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Name: Samsung Earns AA in MSCI ESG Ratings, the Highest Level in the Korean ICT Industry
Category: Tech News
Date Added: 02/05/2024 06:45 AM
Author: Jubair Hossin Babu

In 2023, Samsung Electronics demonstrated its ongoing commitment to sustainability by achieving an MSCI ESG Rating of AA.

 

MSCI-ESG-Ratings_main1.jpg

▲ Samsung Electronics receives the AA rating in the 2023 MSCI ESG Ratings.

 

The AA rating is based on the 2023 MSCI ESG Ratings by Morgan Stanley Capital International (MSCI), ranking Samsung as one of the global leaders in managing environmental, social and governance (ESG) risks and opportunities.

 

Samsung improved its overall rating in 2023 by one notch, building on its consistent A rating since 2020. This upgrade was due to large improvements in its social and governance scores.

 

The MSCI ESG assessment, conducted by MSCI — a subsidiary of Morgan Stanley, a leading global investment bank — has been a key global evaluation of ESG practices since 2009.

 

The assessment holds considerable influence over investors worldwide. It provides a comprehensive evaluation of the ESG management of more than 8,500 listed companies globally. The companies are categorized into seven grades — from the highest rank, AAA, to the lowest, CCC.

 

Samsung’s improvement in the rating last year is due to its global sustainability management activities. In particular, the company’s score increased in areas such as human capital development, controversial sourcing and corporate governance.

 

Internally, Samsung has implemented initiatives to improve the working environment for its employees. This includes the introduction of the Free Agent (FA) initiative and Samsung Talent Exchange Program (STEP), allowing employees more opportunities to explore different roles and gain cross-cultural work experience between domestic and overseas offices. Additionally, the company also runs The University of Samsung Electronics (The UniverSE), an educational program for integrated job and leadership training to support the continued growth of Samsung executives and employees.

 

In terms of responsible mineral sourcing, Samsung conducts regular surveys and inspections of all suppliers. The company publishes a dedicated Responsible Minerals Report in an effort to resolve and prevent any issues related to the mineral procurement process.

 

In the report, MSCI stated, “The company’s robust mineral sourcing policy leads that of industry peers and extends beyond 3TG minerals. We note improvements in Samsung Electronics’ corporate governance practices.”

 

Samsung incorporates sustainability management criteria in the Environmental and Social categories when evaluating organizational and executive performance. The Sustainability Committee of the Board of Directors, composed entirely of independent directors, plays a crucial role in discussing major ESG issues.

 

Samsung remains committed to sustainability management. The company will continue strengthening its ESG management system by investing and expanding its product line with eco-conscious technology and supporting human rights management in the supply chain.

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Samsung Earns AA in MSCI ESG Ratings, the Highest Level in the Korean ICT Industry

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