ESG Principles
Hankook Tire has established a set of ESG principles to faithfully perform our role as a global corporation. We perform ESG activities in line with our goals to provide the best value to our stakeholders and lead sustainable growth as an automotive industry partner.
Purpose and Intent
The ESG Principles are fundamental guidelines to redefine our corporate social responsibility and build ESG into our company culture that serves as the bedrock of our business operations. These principles are the essence of our endeavors for providing the best-possible value to our stakeholders and in fulfilling our roles and responsibilities as a corporate citizen in leading sustainable development and growth beyond the tire industry.
Regular Review and Report
Our ESG Strategy Committee annually reviews the ESG Principles and modifies or updates detailed operational guidelines if deemed necessary through materiality analyses including stakeholder dialogue.
Integrated ESG Management
To propel our ESG activities forward more systematically on a company-wide level, we established the integrated ESG management system in the following way. First, our ESG Strategy Committee functions as the top ESG decision-making body attended by the board of directors and top management. Second, our ESG Steering Committee is operated under an integrated management system as a working-level association comprised of executives and employees in charge of respective ESG issues. Third, our dedicated ESG Team defines ESG roles and responsibilities such as company-wide ESG planning, operations, and ESG report publication.
Stipulation of ESG Policy
Our ESG policies, systems, and issue-specific action plans must be clearly stipulated and disseminated both internally and externally so that they are executed across the board.
Regular ESG Diagnosis and Monitoring
With our in-house ESG self-evaluation model covering relevant global standards and local regulations, we perform diagnoses and evaluations every year while the ESG Team works with the Steering Committee to constantly monitor progress and outstanding issues.
Company-Wide ESG Training and Consensus Building
To propagate ESG policies and build consensus among employees, we set up and carry out annual enterprise-wide ESG training plans.
Dialogue with Stakeholders and Information Disclosure
Our definition of core stakeholders includes customers, employees, suppliers, local communities, nature/ecology/climate, shareholders, and investors. We provide regular and official venues for stakeholder dialogue by building permanent communication channels and annual communication plans. Such activities are utilized successfully in setting future business and ESG initiatives. In addition, our ESG and business achievements and plans are disclosed in a transparent and thorough manner through our annual ESG Reports, corporate website, and diverse communication channels customized for different stakeholder associations.
Integrated Risk Management
We ensure systemic management of and appropriate response to non-financial risks(e.g. SEE, which stands for Social, Environmental, and Ethical risk)as well as consistent management of financial risks. In particular, we define all ESG Focus Areas as risk issues and encourage company-wide response measures under the integrated management system of the ESG Steering Committee.
UN Global Compact
Hankook Tire joined the UN Global Compact (UNGC) in December 2012. The UNGC is an international initiative proposed in 2000 by former UN Secretary General Kofi Annan to call for stronger corporate social responsibility in the four areas of human rights, labour, environment and anti-corruption, and ten principles in respective areas. We report our achievements and future plans concerning our compliance with the UNGC principles through this report. We will fully comply with these principles and in doing so, we will fulfill our role as a responsible corporate citizen.
- Principle 1 Businesses should support and respect the protection of internationally proclaimed human rights
- Principle 2 Businesses should make sure they are not complicit in human rights abuses
- Principle 3 Businesses should uphold the freedom of association and the effective recognition of
the right to collective bargaining - Principle 4 Businesses should uphold the elimination of all forms of forced and compulsory labour.
- Principle 5 Businesses should uphold the effective abolition of child labour
- Principle 6 Businesses should uphold the elimination of discrimination in respect of employment and occupation
- Principle 7 Businesses should support a precautionary approach to environmental challenges.
- Principle 8 Businesses should undertake initiatives to promote greater environmental responsibility
- Principle 9 Businesses should encourage the development and diffusion of environmentally friendly technologies.
- Principle 10 Businesses should work against corruption in all its forms, including extortion and bribery.
