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| Lotte Card CEO Cho Jwa-jin, left, holds a joining certificate issued by U.N. Global Compact at Lotte Card headquarters in central Seoul, Wednesday. Courtesy of Lotte Card |
By Anna J. Park
Lotte Card has joined the United Nations Global Compact (UNGC) in an effort to strengthen its environmental, social and corporate governance (ESG)-based management activities.
According to the firm, Thursday, the card company joined the U.N.-backed voluntary governance framework, which is based on CEO commitments to implement universal sustainability principles and take steps to support U.N. goals.
Founded in 2000, the governance framework promotes corporate social responsibility in the areas of human rights, labor, the environment and anti-corruption. Currently, 16,169 companies from 161 countries are participating in the initiative. Participating companies are obliged to submit annual progress reports about their sustainable management efforts.
Now Lotte Card has become the country's second credit card company to join the UNGC, following BC Card. BC Card joined as the country's first card firm to participate in the U.N.-backed governance framework in 2015.
"Lotte Card joining the UNGC aims to reflect the UNGC's 10 principles into the firm's management activities, while strengthening the firm's social commitment and ESG-principled activities to a global standard," an official from Lotte Card explained.
"With them joining, the UNGC expects Lotte Card's contribution in achieving the U.N.'s Sustainable Development Goals as a member of the UNGC, as the firm deepens its ESG management activities," UNGC Network Korea Secretary-General Yoo Yeon-chul said.
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