HS Hyosung Advanced Materials Achieves a Prestigious ESG Recognition
HS Hyosung Advanced Materials Corporation (KRX: 298050) has recently celebrated a significant achievement by securing the prestigious 'Platinum Medal' in the latest sustainability assessment conducted by EcoVadis. This accomplishment places the company in the top 1% of all global firms assessed by this renowned organization.
Outstanding Performance in Sustainability Assessment
The scoring of 83 points by HS Hyosung Advanced Materials marks the highest score the company has ever received in the EcoVadis evaluation process. For three consecutive years leading up to this milestone, the company was awarded the 'Gold Medal'. However, this year’s Platinum Medal signifies a remarkable leap forward, particularly in light of the stricter evaluation criteria that were implemented.
Significant Contributors to Success
A notable increase in grades across all sustainability categories compared to the previous year contributed to this outstanding score. Key initiatives have included the establishment of a rigorous emissions management system and science-based targets (SBTs) for every operational site. Alongside these advancements, there has been a thorough reorganization of supply chain management policies and the introduction of a comprehensive due diligence system.
The Role of EcoVadis in Sustainability Rankings
EcoVadis has become the global benchmark for corporate sustainability ratings, evaluating over 130,000 companies across various industries worldwide. The assessment focuses on 21 distinct sustainability criteria within four critical themes: Environment, Labour and Human Rights, Ethics, and Sustainable Procurement. The results from EcoVadis categorize companies into medal tiers, ranging from Platinum for the top 1% to Bronze for the top 35%.
Statements from Leadership
Yong Soo Cho, the CEO of HS Hyosung Advanced Materials, expressed his pride in achieving this milestone and emphasized the company’s steadfast commitment to stakeholders. "This achievement was the result of our continuous commitment to addressing stakeholder needs, such as enhanced climate change response and systematic supply chain management. We will continue to create value that enriches humanity through our ESG management," he stated.
Future Commitments to Sustainability
Following a recent name change from Hyosung Advanced Materials in September 2024, HS Hyosung Advanced Materials has outlined four fundamental strategies for sustainable management: Zero Fatality, Zero Emission, Zero Waste, and Zero Impact. The organization is devoted to promoting social development by enhancing its corporate value through sustainable business practices.
Implementation of ESG Management
HS Hyosung Advanced Materials is actively laying down ESG management strategies and integrating them across all operational facets. This commitment is under the guidance of the Sustainability Steering Committee, which is chaired by the company’s top management and supported by special subcommittees focused on sustainability initiatives.
Frequently Asked Questions
What does the Platinum Medal signify for HS Hyosung Advanced Materials?
The Platinum Medal indicates that HS Hyosung Advanced Materials ranks in the top 1% of companies assessed by EcoVadis based on their sustainability practices.
What were the key achievements that led to this recognition?
The company improved its performance across all sustainability categories, attributed to robust emissions management and revised supply chain practices.
Who conducts the sustainability assessments?
The assessments are carried out by EcoVadis, which is recognized globally for setting standards in corporate sustainability ratings.
How does the EcoVadis scoring system work?
Companies are scored based on 21 criteria within four themes, and medals are awarded based on their performance: Platinum, Gold, Silver, and Bronze.
What are the future plans of HS Hyosung Advanced Materials regarding sustainability?
The company aims to enhance social development and corporate value through ongoing ESG management strategies and initiatives.
