remuneration, I regularly meet with
the President & CEO to express my frank opinions on succession
planning and development. In my role as Chairperson, I
emphasize transparency and conviction.
We are an international company that covers almost theentire world. Since we entrust management to local staff, ouraudit system for global management is absolutely crucial. We
regularly receive reports from the Internal Auditing Department
staff and I strive to offer advice based on my own experience inmanagement worldwide.
Our challenge is to be a stronger company that is uniqueand attractive by exercising its creativity and ingenuity. In
this regard, it is vitally important to implement a sustainablebusiness model upon a robust financial base to focus more on
stakeholders, to develop diverse and global-minded humanresources and to consistently respond to climate issues basedon the TCFD recommendations. I believe promoting these
efforts will enable us to achieve sustainable growth andincrease corporate value over the mid to long term, as requiredby the Corporate Governance Code.

Invigorating discussions toward the exploration of new markets

Toru Inoue
Independent External Director
Has long been engaged in business
operations, business development, andaccounting as a corporate manager with
abundant experience and expertise. With
ample knowledge accumulated over many
years in the electronics industry, he will
provide spot-on advice and supervision.

I worked at Murata Manufacturing for 42 years. While that is the
only company I have previously worked for, I have engaged inmany jobs at a number of worksites, including several overseas.
These career experiences will make me useful for EIZO, and,after all, Murata and EIZO are both players in the electronics
market, if not in precisely the same fields. Therefore, in light ofthe outstanding technological capabilities that EIZO possesses,
I hope to be useful in providing ideas, in relation to customer
needs, that EIZO might not have recognized yet, as well as byserving as a guide in EIZO’s entry into new markets.
I was a student in the science and engineering department

at university, and although as a new graduate I was assigned
to the accounting department when I joined Murata
Manufacturing. Already back in those years, I was thoroughly
trained in budgeting, cost management, cost reduction, andso on. I learned hands-on how to read the numbers to cometo the correct business decisions, how to plan businesses, andhow to determine feasibility, in addition to gaining firsthandexperience of launching new development projects and direct
understanding about the associated difficulties. EIZO has
successfully entered new fields, including challenging ones
like healthcare. This success speaks volumes, confirming that
EIZO’s management excels in speed and flexibility. I know frommy experience that the launch of a business tends to end up in
defeat to competitors if not done swiftly. I will share these kindsof knowhow to support EIZO’s entry into new markets.
EIZO is a manufacturer with a high overseas sales ratio. I
am also experienced in the overseas deployment of business
operations. I am confident that I will be able to contribute to
the company’s growth by sharing my experiences and insights
with EIZO’s management.

Disseminating the roles played by EIZO and increasing its corporate value as a stakeholder
Building a structure for a sustainable society

Hiroji Takino
Independent External Director
Participated in the management of afinancial institution and subsequently
engaged in the management of a businesscorporation. Provides helpful advice on
the management of EIZO from a wide
range of perspectives representing the
viewpoint of stakeholders.

Headquartered in the nature-rich city of Hakusan at thefoot of Mt. Hakusan, one of Japan’s Three Holy Mountains,
EIZO was among the first Japanese manufacturers todemonstrate concern for being a green enterprise and its
business has grown based on the high regard it has earnedin environmentally advanced countries, mainly in Europe.
Meanwhile, rural communities in Japan, including the city ofHakusan, are facing many problems, such as population flight,
decreasing economic vitality, and shortage of employment
opportunities—challenges that cannot be addressed without
the proactive participation of local companies. As a person
who has spent many years working at local companies, I am
keenly aware of the potential influence of EIZO and other major
local companies on the future of this city. In fact, recognizing
this influence guides EIZO in a direction that will increase its

69

EIZO Integrated Repor t 2022

corporate value, and having the capacity to contribute to thecommunity drives my personal motivation in directing theactions of the company.
At EIZO’s Board of Directors Meetings, which arecharacterized by their open and frank discussions, Operating
Officers in charge of each section provide timely reports on awide variety of matters such as business status, international
market trends, and information about competitors, allowing
Board M embers to make decisions on the spot. The company’s
internal audit scheme is meticulously designed, and strict
internal audits have been conducted at its overseas groupcompanies even amid the COVID-19 pandemic, ensuring ahigh level of governance across the organization. EIZO, which
has undergone several transformations in response to rapidchanges in the external business environment, is in the middle
of exploring new fields while maintaining its core concerns in
the development, production, and sale of visual products. I had
many opportunities to work with local blue-chip companies
and establish human networks in my previous job, and I am
going to turn those relationships into alliances that will keepincreasing EIZO’s corporate value over the medium to longterm. EIZO has endorsed the TCFD recommendations andreleased mandatory disclosures since last year. We believe that
it is imperative for all local companies in Hakusan to work forthe city’s carbon-free future, and I intend to further deepen my
involvement in this initiative.

Masako Osuna
Independent External Director
Worked for many years at the Japan
External Trade Organization (JETRO). At
present, she is engaged in an extensive
range of fields as a participant in
the Professor of Industry-University
Collaboration at the Kanazawa Institute ofTechnology. Possesses ample experienceand extraordinary expertise in international
economics. Her opinions and supervision
will help the Board of Directors make wellbalanced decisions.

