Kumho Petrochemical acquires EcoVadis Gold Medal
No. 14 Date registered : 2022.09.27
■ Gold Medal given to top 5% companies acquired from EcoVadis, a global ESG rating provider


■ Kumho Petrochemical’s Sustainability Report received the Gold Award at the US LACP’s “2021 Vision Awards”
■ Various ESG indicators and external performance improved within a year after the establishment of the ESG Committee and its working department
■ CEO Jong-Hoon Baek: “Our achievement is based on sincere ESG activities, and we will further expand these in the future.” 

On the 27th, Kumho Petrochemical (CEO Jong-Hoon Baek) said that the company obtained the Gold Medal from EcoVadis, a global environmental, social, and governance (ESG) and sustainability rating provider, with its Sustainability Report also winning the Gold Award at the “2021 Vision Awards” hosted by the League of American Communications Professionals (LACP) in the United States.

Kumho Petrochemical’s major achievements in EcoVadis’ assessment fields include: ▲ Environment – Establishing a climate change response strategy and setting the Scope 1 and 2 reduction goals; ▲ Labor/Human Rights – Joining the United Nations Global Compact (UNGC) and expanding disclosure indicators; ▲ Ethics – Strengthening its ethical audit body (designation of compliance officer); and ▲ Sustainable Procurement – Establishing a sustainable procurement policy and introducing the supply chain ESG assessment. The company, which received satisfactory results in all fields, including excellent scores in the areas of Environment and Labor/Human Rights, successfully obtained the Gold Medal rating, given to the top 5% of more than 90,000 target companies.

After receiving the Bronze Medal the previous year, Kumho Petrochemical was upgraded to Gold by two ratings within a year. Last year, the ESG Committee and its management team, as a working department, announced the company’s ESG vision and carbon-neutral growth plan simultaneously from the moment they were established, joining the UNGC, the world’s largest corporate sustainability initiative, and conducting an in-house training program called “ESG Academy.” Through such activities, various achievements were made in such a short period, related indicators were improved, and the foundation of Kumho Petrochemical’s ESG system was solidified.

In addition, Kumho Petrochemical’s 2021 Sustainability Report, written by the ESG Committee, recently won the Gold Award in the Corporate Social Responsibility category at the “2021 Vision Awards” hosted by the LACP, a global marketing research organization in the United States. Shown in an interactive presentation to foster better understanding, Kumho Petrochemical’s ESG strategy and performance were well received, and such an attempt also led the company to receive the Technical Achievement Award for its excellent communication techniques. More than 1,000 organizations from 21 countries participated in the competition, which marked its 21st anniversary this year. Overall, Kumho Petrochemical’s Sustainability Report ranked 10th among the Top 80 Reports in the Asia-Pacific region and was also included in the Top 20 Korean Reports.

“Our achievement was made possible thanks to the sincere ESG activities of all members of Kumho Petrochemical,” said Jong-Hoon Baek, the CEO of Kumho Petrochemical, with encouragement. “We will not be complacent with today’s achievements but, instead, strive to expand the base of our ESG activities further in the future.”
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