External Evaluation and Commendations

This section provides an introduction to external evaluation and commendations of the Pigeon Group's ESG efforts. (As of June, 2022)

External Evaluation

MSCI Japan Empowering Women Select Index

An index published by US-based MSCI Inc. One of the ESG indices selected by Japan’s Government Pension Investment Fund (GPIF), this index selects companies from the 700 top companies on Japanese stock markets by total share value (MSCI Japan IMI Top 700 Index) that boast the most outstanding records in terms of empowerment of women. The Pigeon Group has been selected by this index every year since 2009.

THE INCLUSION OF PIGEON CORPORATION IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF PIGEON CORPORATION BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES.

MSCI Japan Empowering Women Select Index

S&P/JPX Carbon Efficient Index

One of the ESG indices selected by the GPIF, the S&P/JPX Carbon Efficient Index adopts TOPIX, a key index of share-price trends on Japanese markets, as its universe and weights the shares with emphasis on status of environmental disclosure and standards of carbon-efficiency. The Pigeon Group has been selected for inclusion in this index since 2020.

S&P/JPX Carbon Efficient Index

JPX-Nikkei 400

The JPX Nikkei Index 400 is a stock price index composed of "companies with high investment attractiveness for investors" that meet the requirements of global investment standards, such as efficient use of capital and a management perspective that considers investors. The index is calculated jointly by the Tokyo Stock Exchange, Inc. and Nikkei Inc. The Pigeon Group is currently selected as a constituent of the JPX-Nikkei 400 for the 9th consecutive year.

JPX-Nikkei 400

Nikkei 500 Stock Average

The Nikkei 500 Stock Average is comprised of 500 stocks selected from domestic common stocks in the Prime Market of the Tokyo Stock Exchange. The Pigeon Group has been selected for inclusion in this index since 2022.

Nikkei 500 Stock Average

SOMPO Sustainability Index

This index managed by Sompo Asset Management Co., Ltd. is composed of approximately 300 companies with outstanding ESG-related initiatives, and used for the company's "SOMPO Sustainable Investment" product. Launched in August 2012, "SOMPO Sustainable Investment" is a responsible investment product for pension funds and institutional investors that invests in a wide range of companies with high ESG evaluation. It aims to contribute to the asset building of long term investors through the assessment of corporate value from a long-term perspective by revealing management quality and hidden risks that are not shown in financial statements.

SOMPO Sustainable Investment(Janpanese)

Key Commendations

2022

Medal of Honour with Dark Blue Ribbon

Pigeon received the Medal of Honour with Dark Blue Ribbon* for a donation to the city of Hitachi-Omiya, Ibaraki, made through the Corporate Hometown Tax system. Pigeon has held its Newborn Baby Commemorative Tree-Planting Campaign in Hitachi-Omiya since 1986. In 2021, seeing common cause in Hitachi-Omiya’s efforts to create a more supportive childrearing environment, Pigeon donated to aid the city in its activities supporting marriage, childbirth, and childrearing.

*The Medal of Honour with Dark Blue Ribbon is awarded by the Cabinet Office to individuals who donate at least ¥5 million, or corporations that donate at least ¥10 million, for the public good.

7th ACAP Consumer-Oriented Activity Awards

We received a ConsumerOriented Activity Commendation at the 7th ACAP Consumer-Oriented Activity Awards, hosted by the Association of Consumer Affars Professionals (ACAP). This commendation recognizes praiseworthy behavior from businesses or other organizations that promotes or contributes to consumer-oriented management.

Pigeon operates the Tiny Birth Cry Support Project (Pigeon Corporation) to support preterm babies, low birthweight babies, and other babies needing specialist care due to illness or physical condition, along with their families. 

Key Reasons for Commendation: Pigeon uses its insight and network cultivated over many years as strengths in pursuing initiatives of high social value and public benefit that are worthy of praise. 

7th ACAP Consumer-Oriented Activity Awards ( in Japanese)

Selection of Consumer-Oriented Companies for Best Practice 2021

We received the Minister of State Commendation at the 2021 Selection of Consumer-Oriented Companies for Best Practice held by Japan’s Consumer Affairs Agency. The Selection of Consumer-Oriented Companies for Best Practice recognizes corporations that declare a commitment to consumer-oriented management and undertake superior initiatives based on that declaration.

We were recognized for our proactive measures to solve social issues, such as actively collecting consumer needs and opinions through tens of thousands of questionnaires and more than 250 monitoring surveys per year to develop products with differentiation from other companies and such as establishing a Human Milk Bank in our headquarters to raise awareness and usage of human milk banking in order to protect the lives of very low birthweight infants.  