I was born in the city of Kanazawa, Ishikawa Prefecture.
Upon graduation from university, I joined JETRO and worked
in Singapore, where I also studied public economics in at
postgraduate school. After working in JETRO South Korea, I
made a career change to the Kanazawa Institute of Technology
and taught Asian economics during the first three years. I havesince been engaged in projects involving industry-academia
collaboration, such as student internships. I am going to apply
my domestic and overseas experiences for EIZO.
We are living in a period in which diversity and female
leadership are relevant for all of us. While I have gone throughtough times, I do not expect other women to have to follow
the same path, as I believe that society should be a place inwhich men and women enjoy their own ways of living whileworking in good health and overcoming difficulties. I believethat today’s society needs to have a structure that will make thishappen and last long.
After serving overseas, I feel that Japanese society has
recently become very stagnated. While economic and social
activities in some countries are getting back on track despite
the COVID-19 pandemic, market conditions in Japan remain
unimproved due to such factors as a cheaper yen and energy
and other resource shortages. Many Japanese companies havefailed to sufficiently innovate in ways that would otherwise help
them surmount this impasse. In that regard, EIZO is one or two
steps ahead of the pack.
EIZO is indeed different and also important in the sensethat it is headquartered in Ishikawa Prefecture, unlike manyother companies that are based in Tokyo. The presenceof a robust and pioneering company like EIZO in a rural
region means a lot to the community, as it also nurtures
employee awareness about contributing to society and local
communities. I hope to also play a role in EIZO’s initiatives forsociety and communities.

EIZO Integrated Repor t 2022

70

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Corporate Governance

Strategically Held Share

Risk Management

Corporate Policy
We will hold shares of a business partner only when beneficial
to maintaining favorable business relations, encouraging longstanding trust and enhancing corporate value over the mid tolong term. In accordance with this policy, the Board of Directors
conducts an annual review to verify the rationality of ownershipwith respect to each company stock and decide whether weshould continue to hold or sell.
We determine the rationality of owning stock from acomprehensive standpoint and by examining qualitative
aspects, such as the purpose of ownership and calculating thequantitative benefits, such as transaction status, stock price,
and dividends in order to verify whether they justify capital
investment. In addition, we confirm that no transactions
involve the holding of such shares that would create a conflictof interest for EIZO and that no transactions are detrimental to
EIZO and the common interests of shareholders. Going forward,
we will continue to verify rationality and appropriately manage
strategically held shares.

▶ Status of Stock Ownership (as of March 31, 2022)
NumberTotal on Balance Sheet

Unlisted Stock

3 companies

JPY16 million

Listed Stock

20 companies

JPY14,418 million

Corporate Policy
We believe it is essential to appropriately manage risks
surrounding the Group to achieve our management
objectives and implement our business strategies and wehave therefore established and are operating a company-widerisk management system to handle risks in an integrated andcentralized manner at the headquarters.
▶ Organizational Chart of Risk Management Committee

Criteria for Exercising Voting Rights
We properly exercise our voting rights on strategically held
shares after closely examining the management policy,
business performance, agenda and other aspects of eachcompany to determine whether or not they contribute toincreasing shareholder value over the mid to long term.

Chief Risk Management Officer(President & CEO)Management
Committee

Risk Management Committee
Chairperson

We have the “Basic Policy on Internal Control System”* in orderto ensure that Directors execute their tasks in compliance withlaws and regulations and the Articles of Incorporation, andensure the appropriateness of other business operations. We
manage an internal control system under the policy. In addition,

we have built and are operating an internal control system forfinancial reporting based on the Financial Instruments andExchange Act.
*“Basic Policy on Internal Control System” is disclosed in the Corporate Governance Report (Japanese only).

Committee

All Operating Officers
Presidents of Group Companies in Japan

Each Department◦D etermining important risks by the Management Committee
and implementing measures by each department

The Management Committee deliberates on the details
confirmed and organized by the Risk Management Committee
and identifies the key risks affecting Group management. Key
risks are communicated Group-wide through the head of eachdepartment and necessary measures (reduction, retention,
avoidance and transfer) are undertaken by the relevant
departments.

In the second meeting, the Risk Management Committee
confirms the details and progress of our response to each risk
and identifies risks that will continue to require attention in thefollowing fiscal year. We also reflect those risks in the planningof our management objectives and plans for the followingyear.

We adopt the Operating Officer System to expedite the execution of duties. The outline of Operating Officers’ duties is as follows.

