Financial Institution is First in Japan to Publish CSR Accounting Report

Mitsui Sumitomo Insurance Co. announced on September 17, 2004 that it had published its "CSR Report 2004," reporting on corporate social responsibility activities by the Mitsui Sumitomo Insurance Group from April 2003 to March 2004. The company was the first in Japan's financial industry to quantify the costs and benefits of these activities using CSR accounting methods.

Based on the company's environmental accounting system, the CSR accounting measured the costs and effects of three kinds of CSR practices: social contribution and welfare(philanthropy) activities; ethics and compliance activities; and environmental protection activities. Total CSR related costs in fiscal 2003 amounted to 7.3 billion yen (U.S.$66 million), while the activities brought economic benefits of about 1.4 billion yen (U.S.$13 million). Effects that could not be represented in monetary terms were described either qualitatively or in non-monetary units.

The company established a CSR committee in August 2003, chaired by the president, to start promoting company-wide CSR activities in fiscal 2004. CSR accounting is part of these efforts, and the company plans to expand its scope in the future.



Posted: 2004/12/29 02:23:50 PM
Japanese version