Pigeon’s Consumer-Oriented Declaration (in Japanese) 

Corporate Governance of The Year* 2021

We have been selected as a Winner Company at the "Corporate Governance of the Year* 2021" : an award that supports companies that have achieved and maintained healthy medium- and long-term growth by implementing good corporate governance, held by the Japan Association of Corporate Directors (JACD).

We were recognized for our PVA (Pigeon Value Added: our unique EVA) with an awareness of Cost of Capital management, the concrete basis for CEO dismissal, and the fact that we are proactively incorporating the knowledge of outside directors as a pioneer of ”Board 3.0."

Corporate Governance of the Year* 2021

* “Corporate Governance of the Year” is a registered trademark of the Japan Association of Corporate Directors.

2021

Forbes JAPAN WOMEN AWARD 2021

Pigeon Corporation received the Forbes JAPAN WOMEN AWARD 2021 (Corporate Category: 300 to 1,000 employees), which recognizes companies that have created diverse and comfortable workplaces through the "true success of women".

Forbes JAPAN WOMEN AWARD 2021

Tokyo Financial Award

In 2020 a new category, the SDGs category, was created out of the existing ESG Investment category of the Tokyo Financial Awards, honoring companies (including financial firms) that practice SDGs-oriented management. The Pigeon Group received the award for its support for promotion of Human Milk Bank, an effort made possible by the Group’s unique knowledge set and network.

Tokyo Financial Award

2018

Forbes JAPAN WOMEN AWARD 2018

The Forbes JAPAN WOMEN AWARD recognizes companies that create diverse and worker-friendly workplaces through “true women’s empowerment.” In the 2018 awards, the Pigeon Group was bestowed with Second Prize in the Enterprise Award and Diversity Promotion Award. (The Enterprise Award was in the category of companies with 300 or more but fewer than 1,000 employees.)

Forbes JAPAN WOMEN AWARD 2018

Best IR Award

The Pigeon Group received the Best IR Award in the 2018 IR Award, sponsored by the Japan Investor Relations Association (JIRA). The Group was praised for its senior management’s awareness of the importance of improving enterprise value, its regular dialogue with investors, and its disclosure of its logic trees based on Pigeon Value Added (PVA: the Group’s proprietary version of Economic Value Added (EVA)).

The 2018 IR Award

2015

Corporate Value Improvement Awards

The Pigeon Group was awarded the Grand Prix at the 2015 Corporate Value Improvement Awards, sponsored by the Tokyo Stock Exchange. Pigeon was praised for such measures as setting management targets in consideration of investor perspectives, proactive disclosure and the Group’s original management index, PVA, which is used to quantify enterprise value created.

Corporate Value Improvement Awards

IR Special Award

The Pigeon Group received the IR Special Award in the 2015 IR Award, sponsored by the Japan Investor Relations Association (JIRA). The Group was praised for the following points: the fact that the CEO himself explained the medium- to long-term growth strategy, issues, and the process of creating corporate value; the uniqueness of the strategy using CCC (Cash Conversion Cycle) and ROIC (Return on Invested Capital) in addition to PVA (our unique economic value added); and the attitude of data and information disclosure.

The 2015 IR Award

Outside Certifications

2022

Health & Productivity Management Outstanding Organization 2022 (Large Enterprise Category)

As a company that implements excellent health and productivity management, we have been recognized as one of the "Health & Productivity Management Outstanding Organization 2022 (Large Enterprise Category) " under the 2022 Certified Health & Productivity Management Outstanding Organizations Recognition Program jointly implemented by the Ministry of Economy, Trade and Industry (METI) and The Nippon Kenko Kaigi. The certification program is designed to recognize corporations that practice particularly excellent health and productivity management, based on their efforts to address local health issues and the promotion of health promoted by The Nippon Kenko Kaigi.

The 2022 Certified Health & Productivity Management Outstanding Organizations Recognition Program

Occupational Health Management Policy (Pigeon Corporation)

2015

Platinum Kurumin

In 2007 the Pigeon Group was awarded the Kurumin logo, recognizing the Group’s certification as “a company that supports child-rearing.” In 2018 the Group was recognized with the Platinum Kurumin logo, honoring its achievements, even among certified Kurumin recipients, in introducing systems that support work-life balance and promoting their use, as well as the superior level of its efforts.

Platinum Kurumin