GS Establishes ESG Charter on Environment and Human Rights... "Expanding Group ESG Management"

Hyun Oh-seok, ESG Committee Chair, "Expecting Support for Co-Growth with Stakeholders"

Key contents of GS Group's 'ESG Charter'. (Source: GS)

[Asia Economy Reporter Moon Chaeseok] GS Group announced on the 29th that it has established an 'ESG (Environmental, Social, and Governance) Charter' and plans to expand ESG management throughout the group.

GS Corporation, the holding company of GS Group, on the afternoon of the 28th at the GS Tower in Yeoksam-dong, Gangnam-gu, Seoul, held the 2nd ESG Committee meeting of 2022, where it gave final approval to the establishment of ESG norms in four areas: Environmental Management Policy, Human Rights Charter, Partner Code of Conduct, and Outside Director Independence and Diversity Policy. GS Group stated that by establishing group-level ESG guidelines, the overall ESG management of group affiliates will gain momentum.

The ESG Committee meeting was attended by Chairman Hyun Oh-seok, former Deputy Prime Minister for Economic Affairs, Hong Soon-ki, CEO of GS Corporation, and Moon Hyo-eun, CEO of Art Ventures, who was newly appointed this year as an outside director and ESG committee member. Chairman Hyun said, "The newly established ESG policies in the four areas, including the Environmental Management Policy and Human Rights Charter, will serve as the cornerstone of GS Group's ESG management and are expected to greatly help sustainable mutual growth with various stakeholders."

Looking at the charters by area, the Environmental Management Policy recognizes the importance of environmental sustainability from the perspectives of customers and the planet and pursues sustainable management through environmental preservation and improvement. The Human Rights Charter includes content that pursues sustainable growth through respect for human rights. The Partner Code of Conduct emphasizes recognizing the value of partners, respecting their autonomy and independence, and recommends compliance with norms for the principles and ideals of sustainable management. The Outside Director Independence and Diversity Policy reviews the independence and diversity of board members during board composition to enable more effective board operation.

Prior to the ESG Committee, GS Group also held the 1st ESG Council meeting, which included ESG officers from affiliates such as GS Caltex and GS Retail. This council is an organization that oversees the group’s practical ESG activities and was established to strengthen systematic ESG management. Hong Soon-ki, CEO of GS Corporation and chair of the council, said, "ESG management is becoming increasingly important not just as a cost issue but as a matter of corporate survival," and urged, "Please actively utilize the newly established ESG policies and norms according to each company’s situation."