HK Innoen, the Only Pharma and Bio Business Company to Receive A+ in ESG Evaluation

HK Innoen announced on the 28th that it received a comprehensive A+ rating in the ‘2024 Domestic Company ESG Evaluation Grades’ released by the Korea Corporate Governance Service (KCGS). It explained that HK Innoen is the only company, excluding holding companies, among pharmaceutical and bio companies to receive an A+ rating.

Exterior view of HK Inno.N Seoul Office [Photo by HK Inno.N]

HK Innoen earned a comprehensive A rating in its first KCGS evaluation last year and this year achieved a comprehensive A+ rating. It received an A+ rating in the social and governance sectors and an A rating in the environmental sector.

KCGS is one of the major ESG (Environmental, Social, Governance) evaluation agencies in Korea, which annually assesses the sustainability management levels of domestic listed companies and announces ESG ratings. This year, 1,066 domestic listed companies were evaluated, with a total of 23 companies receiving an A+ rating.

In the governance sector, HK Innoen strengthened a management-centered responsible governance system by linking ESG achievements, such as the implementation of a carbon neutrality roadmap, to the key performance indicators (KPIs) of the entire executive team. It conducted evaluations of the board of directors and outside directors’ activities, and disclosed the evaluation results along with the Board Skills Matrix (BSM), further enhancing the independence and expertise of board operations. In June, it also published its third sustainability management report reflecting global disclosure standards, transparently revealing its ESG performance.

In the social sector, HK Innoen was recognized as a new accredited institution under the community contribution recognition system and selected as a Sharing Excellence Company, acknowledging its contributions to community coexistence and social contribution activities. It established a supply chain management system to advance supply chain risk management, strengthened support projects for partner companies by providing ESG education and sharing related issues. It also conducted human rights impact assessments and human rights education for employees to identify and eliminate potential risks of human rights violations.

In the environmental sector, HK Innoen established a carbon neutrality roadmap and identified greenhouse gas emissions not only from direct and indirect sources but also throughout the entire supply chain. It expanded the scope of environmental management disclosures based on the disclosure standards of the Task Force on Climate-related Financial Disclosures (TCFD) and the Taskforce on Nature-related Financial Disclosures (TNFD). Additionally, its Daeso plant in Chungbuk obtained ISO 50001 (Energy Management System) certification, demonstrating a globally standardized systematic energy management system.

Previously, HK Innoen also achieved the highest ‘AA’ rating for the third consecutive time in the 2024 first half ESG evaluation results announced by another ESG evaluation agency, Sustainvest. It ranked first in the size category among companies with assets between 500 billion KRW and less than 2 trillion KRW.

Kwok Dal-won, CEO of HK Innoen, said, “HK Innoen is actively leading ESG management within the pharmaceutical and bio industry and achieving meaningful results every year. We will continue to prioritize ESG value management and devote all our corporate capabilities to creating a sustainable future.”