Hyosung ESG Management Committee Launched: "Promoting Sustainable Management for 100 Years of Hyosung"

Expansion of Transparent Management Committee within the Board to ESG Management Committee
Chairman Cho Hyun-joon: "ESG Management is the Identity for Premium Brand Leap, Expecting Growth as a Trusted Company"

Cho Hyun-joon, Chairman of Hyosung

[Asia Economy Reporter Kim Hyewon] Hyosung has launched an ESG (Environmental, Social, and Governance) Management Committee.

Hyosung Corporation, the holding company, held a board meeting on the 29th and announced on the 30th that it has expanded and reorganized the Transparency Management Committee, which was responsible for improving governance, into the ESG Management Committee to strengthen ESG management.

The establishment of the ESG Management Committee is aimed at proactively responding to the demands of customers, society, and shareholders regarding environmental protection and social safety nets.

In addition to the roles previously performed by the Transparency Management Committee, such as reviewing transactions between related parties and resolving management matters to protect shareholder rights, the ESG Management Committee will also be responsible for ▲establishing ESG-related policies ▲developing risk strategies according to ESG policies ▲reviewing investment and activity plans related to environment, safety, and climate change response.

The ESG Management Committee consists of five members: CEO Kim Kyu-young and four outside directors (Jung Sang-myung, Kim Myung-ja, Kwon Oh-gon, Jung Dong-chae). Considering the importance of ESG, one more outside director participates compared to the previous Transparency Management Committee, which had four members. The first chairman will be the current chairman of the Transparency Management Committee, outside director Jung Sang-myung (former Prosecutor General).

Separately from the holding company, major affiliates such as Hyosung TNC, Hyosung Advanced Materials, Hyosung Heavy Industries, and Hyosung Chemical plan to establish and operate ESG Management Committees directly under their CEOs within the first half of this year.

Hyosung Chairman Cho Hyun-joon stated, "ESG management is an identity that Hyosung must have to leap forward as a premium brand in the global market," adding, "We hope to grow into a '100-year company Hyosung' loved and trusted by shareholders and society by expanding environmental protection, ethical management, and transparent management, and achieving mutual growth with our partners."

Hyosung split into a holding company and four business companies in 2018 to strengthen transparent management and establish an independent management system, completing the transition to a holding company system at the end of last year.

In 2018, Chairman Cho broke the convention where the CEO also served as the chairman of the board by stepping down as the board chairman and having an outside director take the position. He also established the Transparency Management Committee and ensured that the chairman of the Outside Director Recommendation Committee is an outside director to strengthen the independence of outside directors.

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