KZ Insight
Korea Zinc shares the brand values and future vision of the company
Future for a Win-Win
2022-01-23Future for a Win-Win
ESG
STORY
The core of ESG (Environmental, Social, and Governance) management is to communicate with and share the results of growth with various stakeholders who have contributed to creating a sustainable company beyond the goal of maximizing the profits of shareholders which most of the existing corporations focus on.
Efforts of domestic and foreign companies for a win-win future
In line with this global win-win management trend, Intel is striving to create a “responsible supply” system for minerals required for its semiconductor manufacturing. This is to prevent ‘conflict minerals’ mined through war, crime, human rights violations, etc. in the Democratic Republic of Congo and its neighboring countries or the proceeds from flowing into criminal groups in that country. Netflix supports the underprivileged through the ‘fund for creative equity’ and is actively engaged in social contribution activities.
Domestic companies are also carrying out activities for win-win management such as job creation, financial support for business partners, and technology sharing. SK Telecom has prepared comprehensive win-win plans by investing a total of 113 billion won for business partners such as distribution networks and network partners across the country who are suffering from COVID-19. In addition, SK Telecom provides an early payment of KRW 35 billion, which is part of the incentives, to dealers who are experiencing economic difficulties due to reduced sales to help smooth operation. Samsung C&T is not only providing advance payments for business partners who have difficulty in financing due to COVID-19, but also holding a ‘Partners Day event’ with Samsung Engineering to discover excellent partners and create common profits. . LG Electronics intends to build a system through shared growth with suppliers suffering financial difficulties due to COVID-19 by expanding the Win-Win Cooperation Fund, which has been operated mainly by primary and secondary suppliers, to tertiary suppliers.
Korea Zinc’s efforts for coexistence with partners and local communities
Korea Zinc has implemented the Four Practices to comply with the subcontracting laws enacted and amended by the Fair Trade Commission for fair trade with suppliers. Through this, internal efforts are being made, such as establishing and operating a system to block unfair subcontracting practices, establishing an in-house fair trade promotion department, preparing and operating an ex post verification procedure for the legitimacy of subcontracting transactions, and providing personnel disadvantages to employees who violate the law.
Korea Zinc also provides financial support, improvement of trading conditions, support for technology development, quality improvement, technology protection, education and training, and other welfare benefits for partner companies. To help companies stabilize their business, Korea Zinc is implementing financial support, improving transaction conditions, granting incentives, reflecting the increase in raw material prices in the unit price of delivery, and signing long-term supply contracts.
Furthermore, Korea Zinc carries out various social contribution activities and support projects for the underprivileged every year for win-win cooperation with local stakeholders. In 2020, Korea Zinc spent about 6.62 billion won in donations to social contribution projects such as support for living expenses for the underprivileged, helping neighbors affected by floods, emergency support for Covid-19, and support for sister schools. Korea Zinc has been holding various events such as sharing of holiday food and briquette to get closer to the locals.
These efforts will be sincere actions for Korea Zinc to create a win-win value and a future for all stakeholders, including customers, shareholders and investors, employees, and business partners.