South Korea’s LG Group has published its first annual report that specifies its groupwide endeavors on environmental, social, and governance (ESG) commitments.

The report titled “Responsible Business, Sustainable Future” covers the group’s directions and action plans to deal with ESG challenges. LG clarifies its push for sustainability through responsible management of limited natural resources and energy.

The report also shows groupwide data on the ESG activities and outcomes of LG’s major subsidiaries’ efforts to implement their ESG action plans for the past three years until 2021.

On the environment front, LG subsidiaries recycled or reused 2,384.000 tons of water last year. It increased the recycling volume of wastes to 17,073 tons. On the social responsibility front, LG donated 150.9 billion won ($105 million) to fulfill its commitment to society. In addition, LG Electronics, LG Display, and LG Chem established a fund worth 980.1 billion won to offer financial support to their business partners. On the governance front, 10 subsidiaries set up their ESG committee last year. They also increased boardroom diversity, with female external directors representing 30.6 percent.

Korea’s fourth largest business group plans to publish an ESG report annually and disclose details through its website for close communication with stakeholders, including employees, clients, and shareholders. Also, it will soon publish a report on its efforts for net zero emissions to tackle climate change.

“We will set up solid ESG goals that can help LG overcome challenges in an era of extreme uncertainty and become a company that can co-exist with the future generations,” LG Chairman Koo Kwang-mo said on Wednesday, pledging that the group will continue to invest in clean technologies to fight the climate crisis.

By Lee Seung-hoon and Jenny Lee

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]