Highlighting a growing drive within the tire industry toward greater environmental accountability, Nexen Tire has released its first Sustainability Report, outlining the company’s sustainable practices and environmental, social and economic performance in 2019.
Nexen says the report has been published to provide shareholders with consistent and transparent information, highlighting the progress and long-term commitment to its sustainable practices. The report is based on standards of the Global Reporting Initiative (GRI) and the United Nations Sustainable Development Goals (UN SDGs), and has been verified by the Korea Management Registrar (KMR), a third-party assurance institution.
Nexen claims it has three core values – Challenge, Creativity, and Collaboration – to achieve its corporate philosophy. The Sustainability Report includes the company’s financial performance under the International Financial Reporting Standards (IFRS), as well as corporate ethics, labor and human rights, EHS (environment, health and safety) and supplier responsibilities based on the company’s CSR standards.
In addition, the company states it has enhanced its CSR policy for purchasing natural rubber from regions including Southeast Asia and Africa by joining the GPSNR (Global Platform for Sustainable Natural Rubber). It has also been participating in the Carbon Disclosure Project (CDP) in an effort to manage and reduce its impact on the environment. For instance, in 2019, Nexen Tire was able to reduce the waste generated from two of its major plants in Korea and recycle resources at a high rate of 97.2%.