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September 16, 2011

Mitsubishi Heavy Industries Adopts Principles of Conduct
For Exporters of Nuclear Power Plants
Carnegie Endowment for International Peace initiative promotes safety, security and
nonproliferation in the commercial nuclear power industry

Tokyo, September 15, 2011 - Mitsubishi Heavy Industries, Ltd. (MHI), together with the world's leading civilian nuclear power plant vendors, today has adopted a common set of principles that reflects global best practices in connection with the export of nuclear power plants. The unprecedented "Principles of Conduct" reflect the participating companies' commitment to their customers and all those who stand to benefit from nuclear power to assemble and share best practices that reinforce and enhance existing codes, standards and regulations. They articulate concisely the nuclear power plant industry's shared high standards in the areas of safety, security, environmental protection and spent fuel management, compensation in the unlikely event of nuclear-related damage, nonproliferation and ethics. No such voluntary, comprehensive, export-oriented code of conduct has previously existed in the nuclear industry.

Facilitated by the Carnegie Endowment for International Peace, the voluntary Principles of Conduct were crafted over the past three years by representatives from all the major exporters of nuclear power plants. They have been adopted by nine companies based in Canada, France, Japan, Russia, South Korea and the United States. The Principles take effect immediately.

"This initiative is unique in the history of the nuclear industry, helping assure confidence in the commercial nuclear power plant sector," said Jessica T. Matthews, President of the Carnegie Endowment for International Peace. "While recognizing the preeminent regulatory role of governments, these companies are reaffirming their own vigilance as responsible stewards of nuclear technology."

The Principles reiterate the companies' independent commitments to conducting business in an ethical, transparent manner. The Principles incorporate the requirements of international treaties, reflecting and conforming entirely with the guidelines of the International Atomic Energy Agency (IAEA) and the Nuclear Suppliers Group (NSG). While development of the Principles began years in advance of the Fukushima nuclear accident, the completed text also reflects initial lessons learned from the accident.

As a voluntary initiative, the Principles are not legally binding, but MHI has independently undertaken to implement the Principles in the course of its business activities. MHI intends to demonstrate its commitment to the public in both word and deed. The participating companies recognize that their own long-term interests align with the interests of their customer states in promoting the high export standards in the Principles.

Today's announcement marks the beginning of an ongoing process to inform key stakeholders, including MHI's employees, about the Principles. MHI welcomes the cooperation of its customers, suppliers and other participants in the civilian nuclear power industry in applying the Principles.

MHI will meet periodically with the other companies to review progress in applying the Principles and to update the Principles to reflect changing circumstances and international standards in the nuclear power plant industry.

More information about the Nuclear Power Plant Exporters' Principles of Conduct is available at www.nuclearprinciples.org.

 

Business contact: Energy & Environment Nuclear Energy Systems Division
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