From left

From right

Masataka Shoji: Operating Officer, Healthcare Solutions
Masaki Kita: Operating Officer, and Senior Manager, R&D,
Visual Products
Masaki Ebisu: Director, Operating Officer, and Senior
Manager, Accounting & Finance, & Investor Relations (IR)
Hideki Bansho: Senior Operating Officer and Senior
Manager, Human Resources
Kenichi Fujii: Senior Operating Officer, and Senior
Manager, R&D, Rugged Systems and Intellectual Property
Management

Kiyotaka Hira: Operating Officer, and Senior Manager,
General Affairs
Manabu Arise: Director, Operating Officer, and Senior
Manager, Procurement
Toshimine Hiraki: Senior Operating Officer,
Manufacturing
Kazuhide Shimura: Senior Executive Operating Officer,
Strategic Business Development, Sales & Marketing,Global & Japan, and Senior Manager, Strategic Business
Development & Overseas Sales
Yoshitaka Jitsumori: President & CEO

EIZO Integrated Repor t 2022

We established the Risk Management Committee inaccordance with the Basic Regulations on Risk Management
and hold meetings twice a year during the first and second
half of each fiscal year. In the first meeting the committee
narrows down important risks from those collected fromeach department and confirms and organizes the details andcountermeasures. In order to identify risks to our businessin a timely and effective manner, we have improved thecomprehensiveness and efficiency of our risk collection process
by integrating it with the departmental goal management
system. In addition, the committee centrally grasps the risks ofoverseas Group companies through individual interviews witheach company.

◦G rasping the risks for the next fiscal year

Operating Officer System

71◦O rganizing and confirming risks by the Risk Management
Committee

Director of General Affairs
General Affairs
Secretariat
Dept. & Others

Internal Control

Group-wide Risk Management System

Hideaki Takahashi:
Executive Operating
Officer
Sales & Marketing,Japan

Keiji Maruyama:
Operating Officer
Senior Manager, V&S
Sales

Minoru Kontani:
Operating Officer
Europe EIZO Sales
Company andDistributor

Hiroyuki Nakato:Operating Officer
Senior Manager,
Business
Management

Business Continuity Plan (BCP)
In proactive preparation for the potential impact from majordisasters, we have formulated and thoroughly disseminateda BCP throughout the company. In particular, our Disaster
Response BCP stipulates procedures for confirming employee
safety and facilitating necessary rescue operations in theimmediate aftermath of a major disaster and within one
month, restoring at least critical operations and resuming the
supply of our products.
Natural disasters such as typhoons, heavy rain andunexpected situations such as infectious diseases may
complicate material procurement. To address these risks, weare implementing measures such as strategically securing aphysical inventory of components and identifying alternative
parts at the design stage.

Information Security
To ensure proper handling of confidential and personal
information, we established and have implemented
regulations on information management. In addition toorganizational, physical and technological countermeasures,
we have set up a dedicated contact point to deal withinformation leaks and other incidents to reinforce ourinformation security system. We will obtain ISO 27001 in
FY2022 and maintain the status every year following.
More aggressive regulations to protect personal
information are in effect worldwide and we are implementing
necessary measures such as employee training in responseto the General Data Protection Regulation (GDPR) (Europe)and California Consumer Privacy Act (CCPA) (United States).
In Japan, we are strengthening our efforts to protect personal
information and have been certified with JIS Q 15001 (personal
information protection) and Privacy Mark since 2018.

EIZO Integrated Repor t 2022

72

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Corporate Information

Corporate GovernanceComplianceCorporate Policy
We established the EIZO Group Principles of Conduct as
guidelines for conducting business activities with integrity inconsideration of the environment, human rights and ethics
toward achieving our corporate philosophy of “enriching
future society through imaging solutions.” The Principles ofConduct express our commitment to stakeholders regarding
our approach to sustainability and at the same time represent
the standards on which we base our decisions and actions inour business activities.
In May 2021, we revised the Principles of Conduct to makethem more effective and easier to understand as a complianceguideline for every employee. The revised Principles ofConduct were distributed as a printed card to all executives
and employees of group companies in Japan and were alsotranslated into multiple languages and distributed to overseas
group companies to instill a thorough awareness of the
Principles of Conduct among all our executives and employees
globally.
EIZO Group Principles of Conduct
https://www.eizoglobal.com/company/information/conduct/

Compliance Management System◦ I mplementation of a compliance program by the Compliance
Committee

The Compliance Committee identifies and evaluatescompliance risks within the Group each fiscal year inaccordance with Regulations on Compliance, develops andimplements a compliance program that includes necessary
preventive and corrective measures.
Representative compliance risks to be identified include
factors that would inhibit fair business, activities that mightlead to corruption (business integrity risk) and the danger ofleaking confidential information. We comprehensively examine
potential risks to the Group and evaluate the materiality of risks
based on the likelihood of their emergence and impact.

