Hankook Tire has earned EcoVadis’ superior Platinum medal rating in its 2021 assessment of Corporate Social Responsibility (CSR). The Platinum medal is only awarded to companies whose performance is within the top 1% of their industry sector.
EcoVadis is an internationally renowned institute that offers reliable ratings in the field of CSR. The institute assesses around 6,500 companies from 160 countries based on environmental, labor and human rights, ethics and sustainable procurement criteria, rating companies on an ascending scale of Bronze, Silver, Gold and Platinum.
EcoVadis’ 2021 assessment recognized Hankook Tire’s efforts to address clear and quantitative goals regarding its CSR commitment and its active participation in various initiatives for corporate sustainability. In addition, Hankook’s transparency of policies in each CSR category, such as human rights management, environment, public safety and health, contributed to its recognition among the top 1% in a field of 457 companies that manufacture rubber products worldwide.
This is not the first time Hankook Tire has been recognized by EcoVadis; in 2019, Hankook Tire won a Gold medal, signifying that its sustainability management performance was within the top 5% of its industry, and was one of the first Platinum medal winners when this award was added to the ranking system in 2020.
This latest achievement has additional significance, as Hankook Tire gained 81 points in EcoVadis’ assessment, an 8-point increase on the company’s improvement in 2020. This means the company has not only managed to maintain the highest level but also demonstrated further improvements than a year ago. In the individual assessment categories, the company scored 70 points in the environment criterion and 90 points in the sustainable procurement criterion, which are 10 points and 20 points higher compared to last year respectively.
Within the sustainable procurement criterion, Hankook Tire was recognized at the ‘Outstanding level’ which is the highest rank in the category. The tiremaker has recently taken multiple initiatives in fostering sustainability across its value chain, one of which is upgrading a sustainable natural rubber policy in compliance with the Global Platform for Sustainable Natural Rubber (GSPNR).
“We are honored to receive the highest rating by EcoVadis for three consecutive years. It proves our leadership in building a sustainable ecosystem for the tire industry,” said Sooil Lee, president and CEO of Hankook Tire & Technology. “We will continue our commitment to sustainability management not only to secure future growth but also to make a greener world.”
In addition to the recognition by EcoVadis, Hankook Tire is being acknowledged by many reputable organizations for its efforts to strengthen its social contribution and sustainability management. For example, starting with its first inclusion in 2011, the company has been listed in the Dow Jones Sustainability Indices (DJSI) World for five consecutive years from 2016 to 2020. Hankook has also achieved an A- score by CDP (formerly Carbon Disclosure Project) last year in the ‘Climate Change’ sector by demonstrating its environmental transparency and action on climate change.