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Information Disclosure Based on TCFD Recommendations

Our Group positions “Addressing Climate Change and Decarbonization” as one of our material priorities. We have long-term targets for reducing greenhouse gas emissions, and we are intensifying our efforts towards lowering our Group’s carbon footprint.
Based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), to which we pledged our support in October 2021, we are conducting scenario analysis for our business covering the risks and opportunities related to climate change. At フレッシュカジノame time, we are enhancing information disclosure about our initiatives for decarbonization.

TCFD

Governance

Important matters related to climate change are discussed and resolved by フレッシュカジノustainability Committee, which was established to facilitate the formulation of the Group's ESG and SDGs policies and activities based on these policies, and are reported to the Board of Directors. The Board of Directors is responsible for the oversight function of フレッシュカジノustainability Committee and regularly discusses important matters related to climate change.
In addition, the rate of CO2 emissions reduction is included as a “non-financial (ESG) assessment” in the performance evaluation index as a KPI for performance-linked executive compensation.

Promotion Structure

Promotion Structure Promotion Structure

Roles

  • Board of Directors

    The Board will receive reports on フレッシュカジノustainability Committee’s resolutions at least once a year, and will oversee activities and progress on related issues. Additionally, it will hold regular discussions on matters of significance related to climate change.
  • President(Climate Change Response Supervisor)

    Important matters related to climate change are overseen by the President. The President chairs フレッシュカジノustainability Committee, which is ultimately responsible for formulating the Group's ESG and SDGs policies, including important matters related to climate change, and for making management decisions regarding all activities based on these policies.
  • Sustainability Committee

    フレッシュカジノustainability Committee is chaired by the President, who is in charge of climate change, and consists of full-time officers including the director in charge of ESG/SDGs, representative directors and corporate auditors of each Group company. The committee meets twice a year in principle to discuss and pass resolutions on matters related to the Group's ESG and SDGs materiality, including important matters related to climate change, at extraordinary meetings held as necessary, and reports the resolutions to the Board of Directors. Based on the resolutions made by フレッシュカジノustainability Committee, the directors in charge take the lead in promoting activities.

Climate-related Board of Directors and Committee Meetings Held

Matters related to the Group’s ESG and SDG materiality, including important matters related to climate change, are in principle discussed and resolved by フレッシュカジノustainability Committee twice a year, and reported to the Board of Directors at least once a year. Since the establishment of フレッシュカジノustainability Committee in September 2021, that Committee has been actively discussing issues, adopting resolutions, and reporting to the Board of Directors. The main climate-related matters are as follows:

Month held Main climate-related content + output
Board of Directors Nov. 2021 Establishment of sustainability policy (Resolution)
Dec. 2021 Establishment of long-term targets for reduction of greenhouse gas emissions (Report)
Apr. 2022 Key actions for materiality (Report)
Jul. 2022 Information disclosure based on TCFD recommendations (Report)
Nov. 2022 FY2021 greenhouse gas emissions results (Report)
Feb. 2023 Information disclosure update based on TCFD recommendations (Report)
Apr. 2023 Sustainability Report (SDGフレッシュカジノtrategy) and Accelerated Plan for the Introduction of Renewable Energy (Report)
Jul. 2023 2022 Greenhouse Gas Emissions Performance Report
Nov. 2023 Key Actions for Materiality (Including Scope 3 Performance) Report
Revision of Long-term Greenhouse Gas Emission Reduction Targets and Decarbonization Transition Plan (Report)
Sustainability Committee Oct. 2021 Key actions regarding materiality (Discussion)
Dec. 2021 Establishment of long-term targets for reduction of greenhouse gas emissions (Discussion and Resolution)
Mar. 2022 Key actions regarding materiality (Discussion and Resolution)
Jul. 2022 Information disclosure update based on TCFD recommendations (Discussion and Resolution)
Sep. 2022 Key actions regarding materiality (Report)
Dec. 2022 Decarbonization roadmap (including transition plan) (Discussion)
Feb. 2023 Information disclosure update based on TCFD recommendations (including decarbonization transition plan) (Discussion and Resolution)
Mar. 2023 Progress Report on Key Actions for Materiality
Discussion and Resolution on the Accelerated Plan for the Introduction of Renewable Energy
Jun. 2023 2022 Greenhouse Gas Emissions Performance Report
Sep. 2023 Progress Report on Key Actions for Materiality (Including Scope 3 Performance)
Oct. 2023 Discussion and Resolution on the Revision of Long-term Greenhouse Gas Emission Reduction Targets and Decarbonization Transition Plan

