Solus Advanced Materials announced on the 12th that it has achieved a grade increase for the second consecutive year in the 2024 ESG (Environmental, Social, and Governance) evaluation conducted by the Korea Corporate Governance Service (KCGS), earning a 'B+' rating.
In this year's ESG ratings, which evaluated 1,001 listed companies, Solus Advanced Materials received a 'B+' rating in the Social (S) and Governance (G) categories, and a 'B' rating in the Environmental (E) category, resulting in an overall integrated rating of 'B+ (Good)'.
Since the 2022 evaluation, Solus Advanced Materials has consistently improved its rating each year, demonstrating steady progress in ESG management outcomes. Notably, the company advanced one grade each in the Environmental (E) and Governance (G) categories compared to the previous year, leading to an overall rating improvement. The Social category maintained a B+ rating.
Specifically, in the Environmental category, the company was recognized for significant improvements in key evaluation items such as ▲reducing greenhouse gas emissions ▲improving total energy usage performance ▲reducing the use of hazardous chemicals.
In the Governance category, Solus Advanced Materials received positive evaluations for enhancing management transparency through ▲establishing a nomination committee for outside director candidates ▲ensuring the independence of the outside director nomination committee ▲strengthening outside director training ▲and increasing disclosure of board information.
Kwack Geun-man, CEO of Solus Advanced Materials, stated, "ESG management is a global trend. Solus Advanced Materials, with multiple domestic and international business sites, is expanding efforts to meet not only domestic but also global standards. Being recognized for achieving a grade increase for the second consecutive year this year, we will continue to enhance our ESG capabilities to increase corporate value and achieve sustainable growth."
Meanwhile, the Korea Corporate Governance Service is one of the major ESG evaluation institutions in Korea. It encourages sustainable management by companies and annually evaluates and announces the ESG sustainability management levels of listed companies in Korea so that capital market participants can understand the companies' ESG management status. The evaluation grades are divided into seven levels (S, A+, A, B+, B, C, D) across three categories.
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