Coway Co., Ltd., the “Best Life Solution Company,” announced that it has achieved an A grade in the 2023 ESG overall ratings hosted by the Korea Institute of Corporate Governance and Sustainability (KCGS). This marks a notable improvement from the previous year's B+.
The Korea Institute of Corporate Governance and Sustainability (KCGS) is an organization that assesses the sustainability of South Korea’s domestic companies. Each year, it evaluates companies based on three main aspects: Environment (E), Society (S), and Governance (G).
Coway earned an A grade in the environmental category due to its strategic approach to climate change adaptation and the expansion of environmentally friendly certified products.
In the Social category, the company earned an A+ grade, reflecting its strong commitment to human rights management policies and social responsibility initiatives.
Lastly, in the Governance category, Coway achieved a B+ grade due to the company’s effort to enhance the independence and transparency of its board of directors through the implementation of clear guidelines.
In 2021, Coway formed an ESG committee under its board of directors, demonstrating its active commitment to ESG management. This committee plays a pivotal role in Coway's ESG initiatives, concentrating on three key areas: environmental management systems, human rights and diversity, and sustainable governance. The company has established six specific goals to address these areas of ESG priorities and is dedicated to a successful implementation.
A Coway official stated, "We are committed to broadening the scope of our ESG management initiatives to uphold our environmental and social responsibility. Moving forward, Coway will strive to ensure that all stakeholders, including employees, local communities, and business partners, work together harmoniously to promote sustainable growth."
In addition to this latest accomplishment, Coway also gained the AA grade in the global '2022 MSCI ESG Ratings' for a second consecutive year, reinforcing its dedication to sustainable business practices.