In addition, we periodically review our Regulations on
Compliance to continue to improve compliance management.
Internal Whistle-Blowing System
In accordance with “Regulations on Internal Whistle-Blowing,”
we have established internal whistle-blowing systems in all
Group companies worldwide. Also, we strive to ensure theearly detection and prevention of serious incidents that could
damage corporate value, such as illegal activity or misconduct.
Contact points have been set up inside the company andat independent law firms, and all EIZO members are expected
to report any legal or ethical business issues, compliancequestions, or concerns immediately, regardless of their own
involvement. In addition, we have taken action to alleviate
concerns about whistle-blowing, such as by clarifying theprocedures for responding to whistle-blowing, protecting
the privacy of whistle-blowers, and prohibiting any negative
impact for whistle-blowing. We keep improving the content
and operation of the regulations so that the system will beeasier to use and effective for self-correction.
Compliance Training
As a group engaged in global operations, we pay the utmost
attention to all local and international laws and regulations,the latter of which is becoming increasingly complex year by
year. Thus, we integrated legal compliance and education into
our compliance program. We monitor local trends by regularly
exchanging opinions with overseas group companies in orderto respond to laws and regulations in a timely and appropriatemanner and to provide any necessary training. In Japan, we
encourage our executives and employees to update theirknowledge of relevant laws and regulations on complianceby offering information through intranet educational andother materials posted by the Legal Department. We organize
regular study groups for each department and workshops foreach job position, such as for executives, managers, and new
employees, so they can develop the knowledge they need, andwe use online educational tools to confirm that the knowledge
is instilled in them.
We will continue to educate each and every one of the
EIZO Group on the necessity and importance of compliance tofoster their awareness of compliance.

Corporate Profile and Stock Information (as of March 31, 2022)
Trade NameEIZO Corporation

EstablishedMarch 1968

CapitalJPY4,425 million

Head Office

153 Shimokashiwano, Hakusan, Ishikawa
924-8566, Japan
Phone: +81-76-275-4121
https://www.eizoglobal.com/

Business Locationsin Japan

Sapporo, Sendai, Tokyo, Nagoya, Ishikawa, Osaka,
Hiroshima, Takamatsu, Fukuoka

Number of
Employees

Consolidated: 2,461
Non-consolidated: 1,038(Including average number of temporary staff)

Business Activities

Development, design, manufacture, and sales ofvisual display systems, amusement monitors, andrelated services

Fiscal Term

April 1–March 31 (Ordinary General Meeting of
Shareholders : June)

65,000,000 shares

Number of Shares
Issued22,731,160 shares(including 1,410,935 shares of treasury stock)

Number of
Shareholders

6,320

Stock Listing

Tokyo Stock Exchange Prime Market(Securities Code: 6737)

Shareholder
Registrar

Sumitomo Mitsui Trust Bank, Limited

Accounting
Auditor

Deloitte Touche Tohmatsu LLC▶ Major Shareholders (Top 10)

Name

Number of
Shares Held(thousandshares)Shareholding
Percentage*(%)▶ Distribution of Shares by Shareholder TypeThe Master Trust Bank of Japan, Ltd.
(Trust Account)

3,027

14.20

Securities companies

Custody Bank of Japan, Ltd. (Trust
Account)

1,709

8.02

1.4 %

The Hokuriku Bank, Ltd.

836

3.93

The Hokkoku Bank, Ltd.

794

3.73

Hiroshi Murata

670

3.15

Hiroaki Corporation, Ltd.

567

2.66

Hazuki Corporation, Ltd.

567

2.66

Yoshiki Sasaki

560

2.63

EIZO Employee Shareholding
Association

478

2.25

◦C
 hecking and improving the compliance program

FUJI CORPORATION

379

1.78

Every year, we monitor implementation details and insufficientresults in our compliance program based on the regulations.

Note: Treasury stock (1,411,088 shares) was excluded for the calculation ofshareholding percentages.

▶ Organizational Chart of the Compliance Committee
Compliance Committee
Chairperson

Compliance Manager (Officer of General Affairs)
Secretariat
Dept.

Members

General Affairs

Individuals and others

25.4 %

Financial institutions

32.8 %All Operating Officers and Companies Presidents ofGroup in Japan

Other companies
Each Department

73

Number of Shares
Authorized

EIZO Integrated Repor t 2022

20.1 %

Foreign investors

20.3 %EIZO Integrated Repor t 2022

74

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Corporate Information

Group Companies

Financial Information

Name and Location
Overseas

Main Business Activities

Certifications

Representatives

Manufacturing, R&D, Sales and Marketing Companies◦EIZO GmbH
(Rülzheim, Germany)

Development, manufacture and sales ofvisual products and related products for the
Healthcare market

ISO 9001, ISO 13485,
ISO 14001

Peter Ziegler
President & CEO◦EIZO Technologies GmbH
(Geretsried, Germany)

Development, manufacture and sales ofvisual products for the V&S market andcontrol boards

ISO 9001, ISO 14001

Andy Kürz
President & CEO◦EIZO Rugged Solutions Inc.
(Altamonte Springs, FL, U.S.A.)

