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Sustainability with Stakeholders ABOUT THIS REPORT 2019 Sustainability Report Sustainability with Stakeholders ABOUT THIS REPORT Hyosung published its first Sustainability Report in 2012 in order to actively communicate with stakeholders. The 2019 Hyosung Sustainability Report is the fourth sustainability report Hyosung has published. Through this report, we would like to share and transparently disclose the company’s sustainable management activities and achievements across the economic, social and environmental sectors. Reporting Principles The 2019 Hyosung Sustainability Report was prepared in accordance with the core options of the GRI Standards of the Global Reporting Initiative (GRI). In addition, external sustainability initiatives and indicators including EcoVadis, ISO26000, UN SDGs have been considered and further reflected so that we meet varied interests and criteria of different stakeholders. Reporting Period and Scope The reporting period for this report is from January 1, 2019 to December 31, 2019. When it comes to provision of trend data, time range has been set to include last three years from 2017. In case of qualitative activities and achievements the report may include data up until June 2020. All financial data is based on the criteria of K-IFRS (Korean International Financial Reporting Standards). Hyosung was divided into the holding company and 4 operating companies, Hyosung Corporation, which is in charge of group-wide investment plans and management of subsidiaries – Hyosung TNC Corp., Hyosung Heavy Industries Corp., Hyosung Advanced Materials Corp. and Hyosung Chemical Corp., whose business area covers textile · trading, heavy industries · construction, industrial materials and chemicals, respectively. Reporting period of financial information for each company ranges from the date of the division to December 31, 2019. The scope of this report includes all domestic and overseas business sites (Vietnam, China) in Hyosung Corporation and its four operating companies. For matters required attention to the scope of the report, a separate explanation is provided to avoid confusing readers. For your convenience, we use the abbreviations of company names. Accordingly, some business performance and activities described in the report may not be applicable to entire business operations. With the improvement of sustainability management system after spin-off, data has been readjusted, which has led to partial changes of certain data from the previous report. In such cases, the criteria of the data calculation are indicated separately at the bottom of the content. Verification In order to ensure the credibility and fairness of this report, Networks-Y has verified this report in accordance with the AA1000AS(2008) principles (inclusiveness, importance, responsiveness) as well as with the verification procedures based on ISAE 3000 data and process reliability principles. The related results of the verification can be found on page 102 of the report. Inquiries Additional Information If you have any questions or requests to regard of this report, please contact us at the following numbers and email address. This report has been created in the form of an interactive PDF which includes hyperlink features to direct readers to the relevant page both within and outside the report. Hyosung Green Management Team 119 Mapodaero, Mapo-gu, 04144, Seoul, Republic of Korea Glossary for Major Terms T. 02-707-7063 PG: Performance Group F. 02-707-7664 PU: Performance Unit Email. [email protected] Hyosung: Hyosung Corp. and 4 operating companies CONTENTS OVERVIEW FOCUS ISSUES & SUSTAINABILITY SUSTAINABILITY APPENDIX BUSINESS CASES MANAGEMENT PERFORMANCE 03 04 CEO Message 07 Customer Satisfaction 34 Governance 58 Hyosung Corporation 98 Stakeholder Engagement and Product 05 Company Overview 36 Risk Management 64 Hyosung TNC 99 Materiality Assessment Responsibility 38 Ethical Management 71 Hyosung Heavy 100 Certifications and 12 Overseas Expansion into 40 Human Resource Industries Association Membership New Markets Recruiting 79 Hyosung Advanced 102 Third Party Verification 18 Eco-products and 41 Human Resource Materials Statement Technology Training 88 Hyosung Chemical 103 GRI Standards Index Development 43 Human Resource 105 UN SDGs 24 Sustainable Supply Management Chain Management 45 Shared Growth Management 48 Green Management 52 Safety and Health 54 Research and Development 55 Information Security HYOSUNG SUSTAINABILITY REPORT 2019 CEO Message I believe that the sustainability of Hyosung is deeply based on continued trust and support from our stakeholders including shareholders, customers, suppliers, local communities, and employees. Companies nowadays are facing unprecedented difficulties from aggravated global business environment