POSCO International Awarded as an 'Anti-Corruption Excellence Company'

Awarded at UNGC-Korea Socially Responsible Investment Forum... ESG Management Achievements

[Asia Economy Reporter Yoo Je-hoon] POSCO International announced on the 28th that it was selected as an anti-corruption excellent company at the 'Business Integrity Society (BIS) Summit 2021 Anti-Corruption Awards' hosted by the United Nations Global Compact (UNGC) and the Korea Socially Responsible Investment Forum on the 26th.

The event, held at the Four Seasons Hotel in Jongno-gu, Seoul, featured congratulatory speeches by Lee Yong-seon, a member of the Democratic Party of Korea, and Rum Chu-kong, CEO of Siemens Korea. Ban Ki-moon, former UN Secretary-General and Honorary Chairman of the UNGC Korea Association, and Lee Geon-ri, Vice Chairman of the Anti-Corruption and Civil Rights Commission, delivered keynote speeches.

The selection of anti-corruption excellent companies was made by evaluating about 250 domestic UNGC member companies based on five years of ESG (Environmental, Social, and Governance) management performance and corruption risk analysis. Companies were assessed on whether they established anti-corruption standards, policies, and procedures and internalized compliance management throughout their business activities. As a result, four companies including POSCO International, LS Electric, LG Household & Health Care, and Coway, along with three public institutions, were selected as anti-corruption excellent companies.

The UNGC is a specialized UN agency initiated to encourage participation in sustainable balanced development promoted by the UN through cooperation between the UN and companies, aiming to improve international social ethics and the international environment. Since its founding in 2007, the UNGC Korea Association has supported member companies in fulfilling corporate social responsibility. POSCO International joined as a member in 2019 and fulfills corporate social responsibility in areas such as human rights, labor standards, environment, and anti-corruption, disclosing its implementation activities and achievements through its Corporate Citizenship Report.

POSCO International explained that the reason for being selected as an anti-corruption excellent company is that it recognized the importance of ESG management early on and has systematically managed ESG performance. Furthermore, as a member of the global community, it has strived to promote economic growth and expand social inclusion through cooperation and partnerships in over 50 countries where it operates.

One example is that in April last year, POSCO International, together with ONGC (India's state-owned oil company), GAIL (India's state-owned gas company), and other consortium partners of the Shwe Gas Project, delivered diagnostic kits produced by domestic small and medium-sized venture companies to Myanmar, which was struggling due to COVID-19, contributing to the reduction of COVID-19 cases in Myanmar.

As a result of these continuous efforts, POSCO International has consistently received an integrated grade of A+ in the ESG evaluation of listed companies by the Korea Corporate Governance Service (KCGS) since 2019 and has won the grand prize at the ESG Excellent Company Awards for two consecutive years.

A POSCO International official stated, "The company is growing as a ‘global corporate citizen’ through sincere ESG management," adding, "We will continue to make greater efforts to establish a fair and transparent business environment as an anti-corruption excellent company."

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