Leading Human Rights Protection for Group Businesses and Stakeholders with a Systematic, Global-Standard Human Rights Management Framework
Establishing a Unified Human Rights Management System Centered on the Holding Company to Standardize Criteria and Solutions at Global Business Sites
Chairman In-hwa Chang: “We Aim to Build a Corporate Culture Where All Employees and Stakeholders are Respected, Beyond Just Being a Model in Global Human Rights Management.”
POSCO Group has proclaimed a “Group Human Rights Commitment” to implement human rights management in line with global standards and to establish a more structured human rights management system at the group level.
On Feb. 20, POSCO Group held a proclamation ceremony for its “Group Human Rights Commitment” at the Seoul POSCO Center. Attending the event on this day were POSCO Group Chairman In-hwa Chang, along with the CEOs of six group business companies—POSCO, POSCO International, POSCO E&C, POSCO Future M, POSCO DX, and POSCO Steeleon—as well as Sung-taek Lim, the representative attorney of Jipyong LLC. Furthermore, the UN Global Compact (UNGC) Korea Association, the world’s largest sustainability initiative, delivered a congratulatory address by video.
Chairman Chang emphasized, “Respect for human rights is the starting point of the company’s sustainable growth and ethical management. Building upon this commitment, POSCO Group will move past its role as a model company in human rights management at global business sites and will foster a corporate culture where all employees and stakeholders are respected.”
Attorney Lim said, “POSCO Group’s establishment of a human rights management system and proclamation of its human rights commitment demonstrate the company’s commitment and sincerity in addressing various human rights issues that may arise at its global business sites. Moreover, the fact that it was announced on the UN-designated ‘World Day of Social Justice’ makes it even more meaningful.”
POSCO Group launched the Group Human Rights Management Task Force (TF) in October last year in collaboration with Jipyong LLC and the UN Global Compact (UNGC) Korea Network. This initiative was driven by the expansion of the group’s business domains, the globalization of its supply chain, the legislative enforcement of human rights management in advanced countries, and the growing demands from major global investors to address social issues, including human rights. Through this TF, POSCO Group has established a group-wide human rights management system in line with global standards by undertaking key initiatives such as ▲ establishing a human rights governance framework, ▲ developing a human rights due diligence methodology, and ▲ implementing an integrated grievance mechanism.
In particular, POSCO Group has launched the Group Human Rights Management Council led by POSCO Holdings for the standardization of human rights management among the holding company, business subsidiaries, and overseas branches, and is establishing a real-time monitoring system for potential human rights issues that may arise throughout the group’s business activities. Also, POSCO Group plans to proactively assess risk factors related to human rights for its global operations and among stakeholders and operate a company-wide human rights risk assessment system to identify, prevent, mitigate, and address negative impacts. Through these efforts, the company intends to internalize human rights management as part of its corporate culture.
POSCO Group intends to publish a separate Human Rights Management Report as part of the upcoming POSCO Holdings Sustainability Report, set for release in June. The group plans to transparently disclose its human rights management initiatives and actively share the implementation status of its human rights management framework through ongoing dialogue with global investors.
※ Read the full text of ‘Group Human Rights Commitment’
▲POSCO Group held the “Group Human Rights Commitment” proclamation ceremony on Feb. 20 at POSCO Center in Seoul. From the left in the photo: POSCO Steeleon CEO Si-youl Choun, POSCO Future M CEO Gi-chen Eom, POSCO CEO Hee-geun Lee, POSCO Group Chairman In-hwa Chang, POSCO E&C CEO Hee-min Jeong, POSCO DX CEO Min-suk Shim, and POSCO International Vice President Kyung-jin Jung.