- Reporting on SASB sustainability topics in two industries to preemptively respond to the requirements of the global community
- Transparently disclosing its commitment to responsible business management in strategic countries, following the announcement of the NDPE policy for the first time among Korean businesses
- CEO Joo Si-Bo highlighting the need to ‘proactively respond to the needs of the international society through relentless change and communication’
On August 2, 2020, POSCO INTERNATIONAL (CEO: Joo Si-Bo) announced the publication of its ‘Corporate Citizenship Report 2019’ that illustrates the Company’s sustainability management activities and Environmental, Social, and Governance (ESG) achievements.
Just as last year, this year’s Corporate Citizenship Report highlighted the Company’s major accomplishments in the three areas of Business, Society, and People in line with POSCO Group’s ‘Corporate Citizenship’ management philosophy. The report also provides a clear at-a-glance view of the domestic and overseas awards given to the Company in recognition of its performance as an outstanding ‘Corporate Citizen’, including the Grand Prize awarded at the Best ESG Companies Awards 2019 by the Korea Corporate Governance Service and the First Prize offered for its exceptional CSR performance among Korean businesses based in Uzbekistan.
Taking a step further from presenting all key achievements in alignment with the UN SDG indicators, the report noteworthy in that it underscores where the Company is headed for years to come and how this matches the ‘Corporate Citizenship’ activity areas of POSCO Group.
This is POSCO INTERNATIONAL’s first report to disclose sustainability data in accordance with Sustainability Accounting Standards Board (SASB) standards while fully complying with the requirements of the international community. While the Company only needs to report on sustainability topics in the ‘Iron & Steel Producers’ industry under SASB’s Sustainable Industry Classification System, the Company also made disclosures in the ‘Industrial Machinery & Goods’ industry in consideration of the characteristics of its trading business that spans a range of areas.
For two consecutive years, the Company has also shared measurement outcomes produced through the Total Impact Measurement Management (TIMM) methodology used by the U.K-based firm PwC to assess how a company’s financial/non-financial activities impact society at large and to raise awareness on the significance of such activities. The Company will leverage assessment results to continuously increase its positive impacts while improving on negative ones through sustainability management.
POSCO INTERNATIONAL’s sustainability reports have arranged separate sections for its CSR activities undertaken in such strategic countries as Myanmar, Indonesia, and Uzbekistan over the years, and this year’s report elaborated on the Company’s announcement made last March for the first time as a Korean business on the No Deforestation, No Peat, No Exploitation (NDPE) policy for the sustainability of its palm oil business, along with how the Company reinforced its responsible business management in Indonesia.
CEO Joo Si-Bo said, in his CEO’s message, ‘Change before you have to’, citing the quote by former CEO of General Electric Jack Welch to underline the need for change to proactively respond to the ever-changing global community and the Company’s commitment to actively reaching out to internal/external stakeholders.
POSCO INTERNATIONAL will fulfill its responsibility and obligation towards the economy, society and environment in the countries where it is based, communicate with wide-ranging stakeholders, and join hands in resolving social issues as a ‘Global Corporate Citizen’.