"We are pleased to unveil our 18th sustainability report, reaffirming our steadfast commitment to sustainable practices and introducing our new ESG management vision to be a 'Company Caring for a Better Earth,'" said Coway's CEO, Jangwon Seo. "The vision sets a clear direction for Coway's ESG initiatives, and will steer us to become a pioneer on our journey to a more sustainable future."
The Coway Sustainability Report 2023 marks its 18th edition. Its inaugural publication was in 2006, and it's had its own dedicated website since 2015.
This year, Coway introduced a double materiality assessment to evaluate the impact of sustainability issues on business and the impact business activities have on society and the environment. The report also evaluates the supply chain's compliance with Coway's own ESG initiatives and outlines the current status of important and emerging ESG issues.
This year's Coway Sustainability Report highlights three key ESG priority tasks identified in collaboration with the ESG Committee. These tasks include establishing an eco-friendly management system, championing human rights and diversity, and ensuring sustainable governance. By implementing these tasks, Coway aims to effectively collect and incorporate stakeholder feedback while fostering a culture of continuous innovation in its journey towards ESG excellence.
In addition, the report delves into Coway's sustainable management performance in the critical domains of Environment, Society, and Governance.
One of the most notable performance targets is the company's mission to reduce carbon emissions to half by 2030 vs. 2020. Coway's strategy centers on sustainable energy source transitions and eco-friendly practices throughout product development and lifecycle management.
Some key milestones highlighted in the report in 2022 include the second solar power plant, the improvements in energy consumption efficiency and integration of more eco-friendly materials into Coway's products.
Coway remains committed to its corporate social responsibility initiatives, engaging with local communities through meaningful activities. Some key initiatives include water and air purifier donations to under-resourced communities and a citizen's forest to conserve biodiversity. Additionally, the company has demonstrated its commitment to diversity and inclusion by creating Korea's first wheelchair basketball team owned by a private sector company, the 'BlueWheels Basketball Team.'
To strengthen governance practices, Coway has appointed a new board of female independent directors that enhances gender diversity and fosters diverse perspectives in decision making at an executive level.
The full text of the Coway Sustainability Report 2023 is available here.
About Coway Co., Ltd.
Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.
