l On July 25, POSCO renews its commitment to implement its management philosophy, corporate citizenship, spelling out the principles for action
l The Board of Directors, Corporate Citizenship Committee, and a panel of experts collaborate to draft POSCO Charter of Corporate Citizenship
l CEO Jeong-Woo Choi remarks, “As a member of the local, regional and global community, companies should look beyond profit and contribute to making the world a better place… and pursue mutual growth with the stakeholders involved in all our business activities.”
POSCO declared POSCO Charter of Corporate Citizenship to commemorate the first anniversary of its new management philosophy, “Corporate Citizenship: Building a Better Future Together” announced last year.
At the ceremonial event at Pohang head office today, POSCO renewed its commitment to carry out the principles – among the participants, were POSCO CEO Jeong-Woo Choi, key partners, suppliers, union leaders, and POSCO employees. The ‘POSCO Charter of Corporate Citizenship’ includes specific measures to implement corporate citizenship that seeks mutual growth and prosperity along with the community.
The Charter states, “Companies achieve lasting growth and sustainability by pursuing harmony within the society where businesses operate.” It continues, “POSCO will engage and communicate with all stakeholders including customers, employees, and shareholders, and continually seek changes and innovation in pursuit of sustainability by ultimately creating greater value for the company.”
Ahead of the announcement, the draft Charter underwent a series of comprehensive consultation, discussions, and polls amongst the Board of Directors, Corporate Citizenship Committee, and a panel of external experts.
POSCO CEO Jeong-Woo Choi remarked, “As a member of the local, regional and global community, companies should look beyond profit and contribute to making the world a better place.” He continued, “With the Charter firmly in place, let us pursue mutual growth with the stakeholders involved in all our business activities and move onward and upward with our core vision – Business with POSCO, Society with POSCO, and People with POSCO.
To support the POSCO employees with a smooth transition towards the concept and the practice of corporate citizenship, the Charter provides the following principles for action: nurturing a robust business ecosystem with partners; taking the leadership in addressing community issues as well as improving its values; fostering a nurturing work environment by creating a corporate culture based on trust and creativity.
Since the establishment of its new management principle, POSCO established a new office as well as the special committee, both dedicated to Corporate Citizenship. The company also opened ‘POSCO Love Letter’ an active communication channel between the company and the community. Furthermore, it revamped the existing joint programs with SMEs and established venture funds for business start-ups. The company is also actively seeking solutions to address common community concerns such as Korea’s low birth rate.
The announcement was televised live for all POSCO employees where Su-Keun Kwak, the Chairman of the Corporate Citizenship Committee, delivered a lecture on what POSCO needs to do for the successful implementation of corporate citizenship.
Meanwhile, POSCO plans to prepare quantifiable criteria to evaluate its corporate citizenship activities and share its achievements with both internal and external stakeholders by the end of the year.