POSCO International Publishes '2019 Corporate Citizenship Report'... Strengthening ESG Information

Advance Disclosure of Sustainability Information According to SASB Standards 'In Focus'

Cover of POSCO International 2019 Corporate Citizenship Report (Photo by POSCO International)

[Asia Economy Reporter Kim Ji-hee] POSCO International announced on the 2nd that it has published the ‘2019 Corporate Citizenship Report,’ which contains the company’s sustainability management activities and ESG (Environmental, Social, and Governance) achievements.

In the CEO message included in the report, Joo Si-bo, President of POSCO International, quoted former GE Chairman Jack Welch’s phrase, “Change before you have to.” Through this, he conveyed the will for proactive communication with internal and external stakeholders, emphasizing that “proactive change is important to actively respond to the constantly changing international society.”

Following last year, this year’s Corporate Citizenship Report also categorized the major achievements of POSCO Group’s ‘Corporate Citizenship’ management philosophy by activity area. It also compiled and included contents that received excellent evaluations domestically and internationally as a corporate citizen, such as the ‘2019 ESG Excellent Company Award’ and the ‘Best CSR Award for Korean Companies Entering Uzbekistan.’

Furthermore, the company explained that it went a step further by presenting all major achievements linked to the UN SDGs indicators, emphasizing the direction the company aims to pursue and matching it with POSCO Group’s ‘Corporate Citizenship’ activity areas.

For the first time this year, POSCO International proactively disclosed sustainability information according to the SASB (Sustainability Accounting Standards Board) standards. Notably, although the SASB sustainable industry classification system requires disclosure only for the ‘Steel Production Industry’ standards, the company also addressed information related to the ‘Industrial Equipment and Products Industry’ standards, considering the characteristics of its diverse business operations.

In addition, the company evaluated the social impact of its financial and non-financial activities and disclosed the measurement results using the TIMM methodology by PwC UK for the second consecutive year. POSCO International has organized CSR activities at strategic country business sites such as Myanmar, Indonesia, and Uzbekistan on separate pages. This year, following the declaration of the palm business environmental policy (NDPE) in March as the first domestic company, it introduced activities to strengthen responsible management in Indonesia.

This content was produced with the assistance of AI translation services.