Development, manufacture, and sales ofprimary control monitors and other visualtechnologies for specific markets such as air
traffic control

ISO 9001

Selwyn Henriques
President & CEO◦EIZO Display Technologies (Suzhou)Co., Ltd. (Suzhou, China)

Development, manufacture and sales ofvisual products and related products

ISO 9001, ISO 13485,
ISO 14001

Rujun Zhang
President & COO

Sales of visual products and related products ISO 9001, ISO 13485

Thomas Waletzki
President & CEO

Overseas

Drawing on Our Solid Financial Base to Achieve Sustainable Growth by Aggressively Investing in Promising Areas
Our solid financial base is one of our fundamental strengths, enhancing corporate value. We sensibly allocate financial capital tobusiness funds to ensure agile management and address business risks. In FY2021, steady production and supply were achieved by
securing sufficient product and physical raw material inventory. This was achieved despite procurement difficulties and global logistics
disruptions, providing us with a stronger competitive advantage in an unstable global market.
In addition, we will continue to improve profitability toward an even higher ROE. We have set a goal of achieving 15% in operating
margin in FY2023, the final year of the 7th Mid-Term Business Plan. To achieve this, we will improve profitability by continuing ouraggressive investments in highly profitable growth areas to expand businesses, particularly in the Healthcare and V&S markets.
Approach to Financial Capital Allocation
Pursue enhanced corporate value by drawing on our solid financial base.

Financial Capital

Aggressively invest in growth areas.
Further deepen our presence in existing business areas, expand business globally in addition to that ofJapan and Europe, and aggressively invest into the creation of new markets.
◦Capital investment: Continue to invest, ensuring business growth from a long-term perspective.
◦R&D investment: Constantly pursue new value creation as a company focused on creative development(develop new products, deepen the development of fundamental technologies, enhance technologies
and skills, and promote EVS).
◦M&A investment: Flexibly consider any M&A necessary to strengthen our overall business model.

GrowthInvestment

Sales and Marketing Companies◦EIZO Inc.
(Cypress, CA, U.S.A.)◦EIZO Nordic AB(Väsby, Sweden)◦EIZO AG
(Wädenswil, Switzerland)Business Funds*Over 90% of overseas sales are achieved by EIZO Group companies.

Per Hertz
Managing Director& CEO

Sales of visual products and related products

Sales of visual products and related products

CEO
Martin Kofler◦EIZO Limited(Ascot, U.K.)

Sales of visual products and related products

Colin Woodley
Managing Director& CEO◦EIZO Europe GmbH
(Mönchengladbach, Germany)

Sales of visual products and related products

Minoru Kontani
Executive Vice President& COO

Ensure agile management and address business risks◦Maintain strategic physical raw material inventory: Absorb component procurement risks to maintain along-term and stable supply.
◦Overseas business operations based on a direct sales system*: Implement an integrated sales strategy
and maintain sufficient inventory to timely supply products.
◦Prepare for external risks such as a rapid economic change, and environment or natural disasters.

Shareholder
ReturnProvide stable shareholder returns in line with the company’s growth
Aim to achieve a total return ratio of 40–50%.

Retained Earnings and Shareholder Returns◦EIZO Saudi Arabia Regional Sales
Office(Riyadh, Saudi Arabia)◦ Shareholder Return Policy

Our policy is to continuously pay stable dividends in accordance with the company’s growth. We return profit to shareholders in
the form of dividends and share buybacks on the basis of an overall consideration of securing sufficient retained profit for capital
investment and R&D expenditure necessary for business expansion. Our target shareholder return ratio (total return ratio) is 40–50% ofconsolidated net income.
(JPY)
120

Sami M. Alshehri
Country Manager

Sales of visual products and related products■ Interim dividend■ Year-end dividend

80

70
55

Domestic

Group Companies
40◦EIZO MS Corporation(Hakui, Ishikawa)

Manufacture of visual products andelectronic circuit boards

ISO 9001, ISO 14001,
ISO 45001, ISO 50001

15

Yoshitaka Jitsumori
President & CEO
0◦Irem Software Engineering Inc.
(Chiyoda, Tokyo)◦EIZO Support Network Corporation(Hakusan, Ishikawa)After-sales service for visual products◦Carina System Co., Ltd.
(Kobe, Hyogo)

Development and sales of hardware andsoftware, including optical equipment andvisual recording and distribution systems◦Two other companies

75

EIZO Integrated Repor t 2022

Masaki Ono
President & CEO

Development and sales of amusement
software

ISO 13485

Yoshitaka Jitsumori
President & CEO

Masayuki Hashimoto
President & CEO

30
20

40

30

40
40

25

7.5
7.5

10

15

80

25

30

2005

2006

70
30

40

40

2007

2008

70
50

50

50

50

25

25

25

25

55

60
35

30

30

35
2015

25

25

25

25

25

30

2009

2010

2011

2012

2013

2014

80
40

90
45

100

50

115

120

55

60

60

110

125

65

60

40

45

50

55

55

60

2016

2017

2018

2019

2020

2021 2022 (FY)

2002

2003

2004

Dividend
payout ratio 11.3
(%)

9.5

14.4 17.5 20.6 41.0 229.7 22.6 31.5 67.5 66.7 21.6 38.5 35.5 30.1 26.9 49.5 50.2 39.8 32.8

Shareholder
return ratio* 11.3
(%)

9.5

14.4 17.5 20.6 41.0 375.2 22.6 31.5 168.0 66.7 21.6 38.5 35.5 30.1 26.9 49.5 50.2 39.8 32.8 104.3

42.3*The shareholder return ratio reflects the share buybacks totaling JPY996 million in FY2008 and JPY1,661 million in FY2011, and also JPY4,000 million (maximum
estimate) in FY2022.

