– Actively engages in corporate social responsibilities, befitting global companies
– Newly establishes the Sustainable Management Secretariat and the company-wide consultative body to carry out ESG strategy in earnest
Samsung Display Chief Executive Officer Joo Sun Choi announced that the company will further boost its environmental, social and governance (ESG) involvement from 2021.
Samsung Display joined RBA membership to take the initiative among local display producers in driving ESG-centered management strategy in accordance with global trends.
“As a global leader in display industry, Samsung Display has been prioritizing environmental and social values in the entire process of product manufacturing” said Jaeho Shin, Executive Vice President and Head of the Display Management Office at Samsung Display. “Moreover, we will further evolve into a global company that earns trust from our customers and members of society, and that dedicates to the development and happiness of humanity” he added.
The Responsible Business Alliance (RBA), the world’s largest industry coalition dedicated to corporate social responsibility in global supply chains, sets out and holds members accountable to RBA Code of Conduct based on a number of global standards to achieve a higher level of corporate ethics.
With RBA membership, Samsung Display will gain the momentum to go beyond just conforming to the relevant domestic laws, and thoroughly incorporate global codes of conduct into its management strategy with regard to five critical sections of the RBA Code — Labor, Health and Safety, Environment, Business Ethics, and Management Systems.
In particular, Samsung Display will continue substantial endeavors not only to domestic offices but also to global offices and its partners to fully embrace ESG-valued management based on RBA standards. For instance, the company plans to reinforce onsite audit and objective due diligence on management systems and working environment. More concretely, Samsung Display will undertake the Validated Assessment Program (VAP), an onsite compliance verification audit as well as get onsite assessment on its compliance to RBA Code of Conduct from reputable organizations.
In addition to joining RBA membership, Samsung Display is committing company-wide effort to bolster its ESG performance. For instance, the company newly organized the ‘Sustainable Management Secretariat’ and formed a consultative body on ESG strategy involving entire business departments. Moreover, earlier this year, in order to lay the groundwork for systemic implementation of ESG management plan, Samsung Display established mid- and long-term strategies in five focus areas: Climate change, Resource circulation, Sustainable products, Win-win collaboration with partners, and Local community.
[Footnotes] * ESG: ESG refers to Environmental, Social, Governance characteristics of a company. It is used as a non-financial indicator that evaluates the company’s environmental and social commitment for sustainable development and the soundness of corporate governance.