Hyundai Rotem Publishes '2023 Sustainability Management Report'

Announcement of ESG Management Achievements Including Expansion of Hydrogen Infrastructure, Risk Management, and Respect for Human Rights

Hyundai Rotem announced on the 27th that it has published the "2023 Sustainability Management Report," which contains its business strategies and achievements related to Environmental, Social, and Governance (ESG) management.

In the foreword of the report, Hyundai Rotem CEO Lee Yong-bae stated, "Based on the four pillars of sustainable management, Hyundai Rotem is beginning the 'New Rotem 4.0 era transition,' which creatively integrates proactive risk management and artificial intelligence (AI) and eco-friendly global industry trends into the railway, defense, and plant industry sectors. We will continue to take the lead in creating a sustainable society and future."

The report is structured around the four pillars of sustainable management: Governance (Principles of Governance), Environment (Planet), Society (People), and Economy (Prosperity).

Hyundai Rotem 2023 Sustainability Management Report.
[Photo by Hyundai Rotem]

In the governance section, five key principles?transparency, completeness, accountability, fairness, and respect?were established to build transparent governance. Last year, the Transparency Management Committee under the board of directors was granted the authority to review ESG matters and report to the board.

The environment section includes Hyundai Rotem’s strategies, goals, and achievements in accordance with the guidelines of the Task Force on Climate-related Financial Disclosures (TCFD).

The social section presents efforts and achievements toward an inclusive corporate culture based on safety and respect for human rights. Last year, Hyundai Rotem conducted a total of 1,467 safety inspections across four areas: human rights management, fundamental human rights, non-discrimination, and industrial safety.

The economic section contains sustainable solutions connecting the environment, society, and stakeholders. It introduces mid- to long-term plans for eco-friendly hydrogen railway vehicles, including hydrogen electric trams, and resource-circulating hydrogen infrastructure projects utilizing biogas.

The report also includes that Hyundai Rotem’s total sales proportion meeting the Korean Green Taxonomy (K-taxonomy), a standard for eco-friendly economic activities, increased by 5.8 percentage points from 48.2% the previous year to 54% last year.

A Hyundai Rotem official said, "Through this report, we aimed to present the direction for leaping forward to New Rotem 4.0. We will continue to actively pursue ESG management through cooperation with stakeholders and risk management."

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