I Established the first ESG Fact Book in Korea and disclosed the ESG data including overseas worksites for the first time
I CEO Jeong-Woo Choi said, “We will establish ourselves as a leading company in ESG management by embodying and innovating corporate citizenship management ideology continuously”
POSCO(CEO Jeong-Woo Choi) published the ‘Corporate Citizenship Report 2020’ on the occasion of Environment Day on June 5. It systematically summarized the current issues, strategies, and business performance of corporate citizenship for environmental protection from the perspectives of the stakeholders and included them in the report.
Following last year, POSCO carefully examined the recommendations for disclosure of information on ESG(Environmental•Social•Governance) related international standards such as the TCFD(Task Force on Climate-related Financial Disclosure) recommendations and SASB(Sustainability Accounting Standards Board) standards and reflected them in the report.
* TCFD(Task Force on Climate-related Financial Disclosure): It is a Task Force launched in 2015 by the Financial Stability Board(FSB), a global consultative body, and recommends the disclosure of information on climate-related governance, business strategies, risk management, measurement standards, and goal settings.
* SASB (Sustainability Accounting Standards Board): It is a standard made by the U.S. Sustainability Accounting Standards Board for investors to compare corporate performance for important ESG issues by each industry and recommends the disclosure of information on critical sustainability issues by every 77 industries.
This year, POSCO has presented the strategies and mid-and-long-term management goals for key ESG issues that stakeholders consider important, such as responding to climate change and strengthening workplace safety. It has also added ESG Fact Book, the first in the domestic industry to clearly summarize the key performance data for each ESG area.
It also disclosed the ESG data(greenhouse gas emission, safety and health of the workplace, etc) that even covers overseas worksites for the first time among Korean steel companies in line with SASB standards. The range of ESG data management and report has been expanded from the existing Pohang Works and Gwangyang Works to overseas corporations such as ZPSS(Zhangjiagang Pohang Stainless Steel) in China, PT.KP in Indonesia, and PY VINA in Vietnam.
In addition, the report provided ESG and financial performance together as stakeholders increased their demand for an ‘Integrated Reporting System’ that reports non-financial performance and financial performance from a comprehensive perspective.
CEO Choi said in a CEO’s message, “The upcoming era of great transformation is an era of rapid change where crises and opportunities coexist and the importance of ESG will stand out even more.” “We will develop corporate citizenship from just being a management ideology into a new corporate management model and continue to innovate to establish ourselves as a leading ESG management company in the steel industry.”, he added.
POSCO reported the ‘Corporate Citizenship Report 2020’ publication plan in April and it was approved by the ESG Committee under the board of directors which was newly established this year. Corporate citizenship report can be downloaded from POSCO’s website and POSCO’s Corporate Citizenship website in both Korean and English.
Meanwhile, POSCO became the first Korean company to win the ‘Gold’ award, the best prize in the ‘Stand-alone Report’ category at the 6th Asia Sustainability Reporting Awards (ASRA), organized by CSRWorks(Trusted sustainability consulting firm) in May.