Evolving ESG management strategy in public institutions and small-sized companies
Updated: 2022-07-04 10:02:11 KST
Big companies in recent years have been letting the world know about their efforts to practice ESG management.
ESG standing for environment, social and governance themes associated with corporate social responsibility.
But ESG is also gaining a hold among public institutions, small businesses, and Arirang TV, as our Kim Bo-kyoung reports.
"ESG management means looking at the sustainability or ethical impact of an investment or firm, based on environmental, social and governance factors.
E for Environmental sustainability.
A company should do its activities to the extent which it can safeguard the environment.
S for Social sustainability or responsibility.
Supporting social issues in local communities and having good relationships with employees, suppliers, customers, and local communities.
G for Governance.
Strengthening transparency and pursuing diversity in leadership while being accountable to shareholders.
ESG management has become a new paradigm for sustainability, and one expert says every organization and economic unit needs to apply this."
Local governments, public institutions, nations, households and even individuals should do ESG management. Of course large companies need to do it as soon as possible since if they dont, they won't be able to get overseas investment or export their products. Yet, public institutions also need to follow this trend."
Arirang TV took a step of its own.
It recently upgraded its cameras, lights and mixing desks, and instead of throwing away the old equipment, it decided to donate it.
"We had equipment that was outdated but could still be used. In terms of recycling, we looked for institutions or organizations that would use these. Seongbuk-gu office was trying to have its own broadcasting network for kids in a youth center so we donated the items.
"Using broadcasting equipment donated by Arirang TV, a small studio has been set up in Seongbuk-gu District's Youth Center.
It enables students dreaming of working in the media to experience what it feels like to work at a news network."
This youth center is not the only venue benefiting from the second-hand gear.
The National Library of Korea and National Archives of Korea also received some equipment to play old tapes and videos.
Though tough, some small firms are also looking at ESG.
This athleisure clothing brand focuses on pursuing zero-waste by making small products using fabric that originally would have been disposed of.
It also uses eco-friendly materials that are bio-degradable such as corn extract which has the flexibility and durability due to its viscosity.
To other medium and small-sized companies, she says there is nothing to be scared of.
"Many reasons why CEOs are scared about it is because they think there needs to be a lot of investment and without high sales it would be hard to bear the cost. We thought that way too but with many other partners, industries that have already paved the way, it was possible for us without using too much money."
Well begun is half done.
Though the road might seem bumpy, all firms need to start thinking about community, society and the environment.
Once that leads to the first small decisions, it can grow into something that helps make our future more sustainable.
Kim Bo-kyoung, Arirang news.