From left to right: Toshiyuki Yamagishi, Human Resources Department, DE&I Promotion Office, Sumitomo Mitsui Trust Bank; Kaoru Karino, Executive Manager , Human Resources Department, Sumitomo Mitsui Trust Panasonic Finance; Takumi Fujisawa, Managing Executive Officer, Sumitomo Mitsui Trust Bank; Miyo Yajima, Executive Officer in charge of  Well-being Promotion, Sumitomo Mitsui Trust Bank; Mari Shiozaki, Human Resources Department, DE&I Promotion Office, Sumitomo Mitsui Trust Panasonic Finance (*Affiliations as of the time of the interview).

In 2022, Sumitomo Mitsui Trust Holdings made history as the first domestic financial institution to embrace both the “Business for Marriage Equality” and the “LGBT Equality Support Declaration.” Their commitment to diversity and inclusion (DE&I) gained further momentum in 2023 when they stepped up as a sponsor for Tokyo Rainbow Pride, marking their inaugural participation in the event.

To offer insights into the array of initiatives undertaken by their group, companies, and individual branches across different regions, we had the privilege of speaking with Toshiyuki Yamagishi from the Human Resources Department of Sumitomo Mitsui Trust Bank, who also serves concurrently with Sumitomo Mitsui Trust Holdings. Additionally, representatives from two companies jointly engaged in DE&I initiatives shared their perspectives.

Toshiyuki Yamagishi, Human Resources Department, DE&I Promotion Office, Sumitomo Mitsui Trust Bank, and Sumitomo Mitsui Trust Holdings

【Panelists】
Toshiyuki Yamagishi, Human Resources Department, DE&I Promotion Office, Sumitomo Mitsui Trust Bank, and Sumitomo Mitsui Trust Holdings
Mari Shiozaki, Human Resources Department, DE&I Promotion Office, Sumitomo Mitsui Trust Panasonic Finance
Yukitoshi Akao, Global Technology Division, Nikko Asset Management / Co-Lead of Japan LGBTQ Group

Moving from Customer Focus to Group-wide Initiatives
Diverse DE&I Approaches Across Companies

Q: What defines Sumitomo Mitsui Trust Group?

Toshiyuki Yamagishi (hereafter Yamagishi): The Sumitomo Mitsui Trust Group has a century-long legacy, sustained by addressing customer needs through the “power of trust” while actively contributing to societal solutions. Our ethos is encapsulated in the slogan “Trust for a flourishing Future” symbolizing our commitment to earning the trust of customers and society in realizing their aspirations for the future.

Given the extensive network of affiliate companies within the group, I’ll highlight the initiatives of three companies that have made notable strides.

Q: Historically, the financial sector has been perceived as somewhat “rigid.” What pivotal moments led to the advancement of DE&I?

Yamagishi: Our group’s journey towards DE&I began with a customer-centric approach. Personally, when I was in a frontline banking role before transitioned to the Human Resources Department , I encountered a scenario where a customer in a same-sex relationship sought advice on leaving assets to their partner. However, given the absence of legal recognition for same-sex unions domestically, the reality is that without proactive measures like drafting a will, asset inheritance within same-sex couples remains legally challenging.

While the customer may not have been cognizant of such legal hurdles, I recognized that similar predicaments were not uncommon across our bank branches. This realization prompted me to advocate for initiatives addressing this issue at our company-wide “Mirai Fes” business planning contest, catalyzing our ongoing efforts.

Initially, our aim was to develop products tailored for LGBTQ+ individuals. Yet, through dialogues with concerned individuals and receiving diverse insights, we discerned that fostering LGBTQ+ inclusivity and demonstrating allyship as company initiatives were paramount. Since 2021, I’ve assumed a role in the DE&I Promotion Office within the Human Resources Department, supporting initiatives to bolster DE&I across our entire group.

Q: Could you elaborate on the initiatives undertaken across the group?

