S-OIL Establishes ESG Committee

[Asia Economy Reporter Hwang Yoon-joo] S-OIL announced on the 12th that it has established an ESG (Environmental, Social, and Governance) Committee within the company to strengthen sustainable management.

The S-OIL ESG Committee is responsible for systematically integrating and managing the basic policies, strategies, and roadmaps in the fields of environment, society, and governance. The President of Strategic Management serves as the chairperson, and the committee consists of seven members including the heads of the Management Strategy Headquarters, Management/External Affairs Division, Safety and Environment Division, Plant Innovation/Adjustment Division, Treasurer, and Compliance Officer. Regular meetings are held quarterly to discuss, evaluate, and review ESG management activities.

S-OIL has long applied ESG factors systematically across its management and has been recognized as an excellent company by prestigious certification bodies both domestically and internationally. Since 2011, S-OIL has received the Excellent Company Award eight times in the ESG evaluation conducted by the Korea Corporate Governance Service, the most authoritative institution in Korea, making it the company with the most awards among listed companies in the country. Additionally, S-OIL has been selected as a DJSI (Dow Jones Sustainability Index) World company for 11 consecutive years since 2010. Among Asian refiners in the Oil & Gas Refining & Marketing industry, S-OIL is the first and only company to be selected as a DJSI World company for 11 consecutive years.

In particular, to minimize carbon emissions in the environmental sector, S-OIL has established and operated a company-wide carbon management system since 2012 and completed the conversion of fuel to LNG at the Onsan plant in 2018. Furthermore, it has established the ‘Green Vision 2050’ to achieve net zero carbon emissions by 2050 and is reviewing various investment plans.

In the social sector, S-OIL has world-class policies and systems in place regarding human rights, employment, social contribution, supply chain management, and safety management. It has published a sustainability report annually since 2007 and has operated an Ethics Committee since 2009 to promote ethical management and ensure the best ethical decision-making.

From a governance perspective, S-OIL focuses on protecting the interests of diverse stakeholders and building trust through a board of directors balanced with diversity and independence, as well as specialized committees under the board, aiming for management activities that harmonize checks and balances with cooperation.