Ninth Consecutive Dividend IncreaseWe paid a JPY120 annual dividend per share in FY2021, resulting in the ninth consecutive dividend increase. In FY2022, we plan to pay
a JPY125 annual dividend per share, representing a further dividend increase, while also implementing share buybacks (upper limit of
750,000 shares or JPY4 billion).

EIZO Integrated Repor t 2022

76

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Corporate Information

Consolidated Financial Data
Fiscal Year

2011

2012

2013

2014

2015

2016

2017

2018

2019

(JPY million)(USD thousand)2021

2021*376,56586,789711,385

2020

Financial Results
Net sales

59,55958,27073,641

72,57674,87878,28484,057

72,94476,480Operating income

4,404

2,056

6,833

4,472

5,081

7,033

8,554

5,370

6,441

7,935

11,29992,617

Profit attributable to owners of parent

1,636

1,598

5,437

3,321

4,202

5,661

7,138

4,308

4,671

6,155

7,794

63,892

Research and development expenses

5,311

5,323

5,797

6,049

5,387

5,625

5,908

5,932

5,993

5,642

5,834

47,825

CAPEX

1,510

2,115

1,383

1,414

4,814

2,512

2,163

4,125

4,346

3,563

3,033

24,865

Depreciation

1,422

1,353

1,687

2,017

2,052

2,367

2,604

2,751

2,986

3,033

2,612

21,412

Total assets

77,032

79,367

92,931

106,519

104,792

115,160

119,497

121,423

125,284

150,061

155,459

1,274,257

Shareholders’ equity

57,67861,431

69,201

79,29378,011

85,28091,521

94,924

95,979114,453

118,582

971,987

Financial Status

Cash Flows
Operating activities(2,736)

2,137

4,685

1,445

6,772

10,533

4,829

5,348

8,157

6,600

8,429

69,096

Investing activities679(2,191)(1,208)(3,426)(3,033)(4,157)(6,56)(8,713)(3,717)(3,333)(2,394)(19,626)

Financing activities(2,776)(1,067)(1,066)923(1,386)(1,598)(2,77)(796)(2,433)(2,648)(2,899)(23,762)

Net increase (decrease) in cash and cash equivalents(4,877)

(57)

2,942

(1,057)

2,198

4,573

(4,399)(4,295)

1,842

940

3,505

28,729Cash and cash equivalents, end of year

16,714

16,13819,08018,022

20,221

24,794

20,39416,09917,942

18,882

22,387

183,508

Per Share Information
Earnings per share (EPS) (JPY)

74.08

74.96

255.05155.80197.10265.54334.82202.09219.13288.71365.612.99 USD

Book value per share (BPS) (JPY)

2,705.24

2,881.26

3,245.70

3,719.08

3,658.95

3,999.89

4,292.63

4,452.27

4,501.78

5,368.29

5,562.01

45.59 USD

Cash dividends per share (JPY)

50

50

55

60

70

80

90

100

110

115

120

0.98 USD

168.0

66.7

21.6

38.5

35.5

30.1

26.9

49.5

50.2

39.8

32.8

Operating margin (%)

7.4

3.5

9.3

6.2

6.8

9.0

10.2

7.4

8.4

10.4

13.0

ROE (%)

2.8

2.7

8.3

4.5

5.3

6.9

8.1

4.6

4.9

5.9

6.7

ROA (%)

5.8

4.0

9.3

4.7

5.4

6.5

8.1

4.7

5.3

6.4

7.9

EBITDA

5,119

4,247

9,702

6,723

7,753

9,474

12,113

8,465

9,442

11,622

15,164Equity ratio (%)

74.9

77.4

74.5

74.4

74.4

74.1

76.6

78.2

76.6

76.3

76.3

USD/JPY

79.08

82.92

100.17109.76120.16108.34110.85110.93108.70106.10112.39EUR/JPY

109.04106.78134.22138.69132.60118.74129.66128.45120.81123.76130.55

Total payout ratio (%)*

1Financial Indicators

Exchange Rate (Average for Period)

Net Sales Information by Market*2
Business & Plus (B&P)

9,504

13,777

15,585

17,991

16,822

18,111

17,787

16,40916,864

17,544

143,803

Healthcare

16,554

21,632

20,793

23,40826,09729,78030,40829,39026,92431,905261,516Creative Work

4,171

5,212

5,548

6,355

5,470

5,749

5,971

5,345

5,485

6,278

51,466

Vertical & Specific (V&S)

3,659

5,083

6,649

6,870

6,956

7,885

7,419

10,403

8,665

8,337

68,341

Amusement

18,074

21,96615,127

15,27918,40815,233

8,583

9,607

14,44618,141

148,703

Other

6,305

5,969

8,872

4,973

4,527

7,297

2,772

5,324

4,179

4,581

37,553

Total

58,27073,641

72,57674,87878,28484,057

72,94476,48076,56586,789711,385*1 Total payout ratio for fiscal year 2011 includes JPY1,661 million in share buybacks.
*2 No figures on net sales by market exist prior to fiscal year 2011. Figures for fiscal year 2012 to fiscal year 2016 are net sales previously categorized by product that have been reorganizedaccording to the current market category.
*3 The translations of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan and have been made at the rate of ¥122 to $1, theapproximate rate of exchange at March 31, 2022.

