1) Key report highlights
The POSCO E&C Sustainability Report 2011 follows the G3.1 Guideline provided by the Global Reporting Initiative (GRI), and focuses its explanation on the core subjects and issues, delineated by the ISO26000, which is an international standard on social responsibility. As for stakeholder participation and analysis of the materiality of issues, the company also followed the international standard of AA1000 SES (Stakeholder Engagement Accountability Standard). The period of reporting is from January to December 2011. Where necessary to show chronological development and evolution, the company provided financial data pertaining to the last three accounting years (January 2009 ~ December 2011). For some of the major issues, the company also included information through April 2012. While, in principle, the company sought to report on all the projects and business sites it operates both in Korea and abroad, this report includes environmental data from only 120 project sites in Korea (as of the end of 2011) and social data from employees and executives at offices and project sites in Korea only. As for quantitative data, only those pertaining to POSCO E&C were included. Data concerning subsidiaries and businesses partners, that were included in the report, were specified. POSCO E&C submitted the report for third-party verification by DNV (Det Norske Veritas) pursuant to the verification standards of the AA1000AS and AA1000APS. In order to share the efforts with stakeholders, POSCO E&C has come
to publish the first sustainability report in 2012. The company will continue to ensure its sustainability and garner greater support from all stakeholders by reaffirming its promises and suggesting a continually improving vision through subsequent publications of sustainability reports.
2) Category strengths
POSCO E&C is a general construction company that was established in December 1994 based on plant engineering technology, knowhow and experienced manpower that POSCO amassed while building POSCO’s integrated steel mills with global competitiveness. In June 2011, POSCO Family declared the Corporate Charter, demonstrating its strong commitment to becoming a firm endeared by its stakeholders through contribution to sustainable social development and the welfare of humankind. In doing so, POSCO Family defined its stakeholders to include the society at large, business partners, investors, customers, employees, and the environment (SPICEE). POSCO E&C continues to receive feedback and expectations of its stakeholders through diverse channels of communication, actively incorporating in management those related to the issues that are highly material to stakeholders. Using the expectations of stakeholders as determined in the materiality evaluation, the issues to be included and discussed in the final report were divided
depending on the level of materiality among the potential issues (requiring monitoring), important issues (subjects of report), and core issues (strategic responses). POSCO E&C uses this report as a medium for disclosing the company’s policies and activities related to core issues. POSCO E&C intends to build the system for monitoring the practice and performance related to sustainable management activities plus implementation of improvements by publishing Sustainability Management Report.
Key Report Highlights are provided as supplemental information by the reporting organisation. Content and accuracy have not been verified by Corporate Register.