Chairman Cho Hyun-joon of Hyosung Group.

Three subsidiaries of Hyosung Group have been rated an “A+” grade at the 2020 environmental, social and governance (ESG) evaluation of major Korean companies by the Korea Corporate Governance Service (KCGS). Under the stewardship of Hyosung Group Chairman Cho Hyun-joon, the group’s efforts to ramp up ESG factors have paid off.

KCGS announced the outcomes of the 2020 EGS evaluation of 760 major Korean companies on Sept. 14.

The findings came in two types: classification of each of the environment, social and governance categories and a combined classification. Companies classified as the “Very Excellent A+” grade numbered 16. Among the companies classified A+ are Hyosung TNC, Hyosung Advanced Materials, and Hyosung Chemical.

There was none rated at the highest “S” grade, however. Hyosung Corp. and Hyosung Heavy Industries each were rated at an “A” grade. Hyosung Group has devoted itself to strengthening ESG factors.

Since he took the helm of the group, Chairman Cho Hyun-joon has overhauled his group’s governance by shifting into a holding company paradigm.

Chairman Cho took office in 2017, succeeding his father and honorary chairman Cho Suck-rae. The group was divided into Hyosung Corp., the holding company, and business companies, including Hyosung TNC, Hyosung Advanced Materials, Hyosung Chemical, Hyosung Corp. and Hyosung Heavy Industries.

The group has expanded eco-friendly businesses. One of the group’s representative eco-friendly businesses is “polyketone,” a new material developed by Hyosung Chemical.

Polyketone, an environment-friendly, low-carbon material, is used as a raw material for producing water meters and electric meters. Producing 1 ton of polyketone has an effect of reducing 0.5 ton of carbon monoxide, one of greenhouse gas emissions.

Hyosung Group has redoubled efforts to develop eco-friendly fiber materials. Hyosung TNC has succeeded in developing “regen,” Korea's first eco-friendly polyester yarn which was made of substances extracted from PET bottles. (Photos: Hyosung)

Hyosung TNC has succeeded in producing “regen,” Korea's first eco-friendly polyester yarn which was made of substances extracted from PET bottles. Regen is used for products for global fashion companies like H&M.

Hyosung Group has also made every effort to conduct social volunteer activities. The group has been implementing a project to provide support to the rehabilitation of handicapped children in cooperation with the non-profit organization Furme Foundation.