ESG Committees Established in Major Hyundai Heavy Industries Group Affiliates... "Accelerating Eco-Friendly Technology Development"

[Asia Economy Reporter Choi Dae-yeol] Hyundai Heavy Industries Group announced on the 28th that it will establish ESG (Environmental, Social, and Governance) committees at nine major affiliates. The group has also established an ESG-related decision-making system at the group level.

According to the company, three listed companies?Hyundai Mipo Dockyard, Hyundai Construction Equipment, and Hyundai Electric?and two unlisted companies?Hyundai Heavy Industries and Hyundai Samho Heavy Industries?held board meetings and established ESG committees. The mid-tier holding company for the shipbuilding division, Korea Shipbuilding & Offshore Engineering, and the holding company Hyundai Heavy Industries Holdings will hold board meetings on the 28th and the following day, respectively, to form ESG committees. Hyundai Oilbank and Hyundai Energy Solutions plan to introduce them within the first half of this year.

Each company's ESG committee will be composed of 3 to 4 outside directors and 1 inside director within the board of directors. They will formulate ESG strategic directions tailored to each company's characteristics and review plans and implementation. They will also assist in developing and internalizing ESG capabilities as needed. Additionally, a group ESG council composed of each company's Chief Sustainability Officers (CSOs) will be formed to discuss major policies, application methods, and current issues, and to support each affiliate. An ESG advisory group consisting of experts in various fields such as environment, shared growth, and compliance will also be operated.

Earlier last month, Hyundai Heavy Industries Group announced the 'Hydrogen Dream 2030 Roadmap,' outlining the future direction of its hydrogen business. It is a mid- to long-term business plan utilizing eco-friendly energy. The company stated that it plans to take the lead in solving global land and maritime environmental issues and make efforts to create a better future through eco-friendly technologies. Ga Sam-hyun, CEO of Korea Shipbuilding & Offshore Engineering and the group's CSO, said, "We will focus all our capabilities on developing technologies that encompass both land and sea for future generations."