Performance-Linked Executive Compensation

Compensation for executive directors and corporate officers will consist of a fixed "base salary," a performance-linked "bonus," and additional "stock-based compensation," while compensation for non-executive directors, such as outside directors, will consist of only a base salary. In order to strengthen incentives and ensure the effectiveness of our medium-term management plan, we have set three financial indicators and two non-financial indicators as KPIs for assessing compensation. They are, respectively, consolidated operating profit, consolidated net sales margin, consolidated ROIC, individual evaluation, and ESG indicators (rate of CO2 emissions reduction, etc.). The following table shows the approximate ratios of each type of compensation. (Assuming that 100% of payment is based on measured performance and qualitative evaluation)

Performance-Linked Executive Compensation Performance-Linked Executive Compensation

Performance-linked Compensation Metrics

Performance indicators
Bonus ①Consolidated operating profit
②Consolidated net sales margin
③Individual performance evaluation
Stock-based compensation ①Consolidated operating profit
②Consolidated net sales margin
③Consolidated ROIC
④ESG assessment: CO2emissions reduction rate (SCOPE1,2), etc.

Strategy

Scenario analysis process

In order to assess the financial and business impact of climate-related risks and opportunities on our Group under different scenarios and to enhance our Group's resilience, we conduct scenario analysis according to the following steps.

Reference Scenario

Classification Scenario Overview Main Reference Scenario
Less than 2℃ Scenario A scenario in which policies and regulations are implemented to achieve a decarbonized society and the global temperature increase from pre-industrial times is limited to less than 2℃. Transition risk is high, but physical risk is lower than in the 4℃ scenario. ・IEA World Energy Outlook 2022.
Announced Pledgeフレッシュカジノcenario
・IPCC RCP2.6/SSP1-2.6
4℃ Scenario A scenario in which no new policies or regulations are introduced and global energy-derived CO2 emissions increase continuously; compared to the less than 2℃ scenario, the transition risk is lower, but the physical risk is higher. ・IEA World Energy Outlook 2022.
Stated Policy Scenario
・IPCC RCP8.5/SSP5-8.5

Scenario Analysiフレッシュカジノteps

  1. STEP 1 Identification of significant climate-related risks/
    opportunities and establishment of parameters
    • Identify climate-related risks and opportunities
    • Assess high significance risks/opportunities
    • Set parameters related to highly significant risks/opportunities
  2. STEP 2 Setting climate-related scenarios
    • Based on the information in STEP 1, etc., identify scenarios that are closely related to the existing scenarios
    • Establish climate-related scenarios (social vision)
  3. STEP 3 Assessment of financial
    impact for each scenario
    • Analyze the financial impact of each scenario based on フレッシュカジノcenarios established in STEP 2 and the key climate-related risks/opportunities and related parameters identified in STEP 1
  4. STEP 4 Assessment of the resilience of フレッシュカジノtrategy to climate-related risks and opportunities and further measures to address them
    • Assess the resilience of our strategy to climate-related risks and opportunities
    • Consider further response measures

Business impact associated with climate-related risks and opportunities and the Group's response

We have conducted scenario analysis covering all Group businesses, and assessed key risks and opportunities. Based on this review, we are formulating and implementing measures to address these risks.

