inno.N

July 1, 2024
 

HK inno.N, Publishes 2023 Sustainability Report   

HK inno.N published the 2023 Sustainability Report, presenting the ESG management strategy, major activities and achievements of the Company for the year. 

Starting from 2022, HK inno.N has published the Sustainability Report on a yearly basis as one of its channels to communicate with the stakeholders on the Company’s ESG management. The 2023 Sustainability Report, the third report for the Company, was prepared introducing achievements of HK inno.N in the respective areas of ESG (environment, society, and governance) management. 

The report is structured based on the general sustainability-related financial disclosures and climate-related disclosures of International Financial Reporting Standards (IFRS) issued by the International Sustainability Standards Board (ISSB). The report also reflected the Ten Principles of the United Nations Global Compact (UNGC), the recommendations of Sustainability Accounting Standards Board (SASB) that take into account the industry-specific characteristics and the recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD) and Task Force on Nature-Related Financial Disclosures (TNFD). Thus, the report was prepared in conjunction with a range of sustainability reporting standards, thereby enhancing the objective value of disclosure information. 

In alignment with 4C, the directions of ESG strategy of HK inno.N, which are ▲Business operations considering the environmental impact (Climate Action) ▲ Company’s growth in line with the growth of employees (Collective Growth) ▲Making impact for the community (Community Impact) and ▲ Establishing the compliance-based risk management practice (Compliance Management), the Company set forth the 9 Areas of Strategic Focus. 

In addition, as an industry-specific topic under ESG management, 'Access to Medicine,' which reflects the industrial characteristics, was selected, and activities and strategies related to the topic were introduced. The Company has been engaged in a variety of activities such as entering the global pharmaceutical market with a number of its products, donating medicines at home and abroad, providing training for local healthcare professionals, launching educational campaigns for employees and healthcare professionals, and taking measures for medicines with unstable supply, contributing to resolving the issues of medically underserved areas and strengthening the R&D pipeline.

HK inno.N joined K-RE100, a voluntary initiative that commits to converting 100% of the Company's electricity use to renewable energy, and in the first half of 2024, the Company established the Net Zero Roadmap to achieve the target of “0” greenhouse gas emissions by 2050. A 30% reduction against the base year (2023) emissions by 2030 has been set as an interim target, and a systematic, staged reduction of CO2 emissions will be implemented. 

Dal Won Kwak, CEO of HK inno.N, stated, "In the ESG rating for the first half year recently announced by SUSTINVEST, an ESG rating agency, we achieved the highest grade of 'AA' this year following last year, and achieved leading ESG performance by ranking first companies with assets of more than 500 billion won and less than 2 trillion won." "Our work towards a sustainable future will continue, implementing ESG management practice based on multiple perspectives,” he added. 

The full report of “2023 Sustainability Report” of HK inno.N can be found on the official website of the Company. [The End] 

[Reference Information]

Abbreviations

- GRI: Global Reporting Initiative

- ISSB: International Sustainability Standards Board

- UNGC: United Nations Global Compact

- SASB: Sustainability Accounting Standards Board

- TCFD: Task Force on Climate-Related Financial Disclosures

- TNFD: Task Force on Nature-Related Financial Disclosures