Contributing to Society Even in Troubled Times
In 1920, the Japanese economy fell into recession and was in a state of disarray following a post-WWI boom and due to plummeting stock prices caused by the tightening of monetary policy. The old Mitsubishi Trading Company (Mitsubishi Shoji Kaisha - disbanded in 1947), which had only just been established in 1918, had to endure extremely difficult circumstances and was forced to suspend dividends for three years from 1919.
Faced with these circumstances, Koyata Iwasaki, the first chairman of the old Mitsubishi Shoji Kaisha, and fourth president of Mitsubishi, called a meeting for all office general managers*1 at headquarters. Standing before the assembled managers, who were resigned to being blamed for the company's results, he used the occasion to explain the need to question the economic function of trade and the responsibility of trading companies to producers and consumers. An excerpt of his speech is as follows: "We must wholeheartedly embrace competition, but we must compete fairly. And I want us to compete in terms of quality, not quantity. However, we must be careful not to get so caught up in competing that we use any means to justify the end. This would be regrettable in light of our founding traditions. We mustn't speculate with the aim of profiteering, so as to get rich quick."
*1 General managers of Mitsubishi Corporation bases in Japan and overseas are generally referred to as office general managers.
Passing the Spirit of the Three Corporate Principles to Future Generations
The first issue of the in-house newsletter published in 1954 featured the Three Corporate Principles
Based on the leadership of Mr. Iwasaki, the Three Corporate Principles were formulated in 1934 as the core values for the company. The spirit of these principles has been kept alive by successive generations of employees and remains to this day the touchstone for fulfilling our responsibilities to the global environment and society as we conduct business.
For instance, when we conduct business in a new region, we communicate with all local stakeholders including the people that live there. We engage in business mindful of contributing to the development of local communities such as by taking into account the natural environment, creating jobs, and improving living environments. This approach extends across entire value chains, from upstream resource development and procurement to downstream sales and services.
Today the spirit of the Three Corporate Principles remains the cornerstone of our organizational and corporate culture and represents what Mitsubishi Corporation stands for. As a good corporate citizen, we will ensure that the spirit of the Three Corporate Principles lives on through our core businesses.
- Feature 1 "MC's Businesses From a Sustainability Standpoint"
