- ESG Highlights /
- Double Materiality Assessment
Materiality assessment is the process of identifying material issues or factors that may affect a company's sustainability. GRI Standards 2021 recommends selecting material issues that have financial as well as environmental/social/people impacts through 'double materiality assessments'.
In the process of publishing this year's Sustainability Report, Coway introduced a double materiality assessment for the first time to prepare this Sustainability Report, identifying and analyzing a pool of material issues with inputs from not only internal employees but also various external stakeholders such as customers, suppliers, communities, and investment institutions to recognize changing industry trends, and establish the future direction of Coway's sustainability management.
This Report is a deliverable that details the activities, accomplishments, and goals associated with Coway’s ESG vision and commitments.
Through the double materiality assessment, Coway identified 12 high-impact issues by comprehensively taking into account environmental and social impacts as well as financial impacts. In consideration of the company's strategic direction and business linkages, Coway selected the following three high-impact issues as the final material issues.
Category
No.
Material Issues
Impacts
보고위치
GRI Index
E·S
Finance
Environmental
1
Addressing climate change adaptation (Management of greenhouse gas emissions and energy conservation)
302 Energy
305 Emissions
2
Advancing waste management and resource recycling
306 Waste
3
Management of hazardous materials
305 Emissions
4
Strengthening eco-friendly products and technologies Material Issues 1
301 Materials
Social
5
Enhancing consumer-friendly products and services
-
6
Product quality and safety Material Issues 2
416 Customer Health and Safety
7
Establishing cooperative labor-management relations
402 Labor/management Relations
8
Developing and maintaining employee competencies
404 Training and Education
401 Employment
9
Compliance with principles of human rights management
406 Non-discrimination
10
Safety and Health management
403 Occupational Health and Safety
Governance
11
Privacy and information security Material Issues 3
418 Customer Privacy
12
Technological innovation
201 Economic Performance
ESG management and respond proactively to external assessments. Accordingly, we have analyzed the impact of the top three issues in each ESG area from the perspective of Coway's business. We also share our mid- and long-term goals for each material issue and the progress we are making. We plan to manage the risks of material issues proactively and reflect them in our corporate management activities.
Strengthening green products and technologies
As the effects of climate change adaptation exacerbate globally, corporate environmental responsibility is being increasingly emphasized. In response, Coway has introduced an eco-friendly product design process that considers the environmental impact of the product lifecycle and maximizes energy efficiency in the product use stage to reduce carbon emissions and manage environmental risks. Coway is also expanding the eco-friendly market by launching a new eco-friendly brand, 'BEREX', to strengthen economic efficiency. We will continue to conduct research and develop eco-friendly products and technologies that link environmental values.
Product quality and safety
The risk of customer damage and safety accidents due to problems such as the presence of harmful substances in household chemicals is increasing. In response, Coway is identifying domestic and international regulatory trends and restricting the use of substances containing environmentally harmful ingredients. Due to the nature of Coway's main business, product liability and quality control are crucial for long-term customer retention. With the goal of zero safety risks for mass-produced items, Coway has established processes to prevent quality failure, and operates internationally accredited testing labs. In the future, we will invest continually and make efforts to strengthen our quality capabilities and improve product safety by setting minimum quality thresholds for each product to reduce the rate of quality defects in new products.
Privacy and information security
Due to the nature of Coway's business to provide services that require the collection and use of information about customers' location so they can find and consult product experts in their area, it is critical to strengthen privacy and information security. Coway conducts various information protection programs and training as a proactive measure to prevent personal information infringement and information leakage incidents. As a measure to initiate prompt responses, we have introduced a security control and monitoring system, and immediately after an incident occurs, we conduct a detailed analysis and establish measures to prevent recurrence to normalize services. Coway will continually advance the level of information security by expanding the personal information lifecycle management system.
Environmental
Social
Governance
