Daewoo Shipbuilding Creates ESG Evaluation Metrics
Daewoo Shipbuilding & Marine Engineering Co. (DSME) announced that, for the first time among local shipyards, it devised indexes to analyse the performance of its ESG management activities.
DSME, a major Korean shipbuilder, announced that its Okpo shipyard on Geoje Island, roughly 400 kilometres south of Seoul, has implemented the 146 ESG indices.
Environmental, social, and governance criteria (ESG) are a set of metrics used to assess businesses' commitment to and performance in areas including sustainable development, social equity, and ethical conduct.
South Korean ship quality assurance and risk management company Korean Register collaborated with DSME to create the indices, which include 48 environmental, 44 social, and 54 governance items.
According to DSME, the indexes include issues tailored for the local shipbuilding industry, such as safety, environmental friendliness, smart ship technology, and a labour-management culture.
The action by DSME comes as ESG has grown as an important assessment factor for investment decisions in companies all over the world.