Hankook Tire recently launched its environmental, social, and governance (ESG) committee. This was in an aim to help strengthen its responsibility in practicing sustainable management. The committee was set up on July 30th within the company’s board of directors. Its goal is to oversee management policies, activities, and strategies.
The total number of committees within the board is now five. The first four include the existing audit committee, sustainable management committee, internal transaction committee, and outside director nomination committee. Hankook Tire’s goal is to strengthen board-centric management and help achieve sustainable growth in the long run.
The new ESG committee will handle consultation, deliberation, and recommendations regarding environmental, social, and governance in business. It is made up of seven members and more than half of them are from outside the board. This strategy helps boost professionalism and functionality. Members have already appointed their first chairperson through a committee resolution.
Mira Lee will act as the chairperson of the ESG Committee. She is a leader with plenty of experience and expertise. She has worked with global companies such as Macquarie Group and General Electric Co. (GE) to lead corporate governance practices.
She graduated from Ewha Womans University’s program which specializes in female outside director training. Lee has expertise in finance, strategic planning, investment, organization, culture innovation, diversity and inclusion (D&I), and personnel management. She is expected to cater to the various interests of stakeholders and the public while contributing to resolving key management issues. This will help maximize Hankook’s long-term growth and corporate value.
Hankook Tire has created a working-level organization for ESG management, and it has been cultivating tasks and meeting its targets year after year. The organization also received CDP (previously Carbon Disclosure Project) leadership ratings for its climate change response and water security efforts, as well as Carbon Management Sector Honors at the CDP Climate Change Korea Awards.
In addition, the company was listed in the Dow Jones Sustainability Indices (DJSI) World for five consecutive years, beginning with its initial inclusion in the Dow Jones Sustainability Indices in 2011. Hankook Tire is also setting concrete objectives, such as using 100 percent sustainable raw materials by 2050 and lowering greenhouse gas emissions by half compared to 2018.
The company is also participating in various initiatives for corporate sustainability practices such as UNGC (United Nations Global Compact) and is promoting eco-friendly policies such as using sustainable natural rubber.