GS Holdings establishes an ESG charter for related companies

GS Group Chairman Huh Tae-soo

GS Holdings will establish an ESG charter to better implement environment, social and governance policies at subsidiaries and other related companies.

The guidelines will focus on four areas: environment-related policies, human rights, code of conduct for partners and independence and diversity of outside directors.

Guidelines related to human rights include policies on discrimination, complying with working-hour rules and guaranteeing the safety of workplaces.

"The ESG charter on four criteria is expected to act as a stepping stone," said Hyun Oh-seok, leaders of the committee.

The committee, which monitors, evaluates and approves the ESG policies, was established in March 2021 and reports to the board of GS Holdings. It approved the establishment of the ESG charter on Tuesday.

The charter will be of great help to smaller companies, such as GS Energy, GS Power, GS EPS and GS E&R, that haven't yet established their own ESG guidelines, according to the company.

Bigger companies, such as GS Caltex, GS Retail and GS E&C, that have already set up their own ESG policies will adjust their practices and policies based on the guidelines.

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