ITOCHU Announces Annual Report 2023 Received Most Votes for "Outstanding Integrated Report" by GPIF's Domestic Equity Managers and Selected for Seven Consecutive Years

February 22, 2024

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that its Annual Report 2023 has been selected as “Outstanding Integrated Report” for seven 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 most votes for two consecutive years, and we received extremely high evaluations.

The following are the comments from the asset managers who highly evaluated ITOCHU’s report.

・CEO Okafuji’s message is excellent as always. It's interesting how the structure of the annual report is built around the formula of corporate value, created value, growth rate, and cost of capital. The story for enhancing corporate value is easily comprehensible.
・The CEO message is powerful as ever, and this year's focus on human resource strategy was informative with solid data. The description regarding corporate governance, including that of the listed subsidiaries, is also beneficial.
・It is commendable that the annual report provides detailed analysis of risks and opportunities related to each business segment as a general trading company involved in various businesses. The approach to business investment in response to those factors is well-documented. The analysis of financial and non-financial initiatives and progress is also extensive, serving as a valuable source of information for investors.
・The annual report is structured with the aim of facilitating reader understanding. It includes specific diagrams such as the logic tree and the PEST analysis, as well as the PDCA cycle for human capital, making it a high-quality annual report in terms of both financial and non-financial aspects.
・The report confirms the PDCA cycle of financial and non-financial capital (including human capital), evaluating a chronological structure including the challenges from the previous period, the initiatives, the current progress, and new challenges. Furthermore, the consistency of all initiatives with the corporate mission of "Sampo-yoshi" is evident.
・The top-level reporting has been achieved and it represents the implementation of integrated thinking in management. It clearly demonstrates the medium- to long- term value creation capability in relation to various stakeholders. The model for sustainable value creation is defined explicitly.

In addition, ITOCHU has received the Gold Award for the fourth consecutive year and the Best Gold Award (the only recipient among the Gold Award) at WICI Japan Integrated Report Award 2023 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 2023 (fiscal year ended March 2023)