Noru Holdings and Noru Paint Achieve Integrated A Grade in ESG Evaluation for Two Consecutive Years

Noru Group ESG Evaluation Grade A Image.
[Photo by Noru Group]

[Asia Economy Reporter Kim Jong-hwa] Noroo Holdings and Noroo Paint announced on the 5th that they have achieved the 'Integrated A Grade' for two consecutive years in the '2022 ESG Evaluation and Rating Announcement' by the Korea Corporate Governance Service (KCGS). With this, both companies secured A grades in the ESG evaluations conducted by KCGS and SUSTINVEST this year, establishing themselves as outstanding companies in the 2022 ESG assessment.

KCGS and SUSTINVEST, major domestic evaluation agencies, conduct ESG assessments?including Environment (E), Social (S), and Governance (G)?on approximately 1,000 listed companies. The evaluations are expressed as grades through each agency’s proprietary evaluation model to help capital market participants intuitively understand the risk levels related to ESG of listed companies.

Both companies received identical grades in the KCGS evaluation: Environment B+, Social A+, and Governance B+, resulting in an integrated A grade. In particular, social responsibility activities such as sharing through color and cooperative activities with affiliates received high evaluations, earning an A+ grade in the Social (S) category again this year. Due to the revision of the evaluation model to align with global standards, the difficulty level of the 2022 KCGS ESG evaluation increased, and only 15.6% of companies (an 8.4% decrease from the previous year) received an integrated A grade or higher.

In the SUSTINVEST evaluation, innovation activities in the environmental sector, customer management in the social sector, and transparency of information in the governance sector scored higher than the sector average, resulting in an overall A grade. Among the 1,045 companies evaluated, Noroo Paint ranked 95th and Noroo Holdings ranked 119th, placing them in the upper tier based on the comprehensive quantified scores of detailed factors.

Noroo Holdings, as the holding company of the Noroo Group, established a dedicated ESG department and carried out activities to share the company’s goals, strategies, and social, economic, and environmental activities and achievements with stakeholders through the establishment of a corporate governance charter and the publication of a sustainability report. Additionally, through joint labor-management declarations and education, they helped employees understand and actively fostered consensus on ESG management, leading the group’s ESG management efforts.

Noroo Paint, a specialized eco-friendly color service company focused on people and nature, is committed to developing related technologies and promoting sustainable management. Leading innovations in carbon-neutral technologies for the future global environment, they have steadily increased the proportion of eco-friendly paints and enhanced their image as an eco-friendly innovative company through the development of various products such as the 'first USDA-certified white bio paint in Korea' and the 'first recycled paint in Korea.'

A Noroo Group official stated, "We are honored that the most credible evaluation agencies highly recognized the ESG activities of Noroo Holdings and Noroo Paint," adding, "We will continue to pursue sustainable management activities for customers and the environment."

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