Samsung Biologics Publishes First Sustainability Management Report... Full-Scale ESG Management Initiated

Samsung Biologics 2021 Sustainability Management Report (Photo by Samsung Biologics)

[Asia Economy Reporter Kim Ji-hee] Samsung Biologics announced on the 11th that it has published its first sustainability management report and is officially embarking on ESG (Environmental, Social, and Governance) management.

Since December last year, Samsung Biologics has been preparing an ESG report based on the opinions of employees, experts, and stakeholders, and has received external consulting to develop a roadmap for ESG management. In February this year, it established an ESG Committee under the board of directors to formulate related policies and oversee their implementation. The ESG Committee consists of four outside directors whose independence from management has been verified, and includes experts from various fields such as management, economics, biotechnology, law, and regulations.

Samsung Biologics included in this first report its efforts over the past decade to strengthen transparency in environment, society, and governance, as well as its future action plans.

First, in the environmental sector, it set a goal to realize an industry-leading eco-friendly workplace. To this end, it introduced global standard energy management systems (ISO 50001) and occupational health and safety management systems (ISO 45001). The new factory currently under construction plans to install solar power generators and apply eco-friendly refrigerants.

In the social sector, it introduced various social contribution activities aimed at coexisting with local communities, such as youth education and scholarship support, and medical and childcare support for marginalized groups. It also included the Supplier Code of Conduct, introduced in April last year as part of win-win management with partner companies to encourage their ESG practices.

In the governance sector, it emphasized strengthening the independence, autonomy, and diversity of the board of directors. In particular, Samsung Biologics has composed a majority of the board with outside directors whose independence has been verified, and last year separated the roles of board chair and CEO to enhance the board’s supervisory and check functions over management, demonstrating efforts to strengthen governance transparency.

John Rim, CEO of Samsung Biologics, said, “We will do our best to announce our new commitment to sustainability and build a better management environment together with stakeholders.”

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