Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
GS launches green council to step up ESG efforts
By Baek Byung-yeul
GS Group Chairman Huh Tae-soo / Courtesy of GS Group
By Baek Byung-yeul
GS Group is increasing its focus on environmental, social and corporate governance (ESG) initiatives, aiming to achieve sustainable growth by creating more substantial green, social and economic value.
The conglomerate, whose businesses range from retail to energy, said Thursday that it recently formed an eco-friendly council comprised of chief green officers (CGOs) from its affiliates.
The newly established council will serve as a top decision-making body for businesses related to ESG investment themes such as social contribution, mutual growth, sustainable growth, safety, health and environment as well as pursuing new eco-friendly businesses.
The move came after the group set the goal of “Growth through Sustainability” as a core value for its affiliates last year when the ESG standard emerged as an important gauge in determining the investment merits of companies.
“Pursuing eco-sustainable growth is what our society and customers have demanded. We need to consider this first when carrying forward a new business,” GS Group Chairman Huh Tae-soo said.
The eco-friendly council will meet once every month, chaired by GS Holdings CEO Hong Sun-gi. The CEOs of each subsidiary will take an advisory role in the council. The council will also hold a larger meeting every quarter with the group's chairman and affiliates' CEOs.
GS Group kicked off a new project to find new eco-friendly businesses by recruiting biotechnology startups. Through the GS Challenge project, the group aims to play a supporting role to help the startups grow into competitive players. GS said the project is a part of its efforts to foster a healthy industrial ecosystem between large companies and startups.
To further boost synergy in digital and eco-friendly businesses, the group launched a venture capital affiliate called GS Futures in Silicon Valley in 2020.