POSCO’s corporate citizenship philosophy

October 04, 2023 | 09:27
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POSCO, constantly reflecting on the role of companies in modern society, believes that companies must actively respond to changing societal expectations over time and meet the demands of various social stakeholders. This is the path to increasing a company’s intrinsic value.

With that, POSCO introduced its “Corporate Citizenship Growing Together” slogan just over five years ago as the key phrase for such a transformation. It introduced the meaning and values behind POSCO’s corporate citizenship, and outlines how it is integrated into management philosophy, strategy, and corporate culture.

POSCO’s corporate citizenship philosophy
Yoo Chae Chin, General director POSCO International Vietnam

Corporate citizenship is a term that signifies that a corporation should play a role similar to that of a regular member of society. It implies that a corporation should create not only economic value, which is its key role, but also social value as a citizen.

In turn, we unveiled the “With POSCO” vision to realise the corporate citizenship philosophy, and established three main directions to achieve this.

Firstly, there is “Business With POSCO”, which focuses on creating value together with business partners; second is “Society With POSCO” for building a better society collectively; and thirdly is “People With POSCO” to create a culture of trust and creativity within the company.

These three main directions can be interpreted as a pursuit of balanced growth, where both economic performance and social value creation, along with employee wellbeing, are considered simultaneously.

“Business with POSCO” represents a leading area for economic value creation. It involves not only the advance of the existing steel business but also a transitioning of the group’s portfolio from a focus on steel to a balanced growth system, which includes expanding group businesses and developing new ventures.

The core of balanced growth lies in collaborating with business partners such as affiliates, customers, and suppliers to create a healthy and sustainable ecosystem.

POSCO’s corporate citizenship philosophy
Support for vaccine donations to overcome the recent pandemic
POSCO’s corporate citizenship philosophy
Ho Chi Minh Cu Chi Elementary School supplies support and environment clean-up activities

“Society With POSCO” is an aspect that aims to advance beyond the traditional areas of donation and charity in social contribution. It seeks to deeply empathise with the issues society is facing and strives to add value by spearheading meaningful changes with the goal of solving societal problems.

Finally, “People With POSCO” focuses on creating an environment where employees can voluntarily participate in corporate citizenship activities. It aims to foster a culture of mutual respect and consideration, laying the foundation for a trusting organisational culture that extends from the group to its affiliates and partners.

POSCO continues to make sustained efforts to practice its corporate citizenship philosophy in Vietnam, collaborating with business partners for development.

To realise this development, the eight corporations it has established in Vietnam convene quarterly to discuss social contribution activities and future plans. The company also works diligently to cultivate a corporate culture where employees respect one another.

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By Yoo Chae Chin

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