Korea Institute of Corporate Governance and Sustainability 2024 Evaluation
Improvement in Governance (G) Category
Noroo Paint has earned the paint industry's only 'Integrated A Grade' in the 2024 ESG evaluation results released by the Korea Institute of Corporate Governance and Sustainability (KCGS).
In this evaluation, Noroo Paint received grades of A in Environment, A+ in Social, and B+ in Governance, marking higher scores than the previous year. In particular, the company was recognized for its shareholder-friendly policies and responsible management by earning a grade one level higher than last year in the Governance category. The Governance grade evaluates factors such as board leadership, protection of shareholder rights, auditing, and stakeholder communication.
Noroo Paint explained that, since 2021, it has transparently disclosed its ESG performance and vision each year to investors, customers, and the local community, and that its introduction of a Board Skills Matrix (BSM) evaluation, appointment of a compliance officer, and establishment of compliance control standards to enhance the soundness of its governance were instrumental in becoming the only company in the paint industry to earn an Integrated A Grade. The company also noted that its implementation of an electronic voting system to maximize the guarantee of shareholders' voting rights, and its increase in renewable energy usage through investment in solar power generation facilities at its plants with the goal of reducing greenhouse gas emissions in the local community, were key contributing factors.
Its steady social contribution activities across various fields and its efforts to secure eco-friendly future technologies also drew positive assessments. Noroo Paint, a local company based in Anyang, is taking the lead in improving the regional environment through initiatives such as the CPTED (Crime Prevention Through Environmental Design) crime prevention project carried out together with the Anyang Manan Police Station, and recently received a plaque of appreciation from the Manan Comprehensive Social Welfare Center in recognition of its continued support. In addition, alongside eco-friendly technologies such as green bio and recycling, the company is working to reduce global import dependence for specialized coatings used exclusively on stealth fighter jets and for secondary battery materials that can contribute to national competitiveness.
A Noroo Paint official said, "The standards of ESG evaluations conducted by professional assessment institutions are rising, and they are expected to have an impact on business as well," adding, "We will continue to reinvent ourselves as a company that grows together with the local community through systematic and transparent ESG management."
▲ Noroo Paint has earned the paint industry's only 'Integrated A Grade' in the 2024 ESG evaluation results.