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Press Release
Corporate
26/04/2023
For companies around the world, it has become important to incorporate environmental, social and governance (ESG) factors into business strategies. What’s more, it is even more imperative for companies to build a sustainable supply chain, one that fully integrates ethical and environmentally responsible practices.
As suppliers and partners fall beyond a company’s direct control, supply chains can open businesses to a wide array of risks. To reduce these risks, as a responsible corporate citizen, LG Electronics is actively offering increased support to its suppliers and partners, strengthening their ESG capabilities.
By expanding support, the company aims to preemptively respond to any potential ESG risks within its partners’ supply chains. ESG-related laws and regulations, such as supply chain due diligence acts, have been introduced and strengthened in several parts of the world, including EU countries, making responsible supply chain management a key area of focus for many corporations.
LG is also striving to strengthen its suppliers’ capabilities to internally audit their ESG management activities, policies and performance. On April 17, LG signed a business agreement for ESG management support and mutual growth with the Federation of Korean Industries’ (FKI) Center for Large and Small Business Cooperation. Through this agreement, LG and FKI will provide eligible partners with comprehensive consulting services concerning ESG self-assessment and overall ESG management. The ultimate goal is to empower suppliers to realize and maintain sustainable management.
The company aims to continuously explore various practical support measures to enhance the ESG management capabilities and competitiveness of partners, both in Korea and around the world.
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