77

EIZO Integrated Repor t 2022

EIZO Integrated Repor t 2022

78

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Scope

FY2019FY2020

FY2021

Corporate Information

Performance Data
Environment

Social Data

Overview of the Environmental Impact

Employees▶ Environmental Impact by Area
EIZO MS Corporation(Japan)EIZO Corporation
Headquarters(Japan)

Area

Hakui

Nanao

Development
and Manufacturing Production of Assembly of
Circuit Boards Monitorsof Monitors

Operations

EIZO Display
Technologies (Suzhou)Co., Ltd. (China)

EIZO GmbH(Germany)

EIZO Technologies
GmbH (Germany)

Development andManufacturingof Monitors

Development andManufacturingof Monitors

Development andManufacturing of
Monitors

Other sales
officesand groupcompanies

Total

Number of employees*Male(including the average numberof temporary staff )

1,375

1,370

Female

1,070

1,094

1,098

Total

2,422

2,469

2,468

Male

356

359

364

186

190

191

EIZO Group

6,502

3,169

833

294

1,829

732

4,114

17,473

Fossil fuel (MWh)

1,686

8

2

105

10

464

1,305

3,580

Electricity and heat
(MWh)

4,816

3,161

831

189

1,819

268

2,809

13,893

GHG emission (t-CO2e)*1

1,290

610

160

143

366

84

1,249

3,902

FemaleWater usage (m )*

Total

542

549

555

Male

996

1,016

1,006

884

904

907

1,880

1,920

1,913

R&D

733

758

742

Sales

486

490

493

868

875

887

Administration

187

197

196

Other

148

149

143

EIZO Corporation

–

16.1

16.6

EIZO Corporation

–

40.1

40.6

Male

–

121

116

Female

–

263

267

Total

–

384

383

Male

–

251

236

Female

–

175

190

Total

–

426

426

Male

–

280

277

–

203

189

Total

–

483

466

Male

–

235

245

Total Energy Use (MWh)20,030

3,362

3,152

977

603

484

－

28,608Industrial waste (t)

182.6

51.0

161.4

7.6

23.5

18.3

87.3

531.7

Waste (t) General waste (t)

12.5

2.4

1.2

0.2

3.8

4.9

15.9

40.9

Waste papger (t)

251.9

77.3

169.3

23.9

30.0

12.9

12.4

577.7

99.5

97.5

100.0

－

－

－

－

－

3

2

Recycling rate of industrial
wastes*3

FemaleNumber of employees byfunction*

Greenhouse Gas Emissions(including the average numberof temporary staff )▶ GHG Emissions (Scope 1+2) and Energy Use

Emissions (t-CO 2 e)

Scope and Category

Composition (%)

Scope 1782

20

Scope 2

3,120

80

Total (Scope 1 + 2)

3,902

100

Scope 3431,834100

1. Purchased products and services

184,81042.8

2. Capital goods

6,885

1.6

3. Fuel and energy-related activities not

1,360

0.3

4. Upstream transportation and distribution

4,274

1.0

5. Waste generated in operations

388

0.1

6. Business travel

320

0.1

included in Scope 1 or 2

7. Employee commuting

1,099

0.3

11. Use of sold products

222,17451.4

12. End-of-life treatment of sold products

622

0.1

15. Investments

9,902

2.3

(t-CO2e)

GHG Emissions (Scope 1+2)

8,000

16,921

17,939(MWh)

Energy Use

20,00017,473

6,000

4,000

5,075

2,000

0

2019

2020

Manufacturing

15,000

Average length of service* (year)

10,000

Average age*

6,446
5,000

2021

(excluding the average number of temporary staff )Number of employees by
age group*

18–29

0

(FY)

Note: Calculations of GHG emissions associated with power
consumption are based on the conversion factor and thecalculation methods of each country.

30–39

40–49

Resources Recycling

Female▶ Discharge of Industrial Waste and Recycling Rate
Industrial waste discharged

(t)
1,400
400
300

1,193.7

593.0

0

38.7

481.1
2019

Businessmonitors

562.0
2020

EIZO Integrated Repor t 2022

40.9
531.7
2021

(FY)

Volume in weight(kg)

Quantity (units)

577.7

576.9
42.3

▶ End-of-Life EIZO Monitors Collected and Recycled in FY2021 (Japan)

Waste paper

1,150.3

1,100.3

200
100

Recycling rateHomemonitors

Recycled
volume (kg)Domestic GroupEIZO Group(excluding the average number of temporary staff )3,902

Overseas GroupTotal*1 Total of Scope 1 and Scope 2 (market-based) *2 Scope: Other sales offices and group companies *3 Scope: EIZO Corporation Headquarters (Japan), two factories of EIZO MS Corporation (Japan)▶ Greenhouse Gas Emissions by Scope (FY2021)

