Hyundai Elevator
Greenhouse Gases Down 51%
Hyundai Elevator has released its ‘2023-24 ESG Report,’ presenting its sustainability management strategy and performance.
The report documents a range of activities across the environmental, social, and governance areas. Its aim is to share the progress and goals of these activities with internal and external stakeholders. In particular, the report is thorough in its content, including the most recent three years of quantitative results so that year-by-year trends can be analyzed.
Hyundai Elevator is giving concrete shape to its direction and goal of being ‘a green mobility company for a sustainable world.’ Marking its 40th anniversary this year, the company signaled the full-fledged start of its ESG management by proclaiming the slogan ‘Acting Together, Journeying in Shared Values,’ which conveys the meaning that everyone in the industry ecosystem—beyond shareholders, customers, partner companies, and local communities—should grow together.
In the environmental area, the report sets out a mid- to long-term plan to achieve carbon neutrality by 2050. The company already exceeded its target last year, cutting greenhouse gas emissions by about 51% compared with the previous year (2022). This was helped by measures such as the installation of a total of 7,600 kW of solar power generation facilities when it relocated its headquarters from Icheon to Chungju in 2022.
In line with various eco-friendly classification systems, the company is taking the lead not only in acquiring related patents but also in developing products and services. Recognizing the importance of recycling waste batteries, it signed a business agreement with the Korea Elevator Safety Agency and the Korea Environment Corporation in November last year. As of this past April, the Suwon, Busan, Daegu, Gwangju, Daejeon, and Chungcheong branches have joined in, and a total of 6,406 kg of waste batteries have been collected.
The company also continues its efforts to fulfill its corporate social responsibility. This year, in order to build an inclusive organizational culture, it established a ‘Diversity & Inclusion (D&I) Policy’ and applied it to all executives and employees at its headquarters, its domestic and overseas production and sales corporations, and its subsidiaries. It also did not neglect efforts to expand the diversity of its workforce, setting a goal to increase the hiring rate of people with disabilities and founding a choir for people with disabilities.
Advances in the governance area are especially notable. In November last year, Hyundai Elevator strengthened independence by appointing an outside director as chairman of the board in order to establish a board-centered management system. To enhance the board’s expertise, it newly established an Internal Transactions Committee and a Risk Management Committee, and it reorganized the Compensation Committee into an Evaluation and Compensation Committee, laying the groundwork for evaluating the board’s operations.
In addition, the report includes various social contribution achievements, such as efforts to communicate with partner companies and activities linked to local communities.