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Hitachi, Ltd. became a full member of the United Nations Global Compact in February 2009. Our corporate foundation is the basis for continuing growth as a global company, and it also needs to meet internationally recognized global standards that go beyond national and regional laws and regulations. We believe that respecting and implementing the 10 principles of the UN Global Compact will build a stronger foundation for our business.
The World Business Council for Sustainable Development (WBCSD) is an organization led by CEOs of forward-looking companies in more than 30 countries worldwide. Its aim is to create a sustainable future for business, society, and the environment. Hitachi, Ltd. has participated in the WBCSD since 1995.
To help create and expand markets as well as to accelerate our global business expansion, we are actively involved in developing international standards and are willing to commit employees to serve as chairpersons or international secretaries or in other key positions of international standards-developing organizations, such as the International Electrotechnical Commission (IEC) and the International Organization for Standardization (ISO).
The Hitachi Group Standardization Committee was established to coordinate the efforts of all Hitachi Group companies toward international standardization. The Steering Committee*1 of this body determines priority themes and promotes standardization activities by establishing working groups for each theme.
Hitachi's international standardization work is well regarded. In fiscal 2016, a Hitachi employee received the IEC Thomas Edison Award, and two of our employees received the Minister of Economy, Trade, and Industry Award. And we were also honored by such bodies as the Information Processing Society of Japan and the Railway Technology Standardization Investigation Committee.
Hitachi is committed to contributing to international standardization via standard-developing organizations like the IEC, ISO, and various consortia to facilitate innovation that resolves social issues, as well as to providing solutions consistent with international standards to support the development of sound global markets.