In June 1976, at his first management conference, the company’s new president, Toshihiko Suganuma, established the company’s guiding principles and philosophy. Regarding the establishment, he said: “For many years, I have been acutely aware of the need to clarify the company’s guiding spirit, its management philosophy and the way of thinking, as well as the need to develop company activities based on the common principles of those involved in the business. At every Sumitomo group company, its management principles are founded on the Sumitomo spirit, and are leveraged in the business activities when difficult decisions need to be made.” In September 1976, the company established management principles and guidelines in line with the Sumitomo business philosophy, adopting them as principles to be shared by all of the employees involved in its business.