Samyang Foods Achieves ESG Integrated Grade A in Evaluation by Korea Corporate Governance Service

[Asia Economy Reporter Seungjin Lee] Samyang Foods announced on the 29th that it received an A grade, two levels higher than the previous year, in the 2021 ESG (Environmental, Social, Governance) evaluation conducted by the Korea Corporate Governance Service.

The Korea Corporate Governance Service annually publishes ratings for listed companies on environmental management, social responsibility management, governance, and overall ESG integration. Each rating is evaluated on seven levels (S, A+, A, B+, B, C, D), with A and above considered excellent.

In this year's evaluation, Samyang Foods received an A in environmental management and governance, and an A+ in social responsibility management, achieving an overall ESG integrated grade of A. This shows significant improvement in all areas compared to last year's average level (B grade).

Since the second half of last year, Samyang Foods has been preparing for ESG management and officially launched the ESG Committee in March this year to actively pursue ESG management. In particular, from a governance perspective, the company strengthened its board by adding outside directors, established an audit committee, and introduced a compliance officer system, creating a transparent and fair management foundation through groundbreaking organizational changes.

Additionally, in the social responsibility management sector, the company was recognized for its efforts in establishing and implementing systems for human rights management, fair trade, and co-growth with partner companies, earning more than double the score compared to the previous year. It was also evaluated to have achieved remarkable results in environmental, social, and governance aspects through initiatives such as introducing eco-friendly packaging materials and promoting the adoption of renewable energy.

Kim Jeong-su, Chair of Samyang Foods' ESG Committee, stated, “This year was a year of introducing ESG-related systems across the entire company and establishing appropriate standards and frameworks. From now on, we aim to practice ESG management more strategically and systematically,” adding, “We will focus all our capabilities to become a leading and sustainable company in ESG management.”

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