The Basic Business Philosophy of the Panasonic Group

Introduction

In all of its corporate activities, the Panasonic Group has always strived to adhere to the management philosophy established by our founder, Konosuke Matsushita. By sharing the foundations of our management philosophy—the Basic Management Objective, Company Creed, and Seven Principles—with our customers, business partners, and shareholders, we have committed ourselves to acting in accordance with that philosophy, and we have also asked our stakeholders to ascertain whether our commitment has truly been fulfilled.

In our ongoing pursuit of thoroughly autonomous responsible management, we are about to transition to a new operating company system. The Basic Business Philosophy is the foundation for our practice of contribution to the development of society, or our resolve to "devote ourselves to the progress and development of society and the well-being of people through our business activities, thereby enhancing the quality of life throughout the world" as proclaimed in the Basic Management Objective. Now, for the first time in approximately 60 years, we have significantly updated the Basic Business Philosophy, taking into account the changes in social conditions and the business environment.

Each of us at the Panasonic Group must maximize and demonstrate our abilities and skills, clearly identify our ideal end state, share opinions that should be shared, make high-quality decisions speedily by integrating different opinions from diverse employees, and make untiring improvements. By doing so, we aim to be unrivalled in contributing to our customers and society. We must always take an honest look at the current situation, and if it conflicts with the direction of society, or if there is a better way, we will not hesitate to choose a new and better path promptly. The revision of the Basic Business Philosophy aims to reinforce the fundamental policies of mindset and action we at Panasonic have always followed.

We will share this Basic Business Philosophy with you and pledge our commitment to practicing it. Each and every employee shall continue to act in a manner that meets your expectations, and in this way the Panasonic Group will accelerate its progress toward realizing an ideal society offering material and spiritual affluence.

Yuki Kusumi, Group CEO