- Newly established ESG Committee to enhance long-term corporate values and facilitate sustainable growth
- Climate change response and human rights management are among the key tasks
- Annual sustainability report recently published to showcase the company’s ESG commitment
SEOUL, South Korea, Aug. 10, 2021 /PRNewswire/ — Coway Co., Ltd., "The Best Life Solution Company", announced the establishment of its Environmental, Social, and Governance ("ESG") committee under the Board of Directors.
This new committee will be solely dedicated to ensuring the company’s practices are in alignment with its sustainability vision of enhancing long-term corporate values and promoting strategic ESG management.
Among the responsibilities of the ESG Committee will be supervising environmental, social, and corporate governance-related policies. The committee will also provide accountability to board members on carrying out strategic ESG initiatives. In addition to this, the ESG committee will be the head decision-making panel on ESG managerial policies, long-term sustainability goals, and responding to major risks and opportunities.
The committee consists of Jangwon Seo, the co-CEO of Coway, and two independent directors, Jin-Bae Kim and Da-Woo Lee. Jin-Bae Kim will also chair the committee to ensure impartiality.
To support the ESG committee, Coway has also formed an ESG Council, which includes the environmental, human resources, ethics, R&D, and legal affairs departments.
Coway’s Continued ESG Initiatives and Issuance of The Annual Sustainability Report
Even before establishing the ESG Committee, Coway made significant efforts to be sustainable. In 2006, the company had declared the goal of operating on 100% renewable energy and being fully carbon-neutral by 2050, plus reducing greenhouse gas emissions by 50% by 2030.
The company has also held numerous projects committed to corporate social responsibility. Since 2015, through the ‘Good Water Purifier Project’ and ‘Safe Groundwater Water Welfare Project,’ Coway has been donating water purifiers to give more people safe access to water.
The company has recently published its 2020 Sustainability Report to communicate its ESG performance with all stakeholders. This report has been released annually since 2006 to provide transparency on the ESG progress.
This solid devotion for ESG has been recognized by prestigious industry names, both domestically and internationally. In 2020, Coway was named on the 2020 DJSI World Index (Dow Jones Sustainability World Index) for the fifth consecutive year. The Korea Corporate Governance Service (KCGS) has awarded the company an "A" ESG Rating for two successive years, while the MSCI ESG ratings gave an "AA" score. In addition to all these merits, Coway is also named in the FTSE4Good Index Series.
A company official said: "We plan to integrate ESG initiatives across all corporate operations, and the ESG committee will facilitate this at every level. As the Best Life Solution Company, Coway will continue to carry out our ESG initiatives to meet stakeholder expectations and reach global sustainability standards."
For more details, please visit http://sustainability.coway.co.kr/
About Coway Co., Ltd.
Established in Korea in 1989, Coway, "The Best Life Solution Company," is a leading environmental home appliances company making people’s lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, China, Indonesia, and Vietnam, based on the business success in Korea. For more information, please visit http://www.coway.com/