Company attributes B+ rating to progress related to its Human Rights Management Declaration, eco-friendly shipping box and the establishment of an internal ESG Committee
SEOUL, South Korea, Nov. 10, 2023 /PRNewswire/ — Seegene Inc. (KQ096530), a leading South Korean company providing a total solution for PCR molecular diagnostics, announced on November 10 that it has received an overall rating of ‘B+’ in the 2023 ESG evaluation conducted by the Korea Institute of Corporate Governance and Sustainability (KCGS).
KCGS, one of the major ESG evaluation agencies in South Korea, annually rates the level of sustainable management, in the categories of environmental, social and governance, of domestically listed companies. The agency rates companies based on the following scale – S, A+, A, B+, B, C and D.
Seegene achieved an overall rating of ‘B+’ which is a two-grade improvement compared to its 2022 ‘C’ rating. Specifically, the company improved one level in the environmental category (from ‘B’ to ‘B+’), maintained a ‘B+’ in the social category and improved three levels in the governance category (from ‘D’ to ‘B+’). The company credited its achievement to the advancement of its sustainable management initiatives which laid the groundwork for actively managing non-financial risk.
In 2022, Seegene formed the ESG Committee reporting directly to the Board of Directors and developed four core strategic directions: building an eco-friendly system; strengthening product stewardship; improving stakeholder value and establishing sustainable governance. To execute such goals, the company formed a dedicated ESG Team to continuously improve in each area.
Additionally, Seegene has been publishing a Sustainability Management Report since 2022.
Looking closely into each category of the rating, in the ‘Environmental,’ the company actively responded to climate change and strengthened its management efforts. To address global environmental regulations, Seegene developed an eco-friendly shipping box made from 100% recyclable materials, which has contributed to a 12% reduction in transportation costs and greenhouse gas emissions. Seegene filed its eco-friendly shipping box for domestic patent in November 2022, and filed an international application under the Patent Cooperation Treaty (PCT) in October 2023.
Seegene strengthened the ‘Social’ category by announcing its Human Rights Management Declaration and establishing an Information Security Management System. The company has been encouraging equal employment opportunity including people with disabilities.
Regarding ‘Governance,’ the ESG Committee was formed to oversee internal/external key ESG issues and risks. It allowed the company to build trust with all stakeholders and ensure oversight and responsible business operations. Particularly, Seegene ensures greater transparency and respect for shareholders’ rights.
“We will continue to improve on our ESG management by actively responding to climate change, human right management and supply chain management while enhancing shareholder value” said David Lee, VP of Seegene’s Investor Relations.