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POSCO Launches “ESG Committee”

2021/03/03

l Major ESG policies to be finalized by the board of directors
l Korea Institute of Science and Technology (KIST) researcher Young-Sook Yoo and former Korean ambassador to UAE Tae-Kyun Kwon nominated as candidates for outside director
l Chang-Hwa Chung, Head of Management Support Division, appointed candidate for new internal director

POSCO (CEO Jeong-Woo Choi) is to establish the “ESG Committee” under the board of directors. Accordingly, POSCO will enable final decisions on major ESG related policies — such as environment, safety, health, and governance policies — to be made by the BOD.

The launch of the “ESG Committee” demonstrates POSCO’s commitment to further strengthen social responsibility by monitoring major policies and practices of ESG activities and enabling the board of directors — the highest decision-making party in the company — to keep close attention in ESG.

This action also shows that POSCO’s management recognizes environmental and safety accidents as critical issues, including carbon neutrality, which has emerged as an important subject in the steel industry, and that POSCO’s BOD will continue to provide interest and support based on long-term plans and strategies.

Since the inauguration of CEO Jeong-Woo Choi in 2018, POSCO announced “Corporate Citizenship” as its management philosophy and has been taking preemptive actions for ESG management. Last year, the company became the first Asian steelmaker to announce carbon neutrality and the first global steelmaker to establish an organization dedicated to ESG activities.

Through the New Year’s speech, CEO Jeong-Woo Choi emphasized the importance of ESG management, saying, “As the social demand for ESG management is growing, practicing our management philosophy of Corporate Citizenship has become much more important.”

Meanwhile, POSCO nominated KIST researcher Young-Sook Yoo and former Korean ambassador to UAE Tae-Kyun Kwon as candidates for outside director and POSCO Head of Management Support Division Chang-Hwa Chung as a candidate for new internal director at the 2021 regular shareholders’ meeting.

The candidates for outside and internal directors were nominated through procedures including qualification screening from the director candidate recommendation and steering committee and the BOD.

Candidate Young-Sook Yoo is an environmental expert possessing a doctoral degree in biochemistry and has served as the Minister of Environment. Yoo has the expertise and administrative experience in high-ranking public offices, having acted as Chairman of the Women’s Bioscience Forum and an expert member of the Science and Technology Policy Research Institute (STEPI). Yoo is engaged in a wide range of activities, including in international organizations such as the United Nations Conference on Climate Change, and is expected to play a key role in strengthening POSCO’s ESG expertise.

Candidate Tae-Kyun Kwon has served in the Asian Development Bank and as Economic Counselor for the Permanent Delegation of the Republic of Korea to the OECD, Commissioner of the Korea Financial Intelligence Unit (KoFIU), Head of the Office of International Trade and Investment, and Administrator of the Public Procurement Service. On finishing his term as the Korean ambassador to the UAE, Kwon is currently providing counsel for domestic and overseas investment. Kwon is expected to contribute to the board with his broad experience and expertise in finance and investment.

Candidate Chang-Hwa Chung was appointed as the Head of POSCO Management Support Division last year after serving as Head of POSCO’s External Cooperation Office, PR Office, POSCO E&C CR Center, POSCO PR Office, and President of POSCO-China. Last year, Chung was appointed as Head of the Management Support Division and is currently in charge of POSCO HR, PR, legal affairs, and IT.

Meanwhile, the following internal directors received renomination: Head of Steel Business Unit Hag-Dong Kim, Head of Global Infrastructure Jung-Son Chon, and Head of Marketing Division Jeong Tak.

The candidates and the “ESG Committee” will be finalized at the shareholders’ meeting held on March 12.

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