On 17th June 2021, Ethical Consumer searched Mitsubishi's website where it listed two uranium companies - JCU (Japan Canada Uranium) in Canada and Areva Mongol in Mongolia.
The company lost half a mark under Controversial Technologies.

Reference:

www.mitsubishicorp.com (17 June 2021)

In November 2020 Ethical Consumer viewed the Mitsubishi Heavy Industries website. Under the 'Energy' section of the products page it listed 'Nuclear Power Generation'. Subsections of this page were:
Advanced reactors
Nuclear Fuel Cycle
Post-Operational Services
Pressurized Water Reactor (PWR)
Robot and Mechatronics

The company lost a whole mark under Controversial Technologies.

Reference:

www.mhi.com (November 2020)

In November 2020 no update was found to alter the following informatio. In January 2020 Ethical Consumer received a survey from Princes which stated that the company did not allow GMO ingredients in any of its products.
However, it also stated that the company did permit its animal products to be sourced from animals fed on GMO animal feed.

The company lost half a mark under Controversial Technologies.

Reference:

Questionnaire Response March 2019 (12 March 2019)

On 17th June 2021, Ethical Consumer viewed the Open Secrets website which stated that in 2020 Mitsubishi Corporation was linked to $35,105 of contributions to both left and right wing parties in the US.
It also stated that Mitsubishi Chemical was linked to $27,866 of contributions, and had spent $50,000 on lobbying, Mitsubishi Electric was linked to $21,820 of contributions, and had spent $140,000 on lobbying.

The website noted: Organizations themselves cannot contribute to candidates and party committees. Totals include subsidiaries and affiliates.

Mistubishi Corp lost half a mark under Political Activities.

Reference:

Open Secrets generic ref 2021 (5 January 2021)

According to the organisation's website www.weforum.org, viewed by Ethical Consumer in January 2021, the company was a member of the World Economic Forum. This was regarded by Ethical Consumer as an international corporate lobby group which exerted undue corporate influence on policy-makers in favour of market solutions that were potentially detrimental to the environment and human rights.

Mitsubishi lost half a mark under Political Activities.

Reference:

Members List (16 November 2020)

In November 2020 Ethical Consumer saw that Mitsubishi Corporation was included in the members list of The Institute of International Finance which Ethical Consumer deemed to be a free trade lobby group.
As a result Mitsubishi lost half a mark under Political Activities.

Reference:

Members List (16 November 2020)

On 17th June 2021, Ethical Consumer searched the Mitsubishi Corporation Annual Report 2020 for information on director remuneration. No specific figures for director remuneration could be found, but it did state a maximum figure for the CEO of 175million yen, equivalent to about £1.2m.

Ethical Consumer considered annual compensation over £1,000,000 to be excessive. Mitsubishi Corporation lost half a mark under Anti-Social Finance.

Reference:

Integrated Report 2020 (2020)

In January 2021, Ethical Consumer viewed an article on the BBC News website titled 'Ovo Energy to pay £8.9m for overcharging customers' and dated to 29 January 2020. The article stated:
"Ovo, which may become the UK's second-largest energy company, has been forced to pay £8.9m by regulators after it overcharged customers.
"The firm, which bought SSE's retail business last year, sent inaccurate statements to more than half a million customers.
"Meanwhile, some of its customers did not receive a bill at all, the energy watchdog Ofgem said.
"The firm agreed a settlement package with Ofgem to dodge a fine.
"The money will be paid to vulnerable customers rather than the Treasury.
"Despite knowing about the issues, Ovo did not tell Ofgem."
The company lost half a mark under Anti-Social Finance.

Reference:

Ovo Energy to pay £8.9m for overcharging customers (29 January 2020)

On 16th June 2021 Ethical Consumer viewed the Olam Annual Report 2020, which included information on director pay.
It stated that two directors were in remuneration band of S$2,000,000-S$4,000,000 in the year 2020. This was the equivelant of over £1,000,000, an amount which Ethical Consumer considered to be excessive.
As a result, Olam lost half a mark under Anti-Social Finance.

