Hyundai Motor Company announced on Tuesday, the 9th, the publication of its ‘2024 Hyundai Sustainability Report,’ which contains various efforts and achievements towards sustainable management.
Since 2003, Hyundai has been publishing annual sustainability reports to provide key information encompassing financial and non-financial performance and to actively communicate with various stakeholders, including customers and investors, both domestically and internationally.
In his greeting, Hyundai’s CEO, Jang Jae-hoon, stated, “Hyundai has made multifaceted efforts to respond to the increasing demands for ESG management” and added, “We will continue to attempt to internalize ESG management to solidify our foundation for sustainable growth and move forward towards a better tomorrow.”
The ‘2024 Hyundai Sustainability Report’ is broadly divided into three parts: ▲ Environment ▲ Social ▲ Governance.
The environmental section focuses on topics closely related to the company’s management activities, including climate change, circular economy, and biodiversity. Notably, this year’s report includes new disclosures of physical risk analysis based on climate change scenarios, a roadmap for carbon emission reduction every five years, and updates on biodiversity-related risk management to meet the expectations and demands of external stakeholders.
The social section contains major content centered around various stakeholders such as employees, partners, customers, and local communities. Additionally, information related to human rights management frameworks and governance was strengthened in response to its growing importance, along with measures and efforts to prevent greenwashing risks.
The governance section consists of core items related to corporate governance, such as board accountability, ethical and legal management, and risk management. A new Board Skills Matrix (BSM) has been added to visibly express the board’s capabilities and diversity, while information on ethics and tax matters has been further detailed.
Furthermore, the final section of the report includes a separate ‘Factbook’ containing various performance and data metrics, as well as EGS certification status, making it easier for anyone to grasp important indicators related to sustainable management over the past three years.
Hyundai has made efforts to enhance the accuracy and reliability of the information disclosed through the report by ensuring thorough verification of the content and data included in each section.
Meanwhile, Hyundai is focusing on preventing potential risks through continuous ESG-related assessments and due diligence of its business sites and partners, and is making various efforts towards sustainable management, including strengthening the board’s ESG management and oversight functions.
A Hyundai representative stated, “As the obligations and responsibilities of companies regarding ESG information disclosure are expanding, transparent and reliable external communication is becoming increasingly important,” adding, “We will continue to enhance the ESG information disclosure framework from data management to final disclosure, improving our capacity to respond to disclosure regulations.”
By Lee Sang-jin and email: daedusj@autodiary.kr