GMM ~2029V and 2025P shared by the entire group

On August 8 and 9, we held a Global Management Meeting (GMM) at JP Tower Nagoya (Nakamura-ku, Nagoya).

The purpose of the meeting was to share management policies throughout the Group and to provide a forum for information exchange among eighty-four of our employees who came to Japan for the meeting, including base heads, expatriates, and local executive employees from each of our 14 bases in the Americas, Europe, and Asia visited Japan for the meeting.

This year, members from all areas were able to gather together for the first time in five years, as we were able to have participants from various sites in China that were unable to come to Japan last year due to the zero-corona virus policy.

First, I expressed my deepest gratitude to everyone who had worked so hard at each of our global bases over the past three years, a period during which we saw dramatic change. I also thanked them again for their efforts, which enabled us to return to profitability in FY2022 despite the difficult environment we were in at that time.

The program began with an explanation of the purpose of the "2029 Sumitomo Riko Group Vision" and the "2025 Sumitomo Riko Group Mid-Term Management Plan" (hereafter, 2029V and 2025P) by mid-level employees who were the driving force behind the formulation of the plan and will be responsible for the management of the Company in 2029, and shared the vision for “What the Company strives for”, its significance (Purpose) and three directions* toward 2029.

I then spoke about 2025P, including the specific numerical figures to be achieved, and how we aim to achieve a more stable revenue and financial base.

1. Developing people and peers who pioneer the future

2. Building a flexible and strong organization

3. Creating value for a sustainable society

Three Directions

The program consisted of two days of reports on specific activity plans for each area and business unit.

The drafts of these reports were also drafted by mid-level employees at each base, and the program proceeded by presenting three directions for the coming 29.

As for the example of “Creating value for a sustainable society”, the “ Automotive Products Global Sales Headquarters” reported that it would "Catch Up with Needs and Changes and Lead the way in Creating Value," and the Industrial Products Business Headquarters” reported that it would "Solve Social Issues to Open the way to the Future”.

The presentation of case studies by local executives in three languages was followed by a lively Q&A session, including outside directors, which showed the high level of interest among the participants.

I nominated local executive employees to encourage discussion, and the discussion was particularly focused on the content of "People and Peer development," with a focus on global human resource development.

Let me introduce some specific opinions.

We gathered the following opinions;

1) From the Materials Business Unit: "We are aiming to create a workplace** that is easy to work in and rewarding to work in,

2)From Automotive Anti-Vibration Business Headquarters: "We are already promoting human resource development aimed at creating a corporate culture that encourages challenge”,

3) From the Americas area: "It would be good to have a plan to develop human resources like evangelists who are responsible for spreading the Sumitomo Spirit”.

The General Manager of the Human Resources & General Affairs Headquarters responded that he would like to achieve localized HR support while the HR departments around the world work together globally.

3K (light, clean, and easy) workplace

I had wanted to thank everyone at the reception for their daily efforts, but on the contrary, I was cheered up by their smiles.

The report at this GMM is only the beginning of the 2029V and 2025P.

I would like to ask those who attended this meeting to spread the 2029V and 2025P initiatives to their respective bases and have each and every employee of our Group steadily promote them as his or her own, so that we can all celebrate our company's 100th anniversary in 2029 with smiles on our faces.