The Bank revisited its purpose (what contributions the Bank should make for a sustainable environment and the society of the future) and its vision (what the Bank should do to perform its purpose).
The Medium/Long-Term Goals and the Management Plan are positioned as the fundamentals for the business activities to achieve the Bank’s vision.
The Bank also identified key “shared values” for its senior management and employees, which form the foundation of daily business activities to achieve the management plan.
The Norinchukin Bank’s Medium/Long-Term Goals
Formulation of Purpose of the Bank and the Medium/Long-Term Goals
Sustainability has become an increasingly significant topic. Discussions and measures are under way globally to address climate change that include achieving the SDGS by 2030 and the Paris Agreement targets by 2050.
Instead of merely formulating a three- to five-year business plan as we have done in the past, we have taken a medium/long-term perspective in redefining our vision of the Bank and the value we provide to society. We also recognize the importance of setting and executing specific goals to achieve these aspirations.
Based on this vision, we have defined our Purpose reflecting the Bank’s vision, value and role that it can offer society by 2050 and the Medium/Long-Term Goals that we will achieve by 2030.
In formulating our Purpose and Medium/Long-Term Goals, we held monthly workshops throughout 2020, attended by the CEO, Directors and Executive Officers.
After putting together forecasts for the global environment and societal changes for 2050 (megatrends), we used the concept of backcasting, carrying out discussions under the following approach.
Details of discussions were shared with the Supervisory Committee members and the Bank employees, and we formulated the plan after receiving opinions and responses to questionnaires.
- Share futuristic scenarios for 2050 in consideration of medium/long-term changes in the environment and society (megatrends).
- Forecast the impact that these futuristic scenarios could have on the Bank’s foundation and businesses (the AFF industries; investment and financing).
- For (2), above, discuss the value that the Bank can provide to society and the role that we are expected to play (our Purpose).
- Discuss the goals to be achieved by 2030 (our Medium/Long-Term Goals) based on our Purpose.
- Reflect these details in our management plan and realign the Norinchukin Bank Vision.
Group discussions in a workshop for executives
Megatrends to Keep in Mind Looking Toward 2050
Priority Issues for The Norinchukin Bank
- Sustainability Management
- Our Purpose, Vision and Mission
- Medium- to Long-Term Goals and Initiatives
- Milestones of Sustainability Management
- Philosophies and Policies
- Sustainability Promotion Structure
- Sustainability Advisory Board
- Identifying Sustainability Issues
- Stakeholder Engagement
- Participation in Initiatives
- Sustainable Finance
- Initiatives to Manage Environmental and Social Risks
- Agriculture, Fishery, Forestry Industries, and Regions