At Cadira Capital Management, our mission is "Connecting the Investment Chain and Beyond". Collaborative relationships with internal and external stakeholders are essential to achieving our mission. We therefore seek to deepen the relationship of trust with our stakeholders by disclosing specific details of our activities, including dialogue with the companies in which we invest.
This month, we'll report on the following activities.
Workshop for Corporate IR/Sustainability Professionals
On July 25, CCM co-hosted a two-part seminar and workshop with Corporate Action Japan (CAJ), a climate-related NPO, for about 20 corporate IR and sustainability professionals. The event title was "How to Promote Dialogue with Stakeholders and Integrate it into Management Strategy".
The first part of the seminar was a panel discussion moderated by our CIO Yu Shimizu with three speakers: Mr. Shinichi Takasaki, Director of ILO Office for Japan, Mr. Yasunori Takeuchi, CEO of CAJ, and Ms. Mikiko Ohno, IR Manager of Recruit Holdings Co., Ltd. Mr. Takasaki spoke about the importance of responding to human rights and his desire to support companies as an international organization. Mr. Takeuchi explained the importance of NPO involvement in terms of increasing corporate value. Ms. Ohno presented Recruit Holdings' efforts to improve corporate governance through dialogue with various stakeholders, including investors and civil society.
The second part of the workshop consisted of individual work to experience the impact of sustainability on corporate value. Specifically, the work involved experiencing the impact of corporate actions, such as introducing products that contribute to greenhouse gas (GHG) emissions, increasing GHG emissions in the manufacturing process, and failing to address human rights, on growth potential and the cost of capital. Participants were then divided into groups of 3-4 to share their opinions based on the panel discussion and individual work. While many participants reaffirmed the importance of quantifying sustainability metrics and seeking stakeholder input, they also shared their views on the challenges facing their organizations, such as the heavy workload of responding to questionnaires from ESG research organizations.
Following the event, participants provided feedback that they appreciated the opportunity to gain insight on sustainability and to hear practical discussions on specific dialogue methods. They also commented that the event was a good opportunity to network within the IR community. For us, the event was very successful in terms of both the engagement aspect of providing the participating companies with guidance on how to improve their management, and the research aspect of understanding the issues they face. Given the positive feedback we received from all participants, we are considering organizing a similar event in the future.
Dialogue with Sumitomo Forestry
At CCM, we typically hold meetings with management and the investor relations department when we engage in dialogue with our investee companies. We also actively engage with people on the front lines of the business to deepen our understanding of specific areas. Recently, we held a meeting with a person who was in charge of Sumitomo Forestry's forestry business in Indonesia, together with an environmental NPO that is also one of our advisors.
Sumitomo Forestry's core business is the housing business in Japan and overseas, but as its name suggests, its founding business is forestry, and it owns and manages approximately 290,000 hectares of forests in Japan and overseas. This includes 172,000 hectares in Indonesia, which it manages as "production forests" for timber production and "environmental forests" for ecosystem conservation and CO2 absorption and fixation. In addition, by coexisting with local communities, the company contributes to the stable supply of wood and the development of local economies, while working to preserve the environment on a large scale.
Among the activities described in this meeting, the company's efforts to conserve tropical peatlands are particularly noteworthy. Tropical peatlands are swampy areas with a high water table in tropical regions with high temperatures and rainfall, where peat that has not sufficiently decomposed from organic debris such as tree branches and leaves has accumulated over thousands of years. One of the characteristics of peatlands is that they hold large amounts of water and highly flammable carbon, and are therefore at risk of releasing large amounts of carbon dioxide into the atmosphere through fires. Indeed, the El Niño phenomenon has caused fires, and smoke pollution has become a health hazard for neighboring countries. Biodiversity is also a concern, as is the impact on the flora and fauna that inhabit the area.
The company has received permission from the Indonesian government to undertake conservation and reforestation of large tropical peatlands. The company zones forests to be protected and areas to be used for reforestation projects, and manages them according to their respective roles. The key point of peatland conservation seems to be maintaining water levels, but there is no other solution for such a large area in the world, and it is hoped that the know-how will be exported to other countries such as the Congo.
At the meeting we discussed the impact of these initiatives that combine environmental protection and economic efficiency, and it seems that the next challenge for the company is to visualize the results, financial and monetary, and the causal relationships in the field of nature. As we move toward a nature-positive society, it is expected that the public benefit of forests will play an increasingly important role, and we would like to continue to closely follow the company's efforts.
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