Hankook Tire Announces 'Corporate Governance Charter' to Strengthen ESG Management

[Asia Economy Reporter Yoo Hyun-seok] Korea Tire & Technology (hereinafter Korea Tire), a global leading tire company, announced on the 10th that it has declared its commitment to transparent and sound ESG (Environmental, Social, and Governance) management and published the "Corporate Governance Charter," which serves as the cornerstone of sustainable management.

Korea Tire proclaimed the Corporate Governance Charter and declared an ethical management policy that pursues the enhancement of interests and protection of rights of all stakeholders, including shareholders, customers, and employees, centered on a board of directors with expertise and independence. The Corporate Governance Charter includes regulations on ▲shareholders' rights and responsibilities ▲the role and operation of the board of directors ▲composition of audit bodies ▲protection of stakeholders' rights ▲disclosure, among others. This information will be posted on Korea Tire's official website and the Financial Supervisory Service's electronic disclosure system for general shareholders to verify.

In July last year, as part of sustainable management, Korea Tire established an ESG Committee to strengthen the responsibilities and roles of the board of directors. Currently, under the board of directors, five committees are operating, including the ESG Committee, Audit Committee, Outside Director Candidate Recommendation Committee, Sustainable Management Committee, and Internal Transactions Committee.

The board of directors has strengthened expertise and functions by composing a majority of four outside directors out of seven members. For the ESG Committee, Mira Lee, an outside director with extensive global experience from GE and Macquarie and a female leader, was appointed as the inaugural chairperson. The committee consists of seven members, including inside and outside directors, with the chairperson included.

Following the establishment of the Corporate Governance Charter, Korea Tire plans to strengthen its status as a leading ESG management company by establishing a sound governance structure based on an objective and transparent board of directors.

Meanwhile, Korea Tire continues to fulfill its responsibilities and roles as a top-tier sustainable management company, striving to achieve continuous growth and tangible results across the economic, environmental, and social sectors of the company.

Since the establishment of the ESG Committee and the annual publication of ESG reports since 2010, Korea Tire has shared its vision for sustainability and continuously improved its ESG standards. Notably, it achieved the highest score in the automotive parts industry group in the Dow Jones Sustainability Index World, the world's most prestigious sustainability evaluation and investment-related global index, ranking first globally and being included for six consecutive years, thereby proving its status as a leading global sustainable management company.

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