Subjects: SVY, ESG
KCI, a subsidiary of Samyang Group, won 'Platinum Medal' in EcoVadis ESG Rating, Ranked in the Top 1% worldwide
- Evaluated firstly as a L'Oreal partner in 2013 and achieved the highest rating in 11 years
- Efforts to establish an ESG committee, reinforce labor and human rights management, and improve management of partners
SEOUL, South Korea, March 4, 2024 /PRNewswire/ -- Samyang Group announced that KCI (CEO Jinyong Lee), a subsidiary specializing in cosmetics and personal care materials, won 'Platinum Medal', the highest grade, in the 2024 Sustainability Rating from 'EcoVadis', a global ESG rating agency.
EcoVadis Sustainability Rating is the world's largest ESG ratings platform used by more than 120,000 companies in 180 countries around the world. EcoVadis evaluates a company's overall sustainability such as environment, labor and human rights, ethics, and sustainable procurement to rank in order of Platinum (within the top 1%), Gold (within the top 5%), Silver (within the top 15%), Bronze (within the top 35%).
KCI is a raw material supplier for many global cosmetics companies including L'Oréal, P&G, and Unilever. KCI became an evaluand of EcoVadis Sustainability Rating starting 2013, won silver medals in 2017, 2019 and 2020, gold medals in 2021 and 2023, and Platinum Medal this year, which is granted only to the top 1% of worldwide companies.
For this year's rating, KCI received the highest rating by establishing an ESG committee under the board of directors, formulating and amending major ESG-related policies, providing relevant training to employees to improve management of labor and human rights. The company was highly evaluated for improvements in supply chain management through assessments of collaborating partners.
KCI, actively implementing ESG management, obtained certifications related to ESG management from international organizations such as 'RSPO (Roundtable on Sustainable Palm Oil)', a consultative body for sustainable palm oil production, ISO14001 (Environmental Management System) and ISO45001 (Occupational Health and Safety Management System). In addition, KCI has participated in sustainability initiatives such as UNGC (UN Global Compact) and RC (Responsible Care). Starting in 2021, KCI published a sustainability report every year to transparently disclose the corporate vision and strategy, financial and non-financial performance, etc. to stakeholders.
KCI plans to establish and promote short-and long-term goals and strategies to internalize ESG management and attain sustainable growth of the company; continue environmentally friendly business such as increasing the use of eco-friendly raw materials and developing biodegradable products; enhance ESG management system for supply chain including partners; steadily pursue a mid-to long-term strategy to reach net-zero greenhouse gas emissions by 2050.
Jinyong Lee, CEO of KCI, said, "Recently, global companies are considering not only product quality but also the corporate ESG management level as an important assessment criterion for choosing partners. Based on the results of this rating by EcoVadis, KCI will accelerate the expansion of the global market, and take a leap forward as an eco-friendly personal care materials company that spreads sustainable health and beauty around the world."
KCI supplies cosmetics and personal care materials to over 120 consumer goods companies including L'Oréal in 37 countries. KCI is one of the world's top three suppliers in the field of hair conditioning, holding leading products worldwide. KCI is the second company in the world to commercialize MPC (Methacryloyloxyethyl phosphorylcholine), a biocompatible material that mimics the skin's cell membrane, which is being used in various areas such as cosmetics, contact lenses, and medical devices.
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