SEOUL, Jun. 11 (Korea Bizwire) ― In a memorandum of understanding (MOU) signing ceremony with the Foundation for the Global Compact held on June 10 in Addis Ababa, Ethiopia, LG Corp., the holding company for manufacturers such as LG Electronics, LG Display and LG Chem, strengthened its collaboration with the United Nations Global Compact (UNGC) to support its work on the Post-2015 Development Agenda.
The signing ceremony was held on the sidelines of the forum, Africa: Advancing Partnerships and Responsible Business Leadership. The occasion was attended by senior representatives from both LG and UNGC, including LG Corp. Executive Vice President Kim Young-kee, UNGC Executive Director Georg Kell, Foundation for the Global Compact Chairman Mark Moody-Stuart and Yim, Hong-jae from GC Korea Network. LG, in particular, will focus on sustainable development and private sustainability financing.
The UN Global Compact is a United Nations initiative established in 2000 to mobilize businesses to support UN goals and issues with over 12,000 businesses and other stakeholders from 145 countries. With this collaboration, LG will be the first Korean company to work with the UN Global Compact on special projects “poverty footprint and private sustainability finance” to contribute to the Post-2015 Development Agenda.
The Post-2015 Development Agenda is an international process reviewing and shaping future global development priorities, which will go into effect after the expiration of the Millennium Development Goals (MDGs) in 2015. The focus of the Post-2015 Development Agenda, commonly known as Sustainable Development Goals (SDGs), ranges from poverty eradication, improving education, building prosperity and promoting equality to climate change, energy conservation and the sustainable use of our oceans and seas.
LG will also become one of the 50 company members of Global Compact LEAD, a platform created by the UNGC to implement the Blueprint for Corporate Sustainability Leadership, which was developed in close consultation with a large number of corporate participants and stakeholders. Participants of Global Compact LEAD are corporations that are committed to resolving today’s social, environmental and economic challenges.
LG’s Hope Community project in Ethiopia will be showcased to global companies as one solution to addressing poverty in rural Africa with programs such as: 1) helping farmers in underdeveloped villages in Ethiopia become more self-sufficient; 2) funding of a model farm that generates income for local residents; 3) construction of a new LG Hope technical and vocational school to teach young people sustainable skills; 4) three year scholarships for descendants of local Korean War veterans.
About LG Corp.
LG is a leading global business group with business activities focused in three key areas of Electronics, Chemicals and Telecommunications & Services. As one of the largest conglomerates in Korea, LG has a 67-year history since its establishment in 1947. It made a transition into a holding company system in 2003 to improve business transparency and develop its management system. Now, LG has 61 subsidiaries such as LG Electronics, LG Chem and LG Display under a single holding company, LG Corp., with workforce of 226,400 in more than 80 countries.
Source: LG Corp.