Coway Co., Ltd., the “Best Life Solution Company,” has released its latest Sustainability Report for fiscal year 2023, providing a detailed look at the company’s progress towards its ESG (Environmental, Social, and Governance) goals. The report offers a transparent view of Coway’s strategies and activities in addressing ESG-related concerns, demonstrating its commitment to sustainable practices and responsible business operations.
Despite ongoing global economic uncertainty, Coway achieved exceptional business performance in 2023. This success is attributed to the company’s continuous innovation and unique management strategies, which transformed challenges into opportunities. Coway’s CEO, Jangwon Seo, emphasized the company’s dedication to sustainability by stating, “We’ll continue our journey toward sustainability by further enhancing our ESG framework in areas like product development, lifecycle management, resource usage, carbon emissions, and social value.”
The New Coway Sustainability Report 2023 highlights key achievements for 2023 in each ESG sector. In the Environment sector, Coway’s waste mattress recovery and recycling system earned recognition from the Ministry of Environment as a model for resource circulation in South Korea. The company also established a Scope 3 inventory to meticulously measure the amount of greenhouse gases generated throughout its operations, including its supply chain.
Demonstrating its commitment to social responsibility, Coway created the ‘Coway MulbitSori Choir’ for the Visually Impaired in the Social sector. This initiative contributes to promoting employment opportunities for individuals with disabilities. Furthermore, Coway organized various biodiversity conservation events within the local community to foster awareness about environmental protection.
In the Governance sector, Coway established a comprehensive system for the Independent Director Candidate Recommendation Committee, ensuring clear guidelines for appointing independent directors and upholding integrity. The Coway ESG Committee, formed in 2021, leverages the expertise and independent perspectives of the Board of Directors to strengthen ESG management. This committee stays abreast of the latest ESG trends, identifies potential risks and opportunities, and develops strategic approaches to address them. As a result of these proactive measures, Coway consistently and transparently shares its ESG management activities with shareholders, investors, and other stakeholders.
The New Coway Sustainability Report 2023 marks its 19th edition, demonstrating its long-standing commitment to transparency and accountability. The report was first published in 2006, and since 2015, it has its own dedicated website. The full text of the New Coway Sustainability Report 2023 is available online.
Established in Korea in 1989, Coway has become a leading environmental home appliances company, improving people’s lives with innovative products such as water purifiers, air purifiers, bidets, and mattresses. The company’s BEREX brand, its most recent venture, aims to enhance sleep and wellness through cutting-edge mattresses and massage chairs. Coway’s dedication to innovation, coupled with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition, has solidified its position as a leader in the industry.
Coway continues to innovate by diversifying its product lines and expanding its overseas business in Malaysia, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, building upon its successful operations in Korea.
