LIG Nex1 launches ESG committee

South Korean aerospace and defense firm LIG Nex1 said Friday it had established a committee dedicated to overseeing the company’s operations and initiatives in environmental, social and governance fields.

The committee will designate one of the outside directors as the chairman and hold regular semi-annual meetings and occasional meetings to set strategies and policies for the firm’s long-term ESG goals.

Since 2009, LIG Nex1 has had a corporate social responsibility task force. Every year, the staff and executives visit national cemeteries to pay tribute to patriots, laying down flowers and cleaning their graves.

To improve the working conditions and safety at business sites, the company has established management systems that abide by the ISO 14001 environmental management standard and the KOSHA 18001 occupational safety and health management standard.

“By forming the ESG committee, LIG Nex1 will focus on non-financial accomplishments that have direct or indirect influences on the firm’s mid and long-term values,” a company officials said.

By Kim Byung-wook (kbw@heraldcorp.com)