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Engagement

Hyosung Advanced Materials has established various stakeholder communication channels
to select key issues of sustainability management and transparently disclose the plans and
implementation status. Through the channels, we continuously reflect the opinions of
internal and external stakeholders in management strategies and decision-making.
Engagement

Engagement

Stakeholder Engagement

Types of Stakeholders

Hyosung Advanced Materials categorized eight stakeholders that could give or receive direct and indirect influence by management decisions. We plan to further expand stakeholders to a wider range including future generations and the natural environment.
Types of stakeholders

Hyosung Advanced materials

  • Customer
  • Community
  • Partners
  • Academia
  • Shareholders & Investors
  • Experts
  • Employees
  • Government & Related Organizations

Stakeholder Channels

Hyosung Advanced Materials provides differentiated value to stakeholders by identifying their values and interests in accordance with our stakeholder engagement principle, which is then incorporated into our strategic direction. We encourage the participation of stakeholders through diverse channels, such as online and offline exchanges with customers, shared growth with partners, and local community councils, where major issues of each field are discussed. We also exchange opnions with external stakegholders through our membership in associations, initiatives, and alliances. We will continue our effort to earn the support and trust of stakeholders for the mutual benefit and long-term value creation of the company. as well as improve transparency and efficiency in management through stakeholder engagement.
  • Customer Customer
    Topic of
    Interest
    • Product quality and stability
    • Innovative R&D
    • Products satisfying customer needs
    • Continuous feedback
    Communication Channel
    • Company website
    • Exhibitions and technical exchange meetings
    • Customer satisfaction survey
  • Partners Partners
    Topic of
    Interest
    • Shared growth
    • Co-development
    • Fair trade
    • Support for cooperative program
    Communication Channel
    • Win-win programs
    • Supplier meetings
    • Support for partners’ capacity building
    • Support for partners' ESG education
  • Employees Employees
    Topic of
    Interest
    • Support for capacity building
    • Enhanced welfare benefits
    • Reinforced safety & health
    • Fair compensation
    Communication Channel
    • Labor-management council
    • Company intranet
    • HR counseling center
    • Town hall meeting with top management
    • Employee satisfaction survey
  • Community Community
    Topic of
    Interest
    • Social contribution
    • Community development and participation
    • Social responsibility for local environment
    • Environment information disclosure
    Communication Channel
    • Local community committees
    • Regional council
    • Environmental clean up with local communities
  • Shareholders & Investors Shareholders & Investors
    Topic of
    Interest
    • Management strategy for profit
    • Engagement in strategic decision-making
    • Governance soundness
    • Securing new growth engines
    Communication Channel
    • Board of Directors
    • Annual Shareholders’ Meeting
    • IR/Filings
    • Business reports
  • Government & Related Organizations Government & Related Organizations
    Topic of
    Interest
    • Legal compliance
    • Active engagement in government policy
    • Information disclosure
    • Reinforcement of operational efficiency
    Communication Channel
    • Government press release
    • Meetings and hearings
    • Seminars and forums
  • Academia & Experts Academia & Experts
    Topic of
    Interest
    • Technology development
    • Win-win through industry-university collaboration
    • Support for commercialization
    Communication Channel
    • Joint R&D
    • Jeonbuk Center for Creative Economy & Innovation

Materiality Assessment

Materiality Assessment Process

Hyosung Advanced Materials forms a key issue pool considering the impact of sustainability issues on the company as well as the impact of the company on the sustainability of the environment and society. Particularly, key issues are derived through s stakeholder survey, including employees, partners, and customers, upon which selection is made based on analysis each issue’s financial and socio-environmental impact. Hyosung Advanced Materials’ management approach and major achievements of these issues are disclosed in our sustainability report.
Materiality assessment process
  1. Step 1 Issue pool formation We form an issue pool by considering management activities, such as corporate planning and mid- to long-term business strategies, global standards & principles, evaluation index, major issues of peers and the industry, and country risks
  2. Step 2 Priority evaluation We prioritize the selected issues through internal and external stakeholder survey, industry benchmarking, and media research
  3. Step 3 Key issue selection We report the evaluated issues to the SSC. The final key issues are decided through the BoD’s resolution
  4. Step 4 Key issue report We develop the Sustainability Report and plan detailed content in association with the key issues

Major Issues

Climate Change

Response to climate change Carbon emissions reduction Energy conservation Renewable energy use Product emissions calculation and certificates

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Environment

Reinforcement of environmental management systems Environmental pollutant management Water resources management Biodiversity preservation

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Supply Chain

Sustainable supply chain Fair trade and shared growth Partners' risk management

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Customer Obsession Management

VoC and VoCC management Strengthening customer satisfaction Securing product responsibility and stability

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Sustainable Growth

Securing new growth engines Eco-friendly product and technology development Business diversification

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Safety and Health

Reinforcement of occupational health and safety Building an employee-friendly environment Strengthening hazardous materials management

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Governance

ESG management leadership establishment Securing BoD independence, expertise, and diversity Protection of shareholder rights Compliance management

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Talent Management

Reinforcement of human rights Respect for diversity No discrimination against employees Talent development

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