along with the COVID-19 pandemic. However, opportunities still exist in times of the pandemic, and only companies that increase their value by fulfilling their environmental and social responsibilities can succeed in the future. As such, we are striving to become a sustainable company by communicating proactively with our stakeholders in recognition of our roles and responsibilities as a global citizen. A new era is emerging. As AI (Artificial Intelligence) advances, the time of ‘Singularity’ is approaching, and the concept of business and the rules of the game will completely shift in all areas. We can recognize such changes by looking at the entire forest, rather than a single tree, the forest meaning an ecosystem where Hyosung lives together with stakeholders and finds the answers to prepare for the future. There has been a growing demand for information about ESG (Environmental, Social and Governance) from stakeholders, investors, and customers. For the successful establishment of its ESG system, Hyosung operates a TFT at the group level. We address improvements, prioritize 04 tasks and monitor performance in a regular basis. Moreover, we are improving the risk system that requires extra focus and care such as safety and health risks from COVID-19. This year’s report focuses on Hyosung’s sustainability issues revealing its achievements based on the tasks it has proceeded. In particular, we have laid a firm foundation based on which Hyosung Corporation and its four operating companies can effectively disclose its system, strategy, process and performance related to ESG with each other after the spin-off. We will keep trying to Dear respected stakeholders, ensure differentiated sustainability by each business company, taking advantage of its unique I appreciate your interest in and support for industrial characteristics and strengths. Hyosung. Hyosung will continue to communicate more actively with its stakeholders and increase its future OVERVIEW value based on this. We always appreciate your continued support, and promise to be a creative CEO Message company that challenges its best. Company Overview CEO & Chairman HYUN-JOON CHO FOCUS ISSUES & BUSINESS CASES SUSTAINABILITY MANAGEMENT SUSTAINABILITY PERFORMANCE APPENDIX HYOSUNG SUSTAINABILITY REPORT 2019 COMPANY OVERVIEW First to Bring the Most Valuable Changes (CREATIVITY INSPIRED) When a new change for the future aims at a better tomorrow that everyone dreams and hopes for, the change can have true value. A change with value breathes inspiration into numerous industries and technologies, and a creative company that leads the change presents a better tomorrow faster than anyone else. This is what Hyosung considers as the most valuable kind of “Creativity.” Hyosung does not settle for the status quo as a provider of leading products in our business areas and always seeks out challenging opportunities to grow in the global market. We are deeply aware of our role as a member of community and strive to become a company that can contribute to society. HYOSUNG WAY Hyosung Way is a system of values, where all Hyosung members around the world empower each other to make their dreams come true. By putting the Hyosung ABOUT HYOSUNG CORPORATIONS Way into practice, Hyosung will become a global leader that enhances the quality of life of each customer. Company name Hyosung Corporation Date of 3 November 1966 Enhance and enrich establishment CEO Hyun-Joon Cho, Kyoo-Young Kim the quality of life for GLOBAL INNOVATION 05 Headquarter 119 Mapodaero, Mapo-gu, Seoul, Republic humanity with its EXCELLENCE location of Korea Management and investment of shares of Main leading technology the affiliated business companies, research • Maximize competitiveness with • Eliminate all inefficiencies that do business area service, group CI management, interior, etc. and management ceaseless self-improvement efforts not add value. to win in any situation. Major business Create new possibilities with a 29 countries incl. Korea, China, and Vietnam • countries capability. •Blaze new trails in markets around positive mindset. the world with a global outlook. Revenue KRW 3,373.4 billion Group revenue KRW 18,004.1 billion * The information provided in ‘Major business countries,’ ‘Revenue,’ and ‘Group revenue’ is as of the end of December 2019, and is aggregated based on the consolidated financial ACCOUNT- INTEGRITY statements of four business companies, Hyosung, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials and Hyosung Chemical. OVERVIEW ABILITY CEO Message Rating Company Overview • Be responsible and take ownership • Uphold transparency and fairness + of actions. based on facts and principles. A A2 • Never give up until the goal is • Respect and cooperate with each FOCUS ISSUES & BUSINESS CASES
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