Through the reorganization of ESG goals in 2021, LG Electronics has set its key strategic direction as the promotion of positive environmental value and inclusive social value for a better life for all and has established detailed tasks necessary to realize this. In particular, out target system promotes a foundation to achieve out ESG goals based on three factors: strengthening ESG compliance, establishing an ESG decision-making system to drive diversity, rationality, and transparency, and fostering a culture of internal ESG management for the successful implementation of these tasks in accordance with our strategic direction.
LGE is putting forth various efforts to leap forward as a trustworthy corporation and to lead autonomous ESG management by providing its employees with awareness and understanding of ESG. In particular, by upgrading the CSR Letter, we started providing our employees with a monthly CSR Talk that selects the latest ESG-related issues and introduces related information and the latest industry trends in 2020. In addition to this, our CFO directly presented to our executives LGE’s direction and the importance of ESG at our quarterly meetings in 2021. We are constantly striving to increase our executives’ awareness on ESG by proposing ways for LGE to improve from an ESG perspective.
In line with social and environmental changes, ESG-related legal risks are increasing and becoming ever more important. Today, ESG is no longer a recommendation as it was in the past. It is gaining awareness as a mandatory factor that not only has an impact on a company’s trading relationships and economic performance, but also on its very survival. Consequently, LGE is implementing processes to identify and mitigate ESG-related risks across the entirety of our production sites and suppliers on an annual basis. Going beyond simple compliance, we have reorganized our ESG goals and consolidated our plans and direction for the promotion of ESG management in 2021. Moving forward, LGE will continuously strive to promote mature ESG management through an independent and proactive organizational culture that steps beyond the concept of ESG as legislation, systems, and regulations.