OCI launches committee to oversee its ESG goals

OCI headquarters in central Seoul [OCI]

OCI, a Seoul-based energy and chemical company, said Thursday it launched a committee dedicated to overseeing the company’s strategy and investment decisions related to its environmental, social and governance (ESG) goals.

The five-member committee is comprised of the company’s four external directors and the CEO, who will be the leader of the committee.

The committee will oversee publishing an annual report related to the company’s ESG activities and disclosing updates to the company’s governance structure. It will also be responsible for renewing the company’s policies related to environment safety and taxation.

“ESG management is a prerequisite condition for a company to survive these days when ESG awareness is higher than ever due to climate change,” Kim Taek-joong, president and CEO of OCI, said in a release Thursday.

OCI is a Kospi-listed company that started as Oriental Chemical Industries in 1959. It advanced into the renewable energy business in 2008 by manufacturing polysilicon, a core material for solar power generation systems.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]