TOYO TIRE Materiality

In promoting sustainability, we believe it important to identify issues that should be given priority when considering factors such as the relevant scope of our business domain and internal resource limitations. We have thus established our Group material issues, which were decided upon by the Sustainability Committee in June 2021 and then approved by the Executive Committee in July.
Along with strategically investing our internal resources into initiatives related to the material issues, we will also use this opportunity to foster a corporate culture where each employee addresses sustainability issues by connecting materiality to their own duties, as well as strengthen materiality-focused stakeholder engagement, such as public ESG dialogues.

Process of identifying material issues

Following the statement in our Medium-Term '21 Plan that we are going to integrate sustainability into corporate management, we established a steering committee comprising the president and the vice presidents of each headquarters to start developing sustainability-related policies and identifying material issues. The work was transferred to the Sustainability Committee in April 2021, with further discussions taking place over four months. In the meantime, a total of 40 division general managers and general managers, who would be at the heart of the teams handling the task of driving and promoting sustainability, also had their own discussions on the same themes, and the outcome of their discussions was fed back to the Committee’s discussions.

Process of identifying material issues

Process of setting targets and KPIs

Based on our Sustainability Policy, we have set specific activity themes for each material issue and formulated medium- to long-term targets and goals for each theme, as well as processes and measures to achieve them. To set targets and goals, we first considered the vision of what we would like the Group and society to achieve in the long-term (by 2030), and made these our “Vision Goals.” We then established “Vision KPIs” as benchmarks to confirm our progress on the way towards these goals.
For the medium- (as of 2025) and short-term, we worked backwards from 2030 to plan the intermediate processes and measures needed to achieve these goals, which will be built into annual policies and business plans, and progress managed.

Activity themes linked to material issues

As our materiality is formed of the key priority issues of the Group, we have set up task forces as sub organizations within the Sustainability Committee, and are also using existing company-wide structures and meetings to set targets and KPIs for each theme, and plan processes and measures to achieve them. After approval of these by the Sustainability Committee and Executive Committee, each headquarters will incorporate them into their annual policies and business plans and carry them out.

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Material issues