The Board of Directors of Samsung Electronics today approved the reorganization of its Governance Committee into the Sustainability Committee, and further expanded its duties and oversight.
The newly established Sustainability Committee will continue the roles of the Governance Committee, including practicing corporate social responsibilities and enhancing shareholder value. In addition, the Committee will deal with a broader range of ESG (Environmental, Social, and Governance) issues, including climate change, circular economy, labor and human rights, diversity and inclusion, supply chain, and ethical management, thus setting the direction for and monitoring the progress of the company’s sustainable management.
The Sustainability Committee consists entirely of independent directors to ensure its independence. It will receive reports on the main issues discussed at the Sustainability Council, a company-wide consultative body.
Over the years, Samsung has been strengthening its corporate-wide system for the management of sustainability issues by introducing a Sustainability Management Office under each business unit and elevating the Corporate Sustainability Center to report directly to the CEO. With the latest addition of the Sustainability Committee, the company has now connected sustainable management to span from business units to the Board of Directors.
The company is committed to further strengthening the independence and diversity of its Board of Directors, which will spearhead efforts to enhance sustainability going forward.