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| Hyousung Group Chairman Cho Hyun-joon calls environmental, social and corporate governance (ESG) management a "must-have identity" for the conglomerate to become a premium brand in the global market. Courtesy of Hyosung Group |
By Yi Whan-woo
Hyosung Group has launched a new environmental, social and corporate governance (ESG) committee to enhance and bolster efforts for co-prosperity between the business sector and society, the conglomerate announced Friday.
The committee is expanded from an existing one that focused on reforming the conglomerate's governance structure and introducing transparent management. The decision was made during a board of directors' meeting, Thursday.
The ESG management committee consists of board President Kim Kyoo-young and four outside directors.
The group's four affiliates, Hyosung TNC, Hyosung Advanced Materials, Hyosung Heavy Industries and Hyosung Chemical, plan to set up their own respective ESG management committees by the end of the first half.
"The establishment of the new committee is to preemptively cope with environmental protection, social safety net and other demands from customers, shareholders and rest of the members of Korean society," the firm explained.
In a statement released by the group's public relations office, Hyosung Group Chairman Cho Hyun-joon referred to ESG management as a "must-have identity" for Hyosung to advance in the global market as a premium brand.
"We will walk the straight path, become more transparent and grow with partner companies through ESG management." Cho said. "We accordingly expect to become an enduring Hyosung, beloved and trusted by society."
One of the 30 biggest business groups, Hyosung has focused on sustainable growth, a key word for ESG, for the past several years even before many Korean companies jumped on the bandwagon.
For instance, Hyosung TNC has been manufacturing nylon, polyester and spandex that are made from recycled plastic bottles, under the "Regen" brand since 2007.
Cho stressed the importance of using accumulated data to strengthen the company's value and crisis management resolution capabilities.
"The future is about how well a company utilizes accumulated data to strengthen its competitiveness and crisis recovery opportunities," Cho said during this year's New Year message to employees.
As part of efforts to enhance corporate transparency, the conglomerate launched a holding group, Hyosung Corp., in 2018.
Hyosung TNC is responsible for the group's signature spandex business and Hyosung Advanced Materials produces tire cords.
Hyosung Heavy manages power systems and industrial machinery, while Hyosung Chemical manufactures polypropylene and nylon film.