Yamagishi: Based on our human rights policy which clearly stipulates the inclusion of LGBTQ employees and customers, a fundamental philosophy had been already developed in the group that DE&I awareness is essential for implementation of business.

Since 2021, the entire group has embraced the “Business for Marriage Equality” and the “LGBT Equality Support Declaration,” making us the first domestic financial institution to do so. These endorsements are in line with our human rights policy, reflecting our management’s belief that corporate sponsorships aligning with our human rights principles should be actively pursued.

These endorsements not only serve to promote our LGBTQ+ inclusivity externally but also underscore our organization’s robust commitment to this cause internally.

Q: What are the main initiatives at each company?

Yamagishi: Since 2018, Mitsui Sumitomo Trust Bank has treated same-sex partners as spouses in housing loans, extending this treatment to issuing family credit cards and handling testamentary trusts for same-sex partners.

Yukitoshi Akao (hereafter Akao): Nikko Asset Management , celebrating its 65th anniversary this year, has been a member of the Mitsui Sumitomo Trust Group since 2009. As part of the financial industry alliance “LGBT Finance,” we have been sponsoring Tokyo Rainbow Pride since 2018. In addition to sponsoring Rainbow Reel and organizing events such as social gatherings involving executives, we have fostered an atmosphere of DE&I engagement throughout the organization.

Mari Shiozaki (hereafter Shiozaki): Sumitomo Mitsui Trust Panasonic Finance is a comprehensive finance company with backing from Sumitomo Mitsui Trust Bank and Panasonic Holdings providing high-quality financial services to a wide range of customers from corporate to individual. Prioritizing “human resources” in our medium-term management plan, we aim to create a corporate culture where everyone can find fulfillment and actively contribute. Although our DE&I activities are in their early stages, our president declared allyship last April, and we conducted training for executives and directors. Around 70 executives and directors have declared allyship, followed by 783 employees. We’ve also expanded participation in Pride events.

Yamagishi: Frankly, we can’t yet claim that “initiatives are progressing across all group companies.” However, as a key performance indicator, we’re gradually increasing the number of group companies participating in “work with Pride” each year, with 11 companies currently holding gold certification. While winning awards isn’t our primary goal, we prioritize establishing a collaborative framework among affiliate companies. Even if they don’t achieve gold status, we value internal system improvements and tailored training based on each company’s progress phase.

Collaborating with the Community to Address Social Issues
Expanding Initiatives in Collaboration with Communities

Q: What activities do you have externally?

Yamagishi: In our DE&I initiatives, we’re collaborating with municipalities nationwide. Given the current status of same-sex marriage not being legalized, each region is independently establishing partnership systems. Hence, alongside nationwide initiatives, we’re focusing on tailored information dissemination for local governments and organizations.

In collaboration with local governments, we produce our original booklet titled “With You” to address various concerns and highlight regional initiatives arising from the absence of legalized same-sex marriage.

With You Booklet

As a financial institution primarily entrusted with managing assets for loved ones, we are proactively addressing social issues leveraging the “power of trust.” Our frontline staff members are deeply engaged in matters like inheritance between same-sex partners, recognizing the lack of adequate legal safeguards as a pressing social concern, and taking action across diverse regions.

Moreover, we’ve entered into a cooperation agreement with Shibuya Ward to foster a society where LGBTQ+ individuals can live without fear, and we’re actively advancing ongoing initiatives. While signing such agreements is a step forward, we’re committed to exploring ways to sustain our initiatives as an organization while solidifying their structures.

While actively expanding our network of allies in the Shibuya area, we engage in discussions with participating companies and organizations, alongside hosting events like study sessions and movie screenings. One notable initiative is the “Rainbow Meeting,” aimed at fostering allies in Shibuya beyond the boundaries of business types and industries. With each iteration, we’ve seen a growth in the number of participating entities, and where there’s shared understanding, we offer participation to those outside the Shibuya area.

