POSCO Launches 'ESG Committee' Under Board of Directors

Major ESG-Related Policies Submitted to the Board of Directors, the Highest Decision-Making Body, for Final Approval

[Asia Economy Reporter Hwang Yoon-joo] POSCO (Chairman Choi Jeong-woo) will establish an 'ESG Committee' under the board of directors' specialized committees. Accordingly, POSCO will submit major policies related to ESG (Environment, Social, Governance) to the board of directors for final decision.

The launch of POSCO's 'ESG Committee' expresses the company's intention to continuously focus on ESG within the highest decision-making body, the board of directors, and to consistently manage and monitor key policies and implementation matters of ESG activities, thereby strengthening its social responsibility as a corporate citizen.

In particular, it signifies that the top management is seriously recognizing environmental issues, including carbon neutrality, which has recently emerged as an important topic in the steel industry, as well as safety accident issues, and that the board of directors will spare no effort in continuous attention and support based on long-term plans and strategies.

Since Chairman Choi Jeong-woo's inauguration in 2018, POSCO has declared the management philosophy of 'Corporate Citizenship' and has been practicing proactive ESG management, such as announcing the first carbon neutrality plan among Asian steelmakers last year and establishing the first dedicated ESG organization among global steelmakers.

In this year's New Year's address, Chairman Choi Jeong-woo emphasized the importance of ESG management, stating, "As social demands for corporate ESG management increase, it is a more important time to practice our corporate citizenship management philosophy."

Meanwhile, at the 2021 regular shareholders' meeting, POSCO recommended Yoo Young-sook, senior researcher at the Korea Institute of Science and Technology, and Kwon Tae-gyun, former ambassador to the United Arab Emirates, as new outside director candidates, and Jung Chang-hwa, head of the Management Support Headquarters, as an inside director candidate. They were confirmed as candidates after qualification screening procedures at the 'Nomination and Operation Committee' and the board of directors on the same day.

Outside director candidate Yoo Young-sook is a biochemistry Ph.D. and an environmental expert who served as Minister of Environment. She has held positions such as president of the Women Life Science and Technology Forum and senior researcher at the Science and Technology Policy Institute, possessing expertise and high-level public administration experience. She continues to engage in broad activities such as international organizations like the UN Climate Change Conference, and is expected to play a role in strengthening the company's ESG expertise.

Outside director candidate Kwon Tae-gyun has served as economic counselor at the Asian Development Bank and OECD delegation, head of the Financial Intelligence Unit at the Ministry of Strategy and Finance, director of the Trade and Investment Office at the Ministry of Knowledge Economy, and commissioner of the Public Procurement Service. After serving as ambassador to the United Arab Emirates, he currently provides advisory roles related to domestic and international investments. Based on his experience and expertise in finance and investment, he is expected to contribute to the operation of the board of directors.

Inside director candidate Jung Chang-hwa has served as head of POSCO's External Cooperation Office, PR Office, CR Center at POSCO Engineering & Construction, POSCO Public Relations Office, and representative director of POSCO-China. Last year, he was appointed head of POSCO's Management Support Headquarters, overseeing personnel, public relations, government relations, legal affairs, and IT.

Meanwhile, Kim Hak-dong, head of the Steel Division, Jeon Jung-sun, head of the Global Infrastructure Division, and Jung Tak, head of the Marketing Headquarters, were re-nominated as inside directors. The candidates recommended on this day and the 'ESG Committee' will be officially confirmed as directors and as a formal organization under the board of directors at the shareholders' meeting to be held on the 12th of next month.

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