Korea East-West Power Corp. has declared that it would create social value totaling 2.5 trillion won by 2022.
The company's goal includes creating 845.4 billion won worth of social value by reducing particulate matter through advanced power generation, 1.1 trillion won by generating power through new and renewable energy sources, 454.9 billion won through job creation and local economic revitalization, and 146 billion won through corporate capability enhancement such as accident prevention.
The new business goal of the corporation is expected to help further popularize the concept of social value management in the South Korean economy. “The goal derived from social value measurement is to better reflect external social benefits in traditional corporate accounting,” the corporation explained.
Earlier, South Korean President Moon Jae-in stressed in August last year that social value realization needs to become a part of the philosophy of more public institutions and mentioned the corporation as an example, saying that it hired 72 persons by reducing overtime allowances.
Last year, the corporation set up a new office in order to better fulfill social value and presented the four social value goals of safety and environmental improvement, economic revitalization, social contribution, and job creation. At the same time, the corporation came up with 12 performance indices related to the goals in order to measure and analyze its related performance.