POSCO’s headquarters in Pohang, some 370 kilometers south of Seoul. (Yonhap)
SEOUL, Jan. 7 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, said Thursday that it joined the Value Balancing Alliance (VBA), a global business alliance organized to promote the development of global ESG standards by measuring ESG performance in a currency value and reflecting this data in account books.
ESG is short for environmental, social and governance criteria using factors to evaluate companies on how far advanced they are in the sectors of environmental protection, social justice and business ethics.
The VBA is assessed as a leading organization in the area of ESG standard development. It has won and implemented the ‘green accounting project’ that the EU is pushing to establish standards for measuring the environmental impact of business activities.
The VBA, which is chaired by German chemical giant BASF S.E., consists of 24 multinational companies, including BMW AG and Robert Bosch GmbH.
POSCO was the first global steel company to join the VBA.
By joining the VBA, POSCO plans to directly participate in the process of global ESG standard development.
In addition, it also plans to add sophistication to the corporate citizen value measurement system based on the VBA’s measurement system and methodology, aimed at developing a global standard model for the steel industry.
Kevin Lee (kevinlee@koreabizwire.com)
