ESG Management Plan Accelerated by Daewoo Engineering & Construction

Key Highlights :

1. Daewoo E&C is accelerating its environmental, social and corporate governance (ESG) management plan in line with parent company Jungheung Group's ESG policy.

2. The company has strengthened its corporate governance sector by changing the composition of the board of directors and its operation method at the shareholders' meeting held in March.

3. Daewoo E&C appointed Ahn Sung-hee, an Associate Professor of the Accounting Department at the Catholic University of Korea, as a female independent director.

4. The company changed some of its articles of incorporation to improve the process of convening the board and establishing a compensation committee.

5. Daewoo E&C now has two female outside directors out of six in total.

     Daewoo Engineering & Construction (E&C) is accelerating its environmental, social and corporate governance (ESG) management plan in line with parent company Jungheung Group's ESG policy. The company has taken a number of steps to strengthen its corporate governance sector and ensure gender diversity.

     At a shareholders' meeting held in March, Daewoo E&C appointed Ahn Sung-hee, an Associate Professor of the Accounting Department at the Catholic University of Korea, as a female independent director. This appointment brings the total number of female outside directors to two out of the six directors on the board, making Daewoo E&C the only one among the nation's top 10 construction companies with more than two female directors.

     The company has also changed some of its articles of incorporation to improve the process of convening the board and establishing a compensation committee. Daewoo E&C is also planning to create a compensation committee within the board of directors to design and review performance-based salary and incentive systems. In addition, the company has extended the notice of board meetings to each director from three days to seven days, so they can fully review the agenda.

     Daewoo E&C CEO Baek Jung-wan said, “We have established action plans for each ESG sector and are working to achieve them all one by one. We will continue to actively communicate with internal and external officials and set an example in ESG management.”

     The company's efforts to strengthen its ESG management plan are in line with Jungheung Group's policy and will help ensure that Daewoo E&C is compliant with the Capital Markets Act, which requires a listed company with more than 2 trillion won ($1.56 billion) in assets to appoint at least one female executive to the board of directors.

     By taking these steps, Daewoo E&C is setting an example for other companies to follow in terms of ESG management and gender diversity. The company is committed to continuing to strive for the highest standards in ESG management and corporate governance.

Continue Reading at Source : koreatimes