Lotte Group Strengthens ESG Management ... Caring for the Environment and Practicing Neighborly Love
[Asia Economy Reporter Jo In-kyung] Lotte Group is strengthening ESG (Environmental, Social, and Governance) management for sustainable growth. Under the direction of Chairman Shin Dong-bin, since 2016, non-financial factors such as environment, fair trade, social contribution, win-win growth, talent employment and corporate culture, compliance, and safety have been reflected in executive evaluations.
In February last year, Lotte announced the full-scale promotion of a group-wide "Resource Circulation Project." The goal is to prioritize environmental responsibility across all of Lotte's business areas, minimize environmental impact, and realize the value of coexistence. Lotte selected three key action tasks: establishing a plastic circulation system, expanding eco-friendly packaging, and reducing food waste.
Lotte affiliates practice neighborly love through various sharing activities. Since 2016, they have supported "Cheongchun Bookstore" to improve the welfare of soldiers in a total of 57 military units, including 51 Army units and 6 Air Force units. This year, 11 additional Cheongchun Cafes are planned to open. Since 2013, through the social contribution brand "Mom Pyeonhan," they have been leading efforts to create a world where mothers' hearts are at ease, such as "Mom Pyeonhan Playground," which builds eco-friendly playgrounds, and "Mom Pyeonhan Kkumdarag," which improves the environment of after-school child protection facilities.
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Continuous efforts are also being made to strengthen governance. In October 2017, Lotte Holdings was established to resolve the complex circular shareholding structure and create transparent governance. Prior to this, in March 2016, to secure management transparency, the outside director system was introduced for affiliates with assets exceeding 300 billion KRW, and a transparent management committee was established for affiliates with assets exceeding 1 trillion KRW.
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