In anticipation of Tokyo Rainbow Pride 2024, Shibuya Ward has proposed that companies involved in the Rainbow Meeting also collaborate on a booth to be showcased by the ward. While previous years saw the Shibuya Ward booth partnering with local universities, the involvement of companies like ours signifies a unique collaboration among industry, government, and academia. Our plan includes setting up informative panels and distributing flyers to showcase our collective efforts at the Rainbow Meeting.

Q: Have you further expanded your group’s sponsorship for Tokyo Rainbow Pride 2024?

Indeed. While we’ve been co-sponsoring Tokyo Rainbow Pride for some time, our active involvement, such as exhibiting a booth or joining the parade as a company, was limited until recently. Nikko Asset Management, a key group entity, has a longstanding tradition of participating in the parade, and our collaboration with them has propelled our efforts forward significantly.

Last year, the Human Resources Management Director of SMTB, along with many employees, proudly took part in Tokyo Rainbow Pride. This marked the beginning of a broader trend of participation not only in Tokyo but also in Pride events across the nation. While the sponsorship has been made mainly by our local bank branches, our initiatives are gradually expanding involving group companies. This burgeoning movement has naturally fostered the development of an ally network spanning across the entire Group, ensuring the steadfast continuation of our collective efforts.

Akao: While Nikko Asset Management took the pioneering step of sponsoring Tokyo Rainbow Pride through “LGBT Finance,” we were invited by our group to participate in “Rainbow Meeting,” an initiative the group actively engaged in. I sense a noticeable momentum this year toward companies enhancing mutual cooperation in this regard.

Q: What are your plans for your first exhibition booth?

Yamagishi: The concept guiding our booth at the upcoming event is to “forge heartfelt connections.” We recognize the significance of expanding our ally network, both within and beyond our organization. To convey this message, we’ll be distributing our original rainbow flags to all visitors. It’s a small gesture, but we hope it contributes to the growing number of allies in our community.

Yukitoshi Akao, Global Technology Division, Nikko Asset Management / Co-Lead of Japan LGBTQ Group.

From Ally Statemen
To Active Ally

Q: What are your current challenges and future plans?

Yamagishi: Currently, we heavily rely on dedicated staff members leading initiatives in various regions of Japan. It’s crucial to establish a system ensuring continuity and replicability.

This challenge extends beyond SMTB; we observe similar issues with local governments in each region we collaborate with. Often, initiatives falter when leadership changes. We’re actively working to prevent this common occurrence.

Presently, nearly 5,000 SMTB members possess “Ally-badges.” We view this badge as a form of qualification and internally distribute guidelines for its appropriate use. Those adhering to the guidelines are registered as qualified and wear the badge in their daily duties. Wearing the badge, especially in bank branches, has proven effective; customers have approached us about bequests as a result.

While having 5,000 “allies” out of nearly 10,000 employees at SMTB may seem significant, I believe there’s still progress to be made in cultivating “active allies” who can think and act independently.

Through our involvement in Pride events and other initiatives, my hope is for these people to transition from “mere” allies to “active” allies.

Q: The theme of Tokyo Rainbow Pride 2024 is “Don’t Give Up, Change Japan”. What will you not give up on as a group?

Yamagishi: I still believe it’s crucial to expand the ranks of active allies. Simply claiming allyship isn’t enough; changing behaviors based on acquired knowledge is a challenge.

While we’ve made strides with internal systems and benefits under “work with Pride,” we haven’t achieved full inclusivity for all employees. I’m convinced the whole company and group will progress positively if employees actively reflect on and adjust their conduct. So, we’re committed to pressing on.

We also recognize that openly demonstrating our ongoing efforts fosters trust in society. If anyone reaches out, we’re here to offer assistance. Our aim is for society to recognize there are LGBTQ+ affirming financial institutions like ours, and we’ll persist in our endeavors to make this known.