GS establishes charter to bolster ESG management

GS Group Chairman Huh Tae-soo

By Lee Kyung-min

GS, the holding firm of GS Group, said Tuesday that it established a charter to strengthen environmental, social and governance (ESG) management.

GS said its ESG committee under the company's board of directors approved the enactment of the charter.

The group-wide effort will advance GS Group's ESG management-related policies, backed by the current governance charter, ethical management and social contribution policies.

The environmental management policy, for example, recognizes the heightened importance of sustainability not only for customers but also from a wider global perspective. It helps GS affiliates pursue sustainable management through strengthened environmental awareness.

Human rights will be valued and defended in the process of corporate growth. Partnerships with smaller firms will be bolstered by recognizing their autonomy and independence. The independence and diversity of outside directors will be guaranteed for effective and efficient decision-making.

The ESG committee was launched in March last year, and has since held six meetings to outline related strategies.

“We expect the newly enacted ESG policies to function as the cornerstone of GS Group's ESG management, thereby helping sustainable mutual growth with various stakeholders,” a GS official said.

GS has made great efforts to enhance ESG management, as illustrated by the launch of an eco-friendly consultative body and the ESG committee.

The consultative body will lead discussions on not only ESG management and sustainable management issues, but also safety, health, environment, carbon neutrality and efforts to prevent fatal industrial accidents.

It is seeking synergy with other affiliates through plans to develop a common ESG policy and establish strategies to execute them.

GS Retail, a consumer goods and sales affiliate, began publishing sustainability reports. Other affiliates will follow suit this year.

“GS Group's ESG management is expected to be strengthened further with the sustainability reports that provide analysis on corporate management by factoring in non-financial data,” the official added.