"Innovative Future-Oriented Company Leading the Way" ... Lotte Group Holds 2nd Half VCM Today

Declaration of ESG Management ... Achieving Carbon Neutrality by 2040
New Brand Slogan 'Renewing Today, Benefiting Tomorrow'

[Asia Economy Reporter Jo In-kyung] Lotte Group, facing heightened crisis due to the deteriorating business environment caused by COVID-19 and the failed acquisition of eBay Korea, is advancing its executive meeting to reaffirm its commitment to change and innovation. The group will also introduce a slogan emphasizing the company's role in strengthening Environmental, Social, and Governance (ESG) management and positively transforming daily life and society.

On the afternoon of the 1st, Lotte Group announced it will hold the '2021 Second Half Lotte VCM (Value Creation Meeting)' attended by Chairman Shin Dong-bin, Lotte Holdings CEOs Song Yong-duk and Lee Dong-woo, Business Unit (BU) heads Kang Hee-tae (Retail BU), Kim Gyo-hyun (Chemical BU), Lee Young-gu (Food BU), Lee Bong-cheol (Hotel & Service BU), as well as representatives and executives from affiliated companies totaling over 130 participants.

The VCM, conducted via a non-face-to-face video conference for about 4 hours and 30 minutes, will cover key topics such as ▲review of first-half management performance and major issues ▲economic outlook and business environment analysis for the second half ▲business strategies by Food, Retail, Chemical, and Hotel & Service BUs.

During the VCM, a separate 'ESG Management Declaration Ceremony' will be held to publicly affirm the company's commitment to strengthening ESG management both internally and externally. Earlier in January at the first-half executive meeting, Chairman Shin Dong-bin emphasized, "This is a time when strategic focus on ESG management, which is directly linked to corporate value, is necessary," and added, "Social value is a core factor determining corporate survival and business success."

Accordingly, Lotte plans to achieve carbon neutrality by 2040. In the short term, it will reduce greenhouse gas emissions through process efficiency improvements, and in the mid to long term, it will set and implement decadal goals for carbon emission reduction and eco-friendly contributions by applying innovative technologies and strengthening eco-friendly businesses.

To reinforce ESG management, Lotte will establish ESG committees under the boards of directors of its listed affiliates and incorporate ESG management performance into CEO evaluations of each company. Last month, Lotte Holdings also established an ESG team under its Management Innovation Office to advance group-level ESG strategies.

Lotte will also unveil a new brand slogan reflecting its future value: 'New Today, Better Tomorrow.' This slogan embodies Lotte Group's commitment to innovation that benefits everyone for humanity's sustainable future. It signifies the group's intention to become a future-oriented company leading change and innovation in a rapidly changing era.

The group will urge thorough management and preparedness for risks such as safety management and compliance at each company. It will announce the 'Group Safety Management Innovation Plan,' emphasizing the strengthening of activities to prevent major industrial accidents and improving initial response capabilities. Additionally, discussions will cover business portfolio management to enhance future competitiveness, securing and nurturing key talent, corporate culture innovation, and response strategies to changes in the business environment by each BU.

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