GS launches ESG committee for sustainable enterprise administration

Hong Chief Executive Officer Hong Soon-ky (GS)

The South Korean conglomerate GS Group opened the first meeting of its ESG committee for sustainable corporate governance on Monday.

The Environment, Social and Governance Committee, commonly known as the ESG, will help accelerate the initiatives it has planned, the company said.

Under the auspices of the company’s Board of Directors, the committee is chaired by former Minister of Economy and Finance Hyun Oh-seok, who has been reappointed as external director.

GS Chief Executive Officer Hong Soon-ky and former Attorney General Kim Jin-tae have been appointed members of the committee.

The company said it formed the ESG committee to respond to the rising social interest and demands on the ESG and to guide the direction and oversee the company’s ESG activities.

“ESG is essential to sustainable corporate governance and we have established the ESG committee under the board to closely monitor the company’s ESG initiatives,” Hong said in a press release.

Last month, the company created an environmental council that also includes its chief governance officers.

GS added funding to the business purposes set out in the company’s articles of association during the annual general meeting.

This is a preventive measure for the company as the government allows conglomerate holding companies to operate venture capital units for companies.

By Jo He-rim ([email protected])