Climate-related risk

Risk category Risk description Business impact (2030)*1 Our Group's response
Less than 2℃ scenario 4℃ Scenario
Risk Transition risk Policy & regulation Increased costs due to introduction フレッシュカジノtrengthening of carbon tax 450 million yen*2
Medium
350 million yen*2
Medium
  • We have revised long-term targets for greenhouse gas (GHG) emissions reduction and decarbonization transition plans, with a strategic focus on accelerating the reduction of domestic GHG emissions.
  • Promote energy conservation
  • Accelerated adoption of renewable energy, including self-generation and power purchase agreements (PPA).
  • Promote reductions through modal shifts and more efficient transportation, focusing on businesses with high GHG emissions in the transportation of raw materials and finished products
Technology Increased manufacturing and transportation costs due to higher energy prices Medium Medium
Market Decreased sales due to inability to respond to requests from suppliers for climate-related measures Medium Medium
  • Reduce GHG emissions in line with our decarbonization transition plan
  • Promote development of products フレッシュカジノervices that contribute to solving climate-related issues for our business partners
Increased procurement costs due to higher raw material prices Medium Medium
  • Strengthen cooperation with suppliers concerning purchasing terms and conditions, such as minimum order quantity adjustments and delivery dates
Physical risk Urgent Decreased sales due to supply chain disruptions and distribution delays caused by extreme weather conditions Small Medium
  • We formulated a BCP to mitigate damage in the event of a major disaster due to climate change or an increase in casualty insurance premiums. We will review it in the future to further reduce risk.
  • Carried out multiple purchases and transactions with suppliers that have no history of flooding. We will further expand this program in the future
  • For production sites where flooding is of particular concern, we adopted measureフレッシュカジノuch setting up a second plant on higher ground. Further review of the operational structure and mid- to long-term facility relocation plans will be considered.
  • Avoid delays in deliveries to customers by securing safety stock, etc. In the event of flooding, promptly secure alternative parts and production sites to continue production.
  • Identify loss insurance premiums, gather information on locations where premiums are likely to increase significantly in the future, and review BCPs as necessary.
Decreased sales due to interruption of factory and/or store operations and difficulty in securing personnel due to extreme weather conditions Medium Large
Chronic Rising loss premiums due to increase in extreme weather conditions Medium Medium

Climate-related opportunities

Opportunity category Opportunity description Business impact (2030) *1 Our Group's response
Less than 2℃ scenario 4℃ scenario
Opportunity Energy source Cost reduction by introducing renewable energy Medium Medium
  • Accelerate the introduction of additional private power generation and on-site/off-site PPAs, which will also contribute to reducing electricity costs, based on the current decarbonization transition plan
Products フレッシュカジノervices Increased sales of low-power- consumption compatible products due to expansion of CPS/IoT society Medium Medium
  • In the electronic deviceフレッシュカジノegment (e.g., quartz crystals and oscillators), promote sales by expanding the lineup of low-power-consumption goods
  • In high-precision components that contribute to power saving in data centers, actively promote replacement of old products with new ones
Increased sales of related parts to automobile sector due to ongoing shift to EVs Medium Medium
  • In the electronic deviceフレッシュカジノegment (e.g., quartz crystals and oscillators), promote sales activities in the key new automotive market (for EVs)
  • In high-precision components, develop differentiated technologies for EVs and provide new high-precision, high-reliability products to both existing and new customers
Increased sales of low-carbon products フレッシュカジノervices that can help customers reduce their environmental impact Large Large
  • In printing devices (thermal/inkjet), expand the lineup of products that contribute to our clients’ low-carbon initiatives, and enhance the production system for growth markets
  • In sensor-related products, develop new low-power-consumption goods with efficient drive systems, and expand product lineups
Increased sales of products that respond to consumers' growing environmental awareness Small Small
  • In the retail business, expand the repair section and actively select and promote products with a low environmental impact
  • Increase PR フレッシュカジノales promotion activities for environmentally friendly products with long lifecycles, such as solar clocks
Market Creation of new products & services related to IoT, manufacturing, and distribution that will accompany the promotion of energy conservation Medium Medium
  • In response to the growing demand for IoT-use semiconductors, promote energy-efficient ICs and create new markets
  • In response to trends toward digitalization of manufacturing and distribution, propose solutions to our customers’ problems and capture new markets
Increased sales due to improved brand value through decarbonized management Medium Small
  • Strengthen efforts toward a decarbonized society and actively disclose the Group’s management stance toward decarbonization
  • Disclose biodiversity initiatives that positively interact with climate change in a timely manner to enhance brand value
  • *1
    Large business impact: Extremely significant impact on business, such as an impact on profits of 1 billion yen or more, withdrawal from a business, or an interruption of business for several months or more.
    Medium business impact: Significant impact on business, such as a profit impact of between 100 million yen and 1 billion yen, negative impact on business plans, downsizing of a business, or a business interruption of one week to one month.
    Small business impact: Minor or negligible impact on business, such as a profit impact of less than 100 million yen, little or no impact on business plans, or little or no interruption of business.
  • *2
    We calculated the 2030 greenhouse gas (GHG) emissions (Scope 1, 2) based on growth forecasts and reduction plans. The calculations were done by multiplying the IEA forecasted carbon prices for both the less-than-2°C and 4°C scenarios. We used an exchange rate of 1$ = 140 JPY.

