l POSCO Corporate Citizenship Report 2018 revamps the previous POSCO Report to reflect the company’s new management principle, ‘With POSCO’
l ‘With POSCO’ in three categories: Business with POSCO, Society with POSCO, People with POSCO
l – The report highlights new management strategy, board independence and diversity, and the establishment of Corporate Citizenship Committee
On June 12, POSCO released POSCO Corporate Citizenship Report 2018, a revamped version of its predecessor, POSCO Report.
The key direction of the POSCO Report, centered on environmental and social sustainability, whereas the Corporate Citizenship Report channels its message through company’s new management principle, ‘With POSCO’ which seeks mutual growth with communities. All POSCO’s achievement from 2018 has been classified into the following ‘With POSCO’ categories: Business with POSCO, Society with POSCO, and People with POSCO.
Through the CEO message of the Report, POSCO CEO Jeong-Woo Choi affirmed the company’s commitment as a conscientious corporate citizen dedicated to mutual growth alongside all members of the community. He remarked, “As a proud member of the community, POSCO will take one step at a time towards mutual and sustainable growth.”
In Business (Business with POSCO) category, the Report highlighted POSCO’s endeavors to develop sustainable products, promote steel sustainability through Life Cycle Assessment approach. Also discussed in detail were POSCO’s environment-conscious investment and efforts to counter climate change.
The Society section (Society with POSCO) addressed the company’s ongoing effort to help tackle Korea’s low birth rate, as well as its support for startups and job seekers. All in all, the section highlighted POSCO’s endeavor to create opportunities where community values and economic opportunities create synergies.
In People (People with POSCO), the Report discussed the company’s effort to establish a culture that values trust and creativity. To that end, POSCO implemented safety and health procedures and a work-life-balance by devising measures to work more effectively.
The Corporate Citizenship Report drew special attention to new management strategies to be implemented in 2019 as well as board independence and diversity. The Report also discussed the company’s Corporate Citizenship Committee, a CEO advisory body established March this year.
POSCO Corporate Citizenship Report 2018 adhered to the Global Reporting Initiative Standard to boost the credibility and transparency, and subsequently underwent a third-party review. Furthermore, as the member of the UN Global Compact, it discusses how POSCO implemented the *Ten Principles of the United Nations Global Compact (joined May 31, 2012) – the Report also outlines the ESG (Environmental, Social and Governance) implementation of POSCO’s seven subsidiaries: POSCO International, POSCO E&C, POSCO Energy, POSCO Chemical, POSCO ICT, POSCO M-TECH, POSCO C&C.
The POSCO Corporate Citizenship Report 2018 is published in Korean and English (to be released) and can be downloaded from the POSCO website.
*Ten Principles of the UN Global Compact details actions plans for private entities –strategies, policies, and procedures – on upholding fundamental responsibilities in the areas of human rights, labor, environment, and anti-corruption.