LG Display has published its 2021-2022 Sustainability Report which explains the business activities and achievements – both in Korea and on a global scale – it has accomplished while on its sustainability journey over the past year. Read on to learn just how LG Display is leaving a positive impact on the environment, society and governance (ESG)!
Roadmap for LG Display’s Sustainable Business
The report’s 11th edition specifically covers LG Display’s quantitative and qualitative accomplishments that are divided into environment, society and governance (ESG) sectors to provide stakeholders better information acc.essibility. Most importantly, the company identified 9 key ESG areas in 2021 in order to systematically promote sustainability management and strengthen its position as a global ESG leader.
What about the Environment?
The world is collectively committing to a ‘Net Zero’ goal with the climate crisis just around the corner. LG Display has been acting to minimize any negative influenc.es on the environment while combating the global climate crisis head on by lowering green gas emissions, switching to renewable energy and developing eco-friendly products and technologies.
LG Display converted 57.2GWh, equivalent to 100% of the electricity used in office buildings of all domestic business sites, into new and renewable energy and is committed to reducing 90% of its greenhouse emissions by 2050 compared to 2014 as part of a long-term strategic goal to take action on the growing climate crisis.
LG Display is also pursuing a more efficient waste recycling and resourc.es circulation system while obtaining recycling resource and ‘Zero Waste to Landfill’ verification for each of its site. Its Yantai manufacturing base in China, for example, has already achieved a Platinum Grade (100%) as a result of these green efforts.
All these preemptive actions have helped its offic.es in Korea and across the world obtain ISO 14001 (Environmental Management System) certification, and aspires to acquire ISO 15001 (Energy Management System) certification across all business sites globally by the end of the year. In addition, the company established an environmental management system based on internal standards and guidelines to minimize environmental impacts that may occur in all domestic and overseas business activities.
How about Social?
Sustainable companies must create positive social values together with its employees, business partners, customers and local communities. LG Display constantly strives to better society and foster the safest working environments possible for its staff at all times.
Not only has LG Display established four safety management innovation measures and enacted LG Display Safety Rules and 8 life rules to create a corporate-wide safety culture, it has implemented workplac.es that ensure the safety of both employees and partner by joining the RBA (Responsible Business Alliance) in 2021 to implement effective ESG risk control measures that meets international standards for every business site and partner.
To foster a creative work environment that helps employees develop as people and professionals, LG Display offers multiple welfare and organizational culture programs based on its belief that ‘talented people are the best assets.’ Additionally, personal information and industrial credential protection policies are thoroughly implemented to keep everyone’s personal information safe. The company is also building mutually beneficial relationships with local communities through various activities that give back to society.
How about Governance?
Establishing transparent governance and bonding relationships with various parties is key to sustainable growth. LG Display is strengthening its administration to be even more well-formed based on its ‘Jeong-Do Management’ and ‘Compliance Management’ business philosophies.
Jeong-Do Management implies LG’s how-to-behave social guidelines; based on its three principles of integrity, fair treatment, and fair competition, LG Display is innovating customer values while implementing respect for humanity management. The company’s board of directors equipped with independence, expertise and diversity established the ‘ESG Committee’ to reinforce ESG management and the ‘Related Party Transactions Committee’ to enhance the fairness of transactions and transparency. In addition, the board also appointed a female outside director with legal expertise to create a diverse, fair decision-making environment. Finally, LG Display established and disclosed the dividend policy for the fiscal year 2021-2023 to enhance the predictability of investors.
Sustainability in a company has been a consequential issue for decades, but its importance has never been greater. LG Display has been deliberating over giving rise to positive economic and social impacts on the world by practicing customer value creation together with human-respect management. To keep this positive momentum going, LG Display will be enacting various ESG management in the hope of making a difference.