79

1,352

Recycling ratio
(%)*

50–59

Domestic Group

CRT

2

36.6

28.9

78.9

Female

–

141

154

LCD

171

1,133.9

777.8

68.6

Total

–

376

399

Total/Average

173

1,170.5

806.7

68.9

Male

–

32

42

CRT

334

6,305.9

4,854.8

77.0

LCD

3,743

26,949.6

21,156.1

78.5

Female–4

5Total/Average

4,077

33,255.5

26,010.9

78.2

Total

–

36

47

*Weight ratio of recycled parts and resources with respect to the processing volume of end-of-life products

60–*As of March 31

EIZO Integrated Repor t 2022

80

Our Story

Our Strategy

Our Value

GovernanceCorporate Overview

Corporate Information

Employment and Diversity

Occupational Safety and Health
Scope

Number of fulltime employment

FY2019FY202043

New graduates

Scope

FY2021
43

46

Mid-career

54

16

28

Total

97

59

74

Percentage of mid-career employees (%)

55.7

27.1

37.8

New hire turnover rate (within the firstyear) (%)

2.12

3.45

0

Male

132

176

181

19

25

23

151

201

204

Number of managers*

Domestic Group

FemaleEIZO Group

Total
Male

51

65

70

16

21

19

Total

67

86

89

Male

81

111

111

3

4

4

84

115

115

–

57 (49.6%)

53 (46.1%)

FemaleFemaleOverseas Group

Domestic Group

Total
Number of mid-career employees (%)
Ratio of female managers (%)

Number of employees with disabilities* (%)

Percentage of employees with disabilities (%)

Domestic GroupEIZO Group

12.6

12.4

11.3

Overseas Group

23.9

24.4

21.3

Domestic Group

3.6

3.5

3.5

EIZO Group

48

30

36

Overseas Group

11

8

6

Domestic Group

37

22

30

Domestic Group

1.91

1.60

1.88

*As of March 31
Note: The percentage of female managers (domestic group) for FY2019 was retroactively revised.

FY2019FY2020

Number of workplace fires
Lost work accidents
Domestic GroupFY2021

3

9

7

0

4

2

0

0

0

Frequency rate

0.00

1.09

0.55

Severity rate

0.000

0.008

0.002

Fatal accidents

Governance
Scope
Number of directors

Regular

Independent external

FY2019FY2020

FY2021

Male

4

4

4

Female

0

0

0

Total

4

4

4

3

3

3

Female

0

0

0

Total

3

3

3

7

7

7

Male

EIZO Group

Total

Scope of the Report
EIZO Group: EIZO Corporation and 6 domestic and 10 overseas companies (consolidated)
EIZO (non-consolidated): EIZO Corporation
Domestic group: EIZO Corporation, EIZO MS Corporation, Irem Software Engineering Inc., EIZO Support Network Corporation, Carina System Co., Ltd., EIZO Engineering Corporation, EIZO Agency
Corporation (7 companies)
Overseas group: EIZO GmbH, EIZO TechnologiesGmbH, EIZO Rugged Solutions Inc., EIZO Display Technologies (Suzhou) Co., Ltd., EIZO Inc., EIZO Nordic AB, EIZO AG, EIZO Limited, EIZO
Europe GmbH, EIZO Austria GmbH (10 companies)

Work Style
Third-Party Assurance

Scope

FY2019Annual average work hours Omit
Paid leave taken (%)
DomesticGroup

Number of employees who took childcare/nursing care leave
Male acquisition rate of childcare/nursing care leave (%)
Number of employees who used shortened work hours due to childcare/nursing care

FY2020

FY2021

1,925

1,904

1,912

84

77

81

56

47

67

11.8

20.0

21.7

56

43

54

The environmental performance indicators in the EIZO Integrated Report 2022, which have received third-party assurance from SOCOTEC Certification Japan, are indicated by
Scope:
Data from April 1, 2021 to March 31, 2022
• CO2 emissions: Scope 1, Scope 2 (location-based and market-based), Scope 3 (categories 1, 2, 3, 4, 5, 5, 6, 11, 12, and 15)• Energy usage• Water resource consumption: EIZO Corporation Headquarters, EIZO MS Corporation Hakui and Nanao

GHG Emissions and Energy Usage
Third-Party Assurance
Reports (Japanese only)

Scope

FY2019FY2020

FY2021GRI Content Index

Rate of regular health checkups (%)

–

100.0

100.0

Stress check rate (%)

–

85.0

98.0

–

24.0

38.0

Downloaded

–

–

64.0

Continuous use

–

–

29.0

Domestic Group

Implementation rate of specific health guidance (%)

81

EIZO Integrated Repor t 2022

Water Usage
https://www.eizoglobal.com/ir/integratedreport/eizoreport2022_iar_water.pdf

Health and Productivity Management

Health Support App user rate (%)

https://www.eizoglobal.com/ir/integratedreport/eizoreport2022_iar_GHG.pdf

Integrated Report 2021 of the EIZO Corporation references the GRI Standards 2016 and 2018.

GRI Content Index
https://www.eizoglobal.com/ir/integratedreport/eizoreport2022e_gri.pdf

EIZO Integrated Repor t 2022

82