POSCO published the 2016 POSCO Report outlining its sustainability management performance for their stakeholders. This is the company’s 14th sustainability report and consists of integrated coverage of POSCO’s business, sustainability and carbon emissions.
The report outlines POSCO’s overall performance and business activities, as well as the CEO’s message. The activities and performance section contains a review of the safety and health of employees, supply chain management, solution marketing, environmental management and climate change. Unlike previous years, this year’s report includes mid-to-long-term strategies such as securing new, sustainable growth engines for the steel business.
The report also features interviews with POSCO executives and external stakeholders. Highlights include interviews with the COO Oh In-hwan and the heads of three divisions: Steel Production, Technology and Investment and Management Support. They describe key, prospective businesses for 2017 and their means to accomplish those goals. Also, stakeholders reveal their expectations for POSCO and plans for improvement in several interviews throughout.
Samil PwC verified the report based on newly revised international guidelines. Also, the GRI (Global Reporting Initiative) standard and UN SDGs (Sustainable Development Goals) were applied for enhanced credibility and transparency. POSCO not only validated their own data, but also the integrated ESG (Environmental, Social, Governance) data of its key affiliates to augment the report.
In its conclusion, POSCO CEO Kwon Ohjoon emphasizes his message about the importance of the 4 core strategies in laying down the foundation for POSCO’s Next 50 Years. The strategies include enhancement of the steel business, reinforcement of the business structure of the Group, development of future growth engines and the establishment of a flexible and creative corporate culture. He also outlines how he will make efforts to comply with the principles of sustainability that is expected of global enterprises, such as environmental responsibility, human rights, labor rights and anti-corruption, and share the outcomes promptly and transparently with all stakeholders, including investors, customers and local communities.
The 2016 POSCO Report is available in Korean and English. You can download the PDF report from the POSCO website.