Reference:

Olam Annual Report 2020 (2020)

On 17th June 2021, Ethical Consumer viewed the corporate family tree of Mitsubishi Corporation on the corporate database D&B Hoovers.

It indicated that the company had a number of subsidiaries in locations considered by Ethical Consumer to be tax havens. A number of these were high risk company types for the likely use of tax avoidance strategies. These included amongst others:
MITSUBISHI CORPORATION (HONG KONG) LIMITED (a holding company in Hong Kong)
MITSUBISHI CORPORATION RTM INTERNATIONAL PTE. LTD. (a holding company in Singapore)
AGREX ASIA PTE. LTD. (a holding company in Singapore)

An internet search using the search terms “Mitsubishi tax policy statement country” found no country-by-country financial information or reporting (CBCR), nor clear public tax statement confirming that it was this company’s policy not to engage in tax avoidance activity or to use tax havens for tax avoidance purposes, nor did the company provide a narrative explanation for what each group entity located in a tax haven is for, and how it is not being used for purposes of tax minimisation.

A Mitsubishi Electric Group Global Tax Policy, Tax Strategy for Mitsubishi Corporation Group's UK Companies and MCHC Group Global Tax Policy were found, the last of which stated, "The Group will therefore never use tax havens for the purpose of tax avoidance", but none included all of the above or covered the whole company group.

Given that Mitsubishi had two or more high risk subsidiaries in jurisdictions on Ethical Consumer's tax haven list and no country-by-country financial information, nor adequate policy statement and narrative explanation, the company received Ethical Consumer's worst rating for likely use of tax avoidance strategies and lost a full mark under Tax Conduct.

Reference:

Generic Hoovers ref (5 January 2021)

In April 2019 Ethical Consumer viewed the corporate family tree of Mitsubishi Heavy Industries and found that it had a number of subsidiaries located in countries which were considered to be tax havens by Ethical Consumer. These were in the Netherlands, Singapore, Ireland and Hong Kong.

A number of these were holding companies with subsidiaries located in countries that were not tax havens. These were considered to be high risk company types for the likely use of tax avoidance strategies.

MITSUBISHI HEAVY INDUSTRIES ENGINE SYSTEM ASIA PTE. LTD. (Singapore)
MITSUBISHI HITACHI POWER SYSTEMS ASIA PACIFIC PTE. LTD. (Singapore)
Mitsubishi Logisnext Europe B.V. (Netherlands)
MHI International Investment B.V. (Netherlands

No country-by-country reporting could be found.

As a result of having two or more high risk company types located in tax havens Mitsubishi Heavy Industries received Ethical Consumer's worst rating for likely use of tax avoidance strategies and lost a whole mark under Anti-Social Finance.

Reference:

Generic Hoovers ref 2019 (2 January 2019)

On 14th June 2021, Ethical Consumer viewed a list of Olam International Limited's subsidiaries on the D&B Hoovers corporate database.

This showed that the company had multiple subsidiaries in jurisdictions considered by Ethical Consumer to be tax havens at the time of writing. Ethical Consumer disregarded the fact that the company had its UHC and subsidiaires in Singapore, considered to be a tax haven, because Olam was a Singaporean company.

Two of these were holding companies, which was considered a high-risk company type for likely use of tax avoidance, including:
tt Timber International AG in Switzerland
Olam Holdings B.V. in the Netherlands

No country-by-country reporting could be found. A UK Tax Strategy was found which was dated 2018.

However, this was not considered to be adequate, as it did not appear that the company had provided a clear public tax statement confirming that it was this company’s policy not to engage in tax avoidance activity nor to use tax havens for tax avoidance purposes, nor did the company provide a narrative explanation for what each group entity located in a tax haven is for, and how it is not being used for purposes of tax minimisation. It also specifically only referred to Olam's UK tax policies.

Overall, Olam International Limited received a Worst Ethical Consumer rating for likely use of tax avoidance strategies and lost a whole mark in the Tax Conduct category.

Reference:

Generic Hoovers ref (5 January 2021)