SEOUL, South Korea--(BUSINESS WIRE)--Hyosung Advanced Materials Corp. (Hyosung Advanced Materials) (KRX:298050) and Hyosung TNC Corp. (Hyosung TNC) (KRX:298020), subsidiaries of Hyosung Corp. (KRX:004800), received BBB in the latest Morgan Stanley Capital International (MSCI) ESG Ratings in 2022, up one notch from last year, in recognition of their continuous efforts for ESG activities.
Developed for investment portfolio development and management, MSCI ESG Ratings is a leading global ESG evaluation system that functions as a reference index for major investment institutions around the world. Since 1999, MSCI has assessed the ESG (Environmental, Social, and Governance) performances of listed companies worldwide, and disclosed the results each year.
Hyosung Advanced Materials won recognition for its efforts in carbon management, which led to lower GHG (Green House Gas) emissions than other companies in the industry. Rated at B and BB in 2019 and 2020 respectively, the company has received an upgrade in its rating to BBB in 2021, achieving continuous improvement every year. Hyosung TNC was also highly evaluated for its industry-leading carbon mitigation strategy and performance, consequently winning the BBB rating in 2021 following the BB rating in 2019 and 2020. The latest upgrade to BBB has put the two companies within the high-ranking commodity chemicals companies around the world.
An ESG manager of Hyosung said, “Our company-wide efforts to establish the Green Management Vision 2030 and reduce GHG emissions have been highly evaluated. Hyosung will strive to become a sustainable company that leads ESG issues by continuing to fulfill its social responsibilities.”
