Hyundai Road to Sustainability
Sustainability Report of Hyundai Motor Company(HMC) is published to openly communicate with
Interested stakeholders on HMC's sustainability activities as a responsible corporate citizen, in
Line with our corporate policies of transparent management and towards becoming a global leading
Company.Based on this account of HMC’s intents, practices and performance related to significant
Sustainability aspects affecting our stakeholders and HMC itself, we seek to support our stakeholders
In making decisions about their involvement with and relations to HMC.
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1. Background
Hyundai Motor Company has been publishing annual sustainability reports since 2003 as part of its commitment, as a responsible global corporate citizen, to transparent disclosure of its sustainable management activities including environmental, economic, and social endeavours to wide variety of stakeholders.
Its seventh report will be released in August 2009 to stakeholders including customers, employees, shareholders, investors, suppliers, local communities, government agencies, and civil organizations. The latest report focuses on the company’s sustainability activities such as climate change responses, financial performance, and stakeholder engagement, while looking to further deepen and widen the contents of stakeholder engagement activities and outcomes in the future.
Hyundai Motor Company established Sustainability Report External Review Committee in 2007 and Dialogue with Stakeholders in 2008 to strengthen its communication and cooperation with various stakeholder groups. The committee, which was the first of its kind in Korea, issued stakeholders’ feedback on the report, while the dialogue was also applauded for allowing direct conversation with the management. To continue this legacy of innovation, the company wishes to have its 2009 report reviewed by the “Review Committee for the purpose of Assurance” (hereinafter referred to as "the committee").
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2. Purpose and Scope
Hyundai Motor Company will ask the committee to evaluate and review its 2009 Sustainability Report as well as to provide opinions, with the following purpose and scope.
- Purpose
- The committee reviews the contents and content selection process of the company’s 2009 Sustainability Report and provides ideas for improvement.
- Scope of Responsibility
- Review of contents in and content selection process of the report
- Review of key performances and strengthen internal system and process for improvement
- Review of quality of the overall report: reliability, balance, etc.
- On-site verification of the performance and processes described in the report
- Documentation of review statement on 2009 Sustainability Report
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3. Review Principle
The committee will use AA1000Assurance Standard (2008) as a framework for its activities.
- AA1000AS 2008 Principles
- Inclusivity: are stakeholders participating in strategic response and responsible implementation of sustainability?
- Materiality: does the report cover issues significant for and relevant to the organization and its stakeholders?
- Responsiveness: does the report respond to stakeholder issues that impact sustainable management performance?
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4. Committee Membership
- Members
- The committee comprises of total five sustainability management experts. Members are appointed in the capacity of independent individuals, not a representative of their organizations. As independent experts, they are encouraged to freely exchange ideas and respected of their opinions.
- Chair (Roles and Responsibilities)
- Committee chair is selected based on the consensus of the members and is responsible for moderating meetings and coordinating members’ opinions.
- Members’ Obligations
- Taking part in meetings and on-site verifications
- Preparing and submitting opinions
- Membership (proposed)
- Mr. Lee Byung-Doo (Vice Chairman, KPMG)
- Mr. Ryu Young-Jae (CEO, Sustinvest)
- Mr. Jason Perks (CEO, Two Tomorrows)
- Mr. Noh Han-Kyun (Professor, Kookmin University)
- Mr. Yang In-Mok (Director, Ecosian)
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5. Committee Facilitation
The committee will be facilitated by Business Institute for Sustainable Development (BISD) of the Korea Chamber of Commerce in terms of support, planning, and guideline development.
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6. Time Commitment and Compensation
- The committee will operate from May 1 to July 30 2009.
- The members, during the above period, are required to take part in the following activities.
- 2 meetings (in Seoul)
- 1 site visit (head office, plants, laboratories)
- Teleconference and email communications as needed
- Letter of opinion is to be submitted if unable to attend meetings
- Compensation
- Travel expenses for attending meetings
- Honorarium for letters of opinion
- ※ Travel and hosting expenses for site visit and meetings and honorarium for written work will be provided in accordance with the policies and regulations of BISD.
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7. Hyundai Motor Company’s Role
Hyundai Motor Company takes on the following roles in regard to the committee activities.
- Presents opinions to committee selection process
- Supports committee meetings
- Takes part in meetings as information provider and listener
- Provides active cooperation at site-visit
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8. Letter of Opinion
- To be prepared before the first meeting and submitted after the site visit
- Length: within two pages of A4 sheet
- Compiled and coordinated by BISD
- Review of the letters of opinion: 2 times (in meetings)
- Final opinion shall be prepared collectively and require unanimous agreement
- Final review and approval by all committee members
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9. Letter of Appointment
- Each committee member shall sign and comply with Letter of Appointment which includes confidentiality agreement
