Lotte Chemical Co. won the Environment Social Governance Excellent Corporate Award given by the Korea Corporate Governance Service for its transparent management and independence of its auditing unit to boost its transparency of corporate governance as evaluated by CGS at a ceremony held on July 3 at the Korea Exchange International Conference Room.

Set up on March 16, 1976, the chemical producer had its governance charter, governance evaluation grades, governance standard model differences, and the details of its shareholders’ resolutions for the past three years and other corporate governance information on its internet homepage to let those concerned know what’s happening in regard to its corporate governance so that they can understand better, the letter accompanying the award said.

The letter also noted that the company has also been providing financial support to its cooperative firms through the Accompaniment Growth Fund and the Family Loan Program, and has strengthened its partnerships with SME cooperative firms with outstanding technologies. The company also sent ethical management letters to every cooperative firm signed by the CEO of the company to prevent the occurrence of ethics problems.

The company required all of its employees to submit their affidavits to work for ethical management.

Lotte Chemical’s Yeosu, Daesan, and Ulsan plants boast the largest scale of domestic and international operations. The company has accomplished vertical systematization with respect to raw materials and products through steady plant and business expansion as well as production of basic petrochemical raw materials and products such as olefin and aromatics. Among the high-quality products produced by Lotte Chemical through its efficient processes are ethylene, HDPE, LDPE, LLDPE, PP, functional resin, EG, SM, PIA, PET, and more. Moreover, the Lotte Chemical Research Institute in Daejeon is establishing a solid foothold in the domestic petrochemical field through the steady development of new products. Lotte Chemical’s products are being distributed in 152 countries around the world. With the acquisition of Pakistan’s PTA in 2009, Artenius in the UK in 2010, and Titan Chemical Corp., Lotte Chemical is now able to efficiently supply excellent products to an increasing number of countries.

The company is further accelerating its efforts to strengthen its global competitiveness by establishing overseas branches in Hong Kong, Russia, and the United States, along with its sales corporation in China for active sales activities both domestic and abroad. As Asia’s top chemical company, Lotte Chemical will become a global chemical company that genuinely cares for the improvement in the quality of humanity and a balance with the environment.

“Our company has played a pivotal role in the development of the key industries of Korea for more than 30 years based on single-minded determination, creative thinking, and burning passion. With our customers’ abiding faith and trust in us, we put customer value before everything else and make environmental stewardship and safety our very first priority to fulfill our responsibilities as a first-class company that works for humanity’s well-being and future value by pursuing mutual prosperity of the nation and society,” President Huh Soo-young said in his statement on the company’s homepage.