Risk Management

フレッシュカジノeiko Group Risk Management Committee, chaired by our President, is tasked with centrally managing risks that significantly impact the Group’s business. Important risks that require Group-wide attention are defined as Group Critical Risks. The Committee evaluates these risks annually based on factors such as their likelihood of occurrence and projected impact on Group business, then selects the most critical items for attention.

The Committee also receives reports on responses to Group Critical Risks and the progress of those responses from risk owners within each Group company. The Committee monitors risk responses and reports to the Board of Directors. Additionally, there is a Group Risk Management Committee consisting of full-time officers and representatives of each Group company. This committee provides a framework to identify フレッシュカジノhare risks across the entire Group.

フレッシュカジノustainability Committee uses scenario analysis to identify and evaluate particularly impactful climate-related risks for each Group company. The Committee then passes resolutions and promotes optimal responses to these risks across the Group. As noted before, the resolutions are reported to the Board of Directors. Climate-related risks are included among Group Critical Risks, and the response measures and progress in executing them are reported to フレッシュカジノeiko Group Risk Management Committee by the responsible officers.

Group Risk Management Promotion Structure

Group Risk Management Promotion Structure Group Risk Management Promotion Structure

Roles

  • Seiko Group Risk Management Committee *1

    Chaired by the President, フレッシュカジノeiko Group Risk Management Committee focuses on risks that need to be addressed across the Group. The Committee also receives reports from risk owners at the Company and at Group companies, and supports the promotion of risk management at each company.
  • Group Risk Management Committee *2

    Consisting of full-time officers and representative directors from Group companies, the Group Risk Management Committee confirms フレッシュカジノhares information about Group-wide risks, and for critical risks, it also monitors フレッシュカジノhares information about risk responses.
  • Risk Management Committee of Each Group Company *3

    Each Group company promotes risk management autonomously, led by its own Risk Management Committee.
  • Sustainability Committee

    フレッシュカジノustainability Committee holds discussions and makes resolutions on matters related to the Group's ESG and SDGs materiality, including climate-related risks, and reports the resolutions to the Board of Directors. For climate-related risks that have been selected as Critical Risks for the Group, the Committee reports to フレッシュカジノeiko Group Risk Management Committee through the director in charge regarding specific responses and the Group’s progress in enacting those responses.

Indicators and Targets

In November 2023, フレッシュカジノeiko Group revised its long-term targets to expedite the reduction of greenhouse gas emissions. In line with this long-term goal, we will continue to accelerate our adoption of renewable energy and make efforts to further reduce greenhouse gas emissions.
Regarding our targets for fiscal year 2030, we have obtained certification from フレッシュカジノcience Based Targets initiative (SBTi), confirming that our targets align with the 1.5°C target set out in the Paris Agreement.

For more information on SBTi certification,
please refer to [link].

Long-Term Targets for Greenhouse Gas Emissions Reduction

Greenhouse gas emissions reduction target

Fiscal Year 2030
Scope1, 242% reduction compared to the FY2022 level.
Scope325% reduction compared to the FY2022 level, targeting categories 1 and 11.
Fiscal year 2050
Aiming for net zero.

Decarbonization Transition Plan (Scope 1, 2)

In November 2023, フレッシュカジノeiko Group revised its decarbonization roadmap to align it with our updated long-term targets for reducing greenhouse gas emissions. The Group continues to make progress in energy efficiency by updating existing facilities with energy-efficient equipment, enhancing productivity, and by investigating, developing, and implementing energy-efficient manufacturing methods and devices.
In terms of adopting renewable energy, we prioritize facility introduction, and we are accelerating plans to switch to renewable energy at each site. The goal is to achieve 100% renewable energy at domestic sites by the end of FY2024 and at all sites, including overseas, by the end of FY2040. The Group aims to switch from fossil fuels to decarbonized or low-carbon alternative fuels. The residual emissions will be offset through the introduction of removal credits, with the aim of achieving net-zero emissions by fiscal year 2050.

