GS Caltex Supports Partner Companies' ESG Management... From Self-Assessment to Consulting

Huh Se-hong, President of GS Caltex

[Asia Economy Reporter Kim Hyewon] GS Caltex is supporting ESG (Environmental, Social, and Governance) management of its partner companies as part of its ESG management efforts.

GS Caltex announced on the 1st that it will conduct an ESG self-assessment for partner companies by the 9th, enabling them to check and implement ESG items on their own. Following the diagnosis results, ESG consulting linked with professional organizations will be provided.

GS Caltex developed a customized ESG self-assessment model for partner companies in 2019 and conducted ESG self-assessments for 107 partner companies last year. This year, the target for ESG self-assessment has been expanded to about 320 partner companies.

The GS Caltex partner company ESG self-assessment is being conducted together with professional organizations, the Korea Productivity Center (KPC) and Quantified ESG (QESG). To reduce the workload on partner companies and increase participation rates, a 'GS Caltex Partner Company Exclusive Online ESG Evaluation Solution' was developed and is being used for the self-assessment.

The evaluation questions cover four areas: human rights and labor, safety and health, environment, and ethics and management systems, consisting of 40 to 53 questions depending on the individual characteristics of the partner companies. Through the evaluation, partner companies can check the overall 'policy-execution-compliance,' and each evaluation question includes related laws and detailed explanations to help partner companies understand ESG.

Participating companies will receive a diagnostic report on risk factors and improvement items for each ESG category. Based on the diagnosis results, GS Caltex plans to select companies for on-site inspections and continue win-win management by providing ESG consulting to those companies together with an advisory group composed of experts.

A GS Caltex official said, "Supporting ESG self-assessment for partner companies will serve as an opportunity to identify and improve internal risks in advance and expand business opportunities mutually between GS Caltex and its partners."

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