Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Kangwon Land praised for corporate sustainability
Kangwon Land CEO Ham Seung-huie, left, poses with Hong Soon-jick, CEO of the Korea Productivity Center, after receiving the Dow Jones Sustainability Award at the Grand Hyatt Hotel, downtown Seoul, on Oct. 28. / Courtesy of Kangwon Land
By Lee Hyo-sik
By Lee Hyo-sik
Kangwon Land, the country’s only casino for Koreans, has been recognized as one of Korea’s most sustainable enterprises for its corporate social responsibility (CSR) and community-friendly business practices.
The state-run company was included in this year’s Dow Jones Sustainability Indices (DJSI) World for the third consecutive year. Globally, only 317 businesses were chosen to receive DJSI awards and only 21 of them are Korean firms.
Beside Kangwon Land, Korea Gas Corp., Korea Electric Power Corp. (KEPCO) and KEPCO KPS were the only state entities named.
“We are proud that we have been recognized as a globally sustainable company for three straight years,” a Kangwon Land spokesman said. “Our diverse CSR activities and corporate growth potential enabled us to earn high scores from the global audience.”
On Oct. 28, company CEO Ham Seung-huie received a DJSI award during a ceremony at the Grand Hyatt Hotel in downtown Seoul. The DJSI, launched in 1999, includes a list of indices evaluating the sustainability performance of the world’s top 2,500 listed companies.
The DJSI is based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, branding, climate change mitigation, supply chain standards and labor practices.
“We are the only leisure-oriented enterprise included in the DJSI for three years in Korea,” the spokesman said. “We have faithfully fulfilled our corporate responsibility and maintained our sustainable growth potential. The award also shows that Kangwon Land has joined a league of top global companies. We will continue to improve our governance structure, better manage risks and engage in business practices that meet global standards.”
The company has been implementing a wide range of community programs to protect the environment and prevent gambling addiction, among others.
“This year, we saved about 1.7 billion won in our budget and spent all the money to expand our scholarship programs and bolster the economy of Jeongseon County and surrounding areas,” he said. “The area was once booming mining towns in the 1970s and 1980s. But they have been on the decline since coal mines were closed. We are taking proactive measures to boost the region’s economic vitality.”
Kangwon Land has been offering scholarships to middle and high school students from low-income families in the area. It also offers financial support to young people seeking to enter universities and runs education programs to help them broaden their perspectives.
“We also support residents in setting up startups as part of our efforts to revitalize the regional economy,” the spokesman said. “We recently launched a CSR committee to more systematically operate our volunteer programs. Through all these efforts, we will become one of the most-trusted enterprises in Korea.”