[ESG Management Era] Hyosung Launches ESG Management Committee... Leap to Global Premium Brand

Carbon fiber from Hyosung Advanced Materials, an eco-friendly material

Hyosung Group launched the ESG (Environmental, Social, and Governance) Management Committee last April. The Transparency Management Committee, which had been responsible for governance improvement within the board of directors, was expanded and reorganized into the ESG Management Committee, taking on additional responsibilities such as ▲establishing ESG-related policies ▲developing risk strategies according to ESG policies ▲reviewing investment and activity plans related to environment, safety, and climate change response.

Hyosung Chairman Cho Hyun-joon stated, "ESG management is an identity that Hyosung must have to leap forward as a premium brand in the global market," adding, "We hope to grow into a ‘100-year company Hyosung’ loved and trusted by shareholders and society by expanding environmental protection, ethical management, and transparent management, and by growing together with our partners."

Last year, in the '2020 Listed Companies ESG Evaluation' announced by the Korea Corporate Governance Service, three Hyosung affiliates?Hyosung TNC Co., Ltd., Hyosung Advanced Materials Co., Ltd., and Hyosung Chemical Co., Ltd.?received A+ ratings. Hyosung Heavy Industries Co., Ltd. also earned an A rating. Hyosung’s major affiliates received excellent scores in their first evaluation after transitioning to a holding company, demonstrating that they have established a sustainable management system. This reflects the success of Hyosung’s efforts to strengthen ESG through governance improvement, board of directors and audit committee operations, and communication efforts via sustainable management reports. This score is particularly meaningful as it is the first evaluation since the holding company split in 2018.

Even before the holding company system split, Hyosung had been implementing a greenhouse gas energy management system and proactively establishing and operating an internal management system. Through activities such as optimizing production line process operations, replacing equipment with high-efficiency models, using renewable energy, and substituting low-carbon fuels, Hyosung reduced approximately 18 million kWh of energy and about 9,000 tons of carbon dioxide and greenhouse gases annually.

Hyosung is expanding win-win cooperation by supporting its partners in various areas such as technology, market development, finance, and systems, based on the belief that "the competitiveness of partners is the competitiveness of the company."