Oct 25 2004
In an effort to continue its growth as a leading global company, POSCO is carrying out Corporate Sustainability Management (CSM) activities.
On October 19, POSCO issued a CSM report that showed in detail the results of its activities for economic profitability, environmental protection, and social responsibility. This is the first time in Korea that independent experts verified this type of corporate report before being published.
Among the items included in this report are detailed information on POSCO’s management performance, environmental policy, investment in environmental friendly projects and facilities, and social contributions. All data is based on its performance in 2003.
In particular, the report is highly praised for its reliability and accuracy, as it closely followed international report writing standards, and abided by standards set by CSM assessment institutions such as SAM. Additionally, the report?s contents were verified by the Australian Branch of Ernst & Young and its partner consulting company in Korea. POSCO is going to distribute the report to interested parties here at home and abroad, such as evaluation institutions, investors, academia, NGOs, and local communities. Through this action, the company hopes to enhance its awareness and trust among the global community.
In April, POSCO formed a CSM Task Force to establish strategies that implement CSM as the company’s basic philosophy, such as setting up organizations and systems to efficiently incorporate the new paradigm. It will also develop specific tasks for 2005.
After declaring to focus on ethical management last year, POSCO now hopes that the addition of CSM will allow it to reap higher profits created by the deeper trust earned from interested parties, and from its increased awareness as a leading global corporation that works to enhance civilization.
CSM pertains to efforts that continue the growth of a company by factoring in economic profitability, environmental protection, and social responsibility when conducting operations and management activities. This new management paradigm declares that a company will take responsibility for the development of humanity.
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