Kumho Petrochemical Publishes 'Sustainable Management Report' Containing ESG Roadmap

First Disclosure of Individual and Consolidated ESG Performance of Major Affiliates

Kumho Petrochemical recently announced on the 3rd that it has published the "Sustainability Management Report 2022," which contains its recent ESG management activities and future plans.

Published for the fifth time this year, the Kumho Petrochemical Sustainability Management Report focuses on the ESG management strategies of Kumho Petrochemical and its affiliates, responses to climate change, and an eco-friendly business portfolio, outlining the roadmap for transformation into a sustainably growing company.

To proactively respond to the ESG data disclosure obligation for listed companies with assets exceeding 2 trillion won starting in 2025, Kumho Petrochemical prepared the report on a consolidated basis integrating data from the company and its major affiliates. It disclosed not only individual ESG data of major Kumho Petrochemical affiliates but also integrated data on environment, personnel, and safety and health from the three petrochemical companies, enabling a comprehensive review of ESG performance.

Kumho Petrochemical structured this report in the order of ▲Kumho Petrochemical and major affiliates’ ESG management strategies ▲materiality assessment ▲ESG factbook ▲ESG data pack ▲TCFD report. In the materiality assessment, six key issues were derived according to the revised GRI (Global Reporting Initiative) guidelines, and the impact evaluation results for each issue as well as Kumho Petrochemical’s response activities and plans were explained.

TCFD refers to the Task Force on Climate-related Financial Disclosures, a consortium that recommends disclosure of information by institutions and companies based on the impact of climate change on financial institutions and companies invested in by financial institutions, covering governance, management strategy, and other categories. Kumho Petrochemical declared support for TCFD last year and prepared the sustainability management report in compliance with TCFD recommendations. This year, the TCFD report was organized as a separate chapter, detailing climate change response activities and financial impacts of risks through scenario analysis. The report applied the International Sustainability Standards Board (ISSB) framework of the International Financial Reporting Standards (IFRS) Foundation to present Kumho Petrochemical’s ESG management system.

Jonghun Baek, CEO of Kumho Petrochemical, stated, “In this year’s report, we made efforts to disclose transparent and accurate ESG information by integrating ESG data from major affiliates,” and added, “We will continue to strengthen our ESG disclosure capabilities in accordance with global ESG guidelines.”

Kumho Petrochemical collected the ESG data for this sustainability management report through the ESG information system established this year and plans to actively utilize the ESG information system for collecting and managing ESG data of all group affiliates in the future.

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