Mitsubishi Chemical Holdings and Porsche / Volkswagen Group join the Value Balancing Alliance
- Mitsubishi Chemical Holdings Corporation and Porsche AG together with Volkswagen Group joined the Value Balancing Alliance in fall 2019 as new members.
- The alliance is expanding, broadening across diverse industries and global regions.
- New engagement and membership models will be introduced in 2020.
Frankfurt: The Value Balancing Alliance e.V. gained new members. The Japan based chemical company “Mitsubishi Chemical Holdings Corporation”and the German car maker “Porsche AG” are the first new alliance members after its founding in June 2019. Mitsubishi Chemical´s vision is to realize KAITEKI, an original concept of the MCHC Group that proposes a way forward in achieving sustainable development and serves as a guide for solving environmental and social issues. Yoshihiro Ikegawa, Chief Sustainability Officer of Mitsubishi Chemical Holdings says: “We define KAITEKI as the sustainable well-being of people, society and our planet Earth. In order to realize KAITEKI we are working on creatingsustainable social and economic value through innovation and business model transformation. We are confident that the Value Balancing Alliance will be an important tool for KAITEKI value measurement in our value chain.”
The rapid growth in members from different industries and regions of the world demonstrates how close the alliance is to achieving their goal of developing a new balance sheet that makes entrepreneurial action — from internal culture to social affairs and ecology — transparent in a holistic, measurable and affordable way. Companies are looking for sustainable answers to make their contribution to society clear. “Porsche has always been committed to growth that creates value and is sustainable. Social responsibility is something we take on proactively,” says Oliver Blume, Chairman of the Executive Board of Porsche AG. “Sustainability is a key pillar of our corporate philosophy. Through the Ferry Porsche Foundation we promote social interaction. Our purely electric Taycan has made us pioneers in the field of sustainable mobility. Together with the Value Balancing Alliance, we aim to provide decision-makers with a tool for creating and protecting sustainable values.”
Since its foundation in summer 2019, the Value Balancing Alliance has been working closely with its member companies and Big 4 auditing firms as pro bono consultants to develop a standardized disclosure and business steering solution based on multi-capital accounting. For the purpose of extending regional and sector coverage and strengthening the piloting base and results, the alliance is already growing in its founding year. In 2020, the alliance will introduce new partner engagement and membership models.
Mitsubishi Chemical Holdings Corporation (MCHC), established in 2005 and based in Tokyo, Japan, is the holding company of the four operating companies Mitsubishi Chemical Corporation, Mitsubishi Tanabe Pharma Corporation, Life Science Institute Inc. and TAIYO NIPPON SANSO CORPORATION.
The Mitsubishi Chemical Holdings Group provides products and services based on chemistry that contribute to sustainable development for people, society and the Earth in the three domains of Performance Products, Industrial Materials and Health Care. In fiscal year 2018 MCHC generated sales of JPY 3,923.4 billion. In total, the MCHC group employs a staff of more than 72,000 across the globe through 550 subsidiaries.
Dr. Ing. h.c. F. Porsche AG based in Stuttgart-Zuffenhausen, Germany, is the world’s leading manufacturer of exclusive sportscars. Porsche founded the sportscar segment more than 50 years ago with the release of the iconic 911 sportscar. Porsche is also setting milestones when it comes to plug-in hybrid drives: Porsche was the first manufacturer to introduce this technology in high-performance sportscars, exclusive saloons, and premium off-road vehicles. The Taycan, the first all-electric Porsche, was launched in 2019.
The Value Balancing Alliance e.V. was founded in June 2019. Members are BASF, Bosch, Deutsche Bank, LafargeHolcim, Novartis, SAP and SK. It is a non-profit organization supported by Deloitte, EY, KPMG, PwC, the OECD, leading universities such as Oxford University and Harvard Business School, and stakeholders from government, civil society, business, the financial market, and standard-setting organizations. The alliance focuses on the development and standardization of a bespoke model to empower decision makers to optimize the value they create.