S-OIL wins 1st Prize at the Corporate Governance Awards 2014
● S-OIL topped the list among Korea Exchange-listed companies in categories of governance structure, social responsibility, and environmental management.
● The refiner has been honored with Corporate Governance Awards for three consecutive years.
S-OIL (CEO Nasser Al-Mahasher) won the first prize at the Corporate Governance Awards 2014 ceremony held at the Korea Exchange on July 3.
The Corporate Governance Awards hosted by the Korea Exchange and the Korea Corporate Governance Service select outstanding corporations among Korea Exchange-listed companies in terms of their improvement of shareholder value and their social and environmental responsibility. S-OIL won the third prize in 2012, the second prize in 2013, and the honorary first prize this year, garnering prizes for three consecutive years.
S-OIL was evaluated as being excellent evenly in all areas ? corporate governance, social responsibility, and environmental management.
The refiner’s corporate governance is characterized by the enhancement of the CEO’s expertise where the CEO has been divided from the chairman of the Board of Directors (BOD), and the BOD’s supervision of the CEO’s business activity occurs from a neutral position. All members of its Outside Director Candidate Recommendation Committee and its Compensation Committee are composed of outside directors, which ensures the independence of the recommendation of outside director candidates and the decision of officers’ salaries, contributing to the independent and transparent operation of the BOD.
On the social responsibility front, the refiner is conducting differentiated CSR activities based on the themes of heroes, the environment, and communities. After carrying out CSR activities, it actively collects opinions not only from in-house volunteers but also from external experts and reflects them in their activity plan. By establishing such an efficient feedback system, its CSR activities are becoming more systematic.
S-OIL has further developed an environmental management system. For example, it established an environmental performance evaluation system and an environmental accounting system by further systemizing the environmental management system newly introduced to its entire production facilities. It also runs a council consisting of working-level environmental staff in its head office and refinery to implement its environmental policy effectively.
“The receipt of the first prize at the Corporate Governance Awards is a result of S-OIL’s continuous and genuine effort to create a balanced value economically, socially, and environmentally as a corporate citizen,” said S-OIL CEO Nasser Al-Mahasher. “We will make ceaseless endeavors to spread positive values across the entire society.”
