Selection of 4 Core Issues for Sustainable Management
Launch of Working-Level Consultative Body to Promote Internalization of Sustainable Management
HYBE published its '2023 Sustainability Management Report' on the 1st, detailing its achievements and future directions in sustainability management activities.
In the report released that day, HYBE established three detailed sustainability management goals under the direction of 'FOR SUSTAINABLE ENTERTAINMENT.'
The goals are ▲ THINK FORWARD FOR FAN'S LIFESTYLE to enrich fans' lifestyles ▲ CREATE POSSIBILITIES WITH THE COMMUNITY to build the future of the entertainment industry together with the community ▲ LEAD INDUSTRIES BY THE STANDARD to set governance standards for the entertainment industry.
In the THINK FORWARD section, efforts included 'expanding live streaming of Weverse concerts to provide broader opportunities for performance viewing,' 'applying sustainable materials to Weverse albums to increase recycling rates,' and 'launching upcycled products made from recycled concert venue banners to reduce greenhouse gas emissions.'
Additionally, to create the future of the entertainment industry together with the community, sustainability-related criteria were incorporated into partner company evaluations.
Efforts at the artist and label levels to build the future of the entertainment business with the community were also included in the report. Big Hit Music and BTS supported UNICEF's '#OnMyMind' initiative for the mental health of children and adolescents worldwide. This is the second part of the 'LOVE MYSELF' campaign, which has continued since 2017.
Pledis Entertainment and SEVENTEEN conducted the 'Going Together' campaign with the Korean National Commission for UNESCO to address educational inequality and polarization and improve the educational environment for children and adolescents. With campaign donations, two learning centers were established in the Oecusse and Manatuto regions of East Timor. Since SEVENTEEN was appointed as UNESCO Headquarters' first youth goodwill ambassador last month, the campaign is expected to expand globally.
To establish governance standards for the entertainment industry, HYBE enhanced its greenhouse gas management system by expanding the calculation standard to Scope 3, which includes indirect emissions, enacted CEO succession regulations, and implemented a cash dividend of 29.2 billion KRW as part of shareholder-friendly policies.
Last year, HYBE launched a permanent Sustainability Management Team and a practical sustainability management council composed of representatives from labels, solutions, and platform business divisions. Furthermore, the Sustainability Management Committee established within the board of directors in 2022 oversees the management, supervision, and performance review of sustainability strategies and key management policies.
This year, HYBE’s key sustainability management issues to focus on are ▲ eco-friendly product production and service planning ▲ information security and personal data protection ▲ customer (fan) experience improvement ▲ ethical management and compliance. The ethical management and compliance section was newly added compared to the previous sustainability management report.
To systematically identify material issues, HYBE adopted the GRI (Global Reporting Initiative) and the EU’s CSRD (Corporate Sustainability Reporting Directive). HYBE explained that it applied a 'double materiality assessment' methodology to comprehensively analyze the impact of business activities on the environment and society, as well as the impact of sustainability issues on corporate financial performance.
The HYBE Sustainability Management Committee stated, "The year 2023 was a year to establish a sustainability management system so that sustainability management could be internalized company-wide at HYBE," adding, "HYBE will continue to diligently and steadily practice sustainability management in a way that is true to HYBE."
HYBE’s '2023 Sustainability Management Report' can be viewed on the HYBE website and the Financial Supervisory Service’s electronic disclosure system.
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