OCI Launches 'ESG Committee' Under Board of Directors to Accelerate ESG Management

Submit major ESG-related policies to the board of directors, the highest decision-making body, for final approval
Accelerate the establishment of ESG strategies and investment decisions including carbon neutrality, governance, and ESG-related investments

[Asia Economy Reporter Hwang Yoon-joo] OCI, a leading renewable energy company, is launching an 'ESG Committee' under the board of directors to fully commit to ESG (Environmental, Social, Governance)-focused management.

On the 29th, OCI announced that it will establish an 'ESG Committee' under the board of directors to analyze strategies and key issues related to Environmental, Social, and Governance matters in order to create long-term sustainable value.

OCI's ESG Committee is an organization designed to strengthen the expertise and functions of the board of directors in major company decisions. It is composed of five members: all four outside directors and one inside director (CEO). To ensure a more practical approach and execution, the CEO will be appointed as the chairperson, and the committee plans to operate systematically and officially.

Going forward, the ESG Committee will deliberate on ESG-related issues across the entire business to ensure that ESG principles are directly reflected in business operations. Specifically, its roles will include ▲publishing an Integrated Report containing sustainable management performance and improvement plans related to ESG evaluations ▲disclosure of corporate governance reports ▲establishing and revising ESG-related regulations such as governance codes, environmental safety codes, and tax transparency codes ▲formulating and implementing mid- to long-term strategies such as greenhouse gas reduction and carbon neutrality, among others. The committee will also identify ESG risks and improvement tasks.

OCI, which entered the polysilicon business?a core material for solar power generation?in 2008 and quickly rose as a leading renewable energy company, has been publishing an Integrated Report containing sustainable management performance annually since 2010.

Kim Taek-jung, CEO of OCI, stated, "Through the establishment of this ESG Committee, OCI will lead ESG-focused management as a representative renewable energy company and transform into an energy and chemical company that fulfills its corporate social responsibility."

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