In our view, CSR means conducting business management that adequately takes into account laws and regulations, social norms, safety and environmental issues, human rights and other considerations, and developing together with society sustainably and harmoniously while earning the support and trust of stakeholders, including shareholders, customers, business partners, employees and local communities.

In order to fulfill these responsibilities, MOL deliberates on CSRrelated policies and measures, primarily through the three committees under the Executive Committee.

The CSR and Environment Committee is chaired by the executive vice president and works to promote CSR throughout the MOL Group by setting and reviewing annual targets for initiatives related to compliance, corporate governance, accountability, risk management, safe operation, human rights, care for employees and seafarers, social contributions and the environment. The CSR and Environment Office in the Corporate Planning Division administers the committee and promotes CSR.

In fiscal 2011, the committee was convened twice and deliberated on progress with CSR targets and environmental targets set in the "GEAR UP! MOL" midterm management plan, as well as the status of environmental management, initiatives to reduce environmental impact, accommodation of environmental laws and regulations, the policy for social contribution activities, and other matters.