S-OIL establishes ESG committee

S-OIL CEO Hussain Al-Qahtani

By Kim Jae-heun

S-OIL said Wednesday that it established an in-house ESG committee to strengthen environmentally-sustainable management practices.

The ESG committee will be tasked with creating basic environmental, social and governance (ESG) policies, strategies and a roadmap to enable the systematic and integrated management of such practices.

The committee will consist of seven members ― the heads of the Corporate Strategy HQ, the Corporate Affairs Division, the Safety & Environment Division, and the Refinery Innovation & Coordination Division, the Treasurer, the Compliance Officer, and the president of Corporate Strategy & Services, who will chair the committee.

It will convene a regular meeting every quarter to discuss, evaluate, and deliberate ESG management activities.

“S-OIL launched an ESG committee under CEO Hussain Al-Qahtani to enhance efficiency by involving all departments and to promote seamless cooperation among relevant departments. We bolstered the CEO's accountability by requiring what has been discussed at the ESG committee to be reported to the board of directors,” an S-OIL official said.

“We'll raise our management transparency to be on a par with global advanced players' to ensure that our ESG management will help contribute to the sustainable growth of our society beyond corporate Korea. Furthermore, we will fully incorporate stakeholders' expectations into our management activities,” the official added.

S-OIL has been selected as a high-performance company by prestigious certification agencies both in Korea and overseas by systematically applying ESG practices across all of its management activities as an early adopter.

The company is an eight-time recipient of the ESG Award organized by the Korea Corporate Governance Service from 2011 to last year, becoming one of the domestically listed companies to win the most numbers of the prize.

In addition, S-OIL has been named as one of the Dow Jones Sustainability Index (DJSI) World Companies for 11 years in a row since 2010.