Ssangyong C&E Achieves 'A Grade' in ESG Comprehensive Evaluation... Establishing Position as a Comprehensive Environmental Company

Achievements of Focused Investment and Capabilities in the Environmental Sector: "Strengthening ESG Management to Establish a Foundation for Sustainable Development"

Exterior view of Ssangyong C&E Donghae Plant. [Photo by Ssangyong C&E]

[Asia Economy Reporter Kim Jong-hwa] Ssangyong C&E announced on the 29th that it was the only company in the domestic cement industry to receive an integrated A grade in the '2021 ESG Evaluation' announced by the Korea Corporate Governance Service (KCGS).

The ESG evaluation by the Korea Corporate Governance Service is a representative domestic ESG evaluation index that assesses the sustainability of companies listed in Korea based on environmental management, social responsibility management, and governance.

Looking at Ssangyong C&E's evaluation results by category, the environmental sector improved by one grade to an A grade from last year’s (B+), the social sector rose two grades to A+, and governance remained the same as last year. This is analyzed as a result of strengthening ESG-centered management by establishing the first ESG Management Committee in the cement industry last year and starting full-scale ESG management, focusing investment and capabilities on the environmental field to lay the foundation for advancing into a comprehensive environmental company, expanding social contribution activities, and strengthening quality and safety management to fulfill corporate social responsibility.

At the beginning of this year, Ssangyong C&E changed its corporate name, which had been maintained for 59 years since its founding as 'Ssangyong Yanghoe,' to 'Ssangyong C&E,' borrowing the first letters of Cement and Environment, and is promoting a vision and strategy to continue sustainable development with eco-friendly business as future value.

It also announced the ESG management vision 'Green 2030,' declared the cement industry's first 'coal phase-out management' to achieve zero use of thermal coal by 2030, and is continuously expanding related facility expansions and infrastructure construction.

Since 2016 until last year, it has actively worked to reduce carbon emissions by expanding the processing of recycled resources and investing about 220 billion KRW in the completion of waste heat power generation facilities, reducing thermal coal usage by about 30%, and plans to invest an additional approximately 280 billion KRW by 2030 to contribute to national carbon neutrality.

It is also committed to fulfilling corporate social responsibility and fair and transparent management. Under the ESG Management Committee, a Social Contribution Committee was established to carry out social contribution activities that practice corporate social responsibility more systematically, strengthening communication and cooperation with stakeholders and laying the foundation for mutual growth. In addition, to ensure transparent management, the supervisory function of the board of directors was strengthened, and the executive officer system was introduced to induce responsible management by the executive branch. The audit committee is composed entirely of outside directors and operates to ensure transparent management, protect shareholder rights, and facilitate communication.

A Ssangyong C&E official said, "As a leading company in the domestic cement industry, we will continue to actively practice ESG management to establish the foundation of a sustainable development company and realize the vision of future eco-friendly management to establish ourselves as a comprehensive environmental company."

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