Company avoids divestment from Philadelphia Board of Pensions & Retirement
Philadelphia, September 26, 2013 – The City of Philadelphia Board of Pensions & Retirement received notice during its meeting that Daicel Corporation has become the first signatory to the Sandy Hook Principles, which were unanimously adopted by the Board on January 24, 2013.
“I applaud Daicel Corporation for endorsing the Sandy Hook Principles and modeling responsible corporate behavior,” said Mayor Michael A. Nutter. “I encourage similar action from other gun and ammunition manufacturers, distributors, and retailers, and I hope they too sign on to the Principles to do their part to help make America safer.”
The Sandy Hook Principles, introduced by Mayor Michael A. Nutter on January 15, 2013, are a code of corporate conduct created to influence the corporate behavior of gun and ammunition manufacturers, distributors, and retailers by establishing baseline standards for responsible conduct.
Daicel Corporation is a $3.8 billion dollar Japanese-based company principally engaged in the chemical manufacturing sector. The company was originally founded as a celluloid manufacturer, which was developed into a pyrotechnic business using cellulose nitrate derived from the raw celluloid material, among other manufacturing ventures. As part of the pyrotechnic business, ammunition is produced and sold by a subsidiary, Japan Shotshell Ltd., supplied to the Japanese Ministry of Defense and the Japanese domestic market. Furthermore, sales of this ammunition business amount to less than 0.2% of the consolidated results of the company.
Mr. Masumi Fukuda, Senior Managing Executive Officer of Daicel Corporation, said, “The operations of Japan Shotshell are strictly managed based on Japanese law, and sales are made only via legitimate distributors to legitimate customers, enabling the distribution channels to be completely understood.
“This business has been developed only in Japan, but as we are engaged in the production of ammunition, I approve of the ethos declared in the Sandy Hook Principles and have accordingly signed them. Because the possession of firearms is strictly limited in Japan, there are relatively few crimes involving firearms. However, there is an earnest wish in both Japan and the United States for the eradication of crimes involving firearms with the lawful management of firearms and ammunition in both countries.”
The Sandy Hook Principles apply to gun and ammunition manufacturers, distributors and retailers, with the exception of production and sale of guns or ammunition to local, state and federal law enforcement agencies and all U.S. military forces for use in conducting their official duties.
The Sandy Hook Principles are modeled after the Sullivan Principles, a human rights and equal opportunity code of conduct for companies which was developed to change the apartheid regime in South Africa. A copy of the Sandy Hook Principles is attached.