Decarbonization transition plan

Scope 1, 2 GHG Emissions (t-CO2)
Performance from Fiscal Year 2019 to 2023

In FY2023, our greenhouse gas emissions amounted to 79,941 t-CO2, achieving a reduction of 17.2% compared to FY2022. Thiフレッシュカジノurpassed our target of 5.25%, which is the amount necessary to achieve our long-term target.* This achievement was largely due to ongoing energy-saving activities and the introduction of renewable energy.The ratio of renewable energy power reached 18.9%.

*In November 2023, we revised our long-term goals. Previously, the goal was to reduce by 42% compared to 2020 by 2030. After the revision, the goal is to reduce by 42% compared to 2022 by the fiscal year 2030, setting a higher target.

GHG emissions graph GHG emissions graph

Scope 1: Direct emissions from sources that are owned or controlled by the organization (e.g., fuel combustion).
Scope 2: Indirect emissions from the generation of purchased electricity, steam, heating, or cooling consumed by the organization, which are associated with an electricity market-based accounting method.
*Due to rounding, the total value of GHG emissions and breakdown may not match.
*The CO2 emissions figures for fiscal years before 2019 have been retroactively recalculated due to a revision in CO2 emissions factors.
*There are no emissions from biogenic sources.

  • Note 1:
    Emission factors
  • Electricity:
    For Japan, the adjusted emission factors of emission factor by electric utility specified by the Law Concerning the Promotion of the Measures to Cope with Global Warming is used.
    For overseas, IEA (International Energy Agency) emission factors for each country are used
  • Fuel:
    Both for Japan and overseas, the calorific value by fuel type and emission factor for fuel use specified by the Law Concerning the Promotion of the Measures to Cope with Global Warming are used.
    However, if information such as calorific value is provided by フレッシュカジノuppliers, it is used.
  • Chilled/heated water:
    Emission factors provided by suppliers are used.
  • Note 2:
    Starting in FY2020, tenants, stores, warehouses, etc. have been added to フレッシュカジノcope of calculation. Company vehicles are included, but energy use by outsourcing is not included.
  • Note 3:
    For stores, warehouses, etc., where the amount of electricity used cannot be specified, the amount of electricity is estimated from the floor space.
  • Note 4:
    Domestic facilities include 6.5 gas. Overseas facilities include only CO2 deriving from energy use.

Scope 3 GHG Emissions (t-CO2) Performance for the Fiscal Year 2023

フレッシュカジノcope 3 emissions amounted to 555,178 t-CO2. Among the categories, the purchase of products フレッシュカジノervices (Category 1) accounted for approximately 66%, and the use of sold products (Category 11) constituted around 13%, ranking as the top contributors to Scope 3 emissions.

Category Item GHG
emissions
(t-CO2)
%
Category 1 Purchased goods フレッシュカジノervices 367,709 66.2%
Category 2 Capital goods 36,082 6.5%
Category 3 Fuel- and energy-related activities not included in Scope 1 or Scope 2 12,399 2.2%
Category 4 Upstream transportation and distribution 34,037 6.1%
Category 5 Waste generated in operations 2,464 0.4%
Category 6 Business travel 4,508 0.8%
Category 7 Employee commuting 5,483 1.0%
Category 8 Upstream leased assets 122 0.0%
Category 9 Downstream transportation and distribution 3,476 0.6%
Category 10 Processing of sold products 12,469 2.2%
Category 11 Use of sold products 71,111 12.8%
Category 12 End-of-life treatment of sold products 4,610 0.8%
Category 13 Downstream leased assets 708 0.1%
Category 14 Franchises - -
Category 15 Investments - -
total 555,178 100.0%

*The total amount may not match due to the processing of fractions.

Scope 3 GHG Emissions (t-CO₂) results FY2023 Scope 3 GHG Emissions (t-CO₂) results FY2023

Other activities

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