SEOUL, South Korea—Nexen Tire Corp. has earned a gold medal from EcoVadis J.S.C. based on its 2023-24 Environment, Social and Governance (ESG) report that outlines strides made by the company.
Since 2020, Nexen Tire has published ESG reports annually detailing the firm's ESG management activities and achievements to enhance communication with stakeholders.
EcoVadis is the world's largest ESG ratings platform used by more than 130,000 companies in 180 countries around the world. EcoVadis evaluates a company's overall sustainability based on criteria such as environment, labor and human rights, ethics and sustainable procurement.
This is the company's first gold medal. Nexen Tire previously was awarded silver medals in 2023 and 2022 and a bronze medal in 2021.
While the gold medal signifies a top 5 percent placement, Nexen ranked in the top 3 percent with outstanding evaluations in environment and human rights and significant improvement in ethics and sustainable procurement, according to EcoVadis.
"Our consistent efforts to implement ESG management are yielding results in various areas," David Siebert, marketing manager for Nexen Tire America, said. "We will continue to strengthen our ESG management to positively impact the environment and society."
This year's ESG report, the first since the Nexen board of directors established the ESG management committee, includes analysis and goals based on the recommendations of the company's task force on climate-related financial disclosures. ESG evaluations of the supply chain included raw materials, logistics and services, and goals for the application rate of sustainable raw materials and the proportion of eco-friendly product sales.
Nexen also has been active in various initiatives to bolster human rights.
"As a member of the UN Global Compact since 2023, Nexen Tire adheres to the 10 principles related to human rights, labor and the environment and participates in various events to enhance its capabilities in embedding human rights management," the company said.
Since 2020, Nexen Tire has been a member of the Global Platform for Sustainable Natural Rubber, contributing to the sustainable supply chain of natural rubber.
