SEOUL, South Korea, May 16, 2023 (GLOBE NEWSWIRE) -- NEXEN TIRE, a leading global tire manufacturer, today announced that it has officially joined the United Nations Global Compact (UNGC), the world's largest initiative for sustainable and responsible corporate management.
The UNGC is a voluntary international agreement that emphasizes corporate social responsibility, with the goal of mobilizing a global movement to achieve sustainable development. Currently, over 20,000 institutions from 162 countries have signed on to the initiative.
NEXEN TIRE pledges to align its corporate actions with the UN Global Compact's ten sustainability principles. These principles take into account business's basic responsibilities in the areas of human rights, labor, the environment, and anti-corruption. It has also promised to contribute to the advancement of the Sustainable Development Goals (SDGs). Furthermore, the company will report annually via the annual Communication on Progress (CoP).
The Company intends to strengthen sustainability measure by establishing a sustainable management committee to promote ESG strategic tasks at the enterprise level, as well as to derive and implement improvement tasks by identifying internal and external human rights risks through human rights impact assessment.
"We are committed to fulfilling our environmental and social responsibilities by internalizing ESG global standards," NEXEN TIRE Global CEO Travis Kang said. "With this membership, we will continue to carry out various initiatives for sustainable management and growth."
"As ESG continues to expand, NEXEN TIRE's membership is quite meaningful in that the company is accelerating the use of sustainable raw materials," said Yeon-chul Yoo Secretary-General of UNGC Network South Korea. "With NEXEN TIRE's membership in UNGC, we anticipate that the company will actively reflect and internalize UNGC's ten principles in corporate management."
Meanwhile, NEXEN TIRE has received EcoVadis Silver medal certification for the second year in a row. Sustainalytics has rated the company as low risk, with MSCI ESG ratings from 'B' to 'BB'.
About NEXEN TIRE
NEXEN TIRE, founded in 1942, is a global tire manufacturer based in South Korea. NEXEN TIRE, one of the world's fastest growing tire manufacturers, currently works with 150 countries and owns four manufacturing plants, two in Korea
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/85c5cc0b-0e82-483a-88ab-53f0609d0e4d
