Ricoh selected as “Excellent TCFD Disclosure” by GPIF's external asset managers

TOKYO, April 6, 2023 – Ricoh has once again received high evaluation from external asset managers entrusted with the domestic equity investment of Japan's Government Pension Investment Fund (GPIF) for the second consecutive year. Among all nominated companies with “excellent TCFD^* disclosure,” Ricoh received votes from five asset managers.

* TCFD:

Task Force on Climate-related Financial Disclosures. Established by the Financial Stability Board (FSB), the TCFD provides stability to financial markets by promoting information disclosure of climate-related risks and opportunities by companies and facilitating a smooth transition to a low-carbon society.

GPIF requested its 13 external asset managers to nominate up to five companies as “excellent TCFD disclosure.” As a result of the survey, GPIF selected 28 companies for having excellent TCFD disclosure, but among all the nominated companies, only Ricoh and three other companies were chosen by four or more external asset managers for excellent TCFD disclosure. Additionally, 55 companies were selected for excellent disclosure in at least one of the four disclosure categories—(1) governance, (2) strategy, (3) risk management, and (4) metrics and targets—with Ricoh being selected in all four categories.

Comments from the external asset managers who highly evaluated Ricoh's disclosure include;

• Ricoh has ambitious targets for GHG emissions, including 2030 target of Scope 1 and 2: 63% reduction (compared to 2015), Scope 3: 40% reduction (compared to 2015), and 2050 target: zero GHG emissions across the entire value chain. Detailed case studies of the initiatives are also presented through its TCFD report.
• Ricoh, which has been emphasizing environmental management from the early days, specifically described measures to achieve its goals for 2030 and 2050, taking into account the relevance of business opportunities and risks. The measures presented are expected to be effective.
• In addition to incorporating the percentage of GHG (Scope 1, 2, 3) reduction into executive compensation as ESG targets, Ricoh has disclosed the status of ESG agenda deliberations by the Board of Directors.
• Ricoh's Integrated Report outlines climate change risks and opportunities. The TCFD Report and the Circular Economy Report are published separately (also linked to the Integrated Report) to disclose detailed information. Ricoh has provided accessible disclosures tailored to the readers' needs.
• Ricoh has disclosed each scenario, risk levels which are determined based on “impact” and “urgency,” and the impact on the business, status of response, and areas of contribution with high visibility. As for governance, Ricoh has established a governance structure that integrates management and execution through collaboration between the Board of Directors and the ESG Committee. The adoption of non-financial indicators such as climate change as part of performance indicators and the clarity of commitment are also highly evaluated.

Ricoh strives to gain stakeholders' understanding and support towards various aspects of our corporate activities through proactive disclosure while leveraging feedback to enhance our operations and corporate value.