Samyang Foods Strengthens ESG Management Initiatives

Introduction of Audit Committee and Compensation Committee in March

[Asia Economy Reporter Lim Hye-sun] Samyang Foods is accelerating its ESG (Environmental, Social, and Governance) management starting this year. Beginning with the introduction of the Audit Committee and Compensation Committee in March, the company plans to focus on enhancing management transparency, eco-friendly management, and strengthening social responsibility.

In his New Year's address, CEO Kim Jeong-su stated, "This year, we aim to actively practice ESG management and create social value. To achieve this, we will improve our organization and systems to be environmentally friendly, faithfully fulfill our social responsibilities to all members of society including customers, shareholders, and the public, and continue efforts to increase management transparency." He emphasized the company's commitment to ESG management.

Accordingly, Samyang Foods plans to strengthen its environmental management organization and establish an eco-friendly production system for proactive environmental management activities, as well as obtain international environmental management certifications. The company also intends to improve energy use, waste emissions, and greenhouse gas emissions across all areas including production, logistics, and services.

Additionally, the company will systematically conduct education on safety and health, human rights, fair trade, and anti-corruption for its members, operate related prevention programs, and prioritize consumer safety to enhance customer satisfaction and become a trusted company.

Previously, in October last year, CEO Kim Jeong-su mentioned plans to enhance management transparency, including the introduction of an Audit Committee. These plans are now being concretized. Samyang Foods will launch the Audit Committee and Compensation Committee at the regular shareholders' meeting in March. Along with this, the company plans to separate the roles of CEO and Chairman of the Board and configure the number of outside directors to be equal to that of inside directors to strengthen the board's functions.

Meanwhile, Samyang Foods is expected to achieve its best-ever performance last year, driven by the popularity of its ramen products. The export amount (286.4 billion KRW) and operating profit (79.5 billion KRW) from the first to third quarters have already surpassed the 2019 results.

A Samyang Foods official said, "This year, we will improve the sales structure that has been concentrated on specific regions and brands and strengthen our fundamentals both domestically and internationally. Reflecting recent well-being trends, we will also continue to introduce high-quality new products."