POSCO Chairman Choi Jeong-woo, executives and staffers attend a ceremony to mark the first anniversary of declaring corporate citizenship as a management tenet, and declare a new chapter of corporate citizenship at POSCO headquarters in Pohang on July 25. (Photos: POSCO)

POSCO Chairman Choi Jeong-woo.

POSCO celebrated the first anniversary of declaring corporate citizenship as a management tenet, and declared a new chapter of corporate the initiative.

POSCO held a ceremony to mark Chairman Choi Jeong-woo’s one-year anniversary in office and the first anniversary of declaring corporate citizenship as a management tenet at POSCO headquarters in Pohang on July 25.

POSCO executives and staff, as well as heads of the trade union, cooperative companies and suppliers, participated in the event. There, POSCO declared a chapter of corporate citizenship with a preamble and action principles and vowed its determination to put it into practice.

POSCO said, “Corporate management activities are achieved on the basis of society, and companies can grow and be sustained through harmony with society.”

POSCO disclosed its determination to create greater corporate values and continue growth by communicating and sympathizing with all stakeholders, including customers, employees, and shareholders, and endlessly pursuing changes and innovation in all areas.

In coming up with the chapter of corporate citizenship, POSCO Group executives and staff collected opinions via surveys and a board of directors’ meeting, as well as outside experts’ consultations and discussions.

POSCO Chairman Choi said, “Not only creating economic gains as a member of the social community, but also contributing to making a better world are corporate right.” He also called for the company to enhance corporate values by creating mutual values with stakeholders, including businesses, society and people in all corporate activities.

Action principles of the chapter consist of detailed behavior criteria so executives and staff can naturally put corporate citizenship into practice in all management activities – creating a sound industry eco-system with business partners, spearheading addressing of social issues and establishment of a better society, and making executives and staff happy and masking companies worthwhile based on a corporate culture of trust and creativity.

For the past year since POSCO declared corporate citizenship as its management tenets, the group has implemented diverse corporate citizenship activities such as the inauguration of the Corporate Citizenship Office, establishment of the corporate citizenship committee, the operation of the Love Letter, a communication channel for corporate citizenship, and the creating of a fund designed to spur startups, and exploring of corporate ways of addressing low-birth rates.