S-Oil said Wednesday that it has established an environmental, social and governance committee to step up its sustainability management.

“The committee will conduct systematic, integrated management of ESG activities,” a company official said.

The committee, which will convene a regular meeting every quarter, consists of seven members each in charge of business management strategy, corporate affairs, safety and environment, refinery innovation and coordination, finance, compliance and corporate strategy and services.

The new ESG committee is the latest example of S-Oil’s sustainability efforts. From 2011 to 2020, S-Oil won ESG Awards organized by the Korea Corporate Governance Service eight times, winning most prizes among listed companies in the same period. Also, the refiner made to Dow Jones Sustainability Index World Companies list for 11 years in a row since 2010, becoming the first and only refiner in Asia to be included in the list for 11 straight years.

“The committee, formed under the CEO, will report to the board of directors, which will bolster the CEO’s accountability,” the company official said.

By Kim Byung-wook (kbw@heraldcorp.com)