Daewoo E&C Receives 'A Grade' in This Year's ESG Evaluation... "Carbon Emission Reduction, Governance Restructuring"

Daewoo E&C announced on the 6th that it received an ‘A grade’ in this year’s ESG evaluation, one level higher than last year.

The Korea Corporate Governance Service (KCGS) is a leading institution conducting ESG evaluations in Korea, assessing the ESG levels of domestic listed companies annually and announcing grades. As a result of Daewoo E&C’s comprehensive ESG management efforts since last year, the environmental (E) category in this year’s ESG evaluation improved from B+ to A+, the social (S) category from B+ to A, and the governance (G) category from B+ to A. Based on excellent evaluations across all areas, the company received an overall grade of ‘A’.

In May, Daewoo E&C approved joining and declared support for the Task Force on Climate-related Financial Disclosures (TCFD), a global initiative for climate-related financial information disclosure, and has been disclosing climate-related data more systematically and transparently in line with global trends. Notably, Daewoo E&C is the first in Korea to apply the hybrid-PC construction method and has developed eco-friendly concrete and cement by recycling industrial by-products such as fly ash and blast furnace slag powder, reducing resource consumption and making efforts to lower carbon emissions.

In the social sector, the company declared its commitment to human rights management by establishing and announcing the Human Rights Management Charter in October last year. Subsequently, a joint labor-management pledge for human rights management implementation was held, and human rights regulations were enacted in November. This year, to ensure practical implementation of human rights management, a human rights impact assessment and a human rights awareness and status survey were conducted starting June 5, and improvements are being made based on the survey results. Furthermore, the company has allocated a safety innovation budget and continues to invest in safety facilities and build smart safety systems to create safer construction sites.

In the governance sector, Daewoo E&C has made various efforts to enhance diversity, operational efficiency, and transparency of the board, including appointing female outside directors exceeding legal standards, forming a compensation committee within the board, and introducing a board evaluation system. A representative from Daewoo E&C’s ESG team stated, “It is somewhat regrettable that the improvements in governance this year were not reflected in the 2023 ESG evaluation,” adding, “If these changes are reflected in next year’s ESG evaluation, the governance grade is expected to rise compared to this year.”

Baek Jeong-wan, CEO of Daewoo E&C, said, “The improved results in this year’s ESG evaluation compared to the previous year were possible thanks to company-wide cooperation and efforts to improve ESG management,” and added, “We will continue to pursue ESG management to enhance the company’s sustainability and market trust.”

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