Promotion of Sustainability
Foster Electric’s activities are under the corporate creed of “Sincerity”, and mission of “To make contributions for future society through acoustics” and its vision “Through acoustic products or its solutions, a total commitment to help create a comfortable life and pleasure of communication around the world.”
The philosophy of sustainability is deeply rooted in the foundation of the company, and we have consistently aimed since our founding to become a sustainable company that is indispensable to society and that continues to develop.
We are committed to management focused on Environmental (E), Social (S), and corporate Governance (G) initiatives, aiming to achieve the sustainability for both the company and society.
Foster Group Sustainability Charter
The Company issued the first version of its CSR Charter in 2006, and updated it to pursue global versatility and universality in 2010, by incorporating the EICC* Code of Conduct, the CSR standards established by U.S. Electronic Industry Citizenship Coalition, as our basic policy.
Further, in 2022, we established the Sustainability Charter as a revision of the CSR Charter to clearly state that we will pursue sustainability of both the Group and society, in addition to continuing to work on corporate social responsibility (CSR). The Charter is aimed at making it known that all officers and employees regard corporate sustainability (mid- to long-term sustainability including ESG elements) to be an important issue and ensuring that they will be conscious of and achieve sustainability in their daily activities.
- *Electronic Industry Citizenship Coalition (renamed Responsible Business Alliance in 2017)
Sustainability Promotion Structure
At its headquarters, the Foster Group has established the Sustainability Committee chaired by the president. The core members of the committee are representatives of related sections. The Sustainability Committee, including the sustainability representatives and staff from the headquarters and each site, meets every month with the sustainability officer who is the executive chairman of the committee in attendance. They monitor the activities of the Group as a whole for the promotion of sustainability and engage in collaborative activities. Important matters about which the Sustainability Committee is consulted are deliberated and approved during Board of Directors meetings which are attended by directors and independent directors. In addition, we have established the Environment Committee under the Sustainability Committee. The Environment Committee sets goals for each topic and action plans for achieving the goals and discusses and takes specific actions, including measures to address climate change issues.
Major topics that were reported to and deliberated by the Sustainability Committee in FY2024
- Revision of material issues (based on the double materiality principle)*
- Progress and review of KPIs for the material issues
- Disclosure of sustainability information (conforming to CSRD, TCFD, and TNFD)
- Key ESG issues based on surveys by external ESG rating agencies and customer survey
- Revision of the Foster Group Supplier Sustainability Code of Conduct
- Formulation of and progress in the FY2024 CO2 Reduction Action Program
- Results of internal environmental audits, management reviews, and ISO 14001 audits
- Progress and results in customer CSR audits
- Publication of Integrated Report*
- *Deliberated and approved by the Board of Directors