ITOCHU Announces Annual Report 2022 Received Most Votes for "Outstanding Integrated Report" by GPIF's Domestic Equity Managers and Selected for Six Consecutive Years

February 24, 2023

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that its Annual Report 2022 has been selected as “Outstanding Integrated Report” for six consecutive years by asset managers that are entrusted with the management of domestic equities of the Government Pension Investment Fund (GPIF). Further, our report has received the highest number of high evaluations (seven managers) from the asset managers among all the selected companies.

The following are the main comments from the asset managers who highly evaluated ITOCHU’s report.
・The report offers readers a good flow from CEO and COO messages to business strategy and ESG strategy in conjunction with the corporate value calculation formula. The initiatives and discussions of the Women's Advancement Committee are very interesting.
・Each component of Corporate Value Calculation Formula, “Corporate Value = Created Value/ (Cost of Capital - Growth Rate),” is well explained, with a layout very easy for investors to understand. It also provides insightful information such as the leadership of female outside directors in promoting the advancement of women.
・Despite the diverse nature of ITOCHU’s businesses, the report facilitates an easy grasp of the company's actual businesses through both financial and non-financial perspectives with detailed analysis. There are also a variety of measures to deepen the understanding of readers, including an explanation of key points in the initial section of the report.
・The report uses the Corporate Value Calculation Formula effectively with a coherent composition. Also, from this fiscal year, “Key Points of ANNUAL REPORT 2022” has been added as a new section, further refining the report as a tool for engagement with stakeholders.
・The Chairman & CEO portrays an overall management policy, while each officer explains the area of responsibility in detail. PEST analysis provides a bird's-eye view of the uncertain business environment and ESG trends. Self-transformation initiatives such as human rights, advancement of women, and human resources strategies are also disclosed in an easy-to-understand manner.
・The report is rich in explanations of specific examples of the Medium-Term Management Plan's basic policies of "Realizing business transformation by shifting to a market-oriented perspective" and "Enhancing our contribution to and engagement with SDGs through business activities". The company’s efforts to enhance corporate value sustainably by transforming its business model are well-illustrated.
・The report conveys the strong will of management to enhance corporate value. The relationship between corporate value and materiality is clearly explained. Response to individual ESG issues also broadly exceeds the standard level.

In addition, ITOCHU has received the highest Gold Award at WICI Japan Integrated Report Award 2022 held by WICI Japan which consists of business companies, financial analysts, investors, as well as public offices and researchers from academia.

ITOCHU will continue to further improve its annual reports and provide its investors and other stakeholders with useful financial and non-financial information.

■ ITOCHU Annual Report 2022 (fiscal year ended March 2022)