Social
Collaborative Partnership with Businesses Across the Value Chain and Communities
Hyosung’s mission is to “enhance and enrich the quality of life for humanity with its leading technology and management capability.”
To realize this mission, collaborative partnerships with key stakeholders such as the suppliers, customers, and local communities are essential.
Customers and investors expect Hyosung to build a sustainable value chain.
Meanwhile the local communities where Hyosung’s sites are located are concerned with employment creation, environmental impacts (e.g., pollutant emissions), and other issues, making close interactions from various perspectives.
Accordingly, Hyosung systematically identifies potential environmental, social, and economic impacts across the entire value chain and strives for continuous improvement through virtuous collaboration with stakeholders.
Collaborative Partnership
- Suppliers
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Sustainable supply chain establishment
- SME Customers
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Contribution to sustainability of the humanity through environmentally friendly materials
- Local Communities
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Expansion of positive ecologlcal impact for local communities
Expansion of environmentally friendly product base and promotion of local culture
Collaborative Partnership Strategies
Link CopyCollaborative Partnership with Suppliers
- Ethics Management
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Prohibition of unfair demands
Prohibition of unfair conduct
Customer satisfaction
Responsible material procurement
- Human Rights & Labor
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Prohibition of unfair discrimination
Fair labor and compensation
Guarantee of freedom of association
Compliance with legal working hours
Prohibition of child labor
Respect for property rights
Respect for privacy
- Safety and Health
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Safe working environment
Emergency response
Industrial accident prevention
Hygiene management
Provision of safety and health information
- Environmental
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Compliance with environmental laws and regulations
Reduction in energy usage
Hazardous materials management
Air pollution prevention
Minimizing water usage
- Compliance assessment and audit
- Selection of improvement tasks
- Implementation and confirmation of mutual virtuous circle effect
- Suppliers
- Improvement of productivity and sustainability
- Hyosung
- Reduction of supply chain risks and enhancement of raw material competitiveness
Hyosung has established the Supplier Code of Conduct to build a sustainable supply chain, and each year it secures a compliance commitment from its partners when signing fair trade agreements. Regular evaluations and external expert assessments of suppliers are conducted to review compliance with the Code of Conduct, focusing on key ESG issues such as human rights, the environment, ethics, labor practices, and safety and health.
When negative impacts or risk factors are identified within the supply chain through assessments, Hyosung formulates an improvement plan, which is reviewed and approved by the Collaborative Partnership Deliberation Committee. Follow-up site inspections are conducted to verify the implementation of improvements, and all corrective actions are systematically taken.
Collaborative Partnership with SME Customers
through environmentally friendly materials
- Increasing environmentally friendly products awareness
- Promoting widespread social adoption and expansion
- Incorporating common sustainable values into various products
- Promoting sustainable values through collaborative campaigns
- Alignment with climate action
and biodiversity program - Diversification of expansion paths
- Finding partner and checking the development points
- Discussion of support measures
- Discussion of support measures and confirmation of mutual virtuous circle effect
- Hyosung
- Increased awareness and sales of environmentally friendly products
- SME customers
- Enhanced marketing and product competitiveness
Hyosung also supports the sustainable growth of small- and medium-sized customers by utilizing environmentally friendly materials and technologies. This support includes assisting in the development and launch of environmentally friendly products and providing opportunities for these products to be exhibited and sold at domestic and international trade shows.
Such initiatives help lower market entry barriers for small businesses in the environmentally friendly sector, contributing to their economic independence and enhancing their brand value.
Hyosung is also preparing relevant plans to support SME customers to carry out voluntary and appropriate activities in areas such as climate change response and biodiversity conservation. These efforts are coordinated with ESG-related departments in alignment with the group’s overall sustainability management strategy.
Collaborative Partnership with Local Communities
base and promotion of local culture
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Identification of affected regionsBusiness sites location
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Identification of negative
and positive impactsEcological impact Economic and social impact -
Planning collaborative
partnership activitiesConsideration of measures to mitigate negative impact and proliferate positive impact -
Implementation and effectiveness assessment
- Local communities
- Biodiversity conservation and activation of local economy
- Hyosung
- Negative environmental impact mitigation and local presence expansion
Hyosung has established and operates strategies for collaborative partnership with local communities to address adverse effects on local communities where our business sites are located, and to facilitate their growth and development. Additionally, we are involved in the resolution of issues in biologically significant regions.
Collaborative Partnership Governance
Link CopyCollaborative Partnership Deliberation Committee Operation
(ESG Management)
- Hyosung Corporation
- Hyosung TNC
- Hyosung Heavy Industries
- Hyosung Chemical
- Identification of impacts, planning improvement activities,
and reviewing effectiveness
(Headquarters)
- Strategy Center
Planning Management - Finance Center
Investor Relations(IR) - Administration Center
Human Resources(HR) - Review of financial and business risks
and opportunities related to agenda items
Hyosung operates the monthly Collaborative Partnership Deliberation Committee to review and address matters in need of improvement as a result of risk assessment related to suppliers, customers and local communities of each operation company since June 2023.
Collaborative Partnership Process
to the ESG Management Promotion Committee and the CEO
Promotion Committee by operating company
Collaborative Partnership Activities
Link Copy
- Climate Action
and Adaptation -
Energy conservation consulting and facility installation
Acquiring certification to activate environmentally friendly business (GRS, LCA, etc.)
Greenhouse gas emissions reduction facility installation
Providing Refurbished PCs at End-of-Life to Promote Resource Circulation
- R&D and Marketing
of New Products -
Development of products applying sustainable materials
(Regen, Polyketone, etc.)Marketing to expand consumer touchpoints
(campaign trucks, etc.)Participation in domestic and international exhibitions to expand sales channels
- Safety and
Human Rights Enhancement -
Supplier safety enhancement activities (safety manager appointment, safety items, risk assessment consulting, incentives for suppliers with outstanding safety management)
Human rights improvement through working environment enhancement (rest areas, heating and cooling system, cleaning vehicles, lighting, etc.)
- Quality and
Productivity Enhancement -
Facility improvement for quality and productivity enhancement of environmentally friendly materials
Testing equipment to improve quality reliability
Review of Productivity Enhancement Measures Through Overseas Benchmarking and Provision of Practical Equipment Support (Robotic Welders)
- Sustainability Education
and Consulting -
Developing customized ESG indicators for suppliers and providing on-site training
Selecting assignments by sector for enhancing response capabilities to customer demands and reviewing the improvement status
- Biodiversity Conservation
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Creation of marine forests
Protection of winter migratory birds
Support for propagation of endangered insect species, etc.
Protection of Wild Goats
- Local Community
Development -
Support for local festivals and vulnerable groups
Purchase of local produce (e.g., rice)
Provision of environmentally friendly products to local communities, etc.
Support for construction of educational facilities
