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| Illustration for POSCO International's sustainability report / Courtesy of POSCO International |
The trading arm of POSCO Group said it released its latest sustainability report to showcase how its ESG efforts are gaining traction and how the company has been working on enhancing its sustainability performance.
"In our latest corporate citizen report, we evaluated our sustainability efforts by categories ranging from business and society to people. The report also outlined some of our achievements to enhance the ESG standards such as winning the Grand Prize in the 2019 EGS Top Performer evaluation made by the Korea Corporate Governance Service," the company said.
To become more responsible to its investors and meet the global standards, POSCO International has been actively disclosing its data.
"In this year's report, the company introduced Sustainability Accounting Standards Board standards for the first time in its history to share our business activities and developments in sustainable management," it said in a statement.
"To evaluate how the company's financial and non-financial business activities have impacted society, POSCO International also unveiled a sustainability index using British accounting firm PwC's Total Impact Measurement and Management methodology."
POSCO International also introduced how the company has been performing corporate social responsibility activities in different countries including Myanmar, Indonesia and Uzbekistan.
For its Indonesian unit, the company also introduced that it started implementing a "no deforestation, no peat, no exploitation" (NPDE) policy for its palm oil business there.
The company entered the palm oil business in Papua, Indonesia, in 2011 and completed plantation development at the end of 2017. Its palm oil business involves the extraction of oil at the plantation and the production and sales of oilseed products. In 2019, the company produced 80,000 tons of palm oil.
The NDPE policy is the company's commitment to residents, local companies and the environment in its palm oil business area. POSCO International said it is determined to achieve sustainability by preserving the environment of the plantation, protecting the human rights of residents and workers and better communicating with every party involved in the business.
Joo Si-bo, president and CEO at POSOC International, released a message urging employees to preemptively respond to the changing business environment and actively communicate with the company's business partners both here and abroad, the company said.
A company official said POSCO International "will continue to perform its duty to become a responsible corporate citizen, communicate with our business partners there and try to actively take part in solving various social issues